Economy
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Measurement inaccuracies, not theft responsible for 40% crude losses, says FG
The Federal Government has said about 40 per cent of the volumes credited to crude oil losses in the petroleum industry are due to measurement inaccuracies and not theft. This was revealed from a forensic audit conducted by the Nigerian Upstream Regulatory Commission (NUPRC) covering the period of January 2020 to November 2022 on crude theft numbers. The Chief Executive,…
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NCC redeploys directors, others
Two directors of the Nigerian Communications Commission (NCC), Dr. Alhassan Haru and Mr. Efosa Idehen have been redeployed to man the Technical Standards and Network Integrity (TSNI), and the Compliance Monitoring and Enforcement (CME) departments of the Commission in a move to further enhance operational efficiency and sustain regulatory excellence. In an exercise approved by the Executive Vice Chairman of…
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Nairaxi emerges winner in NCC’s young innovators competition
A mobile ridesharing mobile app that enables users to request taxi and bus rides tagged, Nairaxi has emerged overall winner at the young innovators’ competition organized by the Nigerian Communications Commission (NCC), which held at the Digital Bridge Institute, Oshodi, Lagos recently. The company, which took the coveted prize with value of N2 million, made up of Kingsley Eze, co-founder/Chief…
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Crowd besiege CBN office in Lagos over old naira notes
There is currently a large crowd at the Central Bank of Nigeria (CBN) office in Marina, Lagos State, as Nigerians struggle to deposit their old N500 and N1000 notes. Western Post recalls that the Governor of the CBN, Godwin Emefiele, had asked Nigerians in possession of the old Naira notes to deposit them at offices of the CBN nationwide. Findings…
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New cash policy will tackle corruption, insecurity, Buhari insists at meeting with lawmakers
President Muhammadu Buhari has insisted that the cashless policy and Naira swap by the Central Bank have short and long term benefits for the country in dealing with insecurity and corruption, but agrees that the apex bank should take the recommendation of a parliamentary Committee to rectify identified problems.His comments came as the Central Bank Governor, Godwin Emefiele, gave him…
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FULL SPEECH: Buhari orders only old N200 notes to remain legal tender till April 10
President Muhammadu Buhari has ordered the Central Bank of Nigeria to allow the old N200 notes to remain a legal tender until April 10. The ppresident announced this in a nationwide broadcast on Thursday. He said the old N200 will be used by Nigerians along with the newly redesigned N200, N500 and N1000 notes. The old N500 and N1000 however…
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Supreme Court adjourns suit on naira swap till Feb 22, as PDP governors join as respondents
The Supreme Court has adjourned the suit challenging the deadline for the banning of old naira notes instituted by Kogi, Kaduna and Zamfara states till February 22. The court adjourned the case till the new date when the matter came up for hearing on Wednesday (today). Justice John Okoro led the seven-man panel that heard case. At the last hearing,…
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Presidency to make decision on old naira deadline after Supreme Court ruling today
President Muhammadu Buhari and the CBN will decide on obeying the Supreme Court today, says the Presidency. “We wish to state that it is not true that the Federal Government or the Central Bank of Nigeria, CBN have taken a preemptive action on the legality of currency as a legal tender in view of the pendency of the case before…
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NGF chides CBN over Naira swap, warns Nigeria risks induced recession
The Nigeria Governors’ Forum (NGF) has chided the Central Bank of Nigeria over the present hardship being experienced in the country as a result of the Naira swap. The governors in a communique issued at the end of their meeting on Saturday by the NGF Chairman and Sokoto State Governor Aminu Tambuwal said that the CBN failed to provide enough…
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Allow old/new Naira notes for 12 months, Tinubu urges CBN
Presidential candidate of All Progressives Congress (APC), Asiwaju Bola Tinubu has urged the Central Bank of Nigeria (CBN) to allow the old and new Naira notes as legal tenders for the next 12 months. Tinubu said this in a statement he signed on Sunday. The APC presidential candidate who said he was in support of the currency redesign, however said…
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