BUSINESS
Nigerians Groan As Bag Of Rice Hits N77,000
This is not the best of times for Nigerian families, who have had to adopt bizarre cost-cutting measures to cope with the recent hardship occasioned by the dramatic hike in the prices of goods and services. Several of them lamented that their income could no longer take care of their daily needs, adding that the prices of staples had almost...
Pensioners Threaten Naked Protest Over Escalating Prices Of Goods
The Nigeria Union of Pensioners says its members will take to the streets naked, if the welfare of pensioners in the country does not improve significantly any time soon. The National President of the union, Godwin Abumusi, told journalists at a news briefing in Abuja on Friday that his union will take the action to draw the attention of the...
No More Loans For FG, CBN Declares
The Central Bank of Nigeria (CBN) says it has discontinued granting loans through its Ways and Means advances to the federal government. The CBN Governor, Olayemi Cardoso, said the decision was because of the government’s failure to settle its outstanding debt. Cardoso said this on Friday at an interactive session with the Senate Committee on Banking, Insurance and other Financial Institutions...
Online Registration Now Mandatory For Regulated Port Service Providers/Users – NSC
The Executive Secretary and Chief Executive Officer of the Nigerian Shippers’ Council (NSC), Pius Akutah, has announced that all service providers and users are required to register and obtain certification to be recognized as legal operators in all the seaports in Nigeria. The CEO of NSC made the call in Calabar on Thursday, February 9, at the launch of the User Guide...
Customs Launches New Platform To Increase Trade
Determined to ensure trade facilitation, the Nigeria Customs Service, on Thursday, launched its Trade Release Study. Speaking during the launch in Ikeja, the Comptroller General of Customs, Adewale Adeniyi, said that the country joined other custom administrations in the world to embrace the tools developed by the World Customs Organisation. Addniyi said that the WCO remains steadfast in its commitment to...
Nigeria’s Economic Problem Generational, Tinubu Working Hard To Tackle It — APC
Felix Morka, the All Progressives Congress (APC) Publicity Secretary, has said that the economic problems the President Bola Tinubu-led administration is working to tackle were created generationally. Morka stated this while commenting on the hardship Nigerians are facing as a result of some economic policies introduced by President Biola Ahmed Tinubu in an interview on Channels TV’s Politics Today. He said...
CBN Headquarters Overcrowded, Cardoso Defends Relocation Of Some Departments To Lagos
Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, has defended the apex bank’s decision to relocate some of its departments to Lagos. Cardoso spoke Monday in an interview with Arise TV. According to him, the relocation would help to decongest the headquarters of the bank in Abuja. He expressed his dissatisfaction with the criticisms of the plan by some Nigerians. The...
Relocation: CBN Headquarters Presently Overpopulated – Cardoso
The Central Bank Governor, Olayemi Cardoso, said the CBN’s planned relocation of departments and personnel to other branches was a response to the current “overpopulation” at the headquarters. Cardoso stated this in an interview with Arise Television on Monday. The CBN governor said the process was normal for any vibrant entity like a central bank. According to him, the move was to...
Fake News: No Plans To Convert $30bn Domiciliary Deposits To Naira – CBN
The Central Bank of Nigeria (CBN) has denied planning to convert $30bn domiciliary deposits to naira. There had been reports that in a bid to rescue the naira, the Federal Government and the CBN were considering converting domiciliary accounts to naira. But the CBN debunked these ‘fake news’ on its official X page. Details shortly…
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...
