Nigerian banks plan to reduce the amount customers can spend abroad using debit cards on Monday, two lenders said, as banks try to limit foreign currency settlement risk. The country is facing dollar shortages because of the sharp fall in the price of oil, Nigeria’s main export, and domestic banks are trying to avoid transactions with hard currency. Stanbic IBTC Bank, the local unit of South Africa’s Standard Bank, said it will halve the spending limit for offshore card transactions to $500 per month from Monday and will limit cash withdrawals to $100. Another top tier lender Zenith Bank said…

Central Bank of Nigeria (CBN) has released N16 billion for Anchor Borrowers Programme. The apex bank has also been applauded for its new foreign exchange policy restricting forex access for maize imports. Maize Association of Nigeria (MAAN) said the apex bank acted in the best interest of the economy, urging farmers to explore the opportunities presented by the restrictions to increase production capacity. MAAN President, Mr Abubakar Bello spoke at a news conference in Abuja, listing achievements of the last planting season. He said though the association was targeting about 25 million metric tonnes of maize production in this year’s…

Fish farmers under the auspices of National Fish Association of Nigeria, NFAN, Sunday, lamented huge losses, glut, and business collapse over the impact of lockdown resulting from novel coronavirus pandemic. National President, NFAN, Mr Gabriel Ogunsanya, disclosed this in a statement signed by National Publicity Secretary, Mr Chidike Ukoh. Ogunsanya in the statement raised challenges currently faced by members of the association including inadequate fish supply, production challenges, fish glut, abysmally low pricing, and the inability to harvest and evacuate fish ponds and other fish-holding water bodies, thereby preventing restocking to break the production cycle. According to him, in the…

The Tesla founder suggests removing some of the links to communicate more clearly and efficiently. Elon Musk has had plenty to share with business owners over the years, and he's spent plenty of time thinking outside the box. But a comment he made a couple of years ago in a letter to employees may be one more business leaders should consider in a world disrupted by the coronavirus pandemic. "Communication should travel via the shortest path necessary to get the job done, not through the 'chain of command,'" Musk wrote to his employees in 2018. "Any manager who attempts to…