Business
CBN to Nigerians: Reject old naira notes from banks
The Central Bank of Nigeria (CBN) has directed customers to start rejecting old naira notes from banks, insisting that the old notes ceased to be legal tender by the January 31 as earlier stipulated.
The Deputy Director, Currency Operation, Dr Rekiyat Yusuf, disclosed this in Lokoja, Kogi State, on Thursday during the sensitisation of market men and women about the redesigned naira notes.
She said that appropriate sanctions would be applied against any erring banks found dispensing old notes to customers henceforth.
The CBN therefore directed customers to report any bank still dispensing old notes either over counter or through the Automated Teller Machine (ATM) to the apex bank.
Yusuf further urged traders to avail themselves of the window provided by the January 31st deadline by visiting banks to exchange the old notes with the new ones.
“There is no reason for banks to still be stocking their Automated Teller Machines with old notes as the Apex bank has made enough redesigned notes available for dispensing to members of the public. Any bank caught would be made to face appropriate sanction”, she said.
READ ALSO:
- Atiku condemns ‘explosion’ at APC rally in Rivers
- Police teargas Biafra Nations league members in Bakassi
- Don’t vote on religious, ethnic considerations, Sultan advises electorate
- Emefiele briefs Buhari on new naira notes, others
In a response to a customer over the continued dispensing of old naira notes via ATMs, Yusuf said, “If banks give you old notes, reject them and return them to the banks and report the banks to us immediately for appropriate action. We have given them enough new currency notes to dispense to replace the old ones in circulation.
“Carry your old naira notes in your possession to the bank, deposit it without any charges attached. CBN has directed commercial banks not to charge anything on such deposit. By 31st January, this present naira notes will not be accepted for buying and selling in this country.”
Yusuf outlined the reasons for redesigning the notes to include curbing terrorism, kidnapping for ransome and endemic corruption in the society, adding the action was taken to control inflation.
“There is also the need to fulfill international best practices of redisegning currency once in five to eight years. We are long over due since the present currency came into operation since 1984,” she said.
Thereafter, she embarked on the inspection of some ATMs within the Lokoja metropolis to ensure that the machines were stocked with the newly redesigned notes.
Earlier, the Kogi State branch controller of CBN, Alhaji Ahmed Sule, said, “Lokoja being a gateway state to many states where a lot of business transactions involving currency exchange takes place, it is necessary to embark on active sensitisation due to its primary responsibility of issuing currency to the public.”
Business
PH refinery: 200 trucks will load petroleum products daily, says Presidency
PH refinery: 200 trucks will load petroleum products daily, says Presidency
No fewer than 200 trucks are set to load petroleum products at the government-owned Port Harcourt Refinery, the presidency has said.
A presidential spokesperson, Sunday Dare, made this known in a statement through his official X handle on Tuesday.
Newstrends had reported that the Nigerian National Petroleum Company on Tuesday announced that Port Harcourt Refinery has resumed operations and crude oil processing after years of inactivity.
READ ALSO:
- US-based Nigerians get 30-year sentence over $3.5m romance scam
- 4 Nigerians arrested in Libya for alleged drug trafficking, infection charges
- BREAKING: Port Harcourt refinery begins operation
Reacting, Dare said, “200 trucks are expected to load products daily from the refinery, Renewing the Hopes of Nigeria.”
He added that “the Port Harcourt refinery has two wings.
“The Old Refinery comes on stream today with an installed production capacity of 60, 000 barrels per day of crude oil.”
PH refinery: 200 trucks will load petroleum products daily, says Presidency
Business
Breaking: CBN increases interest rate to 27.50%
Breaking: CBN increases interest rate to 27.50%
The Central Bank of Nigeria (CBN) has raised the lending interest to 27.50 per cent from 27.25 per cent.
This latest increase in the Monetary Policy Rate came after a meeting of the Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) on Monday and concluded Tuesday.
The Monetary Policy Rate measures the benchmark interest rate.
The CBN Governor, Yemi Cardoso, announced this in Abuja on Tuesday after the MPC meeting, last for the year, held at the apex bank’s headquarters.
He said the MPC voted unanimously to raise the MPR by 25 basis points from 27.25% to 27.50%; and retain the Cash Reserve Ratio (CRR) at 50% for Deposit Money Banks and 16% for Merchant Banks.
The CBN governor also said the MPC retained the Liquidity Ratio (LR) at 30% and Asymmetric Corridor at +500/-100 basis points around the MPR.
Business
Nigeria’s unemployment rate dropped to 4.3% in Q2 – NBS
Nigeria’s unemployment rate dropped to 4.3% in Q2 – NBS
Nigeria’s unemployment rate stood at 4.3 per cent in the second quarter of 2024, the National Bureau of Statistics (NBS) has said in its latest report.
The report released on Monday said the unemployment rate decreased compared to the 5.3 per cent recorded in the Q1 of 2024.
The NBS defined the unemployment rate as the share of the labour force (the combination of unemployed and employed people) who are not employed but actively searching and are available for work.
“The unemployment rate for Q2 2024 was 4.3%, showing an increase of 0.1 percentage point compared to the same period last year,” the report stated.
“The unemployment rate among males was 3.4% and 5.1% among females.
“By place of residence, the unemployment rate was 5.2% in urban areas and 2.8% in rural areas. Youth unemployment rate was 6.5% in Q2 2024, showing a decrease from 8.4% in Q1 2024.”
Report also said the unemployment rate among persons with post-secondary education was 4.8 per cent; 8.5 per cent among those with upper secondary education, 5.8 per cent for those with lower secondary education, and 2.8 per cent among those with primary education in Q2 2024.
Employment rate – 76%
The report showed that the employment-to-population ratio, which measures the number of employed workers against the total working-age population, increased to 76.1 per cent in Q2 2024.
“In Q2 2024, 76.1% of Nigeria’s working-age population was employed, up from 73.1% in Q1 2024,” the report stated.
Self-employment – 85.6%
The report further showed that Nigeria’s labour market saw a notable shift as the proportion of self-employed individuals increased in Q2 2024.
It stated, “The proportion of persons in self-employment in Q2 2024 was 85.6%.”
-
metro21 hours agoBREAKING: Port Harcourt refinery begins operation
-
Business3 days agoJust in: Dangote refinery reduces petrol price for marketers
-
metro2 days ago40-foot container falls on car in Lagos
-
Politics3 days ago2027: Lagos Speaker, Obasa joins gov race, may battle Seyi Tinubu, others
-
Politics2 days agoLagos 2027: Seyi Tinubu campaign team releases his life documentary
-
International2 days agoTrump to sack 15,000 transgender officers from U.S. military: Report
-
Entertainment2 days agoPolygamy best form of marriage for Africa – Okey Bakassi
-
Education13 hours agoUS University opens 2025 scholarships for international students