The CBN caps cash withdrawals at N100,000, N200 now maximum ATM denomination
The Deposit Money Banks (DMOs) and other financial institutions have been directed by the Central Bank of Nigeria (CBN) to guarantee that weekly over-the-counter (OTC) cash withdrawals by both private people and corporate entities do not exceed N100,000 and N500,000, respectively. In a circular published on Tuesday and signed by Haruna Mustafa, director of banking […]
$899.900 cash recovered from Idris, suspended Accountant-General —EFCC witness
According to Hayatudeen Ahmed of the Economic and Financial Crimes Commission (EFCC), Ahmed Idris, the federation’s suspended Accountant-General, has willingly returned $899,900 in cash. The EFCC employee made this statement on Wednesday while testifying as a witness during the hearings at the Federal Capital Territory’s High Court, according. Rotimi Jacobs, counsel for the EFCC, escorted […]
New Naira: EFCC, CBN begin tracking of large withdrawals
The Governor of the Central Bank of Nigeria, Godwin Emefiele has said that it would work with law enforcement agencies like the Economic and Financial Crimes Commission and the Independent Corrupt Practices and Other Related Offences Commission, to complicate and track large withdrawals. He said this while briefing the press after the launch the new […]
Buhari reveals why he approved resign of Naira notes
President Muhammadu Buhari on Wednesday in Abuja launched the new Naira banknotes, expressing delight that the redesigned currencies are locally produced by the Nigerian Security Printing and Minting (NSPM) PLC. Speaking at the launch of the new banknotes, which preceded the Federal Executive Council (FEC) meeting, the President explained in detail the basis for his […]
Fears as one Pound Trades For N1000 at parallel market
The sharp fall of the naira against the foreign currencies continues this weekend with the British Pound crossing N1000 in the parallel market. There are fears that the dollar which has also been on a steep rise in value against the naira may cross N1000 any moment from now. The current black market rate which […]
Naira redesign: EFCC targets three governors over starched cash
The Chairman of the Economic and Financial Crimes Commission (EFCC), Abdulrasheed Bawa said his team is currently monitoring no fewer than three governors over their moves to launder stashed billions of naira through table payment of salaries to workers. He said raids on Bureau De Change operators will be sustained, urging Nigerians to support the […]
INEC budgets N355bn for elections in 2023
The Independent National Electoral Commission has budgeted a total of N355 billion for the elections in the 2023 fiscal year. Recall that in December 2021, Professor Mahmood Yakubu, the chairman of INEC, informed the National Assembly that expected expenses for the elections in 2023 totaled N305 billion. Yakubu revealed this when he appeared before the […]
FG’s move to redesign naira notes makes no sense – Edo Governor
The Edo State Governor, Mr. Godwin Obaseki, on Wednesday said the proposed plan by the Central Bank of Nigeria (CBN) to redesign some naira denominations has no basis in Nigeria’s economy. The CBN Governor, Godwin Emefiele, recently announced that the apex bank would redesign some selected naira notes and that the new denominations would be […]
EFCC plans massive arrest of forex dealers over dollar crisis
Against the backdrop of the continued free fall of the Nigerian naira, operatives of the Economic and Financial Crime Commission (EFCC) on Tuesday raided some bureaux de change in Abuja, the nation’s capital. Over 50 operators were also arrested by the anti-graft agency during the raid in Abuja and their shops were sealed. It was […]
How CBN destroyed over N6trn banknotes under Buhari
Report claims that the Central Bank of Nigeria (CBN) may have destroyed over N6tn worth of mutilated and old banknotes under the expiring administration of President Muhammadu Buhari. According to the report published by the Punch, data obtained from the annual reports of the currency operations department of the CBN between 2016 and 2020 indicated […]