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The leadership of the All Farmers Association of Nigeria (AFAN), on Tuesday, dissociated itself from a notice asking its members to apply for loans and to make certain payments into a commercial bank account. AFAN President, Dr Farouk Rabiu-Mudi in a statement said it had no such plan at the moment and had nothing to do with the notice. Rabiu-Mudi described the notice as a fake one designed by frauds to rob innocent and unsuspecting members of the...

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The Oyo State Government has banned the use of Styrofoam for food packaging, storage, and other related usage in the state. The ban was announced during the Food Safety Stakeholders Forum at the government secretariat, Agodi, Ibadan. Oluwaserimi Ajetunmobi, State Commissioner for Health said the inaugurated Food Safety Compliance Enforcement Task Force will enforce the ban. The ban comes a few months after the product was banned in Lagos State, citing environmental nuisance and drainage...

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Prices of staple foods in Nigeria have witnessed a sharp increase in recent weeks including cassava flakes (garri), which recorded a more than 50 percent increase in the Enugu metropolis due to economic hardship in the country. Reports from the market show that the current price of a bag of the produce is N29,000 as against N18,500 sold in January while a cup of garri, which was N120 in January, now sells for N150 while a...

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Tea makers popularly known as “Mai shayi” who mainly operated in makeshift kiosks have decried low patronage, especially for Indomie noodles as the price continues to increase daily. Some of the Tea makers are found in estates and by the roadside in different parts of Abuja and sell fast food like noodles, fried eggs, bread, and tea spoken in Abuja decried the incessant increase in the price of Indomie instant noodles. A Mai Shayi in Apo, Abba Idris...

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Due to failure to comply with various regulatory provisions, the Central Bank of Nigeria (CBN) has revoked the operating licenses of 4,173 Bureaux De Change (BDC) operators. A statement by Mrs Sidi Ali Hakama, the Acting Director of Corporate Communications at the CBN, said the Apex bank invoked its powers under the Bank and Other Financial Institutions Act (BOFIA) 2020, Act No. 5, and the Revised Operational Guidelines for Bureaux De Change 2015 (the Guidelines)....

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Due to their inability to link their National Identification Numbers (NINs) and Bank Verification Numbers (BVNs) to their accounts, it is estimated that no fewer than 85.51 million bank customers may not be able to withdraw from their bank accounts by March 1, 2024. On December 1, 2023, the Central Bank of Nigeria CBN declared that any bank accounts lacking NIN and a BVN will be designated as ‘Post no Debit,’ and had asked banks...

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Two top executives at Binance, the world’s largest cryptocurrency trading platform, have been detained in Nigeria, Financial Times reported on Wednesday. Citing people familiar with the matter, the report says the executives flew into Nigeria following the government’s decision to ban several crypto platforms but were detained by the National Security Adviser, Nuhu Ribadu with their passports seized. With the naira’s continuous devaluation against the dollar and other foreign currencies, the Nigerian government is going...

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The Central Bank of Nigeria, CBN, has raised its benchmark lending rate to 22.75 per cent as a proactive measure to control inflation. Olayemi Cardoso, the CBN governor, announced this on Tuesday at the end of the bank’s Monetary Policy Committee (MPC) meeting that began Monday. The new rate is 400 basis points from the previous rate of 18.75 per cent, maintained since the MPC’s last convening on July 24 and 25, 2023. “Previous policy...

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The Federal Government of Nigeria has been called upon to foster healthy competition in business among Nigerians and dismantle monopolies for the well-being of the citizenry. The member representing Nnewi North Constituency at the Anambra State House of Assembly, Honourable Augustine Ike, emphasized this need while addressing the alarming hike in prices and inflation affecting essential goods like cement. Expressing concern over the prevailing system of dangerous monopolies, where businesses are controlled by a select...

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…Says it’s time for real central bankers to control CBN rather than commercial bankers Former Presidential Candidate and a Chieftain of the All Progressive Congress (APC), Mr. Gbenga Olawepo-Hashim has asked the Federal Government to dump the free float of the Naira in exchange to other currencies, for the Nigerian traditional managed float and allocate Nigeria’s forex and domestic resource for the nation’s economic and national priorities. He noted that for some time now, especially...

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