For weeks, there has been chaos in Nigeria’s micro and macroeconomic sectors as commercial banks, business owners and Nigerians continued to count their revenue losses owing to the untamed naira crisis. The pain of Naira scarcity has been on the lips of many Nigerians, including corporate, ...

President Muhammadu Buhari has met with the Governor of the Central Bank of Nigeria (CBN) Godwin Emefiele at the Presidential Villa Abuja. Emefiele met privately with Buhari for the third time since the cash crunch started in the country. The CBN Governor, however, did not speak to ...

Fear gripped residents of Abeokuta, the Ogun State capital, on Monday morning when banks started rejecting the old N200, N500 and N1000 notes. As of the weekend, residents of Abeokuta were still transacting businesses with the old notes, despite the February 10 deadline of the Central Bank of ...

Despite the Supreme Court order extending the deadline for old Naira notes to remain in circulation, businesses and other economic activities are still suffering a setback as the cash crunch continues to ravage the nation. DAILY POST reports that the Supreme Court had on Wednesday temporarily ...

Governor Nasir el-Rufai of Kaduna State has urged Nigerians to continue spending the old denominations of the redesigned naira notes. El-Rufai said Nigerians should disregard the directives of the Central Bank of Nigeria, CBN, because the presidential candidate of the All Progressives Congress, ...

The Managing Director of the Yobe Micro Finance Bank, Sheriff Muhammad Almuhajir, has alleged that the sum of N4.3 billion disbursed by the Central Bank of Nigeria, (CBN), to banks in the State has been diverted. The MD made the allegation in a 4:31 seconds video footage posted on his ...

By Yinka Kolawole NIGERIA’s public debt stock stood at N44.06 trillion ($101.91 billion) in the third quarter of 2022 (Q3’22), which is 2.85 percent higher than the N42.84 trillion recorded in Q2’22. The National Bureau of Statistics (NBS) stated this in its Nigerian domestic and foreign debt ...

Nigerians with old notes can still deposit them at commercial banks even after the February 10 deadline, this is according to the Central Bank Governor, Godwin Emefiele. Emefiele stated this on Tuesday while appearing before the House of Representatives ad hoc committee. It would be recalled ...

Godwin Emefiele, the Governor of the Central Bank of Nigeria, on Tuesday finally appeared before the House of Representatives Committee, investigating the Naira swap exercise. The Committee and delegation of the CBN are currently meeting at the National Assembly. The meeting commenced around ...

By Waliat Musa (Lagos), Sodiq Omolaoye and Ernest Nzor (Abuja) ATMs empty, banks limit old notes withdrawal to N10,000 • Phobia for old notes cripple businesses in markets • DSS intercepts syndicates selling new notes, bank officials implicated • Doguwa: I suspect Emefiele misled Buhari ...

It is impressive to observe the determination of the Central Bank of Nigeria, CBN, to follow through with the laudable cashless policy which it introduced into Nigeria’s banking system. As the apex bank had explained, the cashless policy is aimed at scaling up financial inclusion and reducing ...

First Bank of Nigeria, on Friday, called on all her customers to deposit their old currency. In a circular sent to all its branches nationwide and seen by DAILY POST, in Kaduna, it directed all its branches to open on Saturday, Sunday for customers who are willing to deposit old currency. ...

Nigeria has launched an African Central Bank-led National Domestic Card Scheme, AfriGO, to boost the nation’s economy. The Governor of the Central Bank of Nigeria, Godwin Emefiele disclosed this at the unveiling ceremony on Thursday. The new card, AfriGO, would be accessible to all Nigerians ...

The Governor of the Central Bank of Nigeria (CBN) Godwin Emefiele has shunned the invitation by the House of Representatives over the bank’s decision to stick to its January 31 deadline for the phasing out of the old naira notes. Emefiele was expected to appear before the Adhoc Committee set up ...

The Central Bank of Nigeria (CBN) has denied scarcity of the new naira notes as alleged by some Nigerians. The CBN Governor, Godwin Emefiele, represented by Musa Jimoh, Director, Payment System Management Department of the bank, denied the allegation in a news conference on in Jos. ”The CBN ...

•Inaugurates rice mill, bestaf lubricant plant  •Chinese envoy says it’s sign Nigeria’s investment climate can be trusted •170,000 jobs to be created at new sea port Deji Elumoye in Abuja, Eromosele Abiodun, Segun James, Peter Uzoho, Gilbert Ekugbe and Oluchi Chibuzor in Lagos President ...

