Naira Slumps Hours To New Year
Less than 18 hours to 2025, the naira depreciated against the dollar at official and parallel foreign exchange markets. FMDQ data showed that the naira closed at N1,538.55 per dollar on Monday from N1,534 traded on Friday, losing N4.55. Similarly, at the black market, the naira dipped marginally to N1,662 per dollar on Monday from […]
Tinubu Issues New Directive To NNPC As Warri Refinery Begins Operations
President Bola Tinubu has directed the Nigeria National Petroleum Company Limited (NNPCL) to quickly restart the Kaduna Refinery and the 150,000 (bpd) second refinery in Port Harcourt to consolidate Nigeria’s position as a global energy provider. He gave the order while congratulating the NNPCL following the successful revival of the Warri Refinery in Delta State. […]
NIGERIA, CHINA RENEW CURRENCY AGREEMENT
China’s central bank announced that it has renewed a bilateral currency swap agreement with the Central Bank of Nigeria (CBN). The People’s Bank of China made the announcement in a statement posted on its website on Friday. According to the statement, the renewed agreement is valued at 15 billion yuan, approximately 2.09 billion U.S. […]
2025: FG, 35 states propose N74trn poverty alleviation budget
•To spend N35.68trn on capital projects, recurrent get N38.57 trn •Lagos, Niger, Ogun, Delta, Enugu, A/Ibom emerge as heavy spenders •Gombe, Yobe, Ekiti, Ebonyi, Nasarawa’re least spenders Lagos’ N3trn surpasses North-East six states’ N2.6trn •Rivers, FCT yet to announce budgets TO alleviate poverty and improve the fortunes of the citizenry in 2025, the Federal Government […]
Breakdown of President Tinubu 2025 Budget Presented to National Assembly
Breakdown of Tinubu 2025 Budget Presented to National Assembly PRESENTATION BY HIS EXCELLENCY, PRESIDENT BOLA AHMED TINUBU, GCFR OF THE 2025 BUDGET OF RESTORATION: SECURING PEACE, REBUILDING PROSPERITY TO A JOINT SESSION OF THE NATIONAL ASSEMBLY ON WEDNESDAY 18TH DECEMBER, 2024 PROTOCOLS: — The Vice President, Senator Kashim Shettima — Senate President, Distinguished Senator Godswill […]
CBN Introduces Daily Withdrawal Cap For PoS, Cautions Operators On Compliance
The Central Bank of Nigeria (CBN) has introduced a daily withdrawal limit of ₦100,000 per customer for point-of-sale (PoS) terminals. This new policy was communicated to all deposit money banks (DMBs), microfinance banks, mobile money operators, and super-agents in a circular titled “Cash-out Limits for Agent Banking Transactions.”….KINDLY READ THE FULL STORY HERE The CBN […]
Sanwo-Olu Partners Access Bank to Deliver 704 Housing Units in Ikorodu
Lagos State Governor, Mr. Babajide Sanwo-Olu, has reaffirmed his administration’s commitment to addressing the housing deficit in the state through bold initiatives and strategic partnerships with the private sector. Speaking on Tuesday at Lagos House, Ikeja, Governor Sanwo-Olu witnessed the presentation of a Memorandum of Understanding (MOU) for the construction of 704 new housing units […]
CBN Gives Fresh Update On Validity Of Old ₦1000, ₦500, ₦200 Notes
The Central Bank of Nigeria (CBN) has announced that all versions of the naira, including the old and new designs of ₦1000, ₦500, and ₦200 denominations, as well as the commemorative and previous designs of the ₦100 denomination, remain valid and continue to be legal tender without any deadline. Egalitarian Voice reports that CBN, in […]
PoS agents hike charges as Banks impose new cash withdrawal limits
Point-of-sale operators across states in Nigeria have increased their service charges by 100 per cent following the Naira scarcity. Elegede Segun, the secretary-elect of the Association of Mobile Money and Agent Banking Industry in Nigeria, confirmed this development to DAILY POST in a chat on Tuesday. According to him, the hike in the fees charged […]
Reps Set To Question CBN, Banks Over Unlicensed POS Operators
The House of Representatives has resolved to summon the Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, alongside the Chief Executive Officers of commercial banks, to address the growing concerns over unregistered Point of Sale (POS) operators across the country. This decision came after a motion presented by John Okafor, the representative […]