Moody’s Downgrades 9 Nigerian Banks

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 …

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Banks will still accept old notes after deadline – Emefiele tells Reps

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 …

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Breaking: Abuja-Kaduna train set to resume operation

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 …

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Naira swap: 10-day extension insufficient – CPPE tells CBN

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. …

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Nigeria lost N4.2tn to 2022 flood – Minister

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 …

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Nigerian Commercial Banks To Work On Today, Sunday To Mop Up Old Naira Notes

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 …

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No extension of date for depositing old Naira notes – CBN

Business activities were temporarily slowed down at the Jalingo main market on Saturday as the Central Bank of Nigeria (CBN) took its enlightenment campaign to the traders to enlighten the people on the importance of depositing their old Naira notes in banks on or before January 31, 2023. Led by the Director of Financial System and Strategy of the bank, Malam Ibrahim Hassan, it urged …

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“They’re not fake” – NSPM reveals why new Naira notes leave traces of Intaglio inks when rubbed on plain white surfaces

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 …

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Tax Fraud: Trump Organization Fined $1.6m

By Chris Udochukwu A New York judge on Friday fined Donald Trump’s family business the maximum penalty possible of $1.6 million for committing tax fraud. The sum, paltry to the billionaire real estate developer’s amassed fortune, is nevertheless symbolically significant as the ex-president’s eyes the White House again amid a host of legal woes. The Trump Corporation and Trump Payroll Corp., entities of the Trump …

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Banks defy CBN order, load ATM with old Naira notes in Ogun

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 …

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Nigerian govt to announce salary increment for civil servants

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 …

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CBN increases weekly ATM withdrawal limits from ₦100k to ₦500K

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 …

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2023: It will affect campaigns – Political parties cry out over CBN’s withdrawal limits

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 …

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Fuel scarcity: How filling station attendants encourage black marketers in Abuja

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 …

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Airline Faults Sealing Of Property Over Alleged N4b Debt

Medview Airline yesterday faulted the invasion and sealing of its property at Olowu, Ikeja and Lekki by policemen executing a court order. The airline said it was unaware of any suit filed by the bank, let alone any court order giving it the right to seal the property. Its management said it was engaged in a dispute with a first-generation bank over an alleged N4 …

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Fuel Queues: NNPC Absolves Self Of Blame, Attributes It To Road Projects

In its usual way of not taking responsibility, the Nigerian National Petroleum Company Limited (NNPC) has blamed the fuel queues in Lagos State and Abuja on some construction projects going on in the state.  NNPC’s Executive Vice President, Downstream, Mister Adeyemi Adetunju, gave this explanation while addressing a news conference in Abuja on Tuesday. “The recent queues in Lagos are largely due to ongoing road …

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