Business

Moody’s Investors Service has downgraded all the 9 Nigerian banks that it rates, saying the action follows from its downward review of Nigeria’s rating last week. The banks involved are Access Bank Plc, Zenith Bank Plc, First Bank of Nigeria Limited, United Bank for Africa Plc, Guaranty Trust Bank Limited, Union Bank of Nigeria plc, Fidelity Bank Plc, FCMB (First City Monument Bank) Limited and …

Nigerians with old notes can still deposit them at commercial banks even after the February 10 deadline, this is according to the Central Bank Governor, Godwin Emefiele. Emefiele stated this on Tuesday while appearing before the House of Representatives ad hoc committee. It would be recalled that the lawmakers had accused Emefiele of breaching section 20 of the CBN act. According to the Speaker of …

The Board and Management of Nigerian Railway Corporation has announced the resumption of the Abuja-Kaduna train service. Precise Post had reported that the Abuja-Kaduna train had derailed at the Kubwa station which led to the suspension of operations on the rail line. The announcement was made in a statement by the Director, Operations, NRC, Niyi Alli, on Monday. The statement read, “Subsequently, the service will …

The Centre for the Promotion of Private Enterprises, CPPE, has reacted to the Central Bank of Nigeria’s 10-day extension for the return of old naira notes. CPPE’s director, Dr Yusuf Muda on Sunday said in an interview the extension is inadequate. President Muhammadu Buhari on Sunday announced the approval for the extension of the deadline to phase out old naira notes from 31 January to 10 February. …

Nigeria lost N4.2 trillion due to the 2022 floods which ravaged various parts of the country. The flood in various parts of Nigeria led to an estimated economic loss of $9.12bn (N4.2tn as at Friday’s official exchange rate of N460.78/$), the Federal Government announced on Friday. The federal government disclosed this on Friday during a post-disaster assessment report on the 2022 flooding by the Ministry …

Against the race to beat the deadline given by the Central Bank of Nigeria (CBN) for old naira notes to be returned to banks, making way for the circulation of the redesigned N200, N500 and N1,000 notes, Nigerian banks announced Friday they will run weekend operations. The banks said their branches nationwide will be open to receive and change old naira notes, in a bid to help …

The Nigerian Security Printing and Minting Plc (NSPM) has assured Nigerians that the new Naira notes in circulation are of the highest quality as the old notes but pointed out that the new notes leave traces of an Intaglio ink when rubbed on plain white surfaces. Intaglio ink is part of the components used in the minting of the notes. There have been massive criticisms …

Some commercial banks in Abeokuta, the Ogun State capital, appear to have disobeyed the Central Bank of Nigeria (CBN) as they loaded their Automated Teller Machines (ATM) with old Naira notes. Recalled that the CBN had earlier directed that from January 9, ATMs should start dispensing the new N200 notes as the highest denomination. But, checks by our correspondent confirmed that almost all the ATMs …

The Nigerian government will soon make pronouncements on salary addition for civil servants. The government is considering a raise due to the rising cost of living caused by inflation. Minister of Labour and Employment, Chris Ngige addressed reporters at the State House in Abuja on Tuesday. Ngige announced that a Presidential Committee on Salaries had embarked on a review of current pay. The advisory group …

The Central Bank of Nigeria (CBN) has announced an upward review of its cash withdrawal limits directive. The apex bank announced in a circular issued Wednesday, Dec. 21, that individuals can now withdraw N500,000 cash weekly and corporate entities can now withdraw up to N5 million cash across all channels including Automated Teller Machines (ATMs) and Point Of Sale (PoS) terminals. The circular was signed …

Political parties have expressed concerns over the new cash withdrawal limits that will be implemented by the Central Bank of Nigeria (CBN), claiming it could choke the political process. The Peoples Democratic Party (PDP), Social Democratic Party (SDP), Africa Democratic Congress (ADC) and African Democratic Party (ADP) have contended that the policy would affect the fundraising required by the candidates to sustain their campaigns ahead …

Following the return of long fuel scarcity and long queues at filling stations across the Federal Capital Territory, FCT, fuel attendants have been accused of encouraging the sales of black market. It was observed that black marketers have taken advantage of the fuel scarcity around the Federal capital city to make brisk business. Despite assurances by the Nigerian National Petroleum Company Limited, NNPC, of adequate …