Nigeria’s naira strengthened against the U.S. dollar on the interbank market on Monday, supported by dollar sales by some local units of foreign banks selling to stay within their stipulated open position limits. The local currency closed at 157.90 to the dollar, the same level it was at last Wednesday […]
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Senate directs CBN to suspend introduction of N5000 note
The Senate Committee on Banking, Insurance and other Financial Institutions on Monday directed the Central Bank of Nigeria (CBN) to suspend the introduction of N5,000 note until the Senate was properly briefed. The Chairman of the Committee, Sen. Bassey Otu (PDP- Cross River) issued the directive while speaking to newsmen in Abuja. Otu noted […]
Fraud Allegations Rock Military Pension Board
With the rumpus generated by the fraudulent management of several billions of naira belonging to the Police Pension Fund still to abate, the Military Pension Board is the latest to face allegations of large-scale fraud and embezzlement of funds. The allegation is part of a petition against the Board, signed […]
