Major businesses in the country have blamed Naira scarcity, inflation and the just concluded general elections for the rise in operating expenses in the first quarter of 2023. A review of the first quarter 2023 income statement of 24 of the NSE 30 companies reveals a total operating expense of about N441.8 billion compared to N386.6 billion for the same Read More
A financial analyst, Kala Aja, says contrary to belief in some quarters, the Naira redesign policy by the Central Bank of Nigeria (CBN) did not fail, urging the apex bank to work with non-cash vendors on liquidity challenges. Until the introduction of the redesigned naira notes in the denominations of N1,000, N500 and N200 late December 2022, trading continued smoothly Read More
The Minister of Labour and Employment, Dr Chris Ngige, has said the planned nationwide strike by the Nigerian Labour Congress (NLC), would not hold This was disclosed at the 68th session of the State House ministerial breifing at Abuja on Tuesday. He said, “At this moment we are no longer talking about whether or not to go on strike. We Read More
The Central Bank of Nigeria (CBN) has confirmed the evacuation of banknotes from its vaults to commercial banks across the country as part of a coordinated effort to ease the circulation of banknotes of various denominations. The CBN has also directed all commercial banks to open for operation on Saturdays and Sundays. The Acting Director, Corporate Communications Department of the Read More
The Central Bank Nigeria (CBN) has directed all commercial banks to open for operation on Saturdays and Sundays to ease scarcity of naira notes. This was disclosed in a statement shared on CBN social media handle. The statement reads, “CBN also directs all Banks to load their Automated Teller Machines (ATMs) as well as conduct physical operations in the banking Read More
Following the persistent naira scarcity in the country, the President of the Nigeria Labour Congress (NLC), Joe Ajaero, has asked workers to commence an indefinite strike from Wednesday, March 29, 2023. Ajaero disclosed this in Abuja on Wednesday, March 22, 2023, during a press briefing. He said it followed an earlier ultimatum issued by the central working committee of the Read More
Despite the reintroduction of the old N500 and N1000 notes following a Supreme Court order extending their validity till December, 2023, commercial banks in the country are still struggling to meet their customers’ Naira notes demands. Banks have continued to await cash disbursement from the CBN to enable them meet the cash needs of customers. A visit to most of Read More
The Muslim Media Watch Group of Nigeria (MMWGN) has commended Nigerians for their peaceful conduct in the Gubernatorial and States Assembly elections held across the country, Saturday, March 18, 2023. MMWGN however condemned pockets of violence in some parts of the country and called for immediate prosecution of all those arrested for electoral crimes. In a press release signed by Read More
Following the Central Bank of Nigeria (CBN)’s directive to Deposit Money Banks to recognise the old N200, N500 and N1000 as legal tender till December 31, 2023, there have been mixed reactions from Nigerians from all walks of life. The Apex Banks’ statement came 11 days after the Supreme Court ruled that old naira notes should co-exist with new ones Read More
Despite directives by the Central Bank of Nigeria (CBN) that banks can now dispense and accept the old N500 and N1000 notes, Naira scarcity still persists in Lagos with many customers besieging banks. It was however observed that while traders and residents of the state had fully complied to transact with the old Naira notes, some banks were yet to Read More
By Abdullahi M. Gulloma The Presidency said Monday that President Muhammadu Buhari has never told the Attorney-General of the Federation (AGF) and Minister of Justice Mr Abubakar Malami and the Governor of Central Bank of Nigeria (CBN) Mr Godwin Emefiele to defy Supreme Court order on the use of old N1000, N500 and N200 banknotes till December this year. Senior Read More
The Central Bank of Nigeria (CBN) has debunked an alleged report that the governor of the apex bank had launched a fresh plot against the president-elect, Bola Ahmed Tinubu. A media platform had reported that a huge amount was mobilised through high-level CBN agents in Lagos state for the state governorship candidate of the Labour Party (LP), Gbadebo Rhodes-Vivour, for Read More
An Ibadan-based radio presenter simply known as Baba Bintin has reportedly slumped and died while trekking to work on Saturday, March 11, 2023. The incident was disclosed during a radio programme by the Fresh FM Nigeria. Blueprint learnt that Baba Bintin was said to have been trekking from Amuloko area where he lived to Challenge as a result of scarcity Read More
