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  • You May Be Arrested, Jailed For Spraying Naira Notes At Parties - CBN

    Spray Naira Notes, Go To Jail, CBN Tells Nigerians

    Worried by the rate at which Nigerians ‘mutilate, deface, squeeze and even spray and sell’ the naira notes during memorable occasions such as weddings and funerals, the Central Bank of Nigeria CBN has again warned that anyone caught doing such act will be arrested and sent to jail. An Assistant Director at the Currency Operations Department, Aladeen Badajo said this during the commencement of the CBN two-day sensitisation fair held in Abeokuta, Ogun state today June 10. He pointed out that the apex bank threatened that “abuse of the currency attracts a penalty of not less than six months or a fine of not less than N50,000 or both.” “Abuse of the currency attracts a penalty of not less than six months or a fine of not less than N50,000 or both.”Badejo reiterated at the event

  • CBN news

    CBN May Launch Digital Currency End Of 2021

    The Central Bank of Nigeria (CBN) on Thursday in Lagos said that its digital currency might be launched by the end of  2021. Mrs Rakiya Mohammed, an Information Technology Specialist with CBN, made the disclosure at an online news briefing at the end of Bankers Committee meeting. According to her, the apex bank has for over two years been exploring the technology and has made tremendous progress. “Before the end of the year, the Central Bank will be making special announcement and possibly launching a pilot scheme in order to be able to provide this kind of currency to the populace,” she said. Mohammed said when eventually  operational,  the currency would complement cash notes. According to Muhammed, another reason the apex bank plans to come up with digital currency  is to make remittances travel easier from abroad to Nigeria. She said that digital currency would accelerate the ability to meet the target, regardless of one’s country of residence. The  specialist also said that CBN would be exploring various technological options and engaging various industry players as well as moving to the next stage of proof of concept to pilot the scheme. Mohammed said that CBN considered the architecture, accessibility issue …

  • Facebook Makes U-turn On Ban On COVID-19 Posts

    Social media giants, Facebook have said it will no longer remove from its platforms claims that coronavirus was man-made. The announcement comes shortly after US President Joe Biden announced he had directed the US intelligence community to restart an investigation into the origin of Covid-19. Biden announced Wednesday, May 26, he had given the US officials 90 days to investigate the virus’ origins. The announcement came after a US intelligence report found several researchers at China’s Wuhan Institute of Virology fell ill in November 2019 and had to be hospitalized, a new detail that was not revealed before. The Trump administration had touted claims that Coronavirus was man made i.e created in a Chinese lab, but China vigorously denied that assertion with the World Health Organization (WHO) also touting China’s stance that the virus originated from animals. Following Biden’s announcement of more investigations into Covid-19 origins, Facebook has now announces a change of policy. A Facebook spokesperson said to CNN on Wednesday night; “In light of ongoing investigations into the origin of Covid-19 and in consultation with public health experts, we will no longer remove the claim that Covid-19 is man-made from our apps.” “We’re continuing to work with health …

  • CBN Intervention Fund Not Tilted – Emefiele

    The Governor of the Central Bank of Nigerian, Godwin Emefiele, has faulted claims suggesting that the Bank’s targeted interventions in the agricultural sector are tilted in favor of a certain section of the country. Emefiele pushed for more private sector investment in Nigeria’s agricultural value chain. #ABP #ricepyramids He urged farmers to repay loans promptly to ensure sustenance of Anchor Borrowers’ Programme (ABP). Emefiele: “The CBN is positioned to ensure the integration of our farmers into the Government’s Economic Sustainability Program, aimed at providing 5 million homes with electricity using solar energy” “We believe significant improvements in domestic production of staple food items, would help in attaining our price stability goals while reducing our dependence on imported food items” CBN finances 3,107,890 farmers for the cultivation of 3,801,397 hectares across 21 commodities through 23 Participating Financial Institutions in the 36 States of the Federation and FCT. Nigerian youths have the talent, energy, enthusiasm, technological adoption capacity and drive to revolutionize agricultural production in Nigeria. CBN plans minimum 1 million hectares of rice through a combination of RIFAN farmers and prime/private anchors for each planting season in 2021. Revamped Nigeria Commodity Exchange (NCX) to commence operation by the 4th quarter of …

  • lagos state

    Microsoft Partners Nigeria On Digital Transformation

    In a joint announcement with the Government of Nigeria, Microsoft has detailed several projects aimed at intensifying the nation’s move to become a more digital economy. After extensive consultations with the government, Microsoft identified three key pillars that will help to build strong foundations for a digital economy in Nigeria: connectivity, skilling and digital transformation. “We believe in the future of Nigeria, and we are excited as a company to add to our investments,” says Brad Smith, Microsoft President. “Together, we have an enormous opportunity to put technology to work, create jobs, to foster the technology ecosystem across Nigeria, and to use technology to preserve the best of the past and take us into the future.” Research points to internet penetration in Nigeria of around 50 percent and while the pandemic has increased the pace of digitisation, much needs to be done to empower all citizens to take advantage of the opportunities of a digital economy. Microsoft’s Airband Initiative has succeeded in bringing high-speed internet connectivity to underserved communities around the world, tapping into the unused broadcasting frequencies of television white spaces. The technology is cheaper and faster to deploy than fibre and has the added benefit of being able …

