Family Rejects Old Naira Notes As Bride Price In Niger
The family of a young woman has asked the family of her suitor to take back the old N1,000 and N500 notes they gave as bride price in Gbako LGA of Niger State. City & Crime gathered that the family of the suitor took an undisclosed amount to the family of the woman as bride […]
DSS summons Emefiele, CBN Board members, 27 bank CEOs over forex allocations
The Department of State Services summoned the Central Bank of Nigeria Governor, Godwin Emefiele, the other 10 members of the board of directors, including the four deputy governors and six non-executive directors, as well as the CEOs/Managing Directors of 27 commercial banks in the nation over the weekend. They are all required to come before […]
Protests As CBN Begins Cash Withdrawal Limit Enforcement
Over 20 banks on Monday began the implementation of the Central Bank of Nigeria’s new cash withdrawal limit policy across the country with bank customers expressing anger over the new rule. The Governor of the CBN, Godwin Emefiele, had on December 21, 2022, bowed to pressure and revised the bank’s earlier cash withdrawal limits.The CBN […]
Expert say 2023 polls could place Nigeria’s economy in stagnation
An expert has warned that the 2023 general elections could plunge Nigeria’s economy into stagnation. A financial inclusion/wealth management expert, Mr Idakolo Gbolade, who spoke with DAILY POST on Monday, said if the government continues in this current trajectory, the nation’s economic woes will not recede, especially with the forthcoming election and change of government. […]
French Billionaire, Bollore Completes Sale Of African Ports
French billionaire Vincent Bollore’s holding company said Wednesday it had finalised the sale of its African ports and logistics business to the MSC shipping group for 5.7 billion euros ($6.05 billion).Bollore Africa Logistics is present in 47 African countries and runs port operations in countries from Ivory Coast to Cameroon and Nigeria, according to its […]
Senate fails to pass 2023 Budget over “issues”, fixes new date
The Senate has moved up the deadline for passing the 2023 budget to December 28th, 2022. The lawmakers also delayed the Finance Bill’s passage until December 28. These declarations were made on Thursday during plenary presided over by Senate President Ahmad Lawan. He clarified that the Senate is delaying the budget’s adoption due to some […]
CBN debunks claims cash withdrawal limit will endanger PoS business
Claims that the Central Bank of Nigeria (CBN) is specifically targeting Point-of-Sale (PoS) agents with its new policy restricting cash withdrawals have been refuted. Although the apex bank established the weekly withdrawal limits for individuals and organizations at N100,000 and N500,000, respectively, on December 6, it allowed for compelling instances to withdraw up to N5 […]
Inflation pushes 5m Nigerians into poverty as wage value down 35%
According to the World Bank, Nigeria’s condition is getting worse, with worse economic performance due to ongoing inflation. This was stated by the Washington-based bank in its recently issued Nigeria Development Update, which was unveiled with the Nigeria Country Economic Memorandum on Thursday in Abuja. According to the NDU report “Nigeria is in a challenging […]
Cash withdrawal limit: Senate invites CBN directors for interrogations
The Senate has invited two deputy governors of the Central Bank of Nigeria for interrogations on Friday over the cash withdrawal limit policy unveiled by the apex bank on Tuesday. The red chamber planned to seek clarifications on the new directive which restricts over-the-counter cash withdrawal by individuals and organisations to N100,000 and N500,000, respectively, per week. It […]
Elon Musk Loses World Richest Man Title
Elon Musk has lost his title as the world’s richest person after selling Tesla stocks to fund the $44 billion purchase of Twitter. Bernard Arnault, the chief executive of luxury brand Louis Vuitton’s parent company LVMH, and his family took the ‘world richest’ title with a personal wealth of $185.4 billion, according to Forbes.Musk, who […]