The Nigerian Navy has handed over a tanker vessel, MT Sea Eunice, which was arrested last 11 August, to the Nigerian Maritime Administration and Safety Agency (NIMASA). The vessel is presently located along Escravos River, close to the Aroton community. The Base Operation Officer of the Nigerian Navy Ship, Delta (NNS, DELTA), Commander Samuel Musa noted that the vessel was …

A Senior Advocate of Nigeria, Ebun-Olu Adegboruwa has said that President Muhammadu Buhari’s broadcast on Thursday’s morning in which he said the old N500 and N1,000 notes have ceased to be legal tender from last Friday amounted to a contempt of court. According to the lawyer-cum-activist, the President cannot overrule the Supreme Court of Nigeria. On Wednesday, 8 February, the Supreme …

The Central Bank of Nigeria (CBN) has created a portal for the collection of the old Naira notes as the deadline to submit to banks directly elapsed last Friday. The CBN published a notification titled ‘Redemption of Currency Notes’ on its website. The notification delivers a link to the portal to enable users redeem (deposit) their old N1,000, N500, and …

Obelix 4.1.1 Alternative Finance Limited (Obelix), a crowdfunding intermediary regulated by the Securities and Exchange Commission, has announced that it has fundraised N100 million from 9,324 registered small-ticket retail investors for three promising small and medium enterprises in just 10 days. Obelix has therefore pioneered an alternative way of raising fund for Small and Medium Enterprises (SMEs) operating in Nigeria. …

President Muhammadu Buhari may extend the validity of the old Naira note till 10 April. According to an exclusive report by TheCable, the decision is to avoid disobeying the order of the Supreme Court of Nigeria which ruled that the old N1,000, N500 and N200 notes remain valid until it delivers judgment in the case filed by some states against …

The Lagos State Government has warned against the rejection of the old Naira notes, warning that those in that habit would face prosecution. Controversy dogs the Naira swap policy as the Central Bank of Nigeria (CBN) insists on not extending the 10 February deadline for the old N200, N500 and N1,000 despite the order of the Supreme Court to stay …

The Consumer Price Index (CPI), which measures the rate of change in prices of goods and services, surged to 21.82 percent in January 2023, up from 21.34 percent in the previous month. The inflation rate data is contained the latest CPI report released on Wednesday by the National Bureau of Statistics (NBS). According to the NBS, the January 2023 inflation …

At least four protesters were feared killed on Wednesday when violence erupted in Benin and its environs in Edo State over cash swap policy of the Central Bank of Nigeria (CBN). In Delta State, irate youths set ablaze two commercial banks in protest against the continued scarcity of the new Naira notes and their rejection of the old notes. The victims …

The Bank of Industry (BoI) and the French Development Agency (AFD) have signed a grant agreement for €2.5 million (about N1.23 billion) delegated by the Green Climate Fund to fight climate change in Nigeria. A statement said though the grant agreement sets up a technical assistance scheme for BoI, the grant was designed to build the capacity of BoI, thereby …

The Ogun State Governor, Prince Dapo Abiodun has warned commercial banks operating in the state against rejecting old Naira notes. In a statement on Tuesday, the Chief Press Secretary to the governor, Mr Kunle Somorin said his principal issued the warning while addressing market men and women at Itoku Kampala market in Abeokuta, the state capital, as part of his …