FG To Create Bicycle Lanes In Abuja

THE Federal Capital Territory Administration (FCTA) is set to introduce bicycle lanes on roads within the Abuja metropolis. A statement released by the Director of Information and Communication, Muhammad Sule, on Sunday, June 4, said the Permanent Secretary of the FCTA, Olusade Adesola, disclosed this at an event held to mark the 2023 World Bicycle Day […]

BREAKING: CBN Denies Devaluing Naira

The Central Bank of Nigeria (CBN) has firmly denied recent reports of a devaluation of the Naira against the US dollar. In a Twitter post on Thursday morning, the CBN said it’s fake news a report made by a news outlet that the Naira had been devalued to N631 to the dollar from N461.6 at […]

JUST IN: CBN Increases Interest Rate To 18.5%

The Central Bank of Nigeria (CBN) has raised interest rate from 18 percent to 18.5 percent. The apex bank governor, Godwin Emefiele, announced the decision  on Wednesday after the committee’s meeting at the CBN headquarters in Abuja. The development is the third consecutive time the apex bank will be raising the monetary policy rate (MPR) […]

CBN Revokes Licenses Of 132 Microfinance Banks

The Central Bank of Nigeria (CBN) has revoked the operating licenses of 132 Microfinance Banks, three finance companies and four primary mortgage banks. The list of affected Microfinance banks include Atlas Microfinance Bank; Bluewhales Microfinance Bank; Everest Microfinance Bank; Mainsail Microfinance Bank; Nopov Microfinance Bank; Ohon Microfinance Bank; Premium Microfinance Bank and Statesman Microfinance Bank. Others include […]

States Will Now Feed, Accommodate Inmates – FG

The Minister of Interior, Rauf Aregbesola, says state governments will now be feeding and accommodating inmates in their states. He said this followed the recent constitution amendment which placed correctional services on the concurrent list. Aregbesola gave the insight while speaking at a two-day high-level conference on Decongestion and Corrections Management, on Thursday in Abuja. […]

BVN Has No Expiry Date – CBN

The Central Bank of Nigeria (CBN) says the Bank Verification Number (BVN) issued in Nigeria remains for life and has no expiry date, as reported by a national newspaper. Its Acting-Director, Corporate Communications, Alhaji Isa Abdulmumin, said this in a statement on Wednesday. Abdulmumin said that the claim was completely false and therefore advised bank customers to […]

FG to Disburse $800m to Nigerians As Subsidy Removal Palliative

The federal government says it has secured the sum of $800 million from the World Bank, as part of its post-subsidy palliative plans. Zainab Ahmed, minister of finance, budget and national planning, disclosed this to state house journalists, after the federal executive council (FEC) meeting presided over by President Muhammadu Buhari, on Wednesday. Last year, […]

Subsidy Removal’ll Set Nigeria On Fire, NLC Warns Govt

The Nigeria Labour Congress, NLC, has warned that those pushing for subsidy removal in Nigeria are out to set the country on fire. The warning came against the backdrop of an announcement that the outgoing government of President Muhammadu Buhari had left the decision of petrol subsidy removal to the incoming government. According to NLC, […]

FG Approves 173 Loan Apps, Bars Illegal Online Banks

The Federal Competition and Consumer Protection Commission has approved 173 digital lending applications to operate in the country. Of the 173, 119 have full approvals and 54 have conditional approvals. After loan apps started harassing Nigerians, the FCCPC began a registration drive to protect citizens from the atrocities of these apps. It released a ‘Limited […]

Govs, EFCC, CBN To Meet Over Security Votes

Governors of the 36 states of the federation under the auspices of Nigeria Governors Forum (NGF) are to meet with all the economic and financial agencies in the country, with a view to ironing out thorny issues surrounding their states’ security votes, towards establishing a better option of managing the funds. The Director General of the […]

Naira Crunch: CBN Directs Banks To Open On Saturday, Sunday

The Central Bank of Nigeria (CBN) has confirmed the evacuation of banknotes from its vaults to commercial banks across the country as part of a coordinated effort to ease the circulation of banknotes of various denominations. The CBN has also directed all commercial banks to open for operation on Saturdays and Sundays. The Acting Director, […]

Buhari Assents to Two More Bills

President Muhammadu Buhari has assented to 2 Bills recently passed by the National Assembly. Nasiru Baballe Ila, the Senior Special Assistant to the President on National Assembly Matters at the House of Representatives disclosed this in a statement. Ila said the President assented to the two bills on the 17th of March, 2023. The statement […]

CBN Increases Interest Rate To 18%

The policy-setting committee of the Central Bank of Nigeria (CBN) has raised the monetary policy rate (MPR), which measures interest rate, from 17.5 percent to 18 percent. CBN Governor, Godwin Emefiele, made the announcement on Tuesday, March 21, while reading the communiqué of the second MPC meeting. He said the committee also pegged the liquidity […]

Naira Scarcity: Onanuga Calls for Emefiele’s Removal

President Muhammadu Buhari has been urged to suspend the Governor of the Central Bank of Nigeria, CBN, Godwin Emefiele. The Director of Media and Publicity to Bola Tinubu, the President-elect, Bayo Onanuga, made the call over the continued naira scarcity. Onanuga said Emefiele should not be occupying the office of the CBN governor after he […]

Finally, CBN Accepts Old N200, N500 And N1,000 Notes As Legal Tender

 The Central Bank of Nigeria (CBN), on Monday, said that the old N200, N500 and N1,000 banknotes remain legal tender till Dec. 31. According to a statement by Isa AbdulMumin, CBN’s Acting Director, Corporate Communications, this is in compliance with the March 3 judgment of the Supreme Court. The News Agency of Nigeria (NAN) reports […]

Naira redesign: Old, New Notes are Legal Tender – CBN 

The Central Bank of Nigeria said that both old and new notes are now legal tender. The Acting Director of Corporate Communications CBN, Dr Isa Abdulmumin disclosed this on Tuesday. He affirmed that commercial banks have started issuing both the old and new notes to their customers. But insisted that the apex bank is yet […]

JUST IN: Old Naira Notes Remain Legal Tender till Dec 31

The Supreme Court on Friday maintained that the old N200, N500, N1,000 notes remain legal tender in the country till December 31, 2023. The seven-man justices of the apex court led by Justice John Okoro in its ruling also nullified the Federal Government’s Naira redesign policy. The court declared it as an affront to the […]

Grant Nigerians Visas On Arrival, FG Tells India

Nigerian Minister of Foreign Affairs, Geoffrey Onyeama, has tasked India Prime Minister, Narendra D. Modi with visa on arrival for Nigerians. Onyeama who was participating in the G20 Foreign Ministers’ meeting hosted by India between March 1 and 2, also urged India to fast-track the Issuance ofBusiness Visa to Nigerians as a reciprocal gesture. The […]

Election: FG orders total closure of land borders

The Federal Government has directed the total closure of all land borders ahead of Saturday’s Presidential and National Assembly Elections. The Comptroller General, NIS, Isah Jere said this in a statement by the Service Public Relations Officer, Mr Tony Akuneme on Thursday in Abuja. Jere said that all land borders were to be effectively closed […]

Naira Crisis: Supreme Court Fixes Judgement For March 3

Judgement for the suit filed by some States against the naira swap policy of the Federal Government has been scheduled for 3 March.A nine-member panel led by Justice John Okoro announced the date after taking final arguments from lawyers to parties in the cases. earlier, Supreme Court has resumed hearing on the naira redesign case […]