CBN old naira redemption exercise, GDP report… 7 top business stories to track this week

Here are the seven top business news you need to track this week — February 20 to February 24.

NBS REPORT

The National Bureau of Statistics (NBS) is expected to release a report on selected food prices for January 2023, as well as data on Nigeria’s gross domestic product (GDP) by output for the fourth quarter (Q4) of 2022.

The bureau also intends to release a report on company income tax (CIT) and sectoral distribution of value-added tax (VAT) for the Q4 of 2022.

In addition, NBS would also release a report on pension asset and membership data (full year 2022) and selected banking sector data: sectorial breakdown of credit, ePayment channels, and staff strength for full year 2022.

ECONOMY IN FOCUS AS NIGERIANS ELECT PRESIDENT

On Saturday, February 25, Nigerians will head to the polls to elect new leaders that will steer the country’s affairs and provide direction for its ailing economy.

A challenged manufacturing sector, lingering foreign exchange (FX) scarcity, an inflation rate of about 21 percent, an under-producing oil sector, and the multiple taxes frustrating the private sector, are some area stakeholders will be expecting the new government to address with critical reforms in order to ensure economic stability.

Nigerians will also be expecting the new government to make policies to that will ensure a resilient economy amid to global uncertainties.

NAIRA REDESIGN: COURT TO GIVE VERDICT ON WEDNESDAY

Last week, the supreme court adjourned the hearing of the case brought against the Central Bank of Nigeria (CBN) on the naira redesign policy to Wednesday, February 22.

Ruling on an ex parte application brought by three states: Kaduna, Kogi, and Zamfara; the supreme court, on February 8, restrained the CBN from enforcing the deadline on the use of old notes.

Insisting that the old notes remain legal tender following the adjournment of the case, the apex court is expected to pass its judgment on the matter this week.

BUHARI SAYS OLD N200 VALID TILL APRIL 10, ORDERS CBN TO RECIRCULATE NOTES 

Despite the supreme court ruling, President Muhammadu Buhari recently announced the extension of the validity of old N200 notes till April 10.

Buhari, who announced the development in a televised nationwide address on Thursday, said the old N1000 and N500 have ceased to be legal tender, but remain redeemable at the Central Bank of Nigeria (CBN) and designated points

Meanwhile, ten states have asked the supreme court to declare the directive of the president as unconstitutional.

The motion, in the suit marked SC/CV/162/2023, was filed by the attorney-generals of Kaduna, Kogi, Zamfara, Ondo, Ekiti, Katsina, Ogun, Cross River, Lagos, and Sokoto states.

CBN OPENS PORTAL FOR OLD NOTES DEPOSIT

In a bit to execute the president’s directive, the Central Bank of Nigeria (CBN) created a portal for the collection of old naira notes, marking beginning of its currency redemption exercise.

The portal enables Nigerians to redeem (deposit) their old N1,000, N500 notes by completing an online form.

Also, the apex bank designated banks to help in collecting the old naira notes up to a maximum of N500,000 per customer.

LIKE TWITTER, META CHARGES USERS $12 MONTHLY FOR VERIFICATION 

Mark Zuckerberg, chief executive officer (CEO) of Meta, says Facebook and Instagram users will start paying a monthly subscription fee of $11.99 to verify their accounts.

The new feature is aimed at increasing authenticity and security across the companies services.

Zuckerberg said ‘Meta Verified’ would start at $11.99/month on the web or $14.99/month on iOS.

It intends to roll out in “Australia and New Zealand this week and more countries soon.”

BONGA FPSO HITS 1BN BARREL OF OIL EXPORT MARK

Bonga, Nigeria’s first deepwater exploration and production vessel, recently hit a one-billion-barrel oil export mark.