Business News Roundup From January 7-January 13, 2023

Welcome to the AllNews roundup of the  5 Latest Business News that made the round last week.

We Have Pushed A Lot Of Redesigned Naira Notes Into Circulation — CBN

The Central Bank of Nigeria has said it has pushed a lot of the newly redesigned currency notes into circulation.

Godfrey Koyor, the CBN Lagos Branch Controller, disclosed this during a stakeholder sensitisation event on the currency redesign at the Balogun market in Lagos on Tuesday. Read more here.

Redesigned Naira Notes: January 31 Deadline Unrealistic — Experts

Financial experts have expressed doubts over the January 31 deadline set by the Central Bank of Nigeria (CBN) for the stoppage of the circulation of the old Naira notes, saying it is unrealistic and the apex bank might be unable to meet the target.

Muda Yusuf, a Nigerian economist and Chief Executive Officer, Centre for Promotion of Private Enterprises (CPPE), said the CBN had grossly underestimated what it takes to make currencies available across the country. Read more here.

Slow Economic Growth, Inflation, Unemployment Will Persist — Report

A report by Money Africa has stated that the problems of slow growth, high inflation and high unemployment would continue to persist in the country unless the country goes out of debt.

The report titled ‘2023 optimism: Making the best of a potentially challenging year,' stated that Nigerians need to get out of bad debts to survive the financial challenges in 2023. Read more here.

Redesigned Naira Notes: CBN To Monitor Banks For Compliance

The Central Bank of Nigeria (CBN) has said it will be  monitoring commercial banks to ensure that they comply with the directive of loading the redesigned naira notes in their Automated Teller Machines (ATMs).

Ahmed Umar, the CBN Director of Currency Operations, disclosed this in Abuja on Monday at the Training Session for State Directors, National Orientation Agency (NOA) on Redesign of Currency Notes Policy. Read more here.

World Bank Says Inflation, Slow Growth, Others Weakening Nigeria's Fiscal Position

The World Bank has identified high costs of borrowing, reduced energy prices in the international market, inflation and slow growth in oil production as factors that have weakened Nigeria’s fiscal position.

The World Bank disclosed this in its latest data from the Global Economic Prospects report on Tuesday. Read more here

These are the latest Business news that made trends during the week. Visit our website https://allnews.ng for more Business news around the world.