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Economy

Just In: CBN Gov speaks on extending Jan 31 for old notes

dark horse, CBN, cash
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The CBN Governor, Godwin Emefiele announced this after the apex bank’s Monetary Policy Committee (MPC) meeting in Abuja on Tuesday.

The CBN also raised the Monetary Policy Rate (MPR), which measures interest rate, to 17.5 percent.

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According to him, kidnapping and ransom-taking have reduced since the three banknotes were redesigned.

He also said the time given for the swap of the old naira notes with new ones were enough for Nigerians to go to commercial banks and get new notes.

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Economy

Buhari meets with Emefiele, Tambuwal, Bagudu secretly over cash swap

Kukah
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Ray of hope for Nigerians as President Muhammadu Buhari met secretly with the Chairman of the Nigeria Governors’ Forum, Aminu Tambuwal; and the Chairman of the Progressives Governors’ Forum, Atiku Bagudu over the scarcity of the three naira notes.

Also in attendance at the meeting was the Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele; the Chairman of the Economic and Financial Crimes Commission (EFCC), Abdulrasheed Bawa; as well as the Chief of Defence Staff, Gen Lucky Irabor.

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The meeting held at the President’s office at the State House, Abuja.

The President was said to have cancelled it in view of the court order forbidding government from extending the February 10, 2023 deadline for the swapping of three old naira notes.

Sources within the Presidency also affirmed that the President was wary about the possible perception of disregard for lawful orders.

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None of the participants at the meeting agreed to speak to the media.

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Economy

Akure residents protest cash crunch, fuel scarcity + photos

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By Francesca Iwambe

Some residents in Abeokuta have taken the street to protest
Naira and fuel scarcity in the country.

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In pictures shared on Tuesday, residents poured into the roads and streets over biting scarcity of cash and fuel.

Carrying some sticks and burning fire on major roads, the residents were chanting in protest to the new naira policy saying, it has brought nothing but hardship on them.

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Economy

Currency Swap: Banks In Lagos Shut Out Customers

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Some banks in parts of Lagos on Tuesday morning shut their doors against desperate customers seeking payment following the Central Bank of Nigeria(CBN) cash swap policy.

In Town planning Lagos, a new generation bank shut its gates as early as 9 am to customers who couldn’t carry out transactions too.

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At Obanikoro, two new generation banks also locked their gates against customers. Visibly angry customers gathered in front of the banks lamenting the development.

Some of them accused the CBN and powerful government forces of plotting to frustrate the forthcoming general elections.

A mild drama played out in one of the new generation banks on town planning when a man openly cried about inability to access cash.

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He said he needed to do an urgent transfer for his sick wife’s surgery.

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