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Thursday, 24 November 2022 06:15

CBN insists on cashless economy as Buhari unveils new naira notes

President Muhammadu Buhari on Wednesday officially unveiled the newly redesigned naira denominations of ₦‎1000, ₦‎500 and ₦‎200 introduced by the Central Bank of Nigeria (CBN). The newly redesigned naira launch preceded the weekly Federal Executive Council (FEC) held inside the Council Chamber of the Presidential Villa, Abuja. Fielding questions from newsmen after the event, CBN Governor, Godwin Emefiele, said the CBN was fully poised to make Nigeria a cashless economy. He added that the quantum of money that can be withdrawn from the counter will be drastically restricted, noting that anyone who wants to withdraw substantial cash would be tracked…

Thursday, 24 November 2022 06:13

Not much success recorded so far in getting old Naira notes back into banks - CBN

One hundred and sixty five billion old naira notes have so far been absorbed by commercial banks since the announcement of the planned launch of new naira notes on October 26. Director Currency, Central Bank of Nigeria (CBN), Ahmed Bello Umar, made the disclosure in Abuja at a post-Monetary Policy Committee media briefing. According to him, the amount deposited thus far was small compared to what the apex bank has anticipated. He also revealed that the apex bank will from Thursday, begin reticulating the new naira notes to all its branches across the country since the currency has been officially…

Thursday, 24 November 2022 06:11

Buhari nominates media aide, 14 others into Board and Management of NDDC

President Muhammadu Buhari, yesterday, asked Senate to confirm the appointment of his Special Assistant on New Media, Lauretta Onochie, as substantive Chairman for the Board of the Niger Delta Development Commission (NDDC). Buhari’s letter, which was read at plenary by Senate President, Ahmad Lawan, also named 14 others as Managing Director and members of the Board. Lawan said the President appointed Ifeanyi-Onochie from Delta State as the Chairman, representing the South-south geopolitical zone on the board. He also appointed Samuel Ogbokwu, from Bayelsa State, as the Managing Director, who would serve for a term of two years, in order to…

Thursday, 24 November 2022 06:08

FAAC: FG, states, LGs share N737bn for October

The balance in Nigeria’s Excess Crude Account (ECA) rose to $472,513.64 yesterday as the Federation Account Allocation Committee (FAAC) shared a total of N736.782 billion October revenue to the federal, state and local governments. The ECA accruals had plummeted from $35.7 million in June 2022 to a mere $376,655.09 as of July 25, 2022. Citing a communique, Director, Information/Press, Federal Ministry of Finance, Budget and National Planning, Phil Abiamuwe-Mowete, stated that from the N736.782 billion October revenue, including Gross Statutory Revenue, Value Added Tax (VAT), Exchange Gain and Augmentation from non-oil revenue, the federal government received N293.955 billion while the…

Thursday, 24 November 2022 06:05

What to know after Day 274 of Russia-Ukraine war

WESTERN PERSPECTIVE Ukrainian President Volodymyr Zelenskiy urged the United Nations Security Council to act against Russia over air strikes on civilian infrastructure that again plunged Ukrainian cities into darkness and cold as winter sets in. Russia unleashed a missile barrage across Ukraine on Wednesday, killing 10 people, forcing shutdowns of nuclear power plants and cutting water and electricity supply in many places. "Today is just one day, but we have received 70 missiles. That's the Russian formula of terror. This is all against our energy infrastructure... Hospitals, schools, transport, residential districts all suffered," Zelenskiy said via video link to the…

Wednesday, 23 November 2022 05:57

Buhari unveils new Naira notes today as CBN ‘fast forwards’ schedule

Central Bank of Nigeria (CBN) says President Muhammadu Buhari will unveil the newly redesigned naira notes today November 23, 2022. Godwin Emefiele, CBN governor, said this on Tuesday while fielding questions from journalist at the monetary policy committee (MPC) meeting in Abuja. On October 26, Emefiele, announced plan to redesign the naira to control money supply and aid security agencies in tackling illicit financial flows. The governor had said the new notes (N200, N500 and N1000) will be effective from mid-December 2022. However, on Tuesday, Emefiele said the bank will no longer wait till December 15 to “unveil and release”…

Wednesday, 23 November 2022 05:52

CBN raises interest rate further to combat inflation

Policy-setting committee of the Central Bank of Nigeria (CBN) has raised the monetary policy rate (MPR), which measures interest rate, from 15.1 percent to 16.5 percent to tame rising inflation. Last week, Nigeria’s inflation rate reached a five-year high at 21.09 percent amid soaring food prices. The monetary policy rate (MPR) is the baseline interest rate in an economy, every other interest rate used within an economy is built on it. Addressing journalists on Tuesday after the committee’s meeting at the CBN headquarters in Abuja, Godwin Emefiele, governor of the apex bank, said the hike in interest rate would continue…

