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BusinessNewsNigeriaPoliticsSoludo Urges Residents To Report Banks That Rejects Old Notes 

PilotnewsMarch 14, 2023

Anambra State Governor, Chukwuma Soludo has urged residents of the state to report any bank that refuses to accept deposits old notes. Soludo made this in a statement through his verified Facebook page. “Commercial banks have been directed by the Central Bank to dispense old currency notes and to also receive same as deposits from customers. Tellers at the commercial banks are to generate the codes for deposits and there is no limit to the...

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BusinessNewsNigeriaNaira scarcity: Buhari rebuts claims of alliance with CBN governor, AGF to defy S’Court’s order

By Ezinwanne Onwuka (Senior Reporter)March 14, 2023

President Muhammadu Buhari has finally broken his silence over the Supreme Court’s order that extended the validity of the old N200, N500 and N1000 notes till December 31, 2023. His reaction came against the backdrop of speculations that he directed the Central Bank Governor, Godwin Emefiele, and the Attorney-General of the Federation, Abubakar Malami, to disregard the court order. Describing such attacks on the President as “unfair and unjust”, the senior special assistant to the...

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BusinessNewsNigeriaCash Crunch: FG says CBN has no excuse not to obey Supreme Court

By Uzoamaka Ikezue (Staff Reporter)March 14, 2023

The Federal Government has spoken on the cash crunch issues, pointing out that the Central Bank of Nigeria (CBN) has no excuse not to obey the Supreme Court judgment, allowing the N500 and N1000 old notes to circulate side by side with the new notes till December 31st. Garba Shehu, Senior Special Assistant on Media and Publicity to the President broke the silence on behalf of his principal, on Monday, when he said the CBN...

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BusinessNewsNigeriaFlutterwave denies viral report of hackers stealing N2.9bn from company’s accounts

By Ezinwanne Onwuka (Senior Reporter)March 6, 2023

Nigerian fintech company Flutterwave has debunked claims of losing N2.9 billion to hackers, assuring customers that there was no security breach in its systems. According to a report by Techpoint Africa and corroborated by some media outlets on Sunday, hackers made away with the sum of N2,949,557,867 from the company’s accounts, adding that the funds were illegally transferred into 28 accounts with different commercial banks in Nigeria. The report further said while a police investigation...

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BusinessNewsNigeriaLawyers say the Supreme Court ruling on old notes best for Nigeria

By Uzoamaka Ikezue (Staff Reporter)March 5, 2023

With regard to the cashless policy of the Central Bank of Nigeria (CBN), two Lagos based lawyers and an economist have said that obeying the Supreme Court ruling is the best way to go for the nation. Emeka Iheonu, a Lagos based lawyer and Alaowei Ebikonbowei Cleric, a human rights lawyer as well as a former World Bank/International Monetary Fund (World Bank/IMF) expert have hailed the court’s ruling, and stressed that as the highest court...

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BlogColumnsEconomyMoneyNigeriaOpinionBuhari’s Unforced Error

PilotnewsFebruary 18, 2023

A poorly thought out and poorly timed monetary policy sends Nigeria into a tailspin.   Even for an administration notorious for its capricious decision-making, the outgoing Buhari government’s decision to implement a complex currency-swap policy on the eve of a national election has been something of a head-scratcher. To say that the policy is proving very costly is to put it mildly. While both President Muhammadu Buhari and Central Bank of Nigeria (CBN) Governor Godwin Emefiele remain...

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BusinessNewsNigeriaPoliticsCBN criminalises selling of Naira notes

By Ezinwanne Onwuka (Senior Reporter)February 12, 2023

The Central Bank of Nigeria (CBN), says selling the naira notes constitutes an abuse of the nation’s legal tender. The West African Pilot News reports that amid the ongoing cash scarcity, many Nigerians have resorted to selling the redesigned naira notes at an exorbitant amount. In a tweet accompanied by a flier on Friday, the apex bank also listed other forms of naira abuse, including selling, money bouquets, and defacing. The CBN urged Nigerians to...

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BusinessNewsNigeriaCensus: FG Awards Over N85bn Contract To Zinox Technologies

By Uzoamaka Ikezue (Staff Reporter)February 7, 2023

National Population Commission (NPC) an agency of the Federal Government has signed a landmark deal with Nigeria’s leading integrated technology brand, Zinox, for the supply of tech components and other accessories for the 2023 national census project. The contract, worth over N85bn, was recently awarded to Zinox after ratification by the Federal Executive Council (FEC).Zinox, which has already commenced supply of the first batch of about 100,000 units of the Personal Digital Assistants (PDAs) devices...

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BusinessLaw & JusticeNewsNigeriaOld naira notes: court bars CBN, Buhari from extending deadline

By Uzoamaka Ikezue (Staff Reporter)February 7, 2023

…As political party chairmen secure order barring a move to shift cash policy An Abuja Federal  High Court has restrained  President Muhammadu Buhari, the Central Bank of Nigeria (CBN), the Governor of the CBN, Godwin Emefiele, and twenty-seven listed commercial banks from suspending, stopping, extending, or interfering with the currency redesign terminal date of February 10th or issue any directive contrary to the February 10 date. In a Motion by five out of the eighteen...

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BusinessMoneyNewsNigeriaNaira scarcity: POS operators in heavy profits, device means to source cash

PilotnewsFebruary 7, 2023

As both the new and old naira notes remain scarce around the country, operators of Point of Sale, popularly known as POS have become the new lords in Anambra State. This is because, while many people queue endlessly before bank Automated Teller Machines (ATM), and even fight themselves, even with no hope of getting cash, POS operators disburse cash to their customers effortlessly, so long as they agree to their charges. Before the redesigning of...

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