Economy

The fresh move by some Deposit Money Banks to re-circulate old N500 and N1,000 notes suffered a setback on Tuesday as motorists, fuel stations, retailers, traders, and other categories of bank customers rejected the old currencies. The development came about 48 hours after some commercial banks, particularly Guaranty Trust Bank …

The Attorney-General of the Federation and Minister of Justice, Abubakar Malami, on Thursday, said that President Muhammadu Buhari has not acted in breach on the case instituted at the Supreme Court by some state governors over the naira swap deadline. The Malami said as far as the rule of law …

A total of N1,480,000 was on Wednesday disbursed to 74 petty traders in Delta State by the National Directorate of Employment. The Director-General of the NDE, Mallam Abubakar Fikpo, urged the beneficiaries to pay back the loans within the repayment period to enable others to benefit. Fikpo stated that the …

Results from the National Bureau of Statistics NBs has reveled that Nigeria’s Gross Domestic Product growth fell to 3.10 per cent in 2022 from 3.40 per cent in 2021 The NBS stated that growth in the agriculture and industry sector of the economy reduced in 2022, while the performance of …

Judgement on the new naira policy will take place after election as the Supreme Court on Wednesday adjourned ruling till March 3, 2023 With the apex court’s decision, consumers, business groups as well as professional and trade unions will have to wait for weeks hoping for a favorable judgment that …

Three States, Kaduna, Kogi and Zamfara States have initiated a contempt proceeding against the Attorney General of the Federation (AGF), Abubakar Malami and Governor of Central Bank of Nigeria(CBN) Godwin Emefiele for their alleged failure to comply with the Supreme Court order extending the deadline for the use of old …

The Central Bank of Nigeria has threatened to investigate, arrest and prosecute anyone spreading fake news about the naira redesign policy. This threat was contained in a statement on Tuesday jointly signed by the CBN’s Deputy Governor, Corporate Services, Edward Adamu, and Director, Corporate Communications, Osita Nwanisobi. The CBN in …

The Central Bank of Nigeria (CBN) has debunked a purported it issued shared on the Instagram page of First Lady, Aisha Buhari. The release shared on Aisha’s page on Tuesday announced the old N500 and N1000 notes remain legal tender for the next 70 days till May 1, 2023. Refuting …

The governor of Kaduna state, Nasir El-rufai has ordered ministries, departments and agencies to continue to accept payments made in all denominations of the naira. El-rufai disclosed this in a statement by the Special Adviser to the Governor on Media and Communication, Muyiwa Adekeye. He noted that agencies in Kaduna …

As Nigerians continue to battle the crisis that has trailed the Central Bank’s new Naira policy, the President Muhammadu Buhari is appealing for more patience from Nigerians. Buhari who said he is fully aware of the hardship argued that the policy is meant to improve Nigeria’s economy. “I am appealing …