Old Naira Notes: Senate Begs CBN To Extend Deadline to June 30

Image

By Aduragbemi Omiyale

The Central Bank of Nigeria (CBN) has been urged to consider extending the deadline for rejecting old Naira notes as legal tender in Nigeria from January 31, 2023, to June 30, 2023.

This followed the point of order cited by one of the Senators, Mr Ali Ndume, during a special plenary at the upper chamber of the National Assembly on Wednesday, December 28, 2022.

Coming under orders 41 and 51 seeking the leave of the Senate to move a motion on the urgent need to extend the withdrawal of old currency from circulation, the lawmaker argued that the time for the mopping up of the old N200, N500, and N1,000 banknotes was too short.

In the motion seconded by Mr Adamu Aliero, another Senator, Mr Aliyu Wammako, noted that, “The timing needs to be extended to allow every Nigerian to play his/her role. I support the motion that this withdrawal date is extended to June 30, 2023.”

Recall that on October 26, 2022, the CBN announced that it was redesigning the higher denominations of the local currency to fight counterfeiting and hoarding of the notes.

On November 23, it unveiled the new banknotes. This was performed by President Muhammadu Buhari at the Presidential Villa in Abuja.

On December 15, the new Naira notes hit circulation, but the banks are still giving out the old notes because of the scarcity of the redesigned banknotes.

Share
Related Stories
Image
22-February-2024

Nigeria Posts 2.74% GDP Growth in 2023

By Adedapo Adesanya Nigeria’s economy grew by 2.74 per cent in 2023, lower than the 3.1 per cent posted in 2022. This was disclosed by the National Bureau of Statistics (NBS) in its latest Nigeria Gross Domestic Product Q4 2023 Report released on Thursday. While the country’s economic growth was lower than the preceding year, it grew by 3.46 per cent (year-on-year) in real terms in the fourth quarter of 2023. This growth rate is lower than the 3.52 per cent recorded in the fourth quarter of 2022 and higher than the third quarter of 2023 growth of 2.54 per

Image
23-February-2024

FAAC Disburses N1.2trn to FG, States, Councils for February Allocation

By Aduragbemi Omiyale About N1.2 trillion, precisely N1.149 trillion, has been disbursed to the federal, state and local councils as their allocation for February 2024. The money was part of the revenue generated by the nation in January 2024. A total of N2.068 trillion was generated last month by Nigeria, but N1.149 trillion was shared, comprising distributable statutory revenue of N463.079 billion, Value Added Tax (VAT) of N391.787 billion, Electronic Money Transfer Levy (EMTL) of N15.922 billion, and Exchange Difference revenue of N279.028 billion. A communiqué issued after the end of the Federation Account Allocation Committee (FAAC) meeting held yesterday

Image
25-February-2024

Customs to Adopt Stable FX Rate for Cargo Clearance

By Adedapo Adesanya The Central Bank of Nigeria (CBN) has reviewed the formula for fixing foreign exchange (FX) rates for customs duties for cargo clearance after uproar over the constant changes in the rate. The apex bank asked the Nigeria Customs Service (NCS) and other related parties to adopt the closing FX rate on the date of opening Form M for the importation of goods, as the forex rate to be used for Import Duty Assessment,. This was disclosed by Mr Hassan Mahmud, the Director, Trade and Exchange Department of the CBN in a memo on Friday in Abuja. According

Image
23-February-2024

Customs Street Cracks by 0.12% as Traders Sell Off Wema Bank, Others

By Dipo Olowookere The bulls lost control of the Nigerian Exchange (NGX) Limited to the bears on Thursday amid sustained weak investor sentiment. Customs Street ended in the red zone by 0.12 per cent after it recorded 20 price advancers and 28 price laggards, implying a negative market breadth index. DAAR Communications was on top of the losers’ table yesterday after it let go of 10.00 per cent of its previous day’s closing price to trade at 72 Kobo. Wema Bank shed 9.93 per cent to sell at N7.80, PZ Cussons went down by 9.89 per cent to N24.60, Academy