One of the objectives of the Pension Reform Act (PRA) is the establishment of a uniform set of rules, regulations, and standards for the administration and payment of retirement benefits for both the public and private sectors at the national and sub-national levels. Specifically, Section 2(1) ...

By  Edidiong Ikpoto The Federal Government has raked in N11.5tn from taxes paid by business organisations under the administration of Major Gen. Muhammadu Buhari (retd), findings by The PUNCH have revealed. Data sourced from Company Income Tax reports published by the National Bureau of ...

The Central of Nigeria, CBN, has initiated a cash-swap programme across the 774 local government areas of the country as part of its implementation of the Naira redesign policy. The initiative between CBN, Deposits Money Banks, DMBs, and Super Agents would commence on January 23 2023, to exchange ...

The Central Bank of Nigeria (CBN) has accused some commercial banks in Port Harcourt, Rivers State, of refusing to dispense the sum of N4.5 billion redesigned notes allocated to them. The controller of the CBN branch in Rivers State, Maxwell Okafor, disclosed this on Friday when he led an ...

Deji Elumoye in Abuja The federal government has disclosed that 3,400 mining licenses were revoked within one year with a promise to revoke other unutilised mining titles in 2023. The Director-General of the Nigeria Mining Cadastre Office, Obadiah Nkom, who stated this yesterday, while speaking ...

By Emeka Anaeto, Business Editor, LAGOS The Federal Government may begin a gradual removal of the petrol subsidy from April 2023, about three months ahead of the initial plan to effect a complete stop to the expenditure head. Mrs Zainab Ahmed, Minister of Finance, Budget and National ...

Emmanuel Addeh and Sunday Aborisade in Abuja The Minister of Finance, Budget and National Planning, Mrs. Zainab Ahmed, yesterday admitted that although the projected global economic recession for 2023 appeared inevitable, with  about $34 billion in the nation’s foreign reserves, the projected ...

•Highest in Bauchi, Kogi, Anambra, others James Emejo in Abuja The Consumer Price Index (CPI) which measures the rate of change in prices of goods and commodities increased by 5.72 per cent to 21.34 per cent year on year in December compared to 15.63 per cent in December 2021, the National ...

Emmanuel Addeh in Abuja Chevron Nigeria Limited (CNL), operator of the joint venture with the Nigerian National Petroleum Limited (NNPC), has said it has no plan to exit the country, contrary to a report in the media. In a statement by the General Manager, Policy, Government and Public ...

By Ogaga Ariemu Economic experts have said Nigeria cannot continue on the path of indebtedness amid incompetence and inefficiency. The economic analysts were reacting to the All Progressives Congress, APC, presidential candidate, Bola Ahmed Tinubu’s recent comment on Nigeria’s 2023 ...

Oyetunji Abioye and Sami Olatunji Deposit Money Banks borrowed the sum of N21.87tn from the Central Bank of Nigeria via the Standing Lending Facility window and Repurchase Lending platform in 2020, according to the CBN financial data. This represents a 260 per cent increase when compared to ...

By  Okechukwu Nnodim The Nigerian National Petroleum Company Limited on Friday announced the discovery of oil in Nasarawa State and said it was set to drill the first foot of an oil well in the Northern state. It said the discovery was in continuation of its oil exploration activities in the ...

Adelani Adepegba, Sami Olatunji, Lilian Ukagwu, Damilola Aina, Oluwafemi Morgan and Daniel Ayantoye The Central Bank of Nigeria may be under pressure to extend the deadline for old naira notes to cease being legal tender as bankers and customers push for the extension. The old notes are ...

Barely eighteen days before the deadline set by the Central Bank of Nigeria, CBN, for the stoppage of the circulation of the old Naira notes, the apex bank has indicated it won’t extend the deadline. CBN in a Facebook post on its verified page on Friday reminded Nigerians that new notes of N200, ...

The supply hitches associated with the distribution of Premium Motor Spirit, popularly called petrol, may persist till June this year, oil marketers stated on Wednesday. Nigeria’s downstream oil sector has been grappling with cases of incessant petrol scarcity since last year. The sole ...

Sami Olatunji and Temitayo Jaiyeola The total budget deficit under the President, Major General Muhammadu Buhari (retd.), is set to hit N47.43tn, according to an analysis of the Federal Government’s data from the Budget Office of the Federation. According to investopedia, a budget deficit ...

Nigeria’s embattled Central Bank Governor, Godwin Emefiele, quietly returned to the country on Wednesday, sources in the apex bank and the presidency have told PREMIUM TIMES. Mr Emefiele has been out of the country for several weeks amidst fears he would be arrested by operatives of the State ...

