CBN Raises Interest Rate to 26.25%, marking third consecutive hike this year

BusinessNewsNigeriaCBN Raises Interest Rate to 26.25%, marking third consecutive hike this year

By Ezinwanne Onwuka (Senior Reporter)May 22, 2024

The Central Bank of Nigeria, CBN, announced a further increase in interest rates on Tuesday, pushing the benchmark Monetary Policy Rate, MPR, to a record high of 26.25 per cent. This marks the third consecutive hike this year as Nigeria grapples with soaring inflation. The decision comes amidst rising concerns about the country’s inflationary pressures. According to the National Bureau of Statistics, Nigeria’s inflation rate climbed to 33.69% in April 2024, a significant increase from...

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CBN Backtracks on Cybersecurity Levy, Directive to Banks Withdrawn

BusinessNewsNigeriaCBN Backtracks on Cybersecurity Levy, Directive to Banks Withdrawn

By Ezinwanne Onwuka (Senior Reporter)May 20, 2024

The Central Bank of Nigeria, CBN, has withdrawn its directive mandating banks and payment service providers to collect a cybersecurity levy. The levy, outlined at 0.5 per cent of electronic transactions, was met with widespread criticism shortly after its announcement on 6th May 2024. The CBN’s revised circular, dated 17th May 2024, instructs all commercial banks, payment service providers (PSPs), non-interest banks, and others to disregard the previous directive. According to the latest circular, the...

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Kogi Govt Expresses Readiness To Embark On Agricultural Revolution

BusinessNewsNigeriaKogi Govt Expresses Readiness To Embark On Agricultural Revolution

Uzoamaka Ikezue (Staff Reporter)May 17, 2024

In an effort to boost food production, the Kogi State Government has expressed readiness to achieve an unprecedented agricultural revolution. A release on Friday by Hon. Kingsley Fanwo, Commissioner for Information and Communications, stated that the state government under the leadership of His Excellency Alh. Ahmed Usman Ododo is backing farmers in the state to break production ceilings by opening up thousands of hectares of land for massive crop production this season. He said, “The...

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Emirates Announces October Takeoff for Flights to Nigeria

BusinessNewsNigeriaTransportationEmirates Announces October Takeoff for Flights to Nigeria

By Ezinwanne Onwuka (Senior Reporter)May 17, 2024

After a hiatus of 18 months, Emirates Airlines has confirmed the resumption of passenger flights to Nigeria. Starting 1 October 2024, the airline will offer daily service between Lagos, Nigeria’s bustling economic center, and Dubai, Emirates’ central hub. This news comes after a suspension in November 2022, when Emirates halted flights due to challenges repatriating US$85 million revenue generated in Nigeria. The airline expressed enthusiasm about reconnecting Nigerian travellers with Dubai and their vast global...

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Forex Crisis: SEC Promises To Cooperate With EFCC

BusinessNewsNigeriaForex Crisis: SEC Promises To Cooperate With EFCC

Uzoamaka Ikezue (Staff Reporter)May 14, 2024

The Securities and Exchange Commission has promised to cooperate with the Economic and Financial Crimes Commission (EFCC) to ensure that trading manipulations are reduced in the virtual space. Dr. Emomotimi Agama, Acting Director General of SEC disclosed this on Tuesday when he received a team from the EFCC led by the Executive Chairman Mr. Ola Olukoyede in Abuja. Agama stated that as apex regulator of the capital market, the SEC is ready to co-operate with...

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House of Reps Hit Pause on CBN’s Cybersecurity Levy

BusinessNewsNigeriaPoliticsHouse of Reps Hit Pause on CBN’s Cybersecurity Levy

By Ezinwanne Onwuka (Senior Reporter)May 10, 2024

The House of Representatives threw a wrench into the Central Bank of Nigeria’s, CBN, plans this week, directing the bank to suspend the implementation of a proposed 0.5% cybersecurity levy on electronic transactions. The move came after a motion by Honourable Kingsley Chinda, who raised concerns about the levy’s ambiguity. According to Chinda, the CBN’s circular outlining the levy was open to misinterpretation. He argued that the wording could lead to the levy being placed...

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US-Africa Business Summit: Oyebanji Showcases Ekiti Investment Opportunities

BusinessNewsNigeriaUS-Africa Business Summit: Oyebanji Showcases Ekiti Investment Opportunities

Uzoamaka Ikezue (Staff Reporter)May 8, 2024

In an effort to bring international investors to Ekiti State, Governor Biodun Oyebanji has showcased Ekiti State investment opportunities to the global arena during the 2024 US- Africa Business Summit. A press release by the media office of the Governor on Wednesday noted that Oyebanji took time to put Ekiti development on the global stage on Tuesday night as he highlighted investment opportunities in the state during his first presentation at the opening session of...

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Binance False Claim On Bribery Is Diversionary -FG

BusinessNewsNigeriaBinance False Claim On Bribery Is Diversionary -FG

Uzoamaka Ikezue (Staff Reporter)May 8, 2024

The Federal Government (FG) has stated that it is aware of attempts by Binance Chief Executive Officer, Richard Teng to launder its impaired image, stressing that the bribery allegations against unidentified Nigerian government officials is diversionary. A press statement on Thursday signed by Rabiu Ibrahim, Special Assistant to the Minister of Information and National Orientation, stated that the Federal Government of Nigeria is aware of attempts by Binance to launder its impaired image as an...

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CBN Mandates 0.5% Cybersecurity Levy on Banks

BusinessNewsNigeriaCBN Mandates 0.5% Cybersecurity Levy on Banks

By Ezinwanne Onwuka (Senior Reporter)May 8, 2024

…Lists 16 Transactions Exempted from Charge Nigerian banks are set to implement a new levy on electronic transactions following a directive issued by the Central Bank of Nigeria, CBN, on Monday. This levy, amounting to 0.5% of the transaction value, is specifically designated for cybersecurity purposes. The CBN circular, addressed to all deposit money banks, non-interest banks, payment service banks, and other financial institutions, cites the recently enacted Cybercrime (Prohibition, Prevention, etc) (amendment) Act 2024....

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Fuel Scarcity: Civil Servants Calls For Unmask Of Cabals Behind The Problem

BusinessNewsNigeriaFuel Scarcity: Civil Servants Calls For Unmask Of Cabals Behind The Problem

Hassan Umar Shallpella (Regional Correspondent)May 7, 2024

Due to unending fuel scarcity across the country, the Association of Senior Civil Servants of Nigeria, ASCSN, has called on the Federal Government to unmask alleged cabals behind the act. Dr. Tommy Okon, President of the Association who spoke during the association’s National Executive Council, NEC, meeting in Lagos, lamented that the long queues at filling stations are holding the economy down and compounding the suffering, hardship, and difficulties confronting Nigerians, especially workers. He reiterated...

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