More Stories
Image
25-March-2020

Dollar Weakens to N361 at Interbank Window

By Dipo Olowookere The exchange rate of the Naira to the Dollar at the foreign exchange market in Nigeria closed in mixed directions at the various segments on Tuesday. While it deteriorated at interbank segment of the market, it appreciated at the parallel market, Investors and Exporters’ (I&E) and the Bureaux De Change (BDC) windows. Business Post reports that the Naira/Dollar exchange rate closed N1 lower in favour of the American currency at the Central Bank of Nigeria (CBN) window yesterday, trading at N361/$1 in contrast to N360/$1 it was sold on Monday. However, the local currency appreciated by 0.06

Image
14-October-2022

Naira Falls to N750/$1 at Parallel Market on FX Liquidity Squeeze

By Dipo Olowookere The persistent squeeze in foreign exchange (FX) liquidity in Nigeria has further battered the value of the Naira against the United States Dollar in the black market. The exchange rate of the Naira to the Dollar crashed to N750/$1 on Friday noon, according to data obtained by Business Post from forex traders on the streets of Lagos. “We have not been able to get Dollars from the various sources, which is putting pressure on the Naira. The few with us are being rationed,” a forex trader in the Alimosho area of Lagos State, Mr Abdulahi Musa, told

Image
23-August-2023

BRICS: Tinubu Dedicated to Empowering MSMEs—Shettima

By Adedapo Adesanya The Vice President, Mr Kashim Shettima, has said President Bola Tinubu is very passionate about empowering Micro, Small and Medium Enterprises (MSMEs) for the development of the nation’s economy. The VP spoke on Tuesday on the sidelines of the BRICS Trade Fair in Johannesburg, South Africa, during his tour of exhibition stands. “It is a known fact that the empowerment of the MSMEs is key to empowering our youth and women towards contributing to the nation’s economic development.” Speaking further about the commitment of President Tinubu towards empowering the MSMEs, he said “the President is a very

Image
06-October-2020

Lafarge Africa Board Meets to Discuss Investment in Ghana

By Dipo Olowookere The board of Lafarge Africa Plc will hold a crucial meeting today to discuss the company’s investment in neighbouring Ghana, which is not palatable. A statement issued by its General Counsel/Company Secretary, Adewunmi Alode, disclosed that the emergency meeting will specifically look into the organisation’s investment in Continental Blue Investment Limited. Business Post reports that the cement giant based in Nigeria controls a considerable stake, 35 per cent, in Continental Blue Investment. Continental Blue Investment is involved in the business of manufacturing and processing of non-precious minerals and building material in Ghana and the interest in the

Image
02-July-2019

These 18 Companies Will Hold AGMs This Month

By Dipo Olowookere Business Post has compiled a list of companies quoted on the Nigerian Stock Exchange (NSE) having their Annual General Meetings (AGMs) in the month of July 2019, which commenced yesterday. There are 17 AGMs fixed for this month and an Extraordinary Meeting (EGM). Investors look out for these meetings because for firms which declared dividends, it is at these AGMs the cash payment are approved by shareholders in attendance. Also, investors use the opportunity to ask questions from the board and management and possibly chip in how things can be improved upon so as to have more

Image
17-December-2020

Lagos Orders Closure of Public, Private Schools

By Modupe Gbadeyanka Public and private schools in Lagos State are to be closed effective Friday, December 18, 2020, the Director-General of the Lagos State Office of Education Quality Assurance in the Ministry of Education, Ms Abiola Seriki-Ayeni, has said. In a statement issued on Thursday, the DG said the schools are to be reopened for resumption for the second term on Monday, January 4, 2021. In the statement, Ms Seriki-Ayeni explained that the reason for the closure of the schools below the tertiary level was to allow pupils and students to enjoy the Christmas and New Year holiday. “The

