The Central Bank of Nigeria (CBN) has unveiled the unstructured supplementary service data (USSD) code for the eNaira to enhance financial inclusion in the country. Godwin Emefiele, CBN governor, inaugurated the USSD transaction code on Thursday at a five-day Northern eNaira fair 2022, in Kano. The apex bank had announced plans to introduce a […]
MTN Nigeria on Wednesday said it had turned on the 5G spectrum in Nigeria with 20,000 subscribers. The telecoms giant also said potential users can pre-order a home broadband device to experience internet “downloads in seconds, not minutes.” “2G brought us SMS and picture messaging,” MTN CFO Modupe Kadiri said in a post. “3G […]
The naira, on Tuesday, fell to N692 per dollar at the parallel market amid the lingering scarcity of the greenback. The figure signifies a depreciation of N9 or 1.3 percent compared to the N683 it traded last week. Bureaux De Change operators (BDCs) to TheCable that they purchase the greenback at N685/$, make a […]
Anambra State government has sealed off no fewer than 25 banks and hotels operating within the state capital, Awka, for failure to pay their taxes and levies to the state. The facilities were sealed by the Anambra State Internal Revenue Service, (AIRS) over the weekend. According to THISDAY, the levies owed were mainly those […]
VICE President Yemi Osinbajo has expressed confidence that the new board inaugurated for the Nigeria Electricity Liability Management Company, NELMCO, will enhance ongoing efforts to resolve liabilities relating to tariff shortfalls for distribution companies, among other challenges plaguing Nigeria’s power sector. Osinbajo expressed the confidence, weekend during a virtual inauguration of the new board […]
Emirates Airlines on Thursday said it would suspend its flight operations to Nigeria from September 1, 2022. The flag carrier of the United Arab Emirates (UAE) disclosed this in a statement, blaming its decision on the inability to repatriate its earnings in foreign exchange from Nigeria. This is coming about three weeks after the […]
The Central Bank of Nigeria (CBN) has directed banks to increase the minimum interest rate payable on savings deposits from 10 percent to 30 percent of the monetary policy rate (MPR). By implication, bank customers operating local currency savings in the country would enjoy more interest. The apex bank said this in a circular […]
The Nigerian National Petroleum Company (NNPC) Limited says it has renewed oil production sharing contracts (PSCs) with its partners — after nearly three-decade. NNPC said it also resolved lingering disputes with its production sharing contracts (PSCs) contractors. PSCs are contracts between E&P and the government concerning how much of the resource extracted from the […]
Despite huge criticisms from stakeholders and consumers, the Federal Government has said there is no going back on the proposed five percent tax hike on telephone calls and data. When the hike is implemented, Nigerians will pay 12.5 percent tax on calls and data. 7.5 percent being Value Added Tax currently being charged. In […]
President Muhammadu Buhari has reversed his authorisation of the acquisition of ExxonMobil Corporation assets by Seplat Energy Plc. In February, Seplat had agreed to acquire the entire share capital of MPNU from Exxon Mobil for $1.3 billion. Garba Shehu, presidential spokesperson, disclosed this to Premium Times on Wednesday. Shehu said the president has decided […]
