The Economic and Financial Crimes Commission (EFCC), North West Zonal office, Kano has arrested a Chinese man with N305,000 in N5 denomination. He was arrested at the Mallam Aminu Kano International Airport, en-route Dubai. Zonal Head of Operations, Dr. Adamu Hamisu Dan Musa, told journalists that the Chinese man, Ma Yongvin, was arrested on July... Read More

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November 22, 2013

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Expect new generation naira notes before June next year – CBN

by Oke Efagene The Central Bank of Nigeria (CBN) has revealed plans to create a new generation of naira notes before the second quarter of next year, 2014. This development was made known by the Deputy Governor, Operations, CBN, Tunde Lemo. Lemo, however, said that the apex bank had previously made it known... Read More

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October 9, 2013

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Les Leba: Guess who is dollarising the economy

by Les Leba A stronger naira will shift market preference from the dollar and reduce the propensity for round tripping. Any patron of Bureau de Change may find that a difference of about N10 per dollar now exists between the official rates of N155 per dollar ex-Central Bank, and about N165/dollar in the open market. ... Read More

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August 28, 2012

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Hold it!: Senate committee orders suspension of planned N5,000 note

by Isi Esene The Senate Committee on Banking, Currency and other Financial Institutions yesterday ordered the Central Bank of Nigeria to halt its planned altering of Nigeria’s currency structure with the introduction of the N5,000 note. The Committee chairman, Mr. Bassey Otu, expressed surprise during a media briefing saying such proposed change required a comprehensive... Read More

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