BUSINESS
Dubai Moves To Attract Tourists, Suspends 30% Tax On Alcohol
The government of Dubai has cancelled its 30 per cent alcohol tax in order to boost tourism in the emirate. Dubai will also suspend the personal liquor licence fees, to make acquisition of the permit free for alcohol consumers in the United Arab Emirates region. According to Arabian News, Dubai is one of the most tourist cities in the UAE and...
Amazon To Eliminate Over 18,000 Jobs
Amazon announced Wednesday it will cut more than 18,000 jobs from its workforce, citing “the uncertain economy” and the fact the online retail giant had “hired rapidly” during the pandemic. “Between the reductions we made in November and the ones we’re sharing today, we plan to eliminate just over 18,000 roles,” said CEO Andy Jassy in a statement to staff. US...
FG Explains Why New Naira Notes Leave Ink When Rubbed On White Surfaces
The Nigerian Security Printing and Minting (NSPM) Plc also called MINT, Friday, explained why the new Naira notes leave ink when rubbed on plain white surfaces while stressing that best international best practice was followed in their production. The company, also referred to as The MINT, is responsible for producing the naira, Nigeria’s currency. In a statement on Friday, signed by...
CBN Says It’s Been Begging Banks To Pick New Naira Notes, Vows To Go Tough
The Central Bank of Nigeria (CBN) says it has been begging commercial banks to pick up the new Naira notes. The apex bank had redesigned N200, N500, and N1000 notes, saying the old ones will cease to be legal tender by January 31. However, there have been concerns over this as the new notes are scarce less than two weeks to...
ANAN FCT 1 Abuja To Host 2023 MCPD Programme
The Association of National Accountants of Nigeria, ANAN FCT 1 Abuja branch will host the 2023 edition of Mandatory Continuing Professional Development (MCPD) programme of the association. A release on Monday by the Central Planning Committee said the 3-day programme which has as the theme "Understanding Financial Disclosures On Sustainability" commences Monday, 6th — Wednesday 8th February, 2023. Venue is AGNL...
Naira Notes Swap: Gbajabiamila Threatens CBN Governor, Emefiele With Arrest
The Speaker of the House of Representatives, Femi Gbajabiamila, has declared his readiness to issue a warrant of arrest on the Governor of the Central Bank of Nigeria, Godwin Emefiele if he fails to appear before its committee on Thursday. Gbajabiamila said instead of the House adjourning plenary till February 28 for the elections as planned, the lawmakers would reconvene...
CBN Under Pressure To Extend Jan. 31 Deadline For Use Of Old Naira Notes
There has been an increased pressure on the Central Bank of Nigeria (CBN) to extend the January 31 dateline for phasing out old N1,000, N500, and N200 notes. Relevant stakeholders are also saying the deadline is not possible because the new notes are nowhere to be found. Governor Abdullahi Umar Ganduje of Kano State, the Northern Elders Forum (NEF), and...
CBN Releases N120m New Notes In Katsina As Shortage Bites Harder
The Central Bank of Nigeria (CBN) said it has disbursed over N120 million of the redesigned naira notes to rural communities in Katsina state to cushion the effect of the new policy. Director of Currency Operations of the CBN, Alhaji Ahmed Bello Umar who disclosed this while briefing newsmen yesterday in Katsina, said the disbursement was through four designated banks. “We...
Reps Approves Buhari’s Request To Borrow N1 Trillion From CBN
The House of Representatives has approved the request by President Muhammadu Buhari to secure an additional N1 trillion loan from the Central Bank of Nigeria (CBN) to fund the 2022 supplementary budget. The CBN has already violated its enabling law by loaning the federal government more than the approved limit, PREMIUM TIMES reported. This did not, however, deter the lawmakers...
CBN Issues Fresh Guideline On Effective Distribution New Naira Notes
The Central Bank of Nigeria (CBN) has directed deposit money banks (DMBs) to commence the payment of the redesigned naira notes over the counter, subject to a maximum daily payout limit of N20,000. The directive is coming on the heels of business grinding to a halt over the scarcity of the redesigned notes, having deposited old notes with the commercial...
