CBN Issues New Directives To Banks On Swift Resolution Of Transaction Issues

In its effort to enhance quality service delivery CBN Issues New Directives To Banks On Swift Resolution Of Transaction Issues, including dispense errors and failed transactions. The Central Bank of Nigeria has dished out new directives to banks with regard to POS, ATM and web customer refunds. In a statement on its verified Twitter handle, the Apex bank emphasized that all backlog of issues and errors on transactions including ATM, POS and web customer must be resolved within two weeks starting from June 8, 2020.

Oil Price Surges As COVID-19 Lockdown Eases

Energy specialist in Nigeria is doubtful of the sustainability of current rise in the prices of crude oil, as Brent rose to $35.14 per barrel, while Bonny Light traded for $33.92 gaining about $4.11. While the other grades of Nigeria’s crude, Brass River, and Qua Iboestood at $35.20, some experts charge the Federal Government to cautiously study the trend before making decisions.

President Buhari Initiates Next Phase Of Siemens AG Power Infrastructure Revamp

President MuhammaduBuhari has initiated the next phase of a deal with Siemens AG to upgrade Nigeria's dilapidated power infrastructure. The government of Africa’s largest economy and the German engineering firm signed an agreement in July 2019, to recover and then expand the country’s electricity grid. Only about 60% of residents in the country have access to power and even those that do are haunted by regularity.

FAAN Disprove Issuing Post-COVID-19 Guidelines For Resumption Of Flights

The Federal Airports Authority of Nigeria (FAAN) in reaction to the rumour and allegation that it released Post-COVID-19 travel guidelines for air travellers has denied such report urging the general public to disregard any statement relating to the resumption of flights.

The Federal Airports Authority of Nigeria (FAAN) has said there would be few changes as arrangements are in place on passenger facilitation for the resumption of flights in the country. The General Manager Corporate Affairs, Mrs Henrietta Yakubu made this known during the aviation webinar for Women in Aviation (WIA) Nigeria titled, 'Aviation: The New Norm in the post COVID'.

FG Gives Aviation Agencies 45 Days To Relocate Headquarters To Abuja

The Federal Ministry of Aviation through the Minister of Aviation, Hadi Sirika has ordered all Aviation agencies and parastatals to move their corporate headquarters to the nation capital ( Abuja) within 45 days in line with the Presidential directives given in 2012.

Nigeria's GDP Grows To 1.87 Percent Despite Global Challenges

Data from the National Bureau of Statistics show that Nigeria's Gross Domestic Product, GDP rose to 1.87% in the first quarter of this year. The bureau, in a report released on Monday, May 25, 2020, said the economy reflected the earliest signs of disruptions caused by the COVID-19 pandemic, sharp decline on oil prices and restrictions on international trade.

FG Approves Revised 2020 Budget

The Federal Executive Council (FEC) has approved the review to the 2020 national budget. The development followed a memo forwarded by the ministry of finance, budget and national planning to FEC for approval of the amendments of the Medium Term Expenditure Framework for 2020-2022 as well as an amendment to the 2020 budget.

President Buhari Signs Executive Order Granting Financial Autonomy To States, Legislature, Judiciary

President MuhammaduBuhari, on Friday, signed into law an Executive Order to grant financial autonomy to the legislature and the judiciary across the 36 states of the country. He made the announcement in a tweet on Friday, May 22.  He said, "Based on the power vested in me under Section 5 of the 1999 constitution (as amended), I, today, signed into law Executive Order 10 of 2020 for the implementation of financial autonomy of state legislature and judiciary.

Nigeria's Foreign Reserves Rises To $449.5M

Nigeria's external reserves have made a comeback on progressive path gaining $449.5m in one week, after 10 months of consistent downturn. The International Monetary Fund had stated that the sharp fall in international oil prices, together with reduced global demand for oil, was worsening Nigeria’s fiscal and external positions. The economy which remained highly reliant on foreign exchange proceeds and the recycling of petrodollars is expected to contract by about 3.4 per cent this year, a six percentage point drop compared to pre-COVID-19 projections.