BUSINESS

Emefiele speaks on extending deadline for phasing out new Naira notes

Daily Dispatch February 4, 2023

The Central Bank of Nigeria (CBN) says it will not extend the deadline for the phasing out of the old Naira notes. Nigerians, including governors elected on the platform of the All Progressives Congress (APC), have urged the apex bank to extend the deadline owing to the cash crunch occasioned

BUSINESS NEWS

Police back CBN, begin arrest of Nigerians selling, spraying naira

Daily Dispatch February 3, 2023

The Nigeria Police Force (NPF) on Friday commenced the arrest of naira sellers and abusers across the country. A statement by Force Public Relations Officer, CSP Muyiwa Adejobi said the action is in furtherance of the Federal Government’s policy. The spokesperson said the operation upholds the provisions of the Central Bank of Nigeria Act, 2007, […]

BUSINESS

External reserves fell by $64m in January

Daily Dispatch February 3, 2023

External reserves fell by $63.62m in January, figures obtained from the Central Bank of Nigeria have revealed. The CBN revealed in its data on movement of foreign reserves that the external reserves which ended December 30, 2022 at $37.08bn fell to $37.01bn at the end of January 30, 2023. Nigeria’s external reserves fell by $3.43bn in […]

BUSINESS

Fuel scarcity started early 2022, not created to scuttle elections – NNPC GCEO

Daily Dispatch February 2, 2023

The Group Chief Executive Officer (GCEO) of the Nigerian National Petroleum Company (NNPC) Limited, Mele Kyari has denied claims that the country’s petrol shortage is a deliberate attempt to sabotage the upcoming general elections. Recall that the All Progressives Congress (APC) presidential candidate, Bola Tinubu, said the petrol scarcity and naira redesign were attempts

BUSINESS

New naira: Temporal hardship necessary for economy – FG

Daily Dispatch February 2, 2023

The Federal Government on Thursday said the harsh realities faced by citizens due to the introduction of the new naira notes by the Central Bank is a necessary price for the long-term health of the economy. Minister of Finance, Budget and National Planning, Zainab Ahmed, said this when fielding questions from journalists at the 65th […]

BUSINESS

CBN directs banks to pay new naira notes over-the-counter

Daily Dispatch February 2, 2023

The Central Bank of Nigeria has directed commercial banks to start paying the new naira notes to customers over-the-counter in the banking halls. The development was confirmed in a statement on Thursday by the bank’s Director of Corporate Communications, Osita Nwanisobi. The apex bank assured Nigerians that the queues at Automated Teller Machine stands will […]