CBN Revokes Operating Licenses Of Over 4,000 Bureaux De Change Operators

BusinessNewsNigeriaCBN Revokes Operating Licenses Of Over 4,000 Bureaux De Change Operators

Hassan Umar Shallpella (Regional Correspondent)March 2, 2024

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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BVN-NIN Linkage: 85.51 Million Bank Customers May Be Affected

BusinessNewsNigeriaBVN-NIN Linkage: 85.51 Million Bank Customers May Be Affected

Hassan Umar Shallpella (Regional Correspondent)March 2, 2024

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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Efforts to save the Naira deepens as Government detains 2 Binance executives

BusinessNewsNigeriaEfforts to save the Naira deepens as Government detains 2 Binance executives

By Ezinwanne Onwuka (Senior Reporter)February 29, 2024

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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CBN raises interest rate to 22.75% to tame inflation

BusinessNewsNigeriaCBN raises interest rate to 22.75% to tame inflation

By Ezinwanne Onwuka (Senior Reporter)February 27, 2024

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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Anambra Lawmaker Asks FG To Create Healthy Business Competition Among Nigerians

BusinessNewsNigeriaAnambra Lawmaker Asks FG To Create Healthy Business Competition Among Nigerians

PilotnewsFebruary 22, 2024

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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Olawepo-hashim asks FG to dump free float of naira in exchange to other currencies

BusinessNewsNigeriaOlawepo-hashim asks FG to dump free float of naira in exchange to other currencies

Uzoamaka Ikezue (Staff Reporter)February 22, 2024

…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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EFCC raid streets, arrests illegal money changers as effort to save the naira takes new shape

BusinessNewsNigeriaEFCC raid streets, arrests illegal money changers as effort to save the naira takes new shape

By Ezinwanne Onwuka (Senior Reporter)February 22, 2024

The Economic and Financial Crimes Commission, EFCC, has gone all out to save Nigeria’s local currency, the naira from its continued free fall against foreign currencies. On Wednesday, Nigeria’s forex crisis saw the naira trade for N1,830/US$1 in the streets. The official exchange rate does not fare better too. The currency has plunged to N1,555/US$1, moving closer to the street rate. The naira also weakened against the Great British Pound and the Euro. The rates...

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IMF advises Tinubu to scrap electricity subsidy amidst economic crisis

BusinessEconomyNewsNigeriaIMF advises Tinubu to scrap electricity subsidy amidst economic crisis

By Ezinwanne Onwuka (Senior Reporter)February 13, 2024

The International Monetary Fund, IMF, has praised President Bola Tinubu for embarking on reforms ex-Presidents Muhammadu Buhari, Goodluck Jonathan and Olusegun Obasanjo “shied away from.” According to the IMF, “The new administration has made a strong start, tackling deep-rooted structural issues in challenging circumstances. Immediately, it adopted two policy reforms that its predecessors had shied away from: fuel subsidy removal and the unification of the official exchange rates.” But the global financial institution admitted that...

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Arewa New Agenda Rolls Out Plans To Create 10 Million Jobs For Youths

BusinessNewsNigeriaArewa New Agenda Rolls Out Plans To Create 10 Million Jobs For Youths

Hassan Umar Shallpella (Regional Correspondent)February 12, 2024

As part of an effort to empower youths, the Arewa New Agenda (ANA) at the weekend rolled out plans for the creation of 10 million jobs for youths across the 19 Northern States of Nigeria. Through its farming and agricultural initiative, ANA is expected to increase the current 35 percent of arable land across the country to 65 percent in the next four years, through different interventions such as agro-allied industry, food security by up to...

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Former Deputy Governor Embraces Abattoir Business

BusinessNewsNigeriaFormer Deputy Governor Embraces Abattoir Business

Hassan Umar Shallpella (Regional Correspondent)February 11, 2024

Former Deputy Governor of Osun state, Mr Benedict Alabi says he embarked on abattoir and farm investment to help in producing premium and hygienic meat for public consumption. Alabi who served as deputy governor of Osun from 2018 to 2022, during former Gov. Adegboyega Oyetola’s tenure disclosed this in an interview on Friday in Osogbo. “Kire Modernized Abattoir was unique in supplying hygienic meat to hotels, multinational catering clients, distributors, and direct sales via personal...

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