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CBN Increases Weekly Cash Withdrawal Limit

The Central Bank of Nigeria (CBN) has increased the maximum weekly limit for cash withdrawals across all channels by individuals and corporate organisations to N500,000 and N5 million, respectively. The directive is contained in a circular issued by the bank on Wednesday and signed by Haruna Mustafa, director of banking …

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Buhari unveils redesigned naira notes.

President Muhammadu Buhari unveiled the redesigned naira notes of N200, N500, and N1000 at the Council Chamber of the Presidential Villa Abuja on Wednesday. according to the News agency of Nigeria (NAN), the unveiling of the naira notes preceded the virtual meeting of the Federal Executive Council (FEC) with a …

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Buy dollar with naira, face arrest – CBN warns Nigerians

The Central Bank of Nigeria (CBN) has threatened to arrest and prosecute Nigerians using naira to buy dollars, noting that it is an illegal practice. Godwin Emefiele, governor of the apex bank issued the threat on Tuesday at the Monetary Policy Committee (MPC) meeting in Lagos. Emefiele urged Nigerians illegally …

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CBN’s MPC raises interest rate to 14%.

The Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) has raised benchmark interest rate to 14 percent. The MPC raised the interest rate to 14 per cent from 13 percent. Godwin Emefiele, governor of the CBN announced the decision at a press briefing on Tuesday. More subsequently..

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Central African Republic adopts bitcoin as legal currency.

The Central African Republic has adopted bitcoin as legal tender, the president’s office said Wednesday, becoming the second country in the world to do so behind El Salvador. Lawmakers unanimously adopted a bill that made bitcoin legal tender alongside the CFA franc and legalised the use of cryptocurrencies, and President …

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SEC seals Agropartnerships, Oxford International, Vektr Capital over ‘illegal investment activities.

The Securities and Exchange Commission (SEC), on Monday, sealed the premises of three companies for allegedly engaging in illegal investment activities. The affected companies are Oxford International Group, Farmforte Agro-Allied Solutions Limited/Agropartnerships and Vektr Capital Investment. The apex capital market regulator accused the companies of carrying out capital market activities …

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