The Speaker of the House of Representatives, Tajudeen Abbas, has urged the Central Bank of Nigeria (CBN) to provide clarification on the sacking of about 1,000 staff members and the subsequent payment of a N50 billion compensation package to the disengaged persons. Abbas made the demands while declaring open an investigative hearing of the Ad-hoc Committee of the House, investigating …

The Federal High Court in Lagos, presided over by Justice Deinde Dipeolu, has ordered the final forfeiture of a warehouse built on a 1.925-hectare property along the Lagos-Ibadan Expressway in Magboro, Obafemi Owode Local Government Area of Ogun State. Justice Dipeolu also ordered the permanent forfeiture of 54 general-purpose steel containers. The court issued the order for the final forfeiture …

The Senate has begun moves to restore Nigeria’s monetary sovereignty by outlawing the use of foreign currencies for payments and transactions within the country. The move is a ban on foreign currency payments to ensure that this prohibits salaries, transactions and payments in foreign currencies, ensuring all workers, including expatriates, are remunerated in naira as this will eliminate discriminatory practices …

The Naira yesterday appreciated to N1,660 per dollar in the parallel market from N1,662 per dollar last weekend. The Naira depreciated to N1,550 per dollar in the official foreign exchange market. Data from the Daily Nigerian Foreign Exchange Market (NFEM) published by the Central Bank of Nigeria (CBN), showed that the indicative exchange rate for the naira rose to N1,550 …

The Central Bank of Nigeria has announced that it will slam a fine of N150m per branch on Deposit Money Banks found guilty of facilitating the illegal flow of mint naira notes to currency hawkers and unscrupulous agents. The apex bank disclosed this in a circular issued on Friday, 13 December 2024, signed by the Acting Director of the Currency …

The Central Bank of Nigeria (CBN) has reiterated that all versions of the Naira, including the old and new designs of the N1000, N500, and N200 notes, as well as the commemorative and previous designs of the N100 note, remain valid legal tender indefinitely. In a statement on Friday, CBN’s acting Director of Corporate Communications, Mrs. Hakama Sidi Ali debunked …

Only six of the world’s 26 poorest countries are projected to reach middle-income status by 2050, the World Bank said in a new analysis. The rest are likely to remain in poverty unless they significantly boost their economic growth rates. The findings, part of the World Bank’s forthcoming “Global Economic Prospects” report to be published on Jan. 14, 2025, highlighted …

Polaris Bank has achieved yet another milestone by emerging as the Sectoral winner in the Banking and Other Financial Institutions Sector category at the 2024 NECA Annual Employers’ Excellence Awards. The Bank received the sectoral recognition for its innovative HR practice at the NECA’s Excellence Awards, (the 4th edition) which held recently at the Balmoral Convention Centre, Ikeja. The recognition …

The House of Representatives on Tuesday expressed concern over the ongoing cash crunch in commercial banks across the country, calling on the Central Bank of Nigeria (CBN) to address the situation which has disrupted economic activities and caused significant hardship to citizens. This followed a motion of urgent public importance moved by Hon. Uguru Emmanuel. Moving the motion, Emmanuel highlighted …

The Naira today depreciated to N1,585 per dollar in the parallel market from N1,550 per dollar on Monday. However, the Naira appreciated to N1,525 per dollar in the official foreign exchange market. Data from the Daily Nigerian Foreign Exchange Market (NFEM) published by the Central Bank of Nigeria (CBN), showed that the indicative exchange rate for the naira fell to …