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Be the first to get hottest news from our Editor-in-Chief SIGN UP THANK YOU! Check your email and confirm your subscription You are already subscribed to our newsletter! Check your inbox to be the first to know the hottest news Home Business and Economy Economy ECONOMY  Naira Rebounds on the Black Market Amid Slow Dollar Demands, Cash Scarcity Monday, March 20, 2023 at 5:32 PM by Pascal Oparada Naira has gained about 0.54% against the US dollar on the black market Market survey shows that there has been slow demand for the US dollar The development comes as cash scarcity continues in commercial banks two weeks after the CBN reintroduced old naira notes into circulation PAY ATTENTION: See you at Legit.ng Media Literacy Webinar! Register for free now! The Nigerian Naira gained massively on Monday, March 20, 2023, against the US dollar. The currency recovered by 0.54% as demand for the United States dollar thawed at the parallel market. During trading on Monday, the naira...

 Wednesday, March 15, 2023 at 9:40 AM by Pascal Oparada Commercial banks have revealed why they have kept the withdrawal limit at N20,000 daily They say they are short of the old notes as they have not received any new allocation from the CBN Bank officials say they are not sure the apex bank still has the old notes in its vault PAY ATTENTION: Click “See First” under the “Following” tab to see Legit.ng News on your Facebook News Feed! The Central Bank of Nigeria (CBN) is yet to release old notes to Deposit Money Banks in compliance with the Supreme Court order. The development may be considered odd because the apex bank has said it has mopped up many old notes in circulation. Central Bank of Nigeria Governor, Godwin Emefiele Credit: Bloomberg/Contributor Source: Facebook Banks wait for old notes from CBN The situation has disadvantaged commercial banks, as customers besiege them to demand cash. PAY ATTENTION: Subscribe to Digital Talk newsletter to receive must-know bu...

Welcome to the CBN Currency Museum The International Museum Day was created in 1977 by the International Council of Museums (ICOM) and is celebrated on or around the 18th of May annually. It is a day set aside annually to celebrate Museums. The objective of International Museum Day (IMD) is to raise awareness of the fact that “Museums are an important means of cultural exchange, enrichment of cultures and development of mutual understanding, cooperation and peace among people”. The IMD also provides an opportunity for Museums Professionals across the globe to meet the public and educate them on the challenges Museums are facing. The year 2020 has been like no other. The COVID-19 crisis has caused countless governmental and societal challenges around the world. Some already pressing issues have been exacerbated, questioning the very structure of our societies. Museums are no exception to these changes, and the cultural sector is among the most affecte...

The Central Bank of Nigeria(CBN) has finally swallowed its pride and retraced its steps by complying with the Supreme Court order on the old naira notes, which it affirmed remains legal tender till end of the year. Penpushing reports that the compliance was contained in a statement dated March 13 2023 by the apex bank issued by Acting Director, Corporate Communications, Isa AbdulMumin and directed all commercial banks and others concerned to conform accordingly. The statement titled, “Old N200, N500, and N1,000 Bank Notes Remain Legal Tender”, explained that the decision was reached after the Central Bank of Nigeria(CBN) met with the Bankers’ Committee. “In compliance with the established tradition of obesity court orders and sustenance of the Rule of Law, Principle that characterized the government of President Muhammadu Buhari,and by extension,the operations of the Central Bank of Nigeria (CBN), as a regulator,Deposit Money Banks operating in Nig...

Old Naira Notes Saga: Central Bank of Nigeria set to comply with Supreme Court judgement, as Emefiele meets commercial banks executives 22 hours ago0 9,220 3 minutes read Facebook Twitter LinkedIn Pinterest WhatsApp Telegram Share via Email The Central Bank of Nigeria(CBN) may have concluded plan to abide with the Supreme Court judgement ordering it to regard the old naira notes as legal tender till December 31, 2023, following a meeting held between the apex bank and leadership of the commercial banks. Penpushing investigation revealed that the Governor of Central Bank of Nigeria (CBN), Godwin Emefiele as a way to find lasting solution to the naira notes palava, which has crippled many businesses across the country met with the Managing Directors of the commercial banks on Sunday. The finding further showed that the virtual meeting took place at about 4.00pm, to address the old naira notes menace, which focus was to direct the commercial banks on need to start ...