Image
23-December-2019

Police Detain House of Reps Member Shina Peller in Lagos

By Modupe Gbadeyanka A member of the House of Representatives, Mr Shina Peller, has been allegedly detained by operatives of the Lagos Command of the Nigeria Police Force. The federal lawmaker was said to have been arrested in Lagos some hours ago after he went to bail out some of his customers who were arrested by police at his popular Quilox Club on Ozumba Mbadiwe Avenue, Victoria Island, during a show. According to a statement issued by a spokesman of the legislator, Mr Kola Popoola, the police, after the lawmaker visited the Maroko Police Station to bail his ‘people’, pounced

Image
28-August-2019

MTN Nigeria to Launch Momo Mobile Bank

By Dipo Olowookere There are strong indications that the management of MTN Nigeria Communications Plc will soon launch its mobile money platform in the country in the coming weeks. Already, the telecom is dotting the i’s and crossing the t’s for a smooth unveiling and operations. Recall that last month, Business Post reported that MTN Nigeria, through its subsidiary known as Yello Digital Financial Services Limited, secured a licence to provide financial services to millions of Nigeria. Latest information reaching us has it that the Africa’s largest telco will commence mobile banking services in Nigeria very soon and this would

Ad
Ad
Recent Stories
Image
26-February-2024

Global Finance Names Ecobank Best FX Bank in Nigeria

By Dipo Olowookere Ecobank Nigeria Limited has been named as the Best FX Bank under the Country & Territory Awards category for Nigeria in the 2024 Global Finance’s annual SME Bank Awards. The parent company of the lender, Ecobank Group, on its part, clinched the Best Bank for SMEs in Africa 2024 award, reflecting its unwavering commitment to meeting the specialised needs of SMEs across its diverse markets. At the award ceremony held on Tuesday, February 20, 2024, at the Glaziers Hall in London, the United Kingdom, Global Finance explained that the Nigerian subsidiary of the leading pan-African Banking Group

Image
26-February-2024

GTCO, FBN Holdings, Transcorp Close as Busiest Stocks on NGX

By Dipo Olowookere The trio of Guaranty Trust Holding Company (GTCO) Plc, FBN Holdings Plc, and Transcorp Plc ended as the busiest stocks on the Nigerian Exchange (NGX) Limited last week. They accounted for 343.584 million shares worth N9.431 billion in 5,659 deals, contributing 24.96 per cent and 29.86 per cent to the total trading volume and value, respectively Data obtained by Business Post showed that the market recorded a turnover of 1.377 billion shares worth N31.584 billion in 42,040 deals versus the 1.559 billion shares valued at N36.497 billion traded in 42,546 deals in the preceding week. Financial equities

Image
26-February-2024

Excitement as Tinubu Commissions Geometric Power Plant

By Aduragbemi Omiyale The city of Aba in Abia State is beaming with excitement as President Bola Tinubu is expected to commission the Geometric power plant today, Monday, February 26, 2024. The facility is the first integrated power plant in Nigeria. It is situated in the Osisioma Industrial area of Aba. It is expected to provide 24-hour electricity to the city and about nine of the 17 local government areas of the state. The 181-megawatt Geometric power plant cost about $800 million and was done by a former Minister of Power, Mr Barth Nnaji. Electricity from the plant will be

Image
25-February-2024

Customs to Adopt Stable FX Rate for Cargo Clearance

By Adedapo Adesanya The Central Bank of Nigeria (CBN) has reviewed the formula for fixing foreign exchange (FX) rates for customs duties for cargo clearance after uproar over the constant changes in the rate. The apex bank asked the Nigeria Customs Service (NCS) and other related parties to adopt the closing FX rate on the date of opening Form M for the importation of goods, as the forex rate to be used for Import Duty Assessment,. This was disclosed by Mr Hassan Mahmud, the Director, Trade and Exchange Department of the CBN in a memo on Friday in Abuja. According