Ekiti state governor, Biodun Oyebanji, has threatened to arrest traders rejecting N500 and N1000 old notes. In a statement on Saturday, signed by his Special Adviser on Media, Yinka Oyebode, the governor said it was unlawful for any business owner or service provider to reject the old notes, adding that the “government will not hesitate to arrest and prosecute business Read More
The earlier order made by the Supreme Court on naira swap policy subsisted on Wednesday February 22, 2023 after the apex court adjourned to the March 3 for judgement. Presided over by Justice John Okoro, the seven-man panel took the decision after hearing applications from all the parties, including new joiners like Nassarawa, Abia, Kano who all came with various Read More
Governors on the platform of the All Progressives Congress (APC), are currently mounting intense pressure on President Muhammadu Buhari and the Attorney-General of the Federation and Minister of Justice, Abubakar Malami, to settle the cases over Naira redesign policy out of the Supreme Court, it has been learnt. Former Deputy National Publicity Secretary of the All Progressives Congress (APC), Comrade Read More
Ogun state governor, Dapo Abiodun, has distributed old N1,000 notes to his supporters in Ogun state, despite the directive from the Central Bank of Nigeria (CBN), that the notes cease to be legal tender in Nigeria. In a viral video shared on social media on Sunday, Abiodun’s aide was seen sharing the old notes in envelopes branded with the governor’s Read More
The Special Assistant on Public Communications to Atiku Abubakar, Mr. Phrank Shaibu, has called on the Minister of State for Labour and Employment, Festus Keyamo, to resign from the cabinet of President Muhammadu Buhari if he is unhappy about the decision of Buhari to implement the cashless policy. Shaibu said this in a statement on Saturday while reacting to Keyamo’s Read More
The Association of Senior Staff of Banks, Insurance and Financial Institutions (ASSBIFI), has ordered members to shut down their offices following attacks on banks and financial institutions nationwide due to the scarcity of naira notes, A statement by the ASSBIFI national president, Olusoji Oluwole, on Friday, February 17, 2023, stated that the directive was due to consistent attacks from angry Read More
The Central Bank of Nigeria (CBN), has debunked the earlier claim that the apex bank has directed commercial banks to collect N500 and 1000 naira notes. Reacting to the claim, the director of corporate communications, Osita Nwanisobi, on Friday, February 17, 2023, urged the public to disregard the message. The statement reads, “The attention of the Central Bank of Nigeria Read More
The Central Bank of Nigeria (CBN) has said Nigerians can now deposit their old N500, N1000 notes to the commercial banks. According to reports, CBN spokesman, Osita Nwanisiobi, on Friday February 17, 2023 directed that individuals with N500, 000 and below can deposit their monies via their respective banks. There have been protest against the new naira policy in few Read More
In a bid to express her displeasure on the current scarcity of naira across the country, a Nigerian woman was seen drinking garri from a pot during the protest in Mowe, Ogun state on Friday morning. In a viral video posted on social media the woman was spotted wailing and crying as she drank garri to express the difficulties she Read More
Commercial activities were on Friday paralysed in Abeokuta, the capital of Ogun State, as residents trooped out to protest the lingering scarcity of the new naira notes of N500, and N1000. Motorists and travelers were turned back by the protesters who spread across the city. No evidence of security personnel is seen at the scene as protesters burned fire across Read More
The Jigawa state government has told its citizens to continue to use the outlawed currencies as lawful means of payment and business transactions. The state government said the suit at the Supreme Court which is yet to be conclusively decided by the apex court empowered everyone to use N500 and N1000 notes. The Jigawa State Commissioner for Information, Youths, Sports Read More
Angry youths on Friday have blocked the Mowe Ibafo road, Ogun state and turned back motorists and travellers over the scarcity of naira and fuel across the country. Potest had also erupted in the Ketu/Mile 12 areas of Lagos state causing serious traffic along the Ikorodu expressway, but the police said the situation is under control.
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