Old Naira Notes Will Be Accepted After Deadline – Emefiele

By NewsBits The governor of the Central Bank of Nigeria, Godwin Emefiele has told the House of Representatives on Tuesday that commercial banks in Nigeria will still accept old naira notes from customers after the February 10 deadline. Emefiele stated this while appearing before the ad hoc committee set up by the House on the CBN naira redesign policy, although he did not state how long the expired notes would be admitted by the banks. The Speaker of the House, Femi Gbajabiamila, had accused the CBN governor of breaching Section…

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Global Banking & Finance Awards 2022: Fidelity Bank Wins Best SME Bank Nigeria

By NewsBits Fidelity Bank Plc has been announced as the 2022 Best SME Bank in Nigeria by the Global Banking & Finance Review at its Annual Global Banking & Finance Awards which held in London, United K ingdomrecently. Global Banking & Finance Review is the leading online, digital, and print magazine for the banking and financial sector. The website receives over seven million page views each year thanks to its balanced views and informative, independent news centered on the financial sector. The Global Banking & Finance Awards was created to…

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Governor Sanwo-Olu Signs N1.76trn Lagos ‘Budget Of Continuity’ Into Law

By NewsBits Mr Babajide Sanwo-Olu, the Lagos State governor has signed the State’s N1.768 trillion “Budget of Continuity” into law to consolidate development strides of his administration and satisfy the yearnings of the residents. The Governor said the fiscal document not only “aggressively” focus on completing ongoing capital projects, it would also expand intervention programmes and intensify social support to citizens and their means of livelihoods. The budget was assented to at a short ceremony held at the Governor’s Office in Alausa. Sanwo-Olu said the spendings would further demonstrate his…

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Supreme Court Affirms Honeywell’s N5.5billion Indebtedness To Ecobank

By NewsBits In what will go down the financial history book in Nigeria, Ecobank on Friday recorded a major victory at the Supreme Court when the bank won a N5.5 billion debt dispute against Honeywell and its sister firms, Anchorage Leisures Limited, and Siloam Global Limited. The Supreme Court had dismissed an appeal by Honeywell Flour Mills Limited challenging the judgement of the Court of Appeal in the debt dispute with Ecobank Nigeria Limited. The five-member panel of the Supreme Court, led by Tijjani Abubakar, delivered the judgement that Honeywell,…

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Currency: N100, N50 Notes Flood Awka As Residents Rush To Dispose Old Bills

By NewsBits Economic and commercial activities in Awka, the capital town of Anambra, have slowed down due to the insufficient quantity of the newly redesigned N1000, N500 and N200 in circulation. The News Agency of Nigeria (NAN) reports that customers are trooping to their banks to deposit their old currency notes to beat the Jan. 31 deadline for phasing them out. The NAN Correspondent who monitored the situation also reports that those going for withdrawal were not being paid with the new bills but rather with old notes which most…

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Illicit Trading: Nigerian Arrested In Philippines For Drug Offences

By NewsBits A Nigerian, Valentine Ezike, has been arrested by agents of the Philippine Drug Enforcement Agency Regional Office 4-A in Barangay Biclatan, Cavite, Philippines. The Philippines News Agency on Sunday quoted a PDEA report as saying, authorities seized from Ezike of Palmdale Village, Governor’s Hill around 500 grams of suspected ‘shabu,’ (a variant of methamphetamine), a box containing two resealable transparent plastic bags containing more or less 1,000 grams each of brownish granule’s substance, plastic basin containing weighing scale, and four identification card, among others. Ezike will be charged…

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Buhari Overrules CBN, Approves 10-Day Extension To Exchange Old Naira Notes Deadline Now February 10

By Business Editor, NewsBits Apparently following the chaotic situation and uproar across the country regarding the January 31, deadline for the expiration of the old Naira notes, President Muhammadu Buhari has approved a 10-day extension of the expiry date of the old Naira notes from January 31, 2023, to February 10, 2023. Recall that Nigeria redesigned the ₦200, ₦500, and ₦‎1000 denominations and put the deadline at January 31, 2023. However, Nigerians have been suffering because the newly introduced denominations are no where to be found both in banks and…

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January 31 Deadline: Churches, Schools Retailers Refuse Old Naira Note

By NewsBits Following the persistence of the Central Bank of Nigeria (CBN) that there is no going back on the January 31 deadline for the phasing out of the old N1,000, N500 and N200 notes, NewsBits gathered that some churches, schools, and retailers have also set time limits for the collection of the old currencies. This decision was compounded by a recent interview President Muhammadu Buhari granted where he also restated that the government will not change the deadline. Across major Nigerian cities, there are noticeable lingering shortage of old…

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Stanbic IBTC Pension Managers Limited Never Defied Pencom’s Directive On Gifts

By NewsBits The management of Stanbic IBTC Pension Managers has put up a defence regarding some recent rumours in a statement that states: “Our attention has been drawn to publications by some unguarded sections of the media wherein certain unfounded, incorrect, and defamatory assertions are being peddled about Stanbic IBTC Pension Managers. “The alleged falsehoods stated that Stanbic IBTC Pension Managers continued to offer incentives to Retirement Savings Account holders contrary to the directives issued by the National Pension Commission (PenCom) in a bid to retain their accounts and win…

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January 31, 2023, Deadline For Old Naira Notes To Become Ilegal Tender Stands – CBN

The Central Bank of Nigeria (CBN) has insisted that there is no going back on the January 31 deadline when the old ₦200, ₦500, and ₦1000 naira notes, as they will cease to be legal tender in the country starting from that date. CBN Governor, Godwin Emefiele, who reiterated the bank’s stance after the Monetary Policy Committee (MPC) meeting in Abuja on Tuesday, said enough time had been given to Nigerians to swap their old naira notes for new ones. Meanwhile, Managing Directors/Chief Executive Officers of banks, under the auspices…

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