NASS Will Pass 2024 Budget By December 30- Rep

The House of Representatives has announced plans to pass the 2024 budget by Saturday, December 30, 2023, and other budget-related processes, including compilation, processing, and harmonization, would follow suit.

As the festive season draws nearer, Nigerians are yet again faced with naira scarcity as individuals find it difficult to easily access cash. The development is coming despite the assurance of the Central Bank of Nigeria, CBN, on the availability of the currency notes. Like the cash crunch of December last year and the first quarter of 2023 due to the implementation of the failed Naira redesign policy, the resurgence of the naira scarcity has begun to bite hard on Nigerians. As of Monday, Automated Teller Machines of Deposit Money Banks in many parts of the country are either not dispensing cash or are witnessing long queues.

CBN Blames Hoarding For Naira Scarcity, Assures Nigerians Of Availability

The Central Bank of Nigeria (CBN) has declared that there are enough naira notes in circulation to meet cash needs. This is in response to a recent outcry by Nigerians over cash scarcity which is causing frustration even as the Christmas and New Year celebrations are days away. A statement on Wednesday signed by CBN's Acting Director of Corporate Communications, Mrs Hakama Ali, revealed that naira notes in circulation had increased from N1 trillion in February to N3.4 trillion in December.

Large Cash Deposit: CBN Suspends Processing Fees

The Central Bank of Nigeria (CBN) has suspended processing fees on large cash deposits which was made known on Monday in a statement issued by the CBN’s Acting Director of Supervision, Dr. Adetona Adedeji.

Nigeria Boast Of Excellent Credit Rating

Senior Special Assistant to the President on Public Engagement, Fredrick Nwabufo has disclosed that despite the current economic quagmire, the country can still boast of an excellent credit rating. In his exposé, Nwabufo stated that the reports are coming in. And they betoken blue skies and clement weather for Nigeria’s economy. In November 2023, Morgan Stanley made a fetching prognosis on Nigeria’s economic health. The global financial services firm said President Bola Tinubu’s “policy reforms could spur economic growth and the rise of a mass consumer market, with potential opportunities in mobile banking and consumer goods” in Nigeria.

NG Eagle Begins Cheap Domestic Flight Operation in Nigeria

NG Eagles a new private airline has begun flight operations in Nigeria aviation space. The airline has revealed that airfares have been pegged at N61,050 (Sixty-one thousand fifty naira only) for the festive season making it the most affordable at the moment. The Managing Director of the airline, Capt. A.E. Dare, reveals that the aim at the commencement of the airline operation is to enhance connectivity and convenience for travelers. He added that the airline hopes to address the gap in domestic travel by offering cost-effective fares and providing passengers with high-quality services.

NNPC Remits Trillions To Federation Account

The Nigerian National Petroleum Company Limited (NNPCL) has disclosed it has remitted N4.5 trillion as revenue for the federation for 2023 as of October. Group Chief Executive Officer, Mr Mele Kyari made this disclosure on Wednesday at an interactive session with the Senate Committee on Finance. Kyari, while updating the committee on the activities of the company, noted that in "October, we deliver N4.5 trillion into the federation account as a company to this country in 2023."

CBN Alerts Public over Fake Banknotes Circulation

The Central Bank of Nigeria (CBN) has alerted banks and the General public over the rampant circulation of counterfeit banknotes, especially of higher denominations. The apex bank through a statement by the Acting Director of Corporate Communications, Mrs Sidi Ali Hakama, revealed that fake banknotes are rapidly spent in food markets and other commercial hubs, and whoever is found culpable is punishable to 5 years imprisonment. In a bid to address this issue, the CBN has warned all Deposit Money Banks, Financial Houses, Bureau de Change, and the public at large to heighten vigilance and implement necessary precautionary measures to stem the acceptance and circulation of counterfeit currency.

Airlines to Pay Compensation for Delayed, Cancelled Flight

The Ministry of Aviation has revealed plans to ensure commercial airlines operating in Nigeria compensate passengers for delayed or canceled flights beginning from January 2024. Minister of Aviation, Festus Keyamo, made this known when he met with the Joint Committee of the National Assembly on Aviation for the defense of the 2024 budget. Kayamo stated that its ministry also plans to publish the list of airlines that delays or cancels flight weekly as part of its efforts.

Remove Non-Deposit Financial Institution from Transfer List, NIBSS Directs Bank

The Nigeria Interbank Settlement System Plc (NIBSS) in a recent mandate has directed Nigerian Banks to discontinue all non-deposit-taking financial entities from Nigerian Interbank Payment (NIP) outward fund transfer channels.
The affected financial institutions include switching firms, payment solutions service providers, and super agents. The NIP fund transfer channels include USSD, Mobile banking apps, PoS, ATMs, and web and internet platforms. This was revealed in a circular by the NIBSS dated December 5, 2023, with Ref: NIBSS/BD/NI/PO/005/051223 to banks. The country’s payment system explained that listing non-deposit-taking financial institutions as beneficiaries contravenes the Central Bank of Nigeria guideline on electronic payment.