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.

P&G to Terminate Manufacturing Operations In Nigeria

The United States consumer goods powerhouse Procter & Gamble (P&G) will end manufacturing in Nigeria and pivot to import-only activity, as revealed by the company on Tuesday. The multinational expects $2.5 billion in charges over the next two years from reshuffling operations in some of its markets and writing down the value of its Gillette business. The maker of iconic brands including Pampers, Gillette, Ariel, Always, and Oral-B could incur charges anywhere between $1 billion and $1.5 billion after-tax from restructuring its operations in Nigeria and Argentina, two markets where the business has been problematic for the corporation.

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.

Nigeria, Kuwait Direct Flights To Commence - Keyamo

Minister of Aviation and Aerospace Development, Festus Keyamo, via his X handle (formerly Twitter) has disclosed that the Nigerian government has signed a Bilateral Air Services Agreement (BASA) with Kuwait for the commencement of direct flights. The agreement was signed at the ongoing International Civil Aviation Negotiation (ICAN) Event of the International Civil Aviation Organization (ICAO) in Riyadh, Saudi Arabia.

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.

Tinubu Arrives Abuja From Dubai

President Bola Tinubu has returned to Abuja after attending the 28th United Nations Climate Change Conference, (COP 28) in Dubai, the United Arab Emirates (UAE). The president who had a successful outing held bilateral talks with King Charles of England, the President of UAE, the German chancellor as well and several world leaders.

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.

FG Moves To Revoke Unused Oil Exploration Leases

The federal government, through the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) is considering revoking licenses of oil and gas companies holding vast swathes of undeveloped oil assets. The move is expected to have significant implications for the country's energy sector. This was made public by the Chief Executive Officer, Nigerian Upstream Petroleum Regulatory Commission, Gbenga Komolafe, on Monday.

Naira Depreciates At Forex Market

The Naira on Wednesday depreciated to N951.22 per dollar in the Nigerian Foreign Exchange Market (NAFEM). Data from FMDQ showed that the indicative exchange rate for NAFEM rose to N951.22 per dollar from N806.73 per dollar on Tuesday, indicating 18 percent or N144.49 depreciation for the naira. The decline represents the first time the country’s currency dropped against the US Dollar this week. The development comes as the dollar supply fell by 4.94 per cent to $135.58 million from $142.63 million. In a related development, the Naira depreciated marginally at the parallel market, exchanging at N1175/$1 on Wednesday from N1170/$1 the previous day.

Julius Berger Hands Over Second Niger Bridge To FG

Construction giant and contractor of the Second Niger Bridge, Julius Berger, has officially handed over the Second Niger Bridge to the Federal Government seven months after it was inaugurated by previous administration. The 1.6 kilometres long bridge links Anambra and Delta states and was estimated to ₦336 Billion. Initially, the project was launched on May 23, 2023, during the eve of the former president, Muhammad Buhari’s tenure. But then there were ancillary roads and other construction works that needed to be done after the inauguration.