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Saturday, 28 September 2024 04:42

CBN extends suspension of processing fees on deposits by 6 months

The Central Bank of Nigeria (CBN) has extended the suspension ofprocessing fees on cash deposits for six months. The development comes six days before the suspension date initially fixed, expires. On May 1, banks resumed the collection of processing fees on cash deposits. Six days later, CBN suspended charges on the deposits until September 30. However, in a circular directed to all banks, other financial institutions and non-financial institutions, dated September 24, 2024, and signed by Adetona Adedeji, CBN’s director of banking supervision, the apex bank extended the date to March 31, 2025. “Further to our letter dated May 6,…

Friday, 27 September 2024 04:45

50m children are out-of-school, roam the streets - FG

No fewer than 30 million Almajiri and 20 million out-of-school children are roaming about and in need of attention, a government official has said. Muhammad Idris, the Executive Secretary of the National Commission for Almajiri and Out-of-School Children’s Education (NCAOOSCE) disclosed this on Thursday in Abuja. Speaking at the inauguration of an eight-man committee to reform the Almajiri education, Idris said the children needed a sense of belonging and direction in their lives. “With the emergence of social vices, a lot of people are taking advantage of the vulnerability of Almajiri children. “It is no longer acceptable that people will…

Friday, 27 September 2024 04:42

FG to collect tolls on major highways nationwide, Minister says

Minister of Works, Dave Umahi, says the Federal Government will toll all major roads in the country upon completion of construction and renovation. “We have the Lagos-Ibadan (Expressway), we are completing it and we are tolling it,” Umahi said on Thursday in Abuja at an Inter-Ministerial Press Briefing, part of activities to mark Nigeria’s 64th independence anniversary.He listed some of the roads as Lagos-Ibadan Expressway, Second Niger Bridge, Abuja-Kano Road, and Makurdi-9th Mile, among others. The former Ebonyi State governor said the tolling of federal roads “is going to bring a lot of money to the Federal Government”. Umahi said…

Thursday, 26 September 2024 05:03

Naira's decline continues, nearing N1,700/$ as devaluation trend persists

The Nigerian Naira's value continues to erode, reflecting a troubling trend that began shortly after President Bola Tinubu took office on May 29, 2023. Yesterday, the currency depreciated to N1,680 per dollar in the parallel market, down from N1,655 on Tuesday, marking another milestone in its downward trajectory. The official Nigerian Autonomous Foreign Exchange Market (NAFEM) also recorded a significant drop, with the Naira falling to N1,667.42 per dollar. FMDQ data revealed an N8.94 depreciation from Tuesday's rate of N1,658.48. This decline was accompanied by a 39.6% decrease in trading volume, with only $100.47 million exchanged compared to Tuesday's $166.36…

Thursday, 26 September 2024 04:59

Sequel to new minimum wage, Corps members monthly allowance now N77,000

The Federal Government has raised the monthly allowance for National Youth Service Corps (NYSC) members from N33,000 to N77,000, effective July 2024. The announcement was made Wednesday through a statement posted on the NYSC's official Facebook page. According to the statement, "The Federal Government has approved the increment of Corps Members’ monthly allowance to Seventy-Seven Thousand Naira (N77,000) with effect from July 2024." This adjustment follows the enactment of the National Minimum Wage (Amendment) Act 2024. The approval was conveyed in a letter from the National Salaries, Incomes and Wages Commission, dated September 25, 2024, and signed by the Commission's…

Wednesday, 25 September 2024 04:41

CBN raises interest rate yet again. Here’s what that means

The Central Bank of Nigeria (CBN) has increased the Monetary Policy Rate (MPR) from 26.75% to 27.25%, marking a 50 basis points hike. The MPR serves as the benchmark for interest rates in Nigeria, and the adjustment is aimed at further curbing the country’s persistently high inflation. The decision was announced by CBN Governor Olayemi Cardoso on Tuesday after the Monetary Policy Committee’s (MPC) 297th meeting in Abuja. Cardoso explained that the rate hike is part of the CBN’s ongoing efforts to control inflationary pressures, even as Nigeria’s inflation rate slightly eased. According to data from the National Bureau of…

Tuesday, 24 September 2024 04:54

Diesel nears N2,000/litre in Northern Nigeria as prices surge 65% Year-on-Year - NBS

The price of Automotive Gas Oil, commonly known as diesel, saw a sharp year-on-year increase of 64.58 percent in Nigeria, with the average price reaching N1,406.05 per litre in August 2024, compared to N854.32 per litre in August 2023. This data comes from the National Bureau of Statistics (NBS) in its September 2024 Automotive Gas Oil (Diesel) Price Watch Report, released on Monday. This significant hike highlights the growing financial strain on consumers as fuel prices continue to rise. The report also noted a month-on-month increase of 1.93 percent, as the average price of diesel rose from N1,379.48 in July…

