LAGOS FEBRUARY 17TH (NEWSRANGERS)-THE Mobile Money business popularly known as Point of Sales (POS) is crumpling in the State of Osun, investigations have revealed. Majority of the people in the business have abandoned it following their inability to access cash, owing to the lingering cash crunch induced by the Central Bank of Nigeria. OSUN DEFENDER…
LAGOS FEBRUARY 16TH (NEWSRANGERS)-President Muhammadu Buhari has directed the Central Bank of Nigeria (CBN) to release old N200 notes into circulation to co-exist with new N200, N500 and N1,000 banknotes for 60 days. He, however, said old N500 and N1,000 banknotes are no longer legal tender in Nigeria. The President, who made this known in…
LAGOS FEBRUARY 16TH (NEWSRANGERS)-Nigerian inflation unexpectedly quickened at the fastest pace in almost two decades, adding to pressure on businesses and consumers before next week’s presidential election. The inflation rate rose to 21.8% in January from 21.3% a month earlier and was the highest since September 2005, according to data published on the National Bureau…
LAGOS FEBRUARY 15TH (NEWSRANGERS)-The supreme court has adjourned the hearing of the case brought against the Central Bank of Nigeria (CBN) on the naira redesign policy to Wednesday, February 22. The supreme court said its order suspending the implementation of the February 10 deadline on the old naira notes still subsists. Ruling on an ex…
LAGOS FEBRUARY 15TH (NEWSRANGERS)-Petroleum marketers have called for the arrest of the Comptroller-General of the Nigeria Customs Service (NCS), Col. Hameed Ali (rtd), for flouting a judgement of the Federal High Court (FHC), Abeokuta, Ogun State, over arrest and auctioning of 24 petrol-laden tanker trucks as scraps. LEADERSHIP reports that Justice Shittu Abubakar of the…
LAGOS FEBRUARY 15TH (NEWSRANGERS)-Amid the chaos surrounding the currency swap, the Central Bank of Nigeria, CBN, has vow to arrest and prosecute any Point of Sale, POS, operator or payment agents found to be selling Naira notes in the guise of transaction charges, warning that it is an economic crime and an imprsonable offence. According…
LAGOS FEBRUARY 14TH (NEWSRANGERS)-A presidential candidate for the February 25 presidential election has been slammed for allegedly mopping up the scarce new naira notes and sharing to his supporters with a plan to induce voters during elections. Calling on voters to resist vote buying, top official of the Nigerian Security Printing And Minting (NSPM) told…
LAGOS FEBRUARY 12TH (NEWSRANGERS)-Oil marketers have threatened to close their filling stations in protest against the rejection of old naira notes by deposit money banks across the country. It was gathered that the banks issued circulars to some of the filling stations, urging them to stop accepting the old bills, as the DMBs would not…