CBN Hosts FICAN Bi-Monthly Forum On e-Payment

By Adedapo Adesanya The Supreme Court has ordered that the old N200, N500, and N1,000 notes should continue to co-exist with the new banknotes beyond the earlier December 31, 2023, deadline. The apex court ruled on Wednesday that both old and new notes should continue to remain legal tender until the federal government puts a process in place for its replacement or redesign after due consultation with relevant stakeholders. The seven-man panel led by Justice Inyang Okoro gave the ruling following an application by the central government asking the court to grant an extension of time for old naira notes

By Modupe Gbadeyanka The chairman of the Federal Inland Revenue Service (FIRS), Mr Zacch Adedeji, has asked his counterpart in the Economic and Financial Crimes Commission (EFCC), Mr Ola Olukoyede, to support his agency to achieve the Renewed Hope Agenda of President Bola Tinubu, who appointed both of them. Speaking during a courtesy visit to the headquarters of the anti-money laundering firm, Mr Adedeji said the EFCC has a role in ensuring that taxpayers’ funds are “judiciously utilised in line with the social contract with the people.” He assured that the FIRS would continue to strive to raise the revenue

Welcome to the fascinating world of cryptocurrency wallets, where technology is always developing and innovating. Blockchain technology and cryptocurrencies have revolutionized how we see and utilize money over the last ten years. Cryptocurrency wallets have been crucial in this transition, giving consumers the means to safely access, control, and use their digital assets. Let’s explore the exciting developments and trends that are predicted to completely alter the landscape of crypto wallets as we look to the future. Key Takeaways The environment of cryptocurrency wallets is changing quickly as a result of new trends and technologies. Future crypto wallets will prioritize

By Adedapo Adesanya A milk-producing company, FrieslandCampina Wamco Nigeria, helped the NASD Over-the-Counter (OTC) Securities Exchange return to the green territory by 0.54 per cent on Wednesday, November 29. The firm improved its value by N3.50 in the midweek session to settle at N73.50 per share compared with the previous day’s closing price of N70.00 per share. It suppressed the 10 Kobo decline posted by Central Securities Clearing System (CSCS) Plc, which ended lower at N17.00 per unit versus Tuesday’s value of N17.10 per unit. Consequently, the market capitalisation of the alternative stock exchange went up by N6.28 billion to

By Adedapo Adesanya Nigerian banks, through the Association of Corporate Affairs Managers of Banks (ACAMB), have debunked claims that they are shutting down services for the general elections slated for Saturday, February 25, 2023. There have been rumours that commercial banks will close all their services, raising worries in some circles. However, a statement signed by ACAMB President, Mr Rasheed Bolarinwa, said the messages were concocted by faceless authors with a clear motive to cause disaffection among Nigerians and the Deposit Monetary Banks (DMBs). “The attention of the Association of Corporate Affairs Managers of Banks (ACAMB), the umbrella body of

By Dipo Olowookere The alleged falling of an emergency door of Dana Air few days ago has continued to raise concerns over safety of the aviation industry in Nigeria. A passenger had posted on social media of an incident that occurred when the exit door of the plane belonging to the airline fell off after landing and whilst taxing at the Abuja airport. One of the passengers identified as Ola Brown had posted on his Twitter handle that, “(I) flew Dana (Air and the) exit door was unstable throughout flight. As we touched down, it fell off. Scary stuff! “I

By Dipo Olowookere Three policemen serving under the Lagos Police Command have been shown the way out of the service. The three affected rank and file cops are Sergeant Osaseri Saturday with service number 25759, Sergeant Segun Okun with service number 35 9075, and Corporal Adekunle Oluwarotimi of service number 496833. A statement issued on Saturday by Lagos Police Public Relations Officer, SP Chike Oti, disclosed that the policemen were dismissed by the state Commissioner, Mr Edgal Imohimi, for breaching the rules of engagement to wit reckless application of firearms. Before their dismissal, the trio were attached to Amukoko Division

By Adedapo Adesanya Fuel scarcity has returned to Lagos, sparking fears of crippled economic activities, Business Post has learnt. Across several filling stations in Alimosho Local Government on Tuesday morning, many retail stations were closed and the ones that opened are filled with long queues, creating gridlocks. Although the Nigerian National Petroleum Company (NNPC) Limited has not reacted to the developing situation, trends show that this may be due to the flood situation. Already, petrol scarcity is biting harder in the Federal Capital Territory (FCT) and environs due to what is regarded as the biggest flood crisis in the country

By Dipo Olowookere Fifteen motorized boreholes have been constructed by the Oyo State government in some major markets in the state. The boreholes were constructed by the government through the Sustainable Development Goals Office. According to the Commissioner for Finance and Budget, Mr Abimbola Adekanmbi the projects came about through the Conditional Grants Scheme. Speaking at the commissioning of one of the boreholes at Bodija Market, Ibadan, the Commissioner explained that the project was in line with achieving Goals 3 and 6 of the SDG which is Good Health and Clean Water Sanitation. Mr Adekanmbi, who is the also the

By Adedapo Adesanya The Naira appreciated against the Dollar at the Peer-2-Peer (P2P) window of the foreign exchange (FX) market on Wednesday by 0.17 per cent or N1 as it sold at N575/$1 compared with N576/$1 it was traded on Tuesday. Equally, at the midweek session, the Naira appreciated against the US Dollar at the Investors and Exporters (I&E) window of the foreign exchange market by 0.04 per cent or 17 kobo to trade at N416.50/$1 compared with N416.67/$1. The trading session, however, saw a fall in turnover as $102.07 million was recorded as against the $121.54 million achieved at

By Dipo Olowookere The bears made a return to the Nigerian Exchange (NGX) Limited on Monday, weakening the trading platform by 0.09 per cent at the close of transactions. Business Post reports that renewed sell-off by investors attracted the bears to Nigerian equities, causing 21 of them to land on the losers’ table, with only 14 ending on the gainers’ log. Consequently, the All-Share Index (ASI) depreciated by 37.35 points to 43,270.94 points from 43,308.29 points, while the market capitalisation depleted by N19 billion to N22.579 trillion from N22.598 trillion. UPDC continued its fall yesterday with a 9.92 per cent

By Adedapo Adesanya Oil prices rose on Monday, rebounding from recent losses on reports that the Organisation of the Petroleum Exporting Countries and allies (OPEC+) could adjust plans to raise production. The Brent crude added 74 cents or 0.94 per cent yesterday to trade at $79.63 per barrel, while the West Texas Intermediate (WTI) rose 69 cents or 0.91 per cent to sell at $78.03 per barrel. The OPEC+ may alter plans to keep boosting production to counter plans by large consuming countries to release crude from their reserves or if the coronavirus pandemic dampens demand. The market had been