Twenty-one days from the deadline set by the Central Bank of Nigeria, CBN, for the stoppage of the circulation of the old Naira notes, there are doubts the apex bank might be unable to meet the January 31 target. This is more so as some Nigerians have expressed worries and disappointment over ...

Nigeria’s swelling debt profile without a commensurate infrastructural development has become of great concern to many Nigerians. For economic experts, the situation would spell doom for President Muhammadu Buhari’s successor as from May 29, 2023. Just recently, the Debt Management Office, ...

The federal government has revealed that the incoming administration would inherit about N77 trillion debt by the time President Muhammadu Buhari’s tenure ends in May next year. Director General of the Debt Management Office (DMO), Ms. Patience Oniha, disclosed this yesterday in Abuja while ...

…Says subsidy unsustainable …To engage NASS on N22.7 trn CBN Ways & Means securitization …Awaiting Stamp Duty investigations …As INEC gets N173bn for elections   By Emma Ujah, Abuja Bureau Chie, ABUJA Minister of Finance, Budget and National Planning, Mrs. Zainab Ahmed, ...

Barely 27 days to the deadline issued by the Central Bank of Nigeria (CBN) for the return of the old N200, N500, and N1, 000 banknotes following the currency redesign programme, analysts yesterday urged the apex bank to increase awareness on the initiative, especially among market women, rural ...

By Joshua Odeyemi Some Nigerians on social media have expressed their views on how the new Central Bank of Nigeria (CBN)’s policy on cash withdrawal will affect the outcome of the 2023 general elections in the country. The CBN governor, Godwin Emefiele, had on October 26, 2022, announced ...

*Elevated oil prices to bolster foreign reserves, reduce pressure on naira  *FDC insists Nigeria’s fiscal space overheating  *Predicts country may approach IMF for debt restructuring Emmanuel Addeh in Abuja Financial Derivatives Company Limited (FDC), one of Nigeria’s foremost sources ...

The Senate on Wednesday rejected President Buhari's request for approval of N23.7 trillion CBN loans. But how did his government accumulate that much in seven years? byAyodeji Adegboyega The Central Bank of Nigeria’s advances to the federal government rose 2900 per cent in the ...

The DSS threats notwithstanding, fuel scarcity persisted as Nigerians have continued to lament scarcity of petroleum products during festive periods. byMary Izuaka In 2022, Nigeria’s oil sector was riddled with numerous challenges, most notably the fuel scarcity crises that hit ...

Collins Nweze ith over $2.5 billion foreign exchange demand backlog yet to be cleared at the official window and $4 billon at the parallel market, dollar scarcity has entered a disturbing phase in Nigeria’s exchange rate management system. The naira, which exchanges at N440/$1 and N758/$1 in the ...

Our Reporters - DAILY TRUST The National Assembly has passed an aggregate expenditure of N21.82 trillion as the budget for the 2023 fiscal year. This figure represents an increase of N1.3 trillion from the N20.51 trillion estimates presented by President Muhammadu Buhari to the ...

By Ogaga Ariemu As Christians worldwide celebrate Christmas, economic experts have reacted to President Muhammadu Buhari’s message to Nigerians, where he boasted of advancement on economic fronts. On Saturday, in his Christmas message, Buhari felicitated with Nigerians, hoping that ...

ADELANI ADEPEGBA and LEKE BAIYEWU The Deputy Governor, Financial System Stability, Central Bank of Nigeria, Aisha Ahmad, has said the amount spent on maintaining the naira has increased by N10bn annually. Ahmad, who revealed this on Friday  during  her appearance before the House of ...

Every other week, we see news reports of one Nigerian billionaire toppling another off the top 2 positions – it is never the 1st position as that bit appears to be set in stone – irrespective of the prevailing realities around the true earning positions of the men who occupy them. At times, you ...

By Levinus Nwabughiogu, ABUJA Against the backdrop of complaints by the banking public that banks are not dispensing enough of the redesigned Naira notes the Governor of Central Bank of Nigeria, CBN, Mr Godwin Emefiele, has said that a total of 500 million units of the newly redesigned currency ...

By  Gbenga Oloniniran The Central Bank of Nigeria has increased the maximum weekly limit for cash withdrawals across all channels by individuals and corporate organisations to N500,000 and N5 million, respectively. The directive is contained in a circular issued by the bank on Wednesday and ...

By Soni Daniel, ABUJA The Federal Government is to stop cash withdrawal from all public accounts with immediate effect. In place of cash withdrawals, public officers are to open domiciliary accounts in foreign and local currencies ahead of the commencement of the new policy, which comes on ...