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CBN Issues Guidelines On Open Banking

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In its effort to boost innovation in the banking industry, the Central Bank of Nigeria (CBN) has issued the regulatory framework for Open Banking in Nigeria. Open banking is a practice whereby third-party financial service providers are given access to customer banking, transaction, and other financial data which is expected to drive competition and enhance access to banking and payments services. The guidelines are contained in a document titled “Operational Guidelines For Open Banking In Nigeria”.

El Salvador Govt Buys 500 Bitcoins Amid Bear

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The crypto market especially bitcoin has continued to plummet for the last four days and has now fallen below $31k, its lowest since July 2021. El Salvador, popularly known as the Bitcoin nation has now utilised the current bear of the crypto market and bought 500 Bitcoin at an average price of $30,744 each.

Crypto Currency: NFIU, SEC Drafts Separate Regulatory Proposals To Accommodate Market

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The volatility of the crypto market and its popularity have pushed the Nigerian Financial Intelligence Unit (NFIU) and the Securities and Exchange Commission (SEC) to set New rules (drafts) for the virtual assets service providers (VASPs). Although the market at the moment is bearish weeks after experiencing a sharp selloff, driven by a strong dollar that has reached new highs in two decades, resulting in cryptocurrencies, especially Bitcoin and Ethereum breaking their key support levels of $40K and 3K respectively.

Carbonated Drinks: FG Commences Implementation Of N10/Litre Excise Duty

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The Federal Government (FG) has begun the implementation of excise duty of N10/liter on all non-alcoholic, carbonated, and sweetened beverages. This was disclosed on Thursday by the Chief Superintendent of Customs, Department of Excise, Free Trade Zone, and Industrial Incentives, Dennis Ituma at a policy meeting.

President Buhari Seeks Confirmation Of New RMAFC Chairman

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President Muhammadu Buhari is seeking the Senate’s confirmation of his nomination of Mohammed Shehu as the Chairman of the Revenue Mobilisation Allocation and Fiscal Commission (RMAFC). The President’s request was contained in a letter read by the Senate President, Ahmed Lawan during Wednesday’s plenary.

Fuel Scarcity: NMDPRA Insists On N165 Pump Price

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The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) yesterday maintained that the pump price for Premium Motor Spirit (PMS) remains at N165 per litre. This is despite the position of some oil marketers that the current pump price for petrol in the country was unsustainable following long queues that have surfaced in some cities across the nation. NMDPRA’s position was made known by, Mr. Ugbugo Ukoha, Executive Director, Distribution Systems, Storage and Retail Infrastructure (NMDPRA) on Tuesday after visiting jetties in Apapa, Lagos. Ukoha noted that the crisis between Russia and Ukraine had led to an increment in the cost of Automotive Gas Oil (diesel), which is used in transporting petroleum products from the depots to the retail outlets.

Petrol, Electricity Crisis: President Buhari Apologizes To Nigerians

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President Muhammadu Buhari has apologized to Nigerians over the total blackout and the protracted long queue in filing stations which has caused the citizens untold hardship. The Senior Special Assistant to Mr. President on Media and Publicity, Mallam Garba Shehu, in a statement last night conveyed Mr. President’s sincere regrets for the inconvenience caused to citizens of the country. “The administration knows the fuel shortage has placed a strain on Nigerian citizens and businesses, but relief is on the way.

CBN Introduces Cash Collection Centres For Withdrawals, Deposits

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The Central Bank of Nigeria (CBN) has announced the launch of cash collection centers called Bank Neutral Cash Hubs (BNCH) to be set up by Deposit Money Banks (DMBs) or registered Cash Processing Companies (CPCs). CBN made this known in a guideline for the registration and operation of BNCHs in Nigeria. According to the CBN, BNCHs would provide an efficient platform for customers to deposit and receive cash regardless of the bank the customers’ account is domiciled, adding that BNCHs would be located in areas with a high frequency of cash transactions and business activities.

Oil Vessel With Over 20kBpD Capacity Explodes In Niger Delta

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A Floating oil Production, Storage and Offloading (FPSO) vessel owned by Shebah Exploration and Production Company Limited (SEPCOL) with a capacity to process up to 22,000 BPD, and store 2 million barrels of oil, has exploded and sunk at the Ukpokiti Terminal, around Excravos, Warri South-west, Delta State. SEPCOL, owned by a combination of Nigerian and overseas corporate entities, which include: Abbeycourt Trading Company Limited (ATCO), Abbeycourt Petroleum Company Limited and Allenne Limited confirmed that the vessel TRINITY SPIRIT has exploded and has sunk below waters in the Niger Delta area of the country.

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