CBN Gives Fresh Update On Validity Of Old ₦1000, ₦500, ₦200 Notes
The Central Bank of Nigeria (CBN) has announced that all versions of the naira, including the old and new designs of ₦1000, ₦500, and ₦200 denominations, as well as the commemorative and previous designs of the ₦100 denomination, remain valid and continue to be legal tender without any deadline. Egalitarian Voice reports that CBN, in […]
PoS agents hike charges as Banks impose new cash withdrawal limits
Point-of-sale operators across states in Nigeria have increased their service charges by 100 per cent following the Naira scarcity. Elegede Segun, the secretary-elect of the Association of Mobile Money and Agent Banking Industry in Nigeria, confirmed this development to DAILY POST in a chat on Tuesday. According to him, the hike in the fees charged […]
Reps Set To Question CBN, Banks Over Unlicensed POS Operators
The House of Representatives has resolved to summon the Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, alongside the Chief Executive Officers of commercial banks, to address the growing concerns over unregistered Point of Sale (POS) operators across the country. This decision came after a motion presented by John Okafor, the representative […]
Fuel Subsidy Removal, Naira Floating: Tinubu Govt Reforms Have So Far Failed – IMF Reports
The International Monetary Fund (IMF) latest report on Sub-Saharan Africa has revealed that Nigeria’s broad-based economic reforms have yet to deliver the desired impact, 18 months after their introduction. Stakeholders in the food sector also argue that these reforms have failed to improve the basic necessities of life in the country. While the IMF recognized progress in […]
BREAKING: Inflation rises to 33.88%In October
Inflation rate surged to 33.88% in October 2024, according to the latest data from the National Bureau of Statistics (NBS), reflecting a growing strain on the country’s economy. Food and petrol price hikes pushed the rate to 33.88 percent, from 32.70 percent recorded in the previous month. Looking at the data, month-on-month, Nigeria’s headline […]
Tinubu May Present 2025 Budget Proposal To National Assembly Today, Set To Maintain Jan-Dec Cycle
President Bola Tinubu may present the 2025 budget proposal approved by the Federal Executive Council (FEC) to the National Assembly today, Friday, 15th November. Recall the federal government has proposed the sum of ₦47.9 trillion as the budget for the 2025 fiscal year. Bagudu also disclosed that the Council approved the Medium Term Expenditure Framework (MTEF) for […]
JUST IN: Infrastructure, Education Take Largest Share As Makinde Presents 2025 Budget Estimate (See Breakdown)
The Executive Governor of Oyo state governor, His Excellency, Engr. Seyi Makinde has presented 2025 budget proposal with an estimate of 678.08 billion naira to the Oyo state house of assembly. According to the budget estimate, 343 billion goes for Capital expenditure which is 50.59 percentage of the budget while 335 billion naira is budgeted […]
BREAKING: IPMAN, Dangote reach agreement on direct petrol supply
The Independent Petroleum Marketers Association of Nigeria has secured an agreement with Dangote Refinery to lift products directly. IPMAN’s National President, Abubakar Garima, announced this at an ongoing press briefing on Monday in Abuja, following a meeting of the National Working Committee of the Association. He said the partnership would ensure a steady, affordable supply […]
Reps To CBN: Issue More New Naira Notes, Withdraw Old Ones Before Dec. 31st
The House of Representatives has urged the Central Bank of Nigeria (CBN) to issue more new N200, N500 and N1,000 currency notes and begin the gradual withdrawal of the old Naira notes from circulation before the deadline of December 31, 2024. The House also asked CBN to order commercial banks to forthwith stop cash payment to their customers with […]
Choose Between Petrol at N1,000/Litre or CNG at N200/Metre –Tinubu Tells Nigerians
In a significant move aimed at enhancing Nigeria’s energy landscape, President Bola Tinubu has unveiled new fuel pricing options for motorists. During a meeting with executives from the Nigerian Independent Petroleum Company (NIPCO) at the State House in Abuja, Tinubu announced that motorists can now choose between purchasing petrol at N1,000 per litre or compressed […]