Tag: Finance - Page 2 - African News Today

Slip of the Naira at the I&E Window Continues on Wednesday

22Jun

By adminNo Comments

Economy, Finance, News, Nigeria

Slip of the Naira at the I&E Window Continues on Wednesday

In a recent development, the Nigerian Naira has witnessed a significant weakening against the United States dollar, as indicated by data released on the FMDQ securities exchange window. The Investors and Exporters (I&E) window, which serves as the official platform for forex trading, recorded a notable decline in the value of the Naira due to a substantial decrease in foreign exchange supply within the market segment. According to the data published by FMDQ, the Naira concluded Wednesday's trading at N763.17 per $1. This represents a 0.87 percent or N6.56 fall from the previous session's rate of N756.61 on Tuesday. The day started with the Naira being traded at N741.21, but it experienced a sharp decline throughout the trading session, reaching an intraday low of N815.00. This m...

<strong>Naira Scarcity: El-Rufai Blows Hot, Counters Buhari’s Directive On Old Naira </strong>

17Feb

By Mary UgwuanyiNo Comments

Economy, Finance, Judiciary, News, Nigeria

Naira Scarcity: El-Rufai Blows Hot, Counters Buhari’s Directive On Old Naira

Kaduna State governor, Nasir el-Rufai, has directed that old and new naira notes remain legal tender in the state pending the outcome of supreme court judgment. Buhari in a televised address on Thursday said he has directed the Central Bank of Nigeria, CBN, to allow N200 notes remain legal tender until April 10. According to the president, all N500 and N1,000 notes will remain redeemable a the CBN and designated points for 60 days. His directive came less than 24 hours after the supreme court insisted that the old notes were still valid, and adjourned the case filed by many states – including Kaduna, seeking an extension to the deadline on the old notes beyond February 2022. Reacting, el-Rufai stated that all old notes would remain legal tender until the supreme court dete...

<strong>Court Orders Evans To Pay Kidnap Victim €233,000, N50m</strong>

17Feb

By Mary UgwuanyiNo Comments

Crime, Finance, News, Nigeria, Security

Court Orders Evans To Pay Kidnap Victim €233,000, N50m

Billionaire kidnap mastermind, Chukwudumeme Onwuamadike, popularly known as Evans, was on Tuesday ordered by a Lagos State High Court at Tafawa Balewa Square to refund the sum of €233,000, he received as ransom from one of his kidnap victims, Chief Donatus Dunu. Justice Olukayode Ogunjobi, also mandated Evans to pay the sum of N50m as general damages in favour of the claimant. The victim, a pharmacist, was abducted on February 14, 2018, and held hostage with ransom collected from his family, he escaped from where he was held. Dunu, a Chief Executive Officer of Maydon Pharmaceutical Company, later filed a civil suit, praying the court to order Evans to return to him the €233,000, paid in ransom. The claimant asked for an additional N50m in general damages. But Eva...

<strong>Kwara Polytechnic Halts Exams Over Naira Scarcity</strong>

16Feb

By Mary UgwuanyiNo Comments

Education, Finance, News, Nigeria

Kwara Polytechnic Halts Exams Over Naira Scarcity

The management of Kwara State Polytechnic has closed down the institution for about 29 days after a protest on Wednesday at Apata Yakuba and the polytechnic axis over naira scarcity. The institution also shifted its ongoing semester examinations till after the general elections. This was contained in a statement issued by Halimat Garba, the institution’s Public Relations Officer, urging the students not to be on campus between Wednesday, February 15, 2023 and Tuesday, March 14, 2023. Garba said the school is shut down to allow students to perform their civic responsibility by participating in the forthcoming general elections and in line with the directive from the Federal Ministry of Education for the security of staff, students, and property of the institutions. The stat...

<strong>We Will Set Aside $10Bn To Support, South-East Businesses, Revive Abia Dry Port</strong>

12Feb

By Mary UgwuanyiNo Comments

Elections, Finance, News, Nigeria

We Will Set Aside $10Bn To Support, South-East Businesses, Revive Abia Dry Port

Presidential candidate of the Peoples Democratic Party, PDP, Atiku Abubakar, has said that his administration would set aside a $10 billion fund to boost business in the south-east if elected. Abubakar stated this at the PDP campaign rally in Abia State on Saturday. The former vice-president said the fund is part of a promise he made to traders in the region during his campaign in 2019. He said, “My vice president has announced that we are going to set aside $10 billion to make sure that we support businesses, particularly in this part of the country. “I remember in 2019 when I came here, I addressed a group of businessmen from the south-east generally because Aba is the capital of the southeast as far as business is concerned. See Also: ‘PDP Has Brought Us Shame’ – Ayu...

