The Central Bank of Nigeria has imposed fresh cash withdrawal limits on individuals and organisations, which will become effective on January 9, 2023. According to a memo issued by the CBN to banks on Tuesday, individuals will only be able to withdraw N100,000 per week (from over-the-counter, point-of-sale machines …
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The Central Bank Of Nigeria has imposed fresh cash withdrawal limits on individuals and organisations, which take effect from January 9, 2023. According to a new memo to banks issued on Tuesday and signed by the Director of Banking Supervision, Haruna .B. Mustafa, individuals will only be able to …
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The Governor of the Central Bank of Nigeria, Godwin Emefiele, on October 26, 2022, announced that new Naira notes would be introduced to replace the current 200, 500, and 1,000 Naira notes. Emefiele said the redesign will take effect from Thursday, December 15, 2022. He also said that existing notes …
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A Professor of Political Economy and founder, Centre for Values in Leadership, Pat Utomi, shares with TUNDE AJAJA his thoughts on the current economic situation in the country, the planned redesign of the naira and what should inform people’s choices in 2023 One of the topical economic issues in the minds of many …
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The Central Bank of Nigeria (CBN) on Saturday said it followed due process in its decision to redesign some denominations of the naira, insisting that the exercise was twelve years overdue. CBN made this known via its Twitter account, urging Nigerians to back the measure as it was in the …
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Nigerians spent $609.5m on foreign education between January and August 2022. The figure is contained in the data obtained from the Central Bank of Nigeria, calculated based on the information provided on the amount spent on educational services under the sectoral utilisation for transactions valid for foreign exchange. In January …
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THE Central Bank of Nigeria (CBN) increased the Monetary Policy Rate (MPR), which is the benchmark interest rate, to 15.5 percent from 14 percent on Tuesday. Nigeria’s central bank also raise cash reserve ratio (CRR) from 27.5 percent to 32.5 percent. The increase in MPR and CRR followed soaring inflation …
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The Central Bank of Nigeria (CBN), on Friday, organised an enlightenment fair for business operators, commercial banks and other groups in Rivers State. Others groups that attended the enlightenment fair were farmers and cooperative societies as well as members of the National Youth Service Corps (NYSC) and workers from various …
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President Muhammadu Buhari has applauded the Central Bank of Nigeria (CBN) for effectively ensuring financial system stability in the country over the years. President Buhari made the commendation yesterday at the 15th Annual Banking & Finance Conference of the Chartered Institute of Bankers of Nigeria (CIBN) Theme: Repositioning the Financial …
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The Central Bank of Nigeria (CBN) has approved a reward scheme for users of the eNaira, including merchants. This includes providing merchants with the required promotional materials, subsidising the current Merchant Service Charge by 50% and activation of a nationwide sensitization that early business adopters of eNaira can leverage on …
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