BUSINESS
CBN Raises ITMO Application Fee To N10m, Restricts Banks, Fintechs From Providing Services
The Central Bank of Nigeria (CBN) has increased the application fee for the international money transfer operators (IMTO) licence application fee from N500,000 to N10 million in the revised guidelines. The increase as contained in the revised guidelines for the operations of IMTOs, which were officially released on January 31, 2024, represents about 1,900% in 10 years. Also, the CBN banned...
Miners Owing FG N2tn, Says Minister
The Minister of Solid Minerals Development, Dele Alake, has disclosed that miners and operators owe the federal government more than N2 trillion. He however noted that in Kaduna State, over N300 billion is owed. Speaking yesterday in Kaduna during a meeting with Licensed Minerals Holders, Laterite/Sand Operators Dealers, the minister who was represented by the Acting Zonal Mines Officer, North-West Zonal...
Abuja Black Marketers Shuts Down Operation
In a surprising move, foreign exchange black market operators in Abuja, including those at the bustling Wuse Zone 4 market, abruptly stopped trading on Thursday morning. They attributed their decision to instructions from their union and a significant depreciation of the Naira against the US dollar at the official market. None of the traders approached was willing to exchange foreign currency. Initially, they...
Abuja Bureau De Change Operators Shut Operations As Dollar Scarcity Worsens
Bureau De Change operators have announced shut down of operations in Abuja as a result of unavailability of dollars, reports the Daily Trust This was announced by the association’s Chairman, Abdulahi Dauran, on Wednesday. The naira closed at an all-time low of N1,482 against the United States dollar on the official window on Tuesday while on the parallel market, it remained...
Hadi Sirika’s Nigeria Air Deal Under Investigation By EFCC — Keyamo
The Economic and Financial Crimes Commission (EFCC) is investigating the controversial Nigeria Air deal sealed by the Federal Government during the tenure of ex-Aviation Minister, Hadi Sirika. “The EFCC is investigating that deal,” the Minister of Aviation and Aerospace Development, Festus Keyamo, revealed on Channels Television’s Politics Today programme on Wednesday. He said “there is a criminal investigation going on. I...
Minimum Wage: FG Sets Up 37-Member Tripartite Committee
The Federal Government on Tuesday inaugurated the 37-man Tripartite Committee on National Minimum Wage. The committee is to recommend a new National Minimum Wage for the country. Vice President Kashim Shettima who inaugurated the committee at the Council Chamber of the Presidential Villa Abuja, charged to them to ensure the timely submission of their recommendations. The Committee chaired by the former Head...
1,500 Staff Redeployed From CBN Headquarters Resume Duty In Lagos
At least 1,500 members of staff of the Central Bank of Nigeria will on Friday resume at its Lagos office following their redeployment from the headquarters in Abuja. A source at the apex bank told our correspondent exclusively that the plan, though heavily criticised, was still in motion, and affected staffers would be resuming on Friday. “Yes, the plan is still...
CBN Pumps $500m Into Forex Market, Promises To Clear Backlog Soon
In a move aimed at addressing the persistent backlog of verified foreign exchange (forex) transactions, the Central Bank of Nigeria (CBN) has injected another $500 million into the market. This comes barely a week after the bank injected approximately $2 billion to settle outstanding commitments across the manufacturing, aviation, and petroleum sectors. Mrs. Hakama Sidi Ali, Acting Director of the Corporate...
After Repeated Complains Over Salaries, Staff Of Public Complaint Commission Lock Up Commissioner In Office
Staff of the Public Complaints Commission, on Wednesday, locked the Chief Commissioner, Abimbola Ayo Yusuf, in the office during a protest over the non-payment of the Consolidated Legislative Salary approved by the National Assembly. The action of the PCC workers in Abuja was premised on their protest to ventilate their grievances. In 2021, the Senate upgraded the salary scale of staff...
Court Voids Passage Of Rivers Budget By Pro-Fubara Lawmakers
Justice James of the Federal High Court Abuja has nullified the N800 billion budget passed by the Edison Ehie-led group of the Rivers State House of Assembly and signed into law by the Rivers State Governor, Siminalayi Fubara. The court also upheld the suit filed by the Assembly and Speaker Martin Amaewhule, against Fubara, which sought an order of injunction...