  • Shun Eco Currency, Ex-diplomat Advises FG

    As West African countries continue to dilly-dally on the adoption of a common currency, a former diplomat has advised the Nigerian government to shun the Eco currency and pursue policies that would reflate the naira. “Increased strengthening of the value of the naira is more important for Nigeria than dissipating energy on floating the Eco for member states of the Economic Community of West African States (ECOWAS). “Expanding the Nigerian economy is more important and should be non-negotiable because it is in the best interest of the sub-region for Nigeria to be the dominant economy,’’ scholar, Dr Nnamdi Onochie stated. He was speaking in an interview with the News Agency of Nigeria (NAN) in Abuja on Wednesday on the endless controversy of introducing the Eco as a monetary unit for countries in West Africa. “It is of higher imperative that every effort should be made by Nigeria to continue to expand and grow its economy,’’ said Onochie, who is also a stalwart of the PDP party. He accused the French government of continuing to thwart the effort to create a single currency for the ECOWAS region, saying that France views the Eco as being not in its strategic interest. According …

  • Fake CBN Governor Jailed For Three Years

    Households, Businesses Can Apply For N50bn COVID-19 Loans – CBN

    The Central Bank of Nigeria has said that households and businesses affected by the COVID-19 can now apply for loans under its N50bn Targeted Credit Facility.

  • dangote cement

    We Sell Cement Cheaper In Nigeria Than In Other Countries – Dangote

    Management of Dangote Cement Plc  has reacted to claims that the company sells cement at a relatively high price in Nigeria than it

  • CBN news

    CBN Reacts As Obaseki Claims N60bn Was Printed For States

    The Central Bank of Nigeria and the Federal Ministry of Finance, Budget, and National Planning have said they are not aware of the N50-N60 billion Edo state

  • FAAN Official Arrested For Stealing $600’ From Pilgrim

    FAAN Urges Passengers To Turn Up At Airport On Time

    The Federal Airports Authority of Nigeria, FAAN, has advised passengers and airport users, particularly those at the Nnamdi Azikiwe

  • List of Cheap MTN Tariff Plans For Calling

    MTN Increases Staff Salary By 17%

    Nigeria’s largest mobile operator, MTN, increased the salaries of its staff in 2020 by about N4.5 billion according to findings by Nairametrics Research.

  • Coronavirus: Buhari's Minister Cries Unto God For Healing, Protection

    Minister, Stakeholders Affirm Health Safety Of 5G

    The Minister of Communications and Digital Economy, Dr. Isa Ali Ibrahim Pantami, has allayed the fears of Nigerians on the deployment of Fifth Generation (5G) technology in Nigeria,

  • CBN Issues Licenses To Three New Banks (Check Out Names)

    Cryptocurrency Has No Place In Our Monetary System – CBN

    The Central Bank of Nigeria is maintaining its stand on the ban on Cryptocurrency.

  • Bitcoin Drops To More Than Three-month Low, Briefly Trades Below $8,000

    Elon Musk Says Bitcoin Better Than Cash

    Tesla Inc CEO Elon Musk said that bitcoin is a better asset to hold than conventional cash.

  • Court Awards U.S. Investor $75 Million In Cryptocurrency Crime Case

    Bitcoin Soars Above $50,000 First Time In History

    Bitcoin rose above $50,000 for the first time on Tuesday as Wall Street pushed further into record territory on mounting confidence of Covid-19 recovery.

  • Court Awards U.S. Investor $75 Million In Cryptocurrency Crime Case

    Like CBN, SEC Bans Cryptocurrencies

    The Securities and Exchange Commission (SEC) has joined the Central Bank of Nigeria (CBN) to ban crypto trading.

  • Trump Ban Will Remain Forever – Twitter

    Former US President Donald Trump’s Twitter ban will remain forever, even if he runs for president again in 2024, a top company official said on Wednesday February 10.

  • Fake CBN Governor Jailed For Three Years

    Foreign Trade Rises 3% To $7.7bn In November — CBN

    Nigeria’s foreign trade rose Month-on-Month (M-o-M) by three per cent to $7.76 billion in November 2020 from $7.53 billion in October 2020.

  • Clergyman Highlights 'Harm' Love Of Money Has Caused Nigeria

    Naira Weakens As Dollar Scarcity Hits Market

    The Naira fell on Monday and bid-ask spreads widened as the local spot currency market struggled with a scarcity of U.S. dollars, traders said.

  • Court Awards U.S. Investor $75 Million In Cryptocurrency Crime Case

    Bitcoin Hits Record Near $45,000 After Tesla Investment

    Bitcoin hit a record-high near $45,000 on Monday after Elon Musk’s electric carmaker Tesla invested $1.5 billion in the digital currency.

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