Monday, 23 September 2024 04:31

Internet connectivity at risk as Nigeria’s Wi-Fi capacity gets overwhelmed – NCC

The Nigerian Communications Commission (NCC) has said the 5GHz and 2.4GHz that are presently being used for Wireless internet technology (Wi-Fi 5) in the country are becoming overwhelmed due to an increase in demand for capacity. Disclosing this at a stakeholders’ consultative meeting in Lagos, the NCC’s Executive Vice Chairman, Aminu Maida, said Nigeria urgently needs to identify other frequency bands to complement the 5GHz and 2.4GHz being used for Wi-Fi. “The vast majority of home internet traffic is connected to the end-user through Wi-Fi. In enterprise settings, Wi-Fi is essential for handling large amounts of data and simultaneously connecting…

Sunday, 22 September 2024 04:35

‘What does he do for a living?’: Nigerians react after Seyi Tinubu donated N500m to Maiduguri flood victims

Mixed reactions have continued to trail the donation of N500 million by Seyi Tinubu, son of President Bola Tinubu, to flood victims in Maiduguri, Borno state. Seyi made the donation during a visit to Babagana Zulum, the governor of Borno, alongside his brother and friends at the government house, Maiduguri, on Friday. He said the visit was the “first step” towards ameliorating the plight of over 400,000 persons displaced by the flood. While some X users appreciated him for the donation, others questioned the source of the money. Mister Jonah @MisterJonahh I saw a report earlier today stating that Seyi…

Saturday, 21 September 2024 04:32

Naira among 10 worst performing currencies globally - Report

Nigeria’s local currency, the naira, is among the 10 worst-performing currencies in the world, Bloomberg is reporting. According to a report by the publication, out of the 10 worst-performing currencies, five are from Africa, including the Zambian kwacha, the Angolan kwanza and the naira. The drop in the performance of the African currencies was linked to economic challenges, unstable commodity prices, inflationary pressures, and a lack of dollar liquidity. Also, Bloomberg said the poor performance is due to many African economies depending on oil exports, so they are vulnerable to declines in price. Commenting on the data, Keonethebe Bosigo, portfolio…

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Saturday, 21 September 2024 04:30

CBN withdraws monetary policy document over ‘misrepresentation’

The Central Bank of Nigeria says it has temporarily withdrawn the Monetary, Credit, Foreign Trade, And Exchange Policy Guidelines For Fiscal Years 2024 – 2025 document published on Tuesday, September 17, 2024. It said the revocation of the document is to minimise the risk of any further misrepresentation or misinterpretation, resulting in confusion among stakeholders. It disclosed this in a new statement published on its website on Friday. The new release was however not signed by any CBN official. On Tuesday, excerpts of the policy documents stated that the bank will sustain Ways and Means Advances to the Federal Government…

Thursday, 19 September 2024 04:49

CBN reinstates Cybersecurity Levy public outcry forced it to abandon

The Central Bank of Nigeria (CBN) has announced the enforcement of a 0.005 per cent levy on all electronic transactions conducted by banks and financial institutions. According to the CBN’s monetary, credit, foreign trade, and exchange policy guidelines for the fiscal years 2024-2025, published on Tuesday, the measure is in compliance with the Cybercrime (Prohibition, Prevention, etc.) Act, 2015. “The CBN shall continue to enforce the payment of the mandatory levy of 0.005 per cent on all electronic transactions by banks and other financial institutions, in accordance with the Cybercrime (Prohibition, Prevention, etc.) Act, 2015,” it said. The new development…

Thursday, 19 September 2024 04:47

‘Everybody is crying because of this hardship and it seems to be getting out of control’ - Abdulsalami

A former Head of State, Abdulsalami Abubakar, has called on the federal government to remedy the present hardship confronting Nigerians. He spoke on Tuesday in Minna, Niger state, when he hosted a delegation of Campaign for Democracy (CD), a Civil Society Organisation (CSO). While stating that hardship appears to be out of control, the former military ruler said he would continue to urge the government to put measures in place to address the hardship that the citizens are currently experiencing. He said: “Everybody is crying because of this hardship and it seems to be getting out of control. “People cannot…

Wednesday, 18 September 2024 04:46

FAAC: FG, states, LGAs share N1.2trn for August

The Federation Account Allocation Committee (FAAC) has announced that N1.203 trillion was shared among federal, state, and local governments for August 2024. This allocation, derived from a gross total of N2.278 trillion, was disclosed by Mohammed Manga, Director of Information at the Ministry of Finance, following FAAC's September meeting chaired by Finance Minister Wale Edun. The distribution marks a decrease of N155 billion compared to July's allocation. From the total amount: - Federal government received N374.925 billion - States received N422.861 billion - Local government councils got N306.533 billion - Oil-producing states received N99.474 billion as derivation Additionally, N81.975 billion…

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