The Central Bank of Nigeria (CBN) has insisted that the deadline for the validity of the old N200, N500 and N1,000 remains next Tuesday, 31 January. But just as the CBN Governor, Mr Godwin Emefiele announced this at the CBN’s Monetary Policy Committee (MPC) meeting on Tuesday, the National Assembly asked the regulatory bank to extend the deadline for the …

Traders and commercial motorcylists are rejecting the outgoing Naira notes, which will cease to be lenger tender in seven days. Last 26 October, the Central Bank of Nigeria (CBN) announced that the redesigning of the N200, N500 and N1,000 notes, which would run side-by-side with the old versions until 31 January. President Muhammadu Buhari then launched the new notes on …

With nine days to the deadline for the easing out of the old Naira notes in place of the redesigned ones, the Central Bank of Nigeria (CBN) has said that it would launch a cash swap programme on Monday. According to the regulatory bank, the programme would enable the rural population and those with limited access to formal financial services …

The Bank of Industry has announced that the World Bank has approved its nomination as a provider of the Micro, Small and Medium Enterprises (MSME) component of NG-CARES (RA3) nationwide. In a statement titled, ‘Clarification of the Nigeria COVID-19 Action Recovery and Economic Stimulus programme’, BoI said that the development was based on its successful track record of building field …

The Central Bank of Nigeria (CBN) has assured marketers and traders that it has made the redesigned Naira notes (1,000, 500, 200) available for them via Automated Teller Machines (ATMs). CBN’s Branch Controller for Lagos State, Mr Koyor Baribokola gave the assurance when the apex bank took its sensitization tour on the new naira notes to Balogun Market, Lagos, on …

The Nigerian Security Printing and Minting Plc (NSPM) have highlighted some features of the new naira notes in order to sensitize Nigerians who have expressed concern about the quality of the notes. In a statement on Friday signed by the Managing Director of NSPM, Ahmed Halilu, the company stressed the need to enlighten Nigerians on the features of the new …

A fintech company, PennyTree has redesigned its app to provide retail banking services for individuals and merchants looking to scale and grow their business operations. The co-founder of PennyTree, Abayomi Ogunjobi explained that the app was a necessary solution designed to provide individuals and merchants with the needed financial and business advisory and to find their foot in their industries …

The Nigeria Financial Intelligence Unit (NFIU) has banned cash withdrawals from accounts belonging to the Federal Government, all its agencies, and also state and local governments. This is effective from 1st March. NFIU also said that any government official that withdraws cash from public accounts risks investigation from the Economic and Financial Crimes Commission (EFCC), the Independent Corrupt Practices Commission …

The Central Bank of Nigeria (CBN) has denied any wrongdoing in the recent sale of Polaris Bank. It also described claims that a higher offer was made during the bidding process to buy the Bank as spurious, malicious, and misleading. In a response to an online publication that another party made a higher purchase offer than what the apex bank …

Stanbic IBTC Holdings Plc, a member of Standard Bank Group, has announced the appointment of new directors across its subsidiaries. In a statement, the group said the appointments were in line with Stanbic IBTC’s succession plan and underscores its tradition of rewarding excellence, performance, and dedication. The appointees include Mr Babs Omotowa as an Independent Non-Executive Director, Olu Delano as …