Image
25-February-2024

Climate Change: Agric Experts Advocate Smart Farming Practices

By Bon Peters Agriculture experts have advocated “smart farming practices” to combat climate change, improve productivity and enhance food security in the country. They noted that if climate change challenges were not nipped in the bud, more than 52 per cent of the country’s agricultural production would be threatened by 2050. The experts under the aegis of the Society of Action in Nigeria (SCAN), in collaboration with the University of Port Harcourt, disclosed this during a workshop organized for women and youth leaders on Thursday in Port Harcourt the Rivers state capital. A Senior Lecturer in the Department of Agricultural

Image
25-February-2024

VFD Group’s Adeniyi Adenubi Mentors Next Generation of Entrepreneurs

An executive director of VFD Group, Mr Adeniyi Adenubi, has mentored some students of the the Nigerian University of Technology and Management Scholars Programme (NSP). The mentoring session was to enlighten the next generation of entrepreneurs about the complexities of building a business, highlighting the impact of partnerships, entrepreneurial spirit, and service in the world of business, with the core message being Dream and believe in your dream. The Nigerian financial and investment expert spoke about his personal journey, which is intertwined with the dynamic principles of VFD Group, which include Entrepreneurial Ethos, Ambition, Agility, Partnerships, Innovation, Courage, and Commitment.

Image
25-February-2024

Why Trade Between India and Russia is Experiencing Upward Trend—Kotwani

By Kestér Kenn Klomegâh As President of the Indian Business Alliance (IBA) and the founder of the Imperial Tailoring Co., Sammy Kotwani, offers comprehensive insights on the evolving dynamics of Indian investment prospects in the Russian Federation. He also discusses, in this interview, aspects of business challenges and roadblocks in the context of geopolitical changes and competition as well as the current economic cooperation between India and Russia. Here are the interview excerpts: How would you characterize the geopolitical changes on investment prospects for Indians in Russian Federation? Geopolitical changes have significantly influenced investment prospects for Indians in the Russian

Image
25-February-2024

ECOWAS Lifts Sanctions on Niger, Mali, Guinea

By Adedapo Adesanya The Economic Community of West African States (ECOWAS) has resolved to lift some sanctions on Niger Republic, Mali, and Guinea. The resolution was taken at the extraordinary summit on the peace, political, and security situation in the ECOWAS sub-region in Abuja on Saturday. While the regional bloc said the political and a few targeted sanctions on the Niger Republic remain, it lifted some financial and economic sanctions on Guinea and others on Mali. Following the military coup in Niger Republic on July 26, 2023, which toppled President Mohamed Bazoum, ECOWAS imposed several sanctions on the country. Now,

Image
25-February-2024

SERAP Sues Wike, Governors Over Missing N40trn Allocations

By Adedapo Adesanya The Socio-Economic Rights and Accountability Project (SERAP) has filed a lawsuit against Nigeria’s governors and the Minister of the Federal Capital Territory, Abuja, Mr Nyesom Wike, over their failure to account for the alleged missing N40 trillion federal allocations meant for local governments in the states and the FCT. The suit followed the damning revelations by former President Muhammadu Buhari who in December 2022 stated that “if the money from the federation account to the states is about N100 million, N50 million will be sent to the chairman but he will sign that he received N100 million.

Image
24-February-2024

Consumer Goods, Banking Stocks Lift Equity Market by 0.84%

By Dipo Olowookere The Nigerian Exchange (NGX) Limited rebounded by 0.84 per cent on Friday, lifted by bargain-hunting in the consumer goods and banking sectors. The consumer goods index went up by 4.05 per cent during the session, as the banking space increased by 0.67 per cent, while the insurance counter depreciated by 0.09 per cent, as the energy and industrial goods sectors closed flat. At the close of transactions, the All-Share Index (ASI) grew by 849.20 points to 102,088.30 points from 101,239.10 points, and the market capitalisation expanded by N464 billion to N55.861 trillion from N55.397 trillion. Business Post