Category: Money and Stocks

CBN Doesn’t Need to Consult Anyone to Redesign Naira, Emefiele Replies Minister

ADEOLA YUSUF

The Governor of the Central Bank of Nigeria (CBN), Mr. Godwin Emefiele, on Friday night defended the decision of the Bank to redesign some Naira notes, insisting that he doesn’t need to consult with the Minister of Finance to do so. This signals an escalation in the war of words between the CBN and the Finance Ministry over the decision of the apex bank to redesign some Naira notes. READ ALSO BREAKING: Finance Minister Rejects CBN’s Plan to Redesign Naira Nigeria Plots To End Citizens’ Migration Overseas BREAKING: CBN to Change N200,…

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BREAKING: Finance Minister Rejects CBN’s Plan to Redesign Naira

ADEOLA YUSUF

Zainab Ahmed Raises The Alarm on Consequences of Emefiele’s plan to Redesign the Naira   Nigeria’s Minister of Finance, Budget and National Planning, Zainab Ahmed, has rejected a plan by the Central Central Bank of Nigeria (CBN) to redesign naira, warning the apex bank of its consequences on the country’s troubled economy. Ahmed expressed her opposition to the policy in response to a question raised by Senator Opeyemi Bamidele during the 2023 budget defence session she had with  the Senate Committee on Finance. READ ALSO EXCLUSIVE: Finance Ministry Named As Multi-Million…

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BREAKING: CBN to Change N200, N500 and N1000 Notes Effective December 15

ADEOLA YUSUF

The Central Bank of Nigeria has announced the withdrawal of N200, N500 and N1000 notes commencing with immediate effect, and that they would be replaced with newer notes from December 15 this year In a special announcement made today, the CBN governor, Godwin Emefiele said the old notes would cease to be legal tender from January 31, 2023. He said the apex bank has received the approval of FEC to effect the change of the notes. He said Buhari is expected to launch the new naira notes. Emefiele said the…

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GTCO Tops Banks With Bad Media Reputation In 2022 – Report

ADEOLA YUSUF

Guaranty Trust Holding Company Plc (GTCO Plc) has been ranked as the leading bank with negative media reputation in the third quarter 2022. A new report released by P + Measurement Services, a data-driven media intelligence firm, listed the top five banks by negative media reputations to include; GTCO with 37 percent, First City Monument Bank (FCMB) with 28 percent, Zenith Bank with 15 per cent, United Bank for Africa (UBA) with 11 per cent and Fidelity Bank with nine per cent accordingly. READ ALSO: Polaris Bank Acquired for N50bn…

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AfDB Adesina, WTO Okonjo-Iweala, Clinton at Roundtable in New York + PHOTOS

ADEOLA YUSUF

Akinwumi Adesina, president of the African Development Bank (AFDB), on Tuesday, attended a roundtable with Hillary Clinton and John Kerry, two former United States secretaries of state. According to Victor Oladokun, senior advisor to Adesina, the executive roundtable was to discuss “unlocking and realising the benefits of inclusive job growth”. The roundtable was part of a sideline meeting at the 77th United Nations general assembly (UNGA) taking place in New York, Also in attendance were Bill Clinton, former US president, and Ngozi Okonjo-Iweala, director-general of the World Trade Organisation (WTO).

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Who Gets What? Breakdown of CBN’s $265m To Airlines

ADEOLA YUSUF

$265m released for Outstanding Ticket Sales – CBN In a move to check a brewing crisis in the country’s aviation sector, the Central Bank of Nigeria CBN has released the sum of 265 million dollars to airlines operating in the country, to settle outstanding ticket sales. A breakdown of the figure indicates that the sum of 230 million dollars was released as special Foreign exchange intervention while another sum of 35 million dollars was released through retail S.M.I.S auction. READ ALSO We Are Quitting Nigeria Sept 1 and Here is The…

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Winners emerge in FSI Financial Inclusion for All Hackathon

ADEOLA YUSUF

ATBU, Sauki, BetaLife emerge winners in FSI Financial Inclusion for All Hackathon   Winners have emerged in the 2022 Financial Inclusion for All Hackathon competition held during the Nigeria Association of Computing Students (NACOS) national conference at Chrisland University, Abeokuta, Ogun State from August 16-18, 2022. Financial Services Innovators (FSI), a non-profit organisation committed to discovering tech talents in tertiary institutions and enabling start-ups within the technology and financial services space, organised the hackathon challenge in partnership with the Central Bank of Nigeria (CBN), NIBSS, GDG Lagos, Flourish, AXA Mansard,…

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Why Nigeria Returned Interest Rate On Intervention Loans To 9% – CBN

ADEOLA YUSUF

The apex bank, had in March 2020, following the outbreak of COVID-19, announced measures to reduce the negative impact of the pandemic on businesses and households, including the reduction of interest rates on the bank’s intervention facilities from nine percent to five percent per annum for one year   The (CBN) has reversed the five per cent interest rate on all its intervention facilities to nine per cent per annum, effective September 1, 2022. Platforms Africa reports that this was contained in a circular signed by the Director of Financial…

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Bloomberg Rates Ghana’s Cedi Worst Performing Currency, Gives Reason

ADEOLA YUSUF

How Cedi performed poorly and remained on the tail of the list of 150 currencies tracked since January 2022, Bloomberg gives details of why Ghana’s currency is currently in tatters   Bloomberg tracked the performance of 150 currencies in the world and the Cedi placed last in terms of performance since the beginning of the year. According to Bloomberg, the Ghana Cedi is currently in tatters, haven depreciated by over GHC2 in the last week, compounding the ever-depreciating currency against major foreign currencies. READ ALSO: Real Reason Naira Keeps Crashing…

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Experience Déjà vu: The Accelerex Campaign Story

ADEOLA YUSUF

What is that feeling when it seems like you have experienced something that is happening right now? It’s called déjà vu! The déjà vu feeling aptly explains the current Accelerex brand campaign that has taken over the social waves. The campaign video idea underscores the important everyday role Accelerex plays in our lives, by being that payment solution provider that cuts across touchpoints, even when we don’t fully realize it. This campaign brings to our attention how much Accelerex has been in the picture, supporting businesses and consumers since 2013.…

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