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With regard to the cashless policy of the Central Bank of Nigeria (CBN), two Lagos based lawyers and an economist have said that obeying the Supreme Court ruling is the best way to go for the nation. Emeka Iheonu, a Lagos based lawyer and Alaowei Ebikonbowei Cleric, a human rights lawyer as well as a former World Bank/International Monetary Fund (World Bank/IMF) expert have hailed the court’s ruling, and stressed that as the highest court...

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Nigeria President Muhammadu Buhari has vowed to reposition the nation’s economy and improve security across the country before the end of his second tenure administration. President Buhari disclosed the State House Abuja while receiving Executive members of the Catholic Bishops’ Conference of Nigeria (CBCN) and noted that the security situation had improved over the years, particularly in the North East where the focus had shifted to rebuilding infrastructure and re-orientation on education. He told the...

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Fifteen days after pegging weekly over-the-counter cash withdrawals by individuals and corporate organisations at N100,000 and N500, 000, respectively, the Central Bank of Nigeria (CBN) has reviewed the controversial policy. In a memo issued on Wednesday and signed by Haruna Mustafa, the director of banking supervision, the CBN announced a new maximum cash withdrawal limit of N500,000 and N5,000,000 per week for individuals and corporate entities, respectively. The processing fee for withdrawals above the above-mentioned...

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Femi Falana, a human rights advocate, has described the new cash withdrawal policy introduced by the Central Bank of Nigeria (CBN) as illegal and null. Falana expressed his dissatisfaction in a statement on Monday The central bank had earlier disclosed that it has directed deposit money banks and other financial institutions to ensure that weekly over-the-counter cash withdrawals by individuals and corporate entities do not exceed N100,000 and N500,000, respectively. The policy is expected to...

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Digital economy has gained traction in the lexicon of Nigeria’s public office seekers, to the extent that many “youth empowerment” programmes of power seekers now contain some sort of activities relating to acquisition of digital skills, by the citizenry. But in reality, many of those with thriving digital footprints, set out on their own without any form of “empowerment”. This is the story of Geeksvillage, just like many other digital and tech solution providers in...

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Nigeria needs help from the international community in tackling its debt burden according to Akinwumi Adesina, president of the African Development Bank (AfDB). He disclosed this Nigeria International Economic Partnership Forum in New York on Thursday. He stated that financing is critical to solving Nigeria’s development challenges. “Financing is critical because the debt to GDP ratio of Africa has increased to 70 percent — several countries are the risk of high debt distress due to...

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Chairman of Aliko Dangote Group, Aliko Dangote, is now the 63rd richest billionaire in the world, according to the latest ranking by Bloomberg. In the ranking released on Wednesday, July 13, the Chief Executive Officer of Tesla, Elon Musk, was listed as the richest billionaire in the world, as of Monday, July 11. The Bloomberg Billionaires Index is a daily ranking of the world’s richest people. According to the financial, software, data, and media company...

The Consumer Price Index (CPI), which measures the increase in the price of goods and services, rose to 16.47 percent last month according to a report by the National Bureau of Statistics (NBS). The recent statistic is the highest since April 2017. The CPI/Inflation report shows that food inflation has also crossed the 20 percent mark. “The consumer price index, (CPI) which measures inflation increased by 16.47 percent (year-on-year) in January 2021. This is 0.71...

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After five days of negotiations, Senate leaders and the Trump administration said early Wednesday morning they have reached a deal on a $2 trillion stimulus package to help relieve the economic impact of COVID-19. “Ladies and gentlemen, we are done. We have a deal,” White House legislative affairs director Eric Ueland told reporters around 1AM, according to the Washington Post. Senate Majority leader Mitch McConnell and Minority Leader Chuck Schumer, who negotiated with Ueland, Secretary...

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