In a move hailed as a step towards economic stability, the Central Bank of Nigeria, CBN, has announced the successful clearing of all verified foreign exchange, FX, backlogs. Hakama Sidi Ali, acting director of corporate communications at CBN, disclosed this in a statement on Wednesday. The backlog, estimated at around US$7 billion, stemmed from unprocessed requests for foreign currency. Ali said the financial regulator recently concluded the payment of $1.5 billion to settle obligations to...

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...

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...

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...