Business

Central Bank of Nigeria (CBN) said its attention has been drawn to the circulation of counterfeit banknotes, especially higher denominations, by some individuals for transactions in food markets and other commercial centres across major cities in the country. In a statement signed by Mrs Sidi Ali, Hakama, Ag. Director, Corporate…

The Governor of the Central Bank of Nigeria (CBN), Mr Olayemi Cardoso has underlined the effectiveness of an efficient judicial system to attract Foreign Direct Investment (FDI). Cardoso said this in Abuja on Monday at the 22nd National Seminar on Banking and Allied Matters for Judges organised by the Chartered…

The Federal Executive Council (FEC) has approved the 2024 appropriation bill of N27.50 trillion for the 2024 budget with a N1.5 trillion increase from the earlier estimated bill. The government had proposed N26.2 trillion earlier but had reviewed the Medium Term Expenditure Framework (MTEF) that was approved by the National…

Africa should reposition the energy industry for the future and become much more efficient with its energy resources, the Chief Executive Officer, Seplat Energy Plc, Mr. Roger Brown has said. He urged African countries to accept the fact that energy has a key role to play in the future of…

The Central Bank of Nigeria (CBN) on Tuesday announced that the Old Naira Notes will continue to used as Legal Tender indefinitely. The Apex Bank which disclosed this in a statement by the Director of Corporate Communications, Dr Isa AbdulMumin, recalled that it introduced the redesign of N200, N500 and…

Concisedaily- The Central Bank of Nigeria (CBN) has debunked claims of scarcity of cash at the banks, Automated Teller Machines (ATMS) Point of Sales ( POS) and Bureaux de Change in some major cities across the country.   In a statement by the Director of Corporate Communications, Dr Isa AbdulMumin,…

The Central Bank of Nigeria (CBN) has reacted to the wide circulation of a text message suggesting that the Bank plans to redenominate the country’s legal tender, the Naira, with effect from January 2024, saying the message was misleading A statement signed by Isa AbdulMumin PhD, Director, Corporate Communications said, “We…

The Federation Account Allocation Committee (FAAC), shared a total sum of N903.480 billion to the three tiers of government as Federation Allocation for the month of September, 2023. The meeting was chaired by the Minister of Finance and Co-ordinating minister of the Economy, Mr. Wale Edun. From the stated amount…

Chairman of Heirs Holding, Tony Elumelu  has called on National Insurance Commission (NAICOM)  to raise the capital base of Non-life insurance companies to N30billion and  N20 billion for life insurance firms. Elumelu who spoke at the National Insurance Conference 2023, with the theme: ‘Redefining Safety: Insurance solutions for public buildings…

The Central Bank of Nigeria (CBN), on Thursday, October 12, 2023, announced,  among other policy issues, the lifting of foreign exchange restrictions hitherto placed on the importation of 43 items. 1. Why was there a restriction? On June 23, 2015, the CBN issued Circular TED/FEM/FPC/GN/01/010, which put 41 product categories…