Tag: Money
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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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Naira Swap: Reps Oppose CBN Extension as Scarcity Bites
The House of Representatives has rejected the February 10 deadline for the phasing out of old currency notes announced by the Central Bank of Nigeria on Sunday. The House of Representatives Ad hoc Committee on New Naira Re-design and Naira Swap Policy on Sunday described the new date as a mere political gimmick to further…
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CBN Bans Over-The-Counter Withdrawal of New Notes
The Central Bank of Nigeria has ordered Deposit Money Banks not to pay customers making over-the-counter withdrawals of new naira notes again. Instead, the apex bank directed the banks to load their Automated Teller Machines with only new notes to ensure that the currency circulates across the nation ahead of the January 31, 2023…
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BREAKING: CBN Limits Cash Withdrawals to N100k Weekly
The Central Bank Of Nigeria has imposed fresh cash withdrawal limits on individuals and organisations, which take effect from January 9, 2023. According to a new memo to banks issued on Tuesday and signed by the Director of Banking Supervision, Haruna .B. Mustafa, individuals will only be able to withdraw N100,000 per week (…
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REPS ASKS CBN TO REINTRODUCE COINS TO TACKLE INFLATION
Members of the House of Representatives have asked the Central Bank of Nigeria to reinforce the use of coins in the country, to tackle inflation and also stabilize the economy. The call was made during plenary on Tuesday March 22, following a motion moved by a lawmaker, representing Toro Federal Constituency in Bauchi State, Umar…
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Bank of Jamaica Set to Launch Digital Currency named Jam-Dex
The Bank of Jamaica (BOJ) has disclosed that it has chosen the name, JAMAICA DIGITAL EXCHANGE – JAM-DEX, tagline, “No cash, no problem!” and logo for its digital currency, which will be launched later this year. The choices for branding of the digital currency followed a public competition the bank organised, whose panel of judges…
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Digital Currency: Nigeria Partners with Barbados-based Bitt Inc. for e-Naira
The Central Bank of Nigeria (CBN) has announced the engagement of a Barbados-based fintech, Bitt Inc, as its technical partner for achieving the e-Naira digital currency. This was revealed in a statement by CBN’s Director of Corporate Communications, Osita Nwanisobi. The statement pointed out that the selection of Bitt Inc. from among highly competitive bidders…
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Visa Deepens Global Commitment
Visa, a global payments technology company, has announced a new commitment to reach zero emissions by 2040 as well as how the company achieved carbon neutrality across its operations in 2020. The tech giant also outlined plans to become a climate positive company through new partnerships and expanded initiatives to support sustainable commerce and the…