<strong>Edo State Bans Cash Transactions In Offices From March 1</strong>

11Feb

By Mary UgwuanyiNo Comments

Finance, News, Nigeria

Edo State Bans Cash Transactions In Offices From March 1

Governor Godwin Obaseki of Edo State has banned cash transactions in all government offices in the state. Obaseki said the ban would be effective from March 1, 2023. He disclosed this on Thursday in Benin, during a workshop for senior civil and public servants on the state government’s code of ethics. This follows the naira redesign policy which has caused a cash crunch as Nigerians struggle to get cash notes from banking halls and automated teller machines, ATMs. Obaseki while speaking at the event said the state government would do away with cash transactions for a more transparent cashless mode of transactions. See Also: Gov Matawalle Orders Arrest of Persons Rejecting Old Naira Notes He said, “I have issued a circular that effective March 1st, government offices ...

Gov Matawalle Orders Arrest of Persons Rejecting Old Naira Notes

11Feb

By Mary UgwuanyiNo Comments

Finance, Judiciary, News, Nigeria

Gov Matawalle Orders Arrest of Persons Rejecting Old Naira Notes

Zamfara State governor, Bello Matawalle has asked security operatives to arrest anybody who refuses to recognize and accept old naira notes for transactions in the state. The governor issued the directive at a swearing-in ceremony of the new High Court Judges and Special Advisers held at the Government House Gusau on Friday. Matawalle described the redesigning of the currency as ill-timed and wrongly implemented. He directed that, “Anyone who refuses to accept the old currency notes of N200, N500, and N1000 in the state should be arrested.” According to the Zamfara governor, old currency notes remain legal tender until the final verdict of the case filed against the Central Bank of Nigeria and the Federal Government by three northern governors of Kaduna, Kogi, and Zamfara ...

<strong>CBN Must Obey S’court Judgment On Old Naira Notes – Falana</strong>

10Feb

By Mary UgwuanyiNo Comments

Finance, News, Nigeria

CBN Must Obey S’court Judgment On Old Naira Notes – Falana

The Alliance for Surviving COVID-19 and Beyond, ASCAB, comprised of 70 labour and civil society organisations, CSOs, has said that the Central Bank of Nigeria, CBN, must comply with the ruling of the supreme court on the deadline for the use of old naira notes. Recall that a seven-member panel of the supreme court led by John Okoro, on Wednesday, temporarily stopped the federal government from restricting the use of the old naira notes after February 10. The suit was filed by governors of Kaduna, Kogi, and Zamfara states. Femi Falana, ASCAB’s interim chairman, in a statement on Thursday, alleged that there are speculations that the CBN has decided against obeying the ex parte order of the apex court. The statement read, “The reason adduced for the contemptuous disregard fo...

<strong>No Going Back On Feb 10 Deadline For Old Naira Notes – CBN</strong>

4Feb

By Mary UgwuanyiNo Comments

Finance, News, Nigeria

No Going Back On Feb 10 Deadline For Old Naira Notes – CBN

The Central Bank of Nigeria, CBN, has insisted that the deadline for the use of old naira notes will not be extended. The CBN governor, Godwin Emefiele, while speaking during a briefing on Friday at the apex bank’s Lagos office, said the CBN, and deposit money banks, DMBs, were making effort to resolve the current challenges with the circulation of the new currency notes. The apex bank recently extended the deadline for the use of the old naira notes from January 31 to February 10. However, while hoping for another extension, many Nigerians have continued to critise the currency redesign policy on grounds that it is subjecting many Nigerians to hardship due to the scarcity of the new notes. Reacting to the development, Emefiele said after the 10-day extension, the bank doe...

<strong>Presidential Candidates Own Banks, Naira Notes Scarcity Don’t Affect Them – Kwankwaso</strong>

2Feb

By Mary UgwuanyiNo Comments

Elections, Finance, News, Rwanda

Presidential Candidates Own Banks, Naira Notes Scarcity Don’t Affect Them – Kwankwaso

The presidential candidate of the New Nigeria Peoples Party, NNPP, Rabiu Kwankwaso, has said that his counterparts are not affected by the naira redesign policy because “they are owners of banks”. Recall that the Central Bank of Nigeria, CBN, Godwin Emefiele had in October 2022, announced the plan to redesign N200, N500, and N1,000 notes and fixed January 31, 2023, as the deadline when the old notes will cease to be legal tender. Despite the apex bank recently announcing the postponement of the deadline to February 10, several Nigerians have found it hard obtaining the new naira notes. President Muhammadu Buhari has backed the policy and described it as having the potential to deter politicians from “mobilising resources to intimidate voters in the 2023 general election”. ...