Browsing: Business

CBN has revoked the licenses of more than 4,000 Bureau De Change (BDC) operators.

The Central Bank of Nigeria (CBN) has revoked the operating licenses of 4,173 Bureaux De Change (BDC) operators due to alleged non-compliance with regulations. Hakama Sidi Ali, the Acting Director of Corporate Communications at the CBN, stated that the apex bank exercised its authority under the Bank and Other Financial Institutions Act (BOFIA) 2020, Act…

A nominee from the South-East has declined the appointment offered by Tinubu as a director at the CBN

A nominee for the Central Bank of Nigeria (CBN) Board of Directors, Urum Kalu Eke, has declined the appointment, citing his current engagement with the World Bank. President Bola Tinubu had nominated Urum and four others on February 13 for confirmation as members of the CBN board. During the confirmation proceedings on February 29, former…

NCC has confirmed that it has instructed telecommunications companies to block subscribers who have not linked their NIN

The Nigerian Communications Commission (NCC) has officially directed telecom operators to deactivate the phone lines of subscribers who have not linked their National Identification Numbers (NIN) to their SIM cards by February 28, 2024. Aminu Maida, the Executive Vice-Chairman of the NCC, represented by Reuben Mouka, the Director of Public Affairs, made this announcement…

Presidential spokesman Bayo Onanuga has warned that if not halted, Binance could severely damage Nigeria’s economy.

Bayo Onanuga, the presidential spokesman, has raised concerns over the impact of cryptocurrency trading platform Binance on Nigeria’s economy. During an appearance on Channels Television’s Politics Today program on Wednesday, February 28, Onanuga accused Binance of manipulating foreign exchange rates, warning that if left unchecked, the platform could wreak havoc on the nation’s economy. He…

“I bear no responsibility for the current challenges we face today,” declared the CBN governor, Cardoso.

During the first Monetary Policy Committee (MPC) meeting under his leadership on Tuesday, February 27, Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, addressed the economic challenges facing the country and emphasized that he and his team are not to blame for these issues. Cardoso stressed the importance of understanding that the CBN…

Qatar has reversed its earlier decision and agreed to conduct a business meeting with the Nigerian government during President Tinubu’s state visit.

Qatar has reversed its initial decision and agreed to host the proposed business and investment forum during President Bola Tinubu’s upcoming state visit to the country from March 2 to March 3. Initially, Qatar declined the forum, citing the unavailability of its Minister of Commerce and Industry, Mohammed Bin Hamad Al-Thani. However, in a letter…

Finance Minister, Wale Edun, a mere 5% of Nigerians possess more than N500,000 in their bank accounts.

Finance Minister Wale Edun has highlighted that only around 5% of Nigerians possess more than N500,000 in their bank accounts. Speaking in an interview with Channels TV, Edun emphasized that recent government reforms aim to address economic disparities that have favored a small elite group over the majority of citizens in the past eight…

House of Reps has urged NAFDAC to lift the ban on alcoholic drinks packaged in sachets and pet bottles.

Following a public hearing on the ban of spirits and alcoholic beverages in sachets and pet bottles, the House of Representatives Committee on the National Agency on Food, Drugs Administration and Control (NAFDAC) has directed the suspension of the ban. Chairperson of the Committee, Rep. Regina Akume, emphasized the importance of taking proper steps before…

I am fully occupied and unable to contemplate a second term as Director-General of the WTO

The Director-General of the World Trade Organization (WTO), Dr. Ngozi Okonjo-Iweala, has expressed that she is currently too preoccupied to entertain the idea of pursuing a potential second term leading the global organization. Iweala emphasized her current focus on addressing pressing matters within the Geneva-based trade body before considering any future candidacy. “At this moment,…