Tag: Banks
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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 to meet the…
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Supreme Court Extends Old Naira Notes Validity till December 2023
The Supreme Court has extended the validity of the N200, N500, and N1,000 Naira notes till 31 December 2023 A seven-member panel of the court led by John Okoro unanimously directed that the CBN must continue to receive the old notes from Nigerians The court held that the directive of President Muhammadu Buhari for the…
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No plans to shut down during polls – Banks association
The Association of Corporate Affairs Managers of Banks, the umbrella body of Corporate and Marketing Communications Professionals working in Nigeria’s ban king sector, has debunked the message purporting that the Central Bank of Nigeria is shutting down banking services for five days for Saturday’s presidential polls. Specifically, the reports claimed that banks would shut down…
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Access Bank, Zenith, UBA, 6 Others Downgraded by Agency
An international rating agency, Moody’s Investors Service, has downgraded nine Nigerian banks following its downward review of Nigeria’s rating last week. The downgraded banks include: Access Bank Plc, Zenith Bank Plc, First Bank of Nigeria Limited, United Bank for Africa Plc, Guaranty Trust Bank Limited, Union Bank of Nigeria plc, Fidelity Bank Plc, First City…
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Banks in defining moment as eNaira kicks off today
Nigeria makes history today as it becomes the first African country to digitise its currency, an exercise the Central Bank of Nigeria (CBN) has described as “one of the milestones of a long journey.” But the eNaira take-off is causing unease in the banking sector even as the concept note has admitted the project could…