Wednesday, 23 November 2022 05:51

Buhari flags off first oil drilling in far north Nigeria

Nigeria's state-owned NNPC Ltd on Tuesday started drilling for oil and gas at a field in northern Nigeria that has reserves of 1 billion barrels, as the country seeks to produce crude outside the Niger Delta for the first time. NNPC said in a statement that phase one of the Kolmani project in the northeast would have an oil refinery, gas processing unit, 300-megawatt power plant and fertilizer plant producing 2,500 tonnes a day. NNPC Ltd first announced in 2019 the discovery of crude oil, gas and condensate in commercial quantity in the Kolmani area between Bauchi and Gombe states…

Wednesday, 23 November 2022 05:49

Oyo state’s Oke Ogun Elders congratulate CJN, Ariwoola

A group, the Oke Ogun Elders (OCE), has said the assumption of office of the Chief Justice of Nigeria (CJN) Olukayode Ariwoola, will positively enhance Nigeria’s legal system, accelerate the judicial process and make the system more pro-people. The group in a release by its Publicity Secretary, Jare Ajayi, in which it congratulated the new CJN also lauded President Muhammadu Buhari for not wasting time in swearing-in Ariwoola as soon as his nomination was approved by the Senate. Ariwoola is a native of Iseyin, one of the prominent towns in Oke Ogun area of Oyo State, while OCE is a…

Wednesday, 23 November 2022 05:47

Putin, Cuban president unveil monument to Fidel Castro in Moscow

President Vladimir Putin and his Cuban counterpart Miguel Diaz-Canel unveiled a monument to Fidel Castro in Moscow in a ceremony on Tuesday. Work on the bronze-made three-meter-monument lasted for six months and took place in the Russian capital. Castro is depicted seated on a rock with a stylized map of Cuba inscribed on it. The image is supposed to reflect the heroic path of a person who stood up for the rights and freedoms of the Cuban people according to the Kremlin’s press service fact sheet for the event. The monument was erected on Moscow’s square named in honor of…

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Wednesday, 23 November 2022 05:44

What to know after Day 273 of Russia-Ukraine war

WESTERN PERSPECTIVE Ukraine's government promised to create shelters to provide heat and water and encouraged citizens to conserve energy as a harsh winter loomed amid relentless Russian strikes that have left its power structure in tatters. POWER SUPPLIES * Head of Ukraine's national power grid operator said the damage dealt to power-generating facilities by Russian missile attacks was "colossal" but he dismissed the need to evacuate civilians. * Special "invincibility centres" will be set up around Ukraine to provide electricity, heat, water, internet, mobile phone connections and pharmacy service, free of charge and around the clock, President Volodymyr Zelenskiy said.…

Tuesday, 22 November 2022 05:53

FG to borrow another N100bn via Sukuk bond

Debt Management Office (DMO) has opened an offering for a 10-year N100 billion Forward Ijarah (Lease) Sukuk instrument at a rental rate of 15.64 percent per annum, payable half-yearly. The offer at N1,000 per unit is subject to a minimum subscription of N10,000 and in multiples of N1,000 thereafter. The DMO said this in a statement on Monday. The Sukuk is a strategic initiative that supports infrastructure development, promotes financial inclusion and deepens the domestic securities market. Since the establishment of the initiative in September 2017, Nigeria has issued four Sovereign Sukuk — 2017 (N100 billion), 2018 (N100 billion), 2020…

Tuesday, 22 November 2022 05:52

I knew nothing about the N206bn inserted into my ministry’s budget - Sadiya Farouk

Minister of Humanitarian Affairs, Disaster Management and Social Development, Sadiya Umar Farouq, has disowned the N206 billion inserted into the ministry’s 2023 budget estimates. Farouq, at a budget defence session with the Senate Committee on Special Duties on Monday, said her ministry was surprised that the fund, meant to implement projects for the North East Development Commission (NEDC), was inserted in the budget after a similar request in 2022 was not released. A member of the committee, Elisha Abbo, had asked Farouq about N206 billion in the budget that the ministry intended to borrow. He said, “In 2023, you intend…

Tuesday, 22 November 2022 05:46

162 dead as earthquake destroys buildings, roads in Indonesia

Rescuers on Tuesday struggled to find more bodies from the rubble of homes and buildings toppled by an earthquake that killed at least 162 people and injured hundreds on Indonesia’s main island of Java. More heavy equipment reached the hardest-hit city of Cianjur in the country’s most densely populated province of West Java, where the magnitude 5.6 land-based quake struck Monday afternoon. Terrified residents fled into the street, some covered in blood and debris. Damaged roads and bridges, power blackouts and lack of heavy equipment previously hampered Indonesia’s rescuers after the quake set off a landslide that blocked streets and…

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