Economy

CBN amends cash withdrawal policy, raises weekly limits The upward review comes after the National Assembly asked the bank to considerably adjust the withdrawal limits in response to public outcry on the policy. The Central Bank of Nigeria has reviewed upward the limit on cash withdrawals made by individuals and organisations. Ahead of the distribution of the redesigned naira notes, the bank had on December 6 announced a new policy limiting over-the-counter cash withdrawals by individuals and corporate entities to N100, 000 and N500, 000, respectively, per week. The upward review comes after the National Assembly asked the bank to…

Trouble for Ghanaian traders, economy, as govt suspends foreign debt repayment Foreign creditors who bought into Ghana’s eurobonds, commercial terms and other investment securities will not be collecting their money back anytime soon, and Ghanaian traders, as well as the country’s economy will be at the receiving end. The Ghanaian government suspended repayments of debt service under “certain categories of its external debt” to preserve the country’s depleting international reserves. Ghana’s economy has been under pressure this year, with the country’s currency, Cedi, recording the worst performing among globally recognised currency according to reports in October, after losing 45.1 per…

Buhari departs for Washington to attend US-Africa leaders summit. President Muhammadu Buhari has departed Nigeria for Washington DC, to attend the United States-Africa Leaders Summit. His itinerary was disclosed in a statement by Senior Special Assistant to the President on Media and Publicity, Garba Shehu. According to the statement, the high-level meeting, scheduled to hold between December 13-15, is at the instance of the United States President, Joe Biden. Reports have it that Biden looks forward to “working with African governments, civil society, diaspora communities across the United States, and the private sector to continue strengthening our shared vision for…

Buhari reveals how state governors steal LG funds President Muhammadu Buhari has accused governors of stealing the federal allocations of local government councils in their states. Buhari made this revelation while speaking at the presidential parley for members of the Senior Executive Course 44 (2022) of the National Institute for Policy and Strategic Studies (NIPSS) at the State House on Thursday. The president gave an instance of how a state governor would receive allocation on behalf of council areas in his state only to remit half of such allocation to the council chairmen. He said: “If the monies from the…

We followed due process, CBN replies Finance Minister on redesign of Naira notes. The Central Bank of Nigeria (CBN) has responded to remarks by the Minister of Finance, Budget and National Planning, Zainab Ahmed that her office is unaware of plans to redesign some naira notes. Ahmed had told the Senate committee on Friday that CBN governor Godwin Emefiele should be invited to explain the purpose of the new naira notes as she only read about the move in the media like everyone else. She also faulted the process, describing the move to redesign the notes as ill-timed and that…

Wike under fire over ‘reckless charity to outsiders’ The Spokesman of the Rivers State All Progressives Congress (APC), Darlington Nwauju has expressed serious displeasure with the donations made by the governor of the state, Nyesom Wike to some individuals in other states. POLITICS NIGERIA reports that Governor Wike had on Tuesday donated N300 Million to the Committee of Wives of Lagos State Officials and hours later donated N200Million support to a library built by his political ally, Governor Okezie Ikpeazu. “We congratulate the Governor of Rivers State for being the first amongst his peers to have doled out several millions…

FG sues Meta, seeks N30bn penalty The Advertising Regulatory Council of Nigeria says it has lodged a suit against Meta Platforms Incorporated (owners of Facebook, Instagram and WhatsApp platforms) and its agent AT3 Resources Limited at the Federal High Court, Abuja Judicial Division. According to a statement on Tuesday by the apex regulatory body for Nigeria’s advertising ecosystem, ARCON is seeking a declaration among others that the continued publication and exposure of various advertisements directed at the Nigerian market through Facebook and Instagram platforms by Meta Platforms Incorporated without ensuring the same is vetted and approved before exposure is illegal,…

*NHIMANA INTERNATIONAL * “How To Bounce Back From A Setback 2nd Edition” Featuring…… Past. Francine Sam-Anya & More. Live Worship/ Fashion Show/ Skin & Beauty Experts/ Give Aways. Date: 2nd of July 2022. Time: 11:30Am. Location: Le Meridian Ogeyi Place, PH River’s State. We will be streaming live on Facebook at Francine Abigael Ministries ( Facebook Page) and instagram.