The Central Bank of Nigeria (CBN) has asked deposit money banks (DMBs) to stop utilising gains from the revaluation of the naira to pay dividends or finance operations. CBN said a review of the foreign exchange regime change showed the DMBs are in a position to profit from the policy because of its potential […]
Emirates and Etihad Airlines are expected to resume flight operations in Nigeria immediately. The development is the result of a meeting between President Bola Ahmed Tinubu and Mohamed bin Zayed, president of the United Arab Emirates. The agreement was reached on Monday in Abu Dhabi, according to a statement by Ajuri Ngelale, special adviser to […]
JP Morgan, an American multinational financial services firm, estimates that Nigeria’s net foreign exchange (FX) reserves fell to $3.7 billion as of the end 2022 . This is contained in the firm’s latest report titled ‘Nigeria: Reform pause rather than fatigue’. Gross FX reserves represent the government’s total holdings of foreign currency reserves. Net FX […]
The Nigerian Breweries (NB) Plc has announced an upward review in the prices of some products in its stock-keeping units (SKUs) to “mitigate the impact of the rising cost of input”. The company, in a memo to customers, said the price adjustments would take effect from August 10, 2023. SKU is a unique identifier […]
Max Air has resumed its domestic operation two weeks after it was suspended following the decision of the Nigeria Civil Aviation Authority (NCAA) to suspend the operation of its B737 aircraft type. The NCAA through a letter NCAA/DG/AIR/11/16/363, suspended Parts A3 and D43 with regards to the operation of Max Air’s Boeing 737 aircraft. […]
Google says Nigerians can now use their Verve naira cards to make digital transactions on Play Store — the company’s applications distribution service. In a statement on Thursday, the tech giant said it is partnering with Verve, the largest domestic card scheme in Africa, to enable Nigerians to make purchases with ease, thereby strengthening […]
The Central Bank of Nigeria (CBN) says plans to gradually phase out the old N200, N500, and N1,000 naira notes are ongoing, as new notes are still being issued. Folashodun Shonubi, acting governor of the apex bank, spoke on Tuesday after the monetary policy committee (MPC) meeting at the CBN headquarters in Abuja. In […]
The house of representatives has asked the National Electricity Regulatory Commission (NERC) not to approve the proposed increase in electricity tariffs. The lower legislative chamber passed the resolution during a plenary session on Thursday, following the adoption of a motion sponsored by Sani Madaki, a member of the New Nigeria Peoples Party (NNPP) from […]
Many Nigerians are currently unable to carry out transactions using their Guaranty Trust Bank (GTBank) applications. This is as a result of a major outage. An aggrieved customer said he started experiencing the problem after GTBank launched a new app for its customers on Wednesday. He said the problem reached its peak on Saturday […]
Max Air, one of the leading airlines in Nigeria, has been put on hold as a result of a suspension by the Nigeria Civil Aviation Authority (NCAA). In a letter NCAA/DG/AIR/11/16/363, NCAA directed the suspension of Parts A3 and D43 with regards to the operation of Max Air’s Boeing 737 aircraft type with immediate […]
