New Naira Challenge: Nigerians Wash New Naira Notes To Test If It Loses Colour

BusinessMoneyNewsNigeriaNew Naira Challenge: Nigerians Wash New Naira Notes To Test If It Loses Colour

By Ezinwanne Onwuka (Senior Reporter)January 2, 2023

Five days ago, a Twitter user, @Fluffy_Naz created awareness of the low quality of the redesigned N200, N500 and N1000 banknotes. She claimed that her sister forgot the new N500 banknote in her pocket and washed the cloth only for the colours to fade. Raising the alarm, she said, “If rain drenches you and this money is your only hope, you’d be stranded.” So my sis forgot the new currency in her pocket and washed...

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The Central Bank says it has no plans to introduce N2000 and N5000 bank notes

MoneyNewsNigeriaThe Central Bank says it has no plans to introduce N2000 and N5000 bank notes

By Ezinwanne Onwuka (Senior Reporter)December 28, 2022

The CBN made its stance on the issue known in a post on its official Facebook page on Tuesday. Since the CBN governor, Godwin Emefiele announced plans to redesign the 200-, 500- and 1000-naira notes, there have been speculations in some quarters that the apex bank is also planning to introduce new N2000 and N5000 banknotes. Dismissing the widespread rumour, the CBN shared its answer to a frequently asked question on the naira redesign. The...

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CBN Reviews Controversial Weekly Cash Withdrawal Policy

BusinessMoneyNewsNigeriaCBN Reviews Controversial Weekly Cash Withdrawal Policy

By Ezinwanne Onwuka (Senior Reporter)December 23, 2022

Fifteen days after pegging weekly over-the-counter cash withdrawals by individuals and corporate organisations at N100,000 and N500, 000, respectively, the Central Bank of Nigeria (CBN) has reviewed the controversial policy. In a memo issued on Wednesday and signed by Haruna Mustafa, the director of banking supervision, the CBN announced a new maximum cash withdrawal limit of N500,000 and N5,000,000 per week for individuals and corporate entities, respectively. The processing fee for withdrawals above the above-mentioned...

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Federal Govt to phase out pioneer status incentive for mature industries

BusinessNewsNigeriaFederal Govt to phase out pioneer status incentive for mature industries

Beloved John (Staff Writer)December 15, 2022

The federal government says it is phasing out the antiquated pioneer status incentive and other tax exemptions for mature industries with the 2022 finance bill. Zainab Ahmed, the minister of finance, budget, and national planning, disclosed this while addressing a state house correspondent on Wednesday. The bill is for tax collection in 2023. It was designed to support the implementation of the 2023 budget. The pioneer status incentive (PSI) is a tax holiday that grants...

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Central Bank’s new cash withdrawal policy is illegal says human rights advocate, Femi Falana  

BusinessNewsCentral Bank’s new cash withdrawal policy is illegal says human rights advocate, Femi Falana  

Beloved John (Staff Writer)December 13, 2022

Femi Falana, a human rights advocate, has described the new cash withdrawal policy introduced by the Central Bank of Nigeria (CBN) as illegal and null. Falana expressed his dissatisfaction in a statement on Monday The central bank had earlier disclosed that it has directed deposit money banks and other financial institutions to ensure that weekly over-the-counter cash withdrawals by individuals and corporate entities do not exceed N100,000 and N500,000, respectively. The policy is expected to...

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BusinessNewsNigeriaOkonjo-Iweala, Mo Abudu Make Forbes’ ‘World’s 100 Most Powerful Women’ List

By Ezinwanne Onwuka (Senior Reporter)December 11, 2022

Director-General of the World Trade Organization (WTO), Ngozi Okonjo-Iweala, made it to the 2022 Forbes list of the world’s 100 most powerful women. Also on the list is the Chief Executive Officer of EbonyLife Group, one of Africa’s leading media conglomerates, Mosunmola Abudu, also known as Mo Abudu. While the former finance minister took the 91st position, the media mogul was the 99th woman on the list. Okonjo-Iweala was recognised for her contributions to the...

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Naira Redesign: ATMs to Dispense N200, N100 from 9 January

BusinessNewsNaira Redesign: ATMs to Dispense N200, N100 from 9 January

By Ezinwanne Onwuka (Senior Reporter)December 11, 2022

The Central Bank of Nigeria (CBN) on Tuesday directed commercial banks to load only N200 and lower denominations into their Automated Teller Machine (ATM) starting from 9 January 2023. The directive is contained in a memo on the revised cash withdrawal policy, a sequel to the naira redesign policy, to deposit money banks and other financial institutions by the CBN. The memo was signed by the CBN director of banking supervision, Haruna Mustafa. Other policies...

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NDIC Recovers N8.3 Billion Naira From Banks

BusinessNewsNigeriaNDIC Recovers N8.3 Billion Naira From Banks

Hassan Umar Shallpella (Regional Correspondent)December 11, 2022

The Nigeria Deposit Insurance Corporation (NDIC) says it has helped depositors recover eight point three billion naira from their banks and had resolved two hundred and forty-eight customer complaints. Mr. Bello Hassan said the complaints bothered unauthorized withdrawals which accounted for the highest number of one hundred and ninety cases, P.O.S issues accounted for thirty-three, and fraud cases which accounted for twenty-five. The Managing Director of the corporation stated this at the forty-third Kano International...

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CBN to reduce volume of N500, N1000 in circulation

MoneyNewsNigeriaCBN to reduce volume of N500, N1000 in circulation

Beloved John (Staff Writer)November 24, 2022

The Central Bank of Nigeria (CBN) has said it is planning to decrease the volume of higher denominations like N500 and N1000 in circulation. Godwin Emefiele, governor of CBN, said this move is an effort to tame the country’s  inflation. The governor said this on Tuesday while fielding questions from journalists at the monetary policy committee (MPC) meeting in Abuja. According to the governor, increasing the high denomination of the currency could be part of...

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Buhari Unveils New Naira Notes As CBN Plans to Reduce Volume of N500, N1000 in Circulation

BusinessNewsNigeriaBuhari Unveils New Naira Notes As CBN Plans to Reduce Volume of N500, N1000 in Circulation

By Ezinwanne Onwuka (Senior Reporter)November 24, 2022

President Muhammadu Buhari on Wednesday launched the redesigned 200-, 500- and 1,000-naira notes at the Council Chambers of the State House shortly before the commencement of the Federal Executive Council (FEC) meeting. This is coming a few weeks after the governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, disclosed plans, backed by the President, to redesign the currency notes. In his speech, President Buhari said the redesigning of the naira notes would not only...

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