CBN Monitoring International Transactions On Naira Debit Cards

The Central Bank of Nigeria has disclosed that it is closely monitoring the use of naira-denominated cards for international transactions by bank customers.

The Nigeria Customs Service (NSC) said it has seized high profile Sports Utility Vehicles (SUVs) valued at about N1.374bn in a single swoop in Lagos. The Comptroller General of Customs, Col Hameed Ali (rtd) who made the disclosure on Tuesday in Abuja while conducting newsmen around the seized vehicles assured that the Service will redouble efforts in the area of securing the nation's border as well as increase the nation's revenue drive to assist the government in its development agenda.

The Minister of Agriculture and Rural Development, Chief Audu Ogbeh has raised alarm over the possible scarcity of beef and Dairy products in the country. The Minister who raised the concern at a meeting with members of the Governing Councils of the three Federal Universities of Agriculture Abeokuta, Makurdi and Umudike blamed the projection on the increasing consumption of beef and dairy lamenting that the corresponding production was low.

Cybercrime

Mr Tayo Adewusi, Coordinator, Africa Digital Forum and Awards (ADA), on Sunday in Lagos said that cyber security had become a crucial factor to business growth. According to Adewusi, cyber security has become an important element to the modern connected world and as such, there is need to tackle its effect on businesses.

The naira has appreciated against the dollar at the parallel market, exchanging at N363 to the dollar, today as against the N364 posted on earlier in the week. The pound sterling and the Euro closed at N477 and N428 to the naira, respectively. At the Bureau De Change (BDC) window, the naira was traded at N363 to the dollar, while the pound sterling and the Euro closed at N477 and N428, respectively.

Fake Insurance Papers

Insurance practitioners on Friday said that they would soon partner the Federal Government to create a common portal to check issuance of fake insurance documents in Nigeria. Mrs Oyinkan Olasanoye, the President of Association of Senior Staff of Banks, Insurance and Financial Institutions (ASSBIFI), disclosed this to the News Agency of Nigeria (NAN) in Lagos.

Kano State Government, Dangote Group of Companies and Black Rhino Group on Thursday in Kano signed a $150 million Memorandum of Understanding (MoU) on Solar Power project. The project is expected to generate 100 megawatts of electricity for supply to industries and people of the state.

India’s Hindustan Petroleum Corporation is considering dumping Nigeria’s sweet crude for US oil. This is coming less than three years after the Americans stopped imports of Nigerian oil. After the US stopped the purchase of Nigerian oil under former Barack Obama, Nigeria turned to Asia, particularly India and China for oil sale.

The Nigerian Communications Commission (NCC) has put a halt to Globacom’s plans to offer free data to all its subscribers on Friday, August 11, 2017. In a letter signed by Sunday Dare, NCC commissioner for stakeholder management, for Umar Danbatta, the executive vice chairman, the commission said the promotion is a clear departure from what was approved by the regulator.

The International Air Transport Association ( IATA) has confirmed that over $175 million accruing to foreign airlines from ticket sales was still trapped in Nigeria as at June 2017 down from $600 million in June last year. Speaking Wednesday in Lagos, IATA Area Manager, South West Africa, Dr Samson Fatokun said non remittance of such funds was having negative impact on the operations of the affected carriers, as the blocked funds constitute operating costs for the carriers.