Wed, Mar

CBN: Old Naira Notes No Longer Legal Tender

The Central Bank of Nigeria (CBN) has revealed that the old 200, 500, and 1,00 naira notes cease to remain legal tenders on 10th February 2023, despite the order from the Supreme court. This was disclosed by the CBN Branch Controller in Bauchi, Haladu Idris Andaza, in a chat with journalists noting that the old notes were no longer legal tender. “In the last 24 hours, we have been inundated by questions from various angles of the general public about our operational guidelines on the old currency notes, be that as it may, there are so many questions here and there that people have been asking about.”

Climate Change: FG To Introduce Carbon Tax Policy

In its bid to reduce carbon or greenhouse gas emissions and boost revenue generation, the Federal Government (FG) is set to launch a carbon tax policy and budgetary system. This was revealed on Monday to State House correspondents by the Director-General of the National Council on Climate Change (NCCC), Salisu Dahiru. A carbon tax is a fee required for the burning of carbon-based fuels (coal, oil, gas) because carbon-fuel users have to pay for damage caused to the climate as a result of carbon dioxide released into the atmosphere.

FG: N613Bn Sukuk Loan Spent On Roads, Bridges

The Federal Government (FG) has disclosed that it has spent around N613 billion raised via Sovereign Sukuk loan between 2017 and 2021 for the construction and repair of 77 road projects and 23 bridges across the country. This disclosure was made on Monday by Zainab Ahmed, the Minister of Finance, Budget and National planning during the cheque presentation ceremony of the 2022 Sovereign Sukuk Issue proceeds of N130bn to the Federal Ministry of Works and Housing (FMWH) and the Federal Capital Territory Administration (FCTA).

Naira Appreciates Against Dollar Amidst Scarcity

Nigerian Naira continues to strengthen against the US dollar in the official foreign exchange market. This is happening as demand for the dollar has declined significantly in three straight days. Naira's appreciable performance in the market is coming at a time Nigerians are desperately trying to get cash. The Naira exchanged at N461.50 to the dollar at the Investors and Exporters window on Friday. The number represented an appreciation of 0.09 per cent equated with the 461.10 it exchanged on Thursday.

President Buhari Promises To Tackle Naira Notes Scarcity In Seven Days

President Muhammadu Buhari has asked Nigerians to give him seven days to resolve the crisis caused by the scarcity of new Naira notes. Mr. President said he is aware of reports about cash shortages and the effect on local businesses and ordinary people. Buhari, in a statement on Friday following a closed-door meeting with APC Governors urged Nigerians to give him seven days to resolve the problem. He assured that the currency re-design will give a boost to the economy and provoke long-term benefits while expressing doubts about the commitment of banks in particular to the success of the policy.

Update: Council Of State Meeting On Redesigned Naira Notes

Following the just concluded council of state meeting presided by President Muhammadu Buhari on 10th February 2023 at the presidential villa, the council has requested the governor of Central Bank of Nigeria (CBN), Godwin Emefiele to make available new notes or recirculate old naira notes to ease the suffering of Nigerians. Briefing State House correspondents after the meeting, the Governor of Taraba State and Lagos States, Darius Ishaku Lagos and Babajide Sanwo-Olu respectively, alongside the Attorney General of the Federation and Minister of Justice, Abubakar Malami, said generally the policy was accepted by members of the Council but concerns were raised about its implementation.

Kaduna Refinery Repair: NNPCL, Daewoo Sign $741m Deal

The Nigerian National Petroleum Company Limited (NNPCL) has signed a $741 million deal with Daewoo Engineering and Construction Company to repair the Kaduna Refinery and Petroleum Company (KRPC). This was disclosed in a statement by the NNPC which stated that the signing ceremony of the “quick-fix repair” contract was held at the NNPCL Towers in Abuja on Thursday.

Naira Redesign: Council Of States Meet On 'Deadline Day'

President Muhammad Buhari on Friday 10th of February 2022 presided over the National Council of State meeting to address the naira redesign/currency swap issues causing tension across the country.

Buhari Inaugurates MOFI Board

President Muhammadu Buhari has officially inaugurated the Ministry of Finance Incorporated (MOFI) Board. The board entails the Governing Council, Board of Directors, and Executive Management Team. While addressing the council, Buhari said the new leadership will take steps to mobilise capital and invest it in assets critical to the Federal Government’s revenue drive, primarily to convert the nation’s current assets into cash-flow generating entities.

Cashless Policy: FG Deploys Security To Filling Stations To Enforce POS Use

The Federal Government, on Thursday, commenced the deployment of security agencies to filling stations across the country to enforce the use of Point of Sale (POS) machines and the acceptance of bank transfers at the various outlets. This was made known on Thursday in a statement issued by General Manager, Corporate Communications and Stakeholders Management, Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), Kimchi Apollo, in Abuja, directing all retail outlets to ensure the free use of POS and bank transfer for the sale of petroleum products to alleviate the suffering of customers at this critical time.

President Buhari Appoints Secretary, AfCFTA National Action Committee

President Muhammadu Buhari has approved the appointment of Mr. Olusegun Awolowo as the Secretary of, National Action Committee on the African Continental Free Trade Area (AfCFTA) for a term of four years. This was announced on Tuesday in a statement issued by President Buhari’s Spokesperson, Mr. Femi Adesina, adding that Awolowo’s appointment took effect from December 19, 2022.

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