By Kingsley Charles, Rest of World As inflation rises above 20%, middle-class Nigerians are forming WhatsApp groups to buy food items in bulk directly from producers and share among themselves. Rest of World tracked nine such WhatsApp groups across six Nigerian cities, where members could save up to 22% on food items compared to market
By Nwuese Igonor, AIT Commercial banks have been directed by the Central Bank of Nigeria to dispense old currency notes and to also receive the same as deposits from customers. Tellers at commercial banks are to generate the codes for deposits and there is no limit to the number of times an individual or company
By Ogar Monday On October 26, 2022, Nigeria’s financial regulatory agency, the Central Bank of Nigeria, CBN, announced that it intends to withdraw and redesign the country’s N200, N500, and N1000 notes. Godwin Emefiele, the CBN Governor, revealed that the redesign and recall of the old note was, amongst other things, an effort to mop
By Emmanuella Obaje-Daniels, Channels Television The Supreme Court on Friday ordered that old N200, N500, and N1,000 notes remain in circulation till December 31, 2023. The apex court also nullified the Federal Government’s naira redesign policy, declaring it as an affront to the 1999 Constitution. Justice Emmanuel Agim, who read the lead judgment, held that
By Faith Abiodun Uwaifo, The Nation Newspaper Since the implementation of the cash swap policy of the Central Bank of Nigeria(CBN) on February 10, Nigerians have been going through hell to transact and fulfill daily obligations. Protests and riots have been recorded in many cities and towns over the scarcity. Here are five ways to
By Jonathan Ugbal Nigeria’s president, Muhammadu Buhari on Thursday morning directed the extension of the use of the old NGN200 notes until April 10, 2023. President Buhari gave the directive in an unusual national broadcast following reports of confusion and crisis over the utilization of the old and redesigned NGN200, NGN500, and NGN1000 notes. “I
By Sarah Wakili, Channels Tv The Central Bank of Nigeria (CBN) says there is no going back on the February 10, 2023 deadline for the swapping of the old N1,000, N500, and N200 notes. While there has been controversy over the deadline with some governors dragging the apex bank to the Supreme Court and the
By Eyo Charles, Daily Post The Manager of the Nigerian Ports Authority, NPA, Calabar, Mr. Iyke Olumati, has said the long-awaited dredging of the Port will commence in a few weeks, as all litigations on its operation and contract formalities have now been settled. The Manager also disclosed that other technical matters, which were inimical