Economy
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Reps summon Emefiele over cash withdrawal limit
The House of Representatives has summoned Central Bank Governor, Godwin Emefiele over plans to limit cash withdrawal at Deposit Money Bank and other financial institutions. The House invited the CBN governor through a resolution at its sitting on Thursday. Members of the House who spoke condemned the move, saying it would have serious consequences and adverse effects on businesses and…
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Airtel emerges sole bidder for new round of 5G licence
The Nigerian Communications Commission (NCC) has announced that only two companies expressed interest in the auction of the 3.5GHz Spectrum at the close of business on Monday, December 5. The two companies, according to the Commission, are Airtel Networks Limited (Airtel) and Standard Network & Connections Limited (Standard Network). “However, only Airtel paid the Intention to Bid Deposit (IBD) as…
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Nigeria, other IDA countries’ debt-service payments projected to top $62bn in 2022, says World Bank
The World Bank on Tuesday disclosed that Nigeria and other International Development Association (IDA) countries debt-service payments are projected to top $62billion in 2022. The poorest countries eligible to borrow from the World Bank’s IDA now spend over a tenth of their export revenues to service their long-term public and publicly guaranteed external debt—the highest proportion since 2000, shortly after…
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BREAKING: CBN cuts over-the-counter withdrawals to N100,000 per week for individuals
The Central Bank of Nigeria (CBN) on Tuesday announced a new policy that mandates Deposit Money Banks (DMBs) and other financial institutions to ensure that over-the-counter cash withdrawals by individuals do not exceed N100,000 per week. This was contained in a letter by Director of Banking Supervision, Haruna B. Mustafa, addressed to all DMBs and other financial institutions which was…
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TikTok challenge used to circulate information-stealing malware – NCC
The Nigerian Communications Commission’s Computer Security Incident Response Team (NCC-CSIRT) has warned about the potential harm of taking part in the Invisible Challenge on short-form video hosting service, TokTok, revealing that it exposes devices to Information-Stealing Malware. An NCC-CSIRT advisory said threat actors have taken advantage of a viral TikTok challenge, known as the Invisible Challenge, to disseminate an information-stealing…
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Buhari nominates Ahmad, Adamu as CBN deputy governors for second term
President Muhammadu Buhari has sent the names of Mrs Aisha Ahmad and Edward Adamu to the Senate as Deputy Governors of the Central Bank of Nigeria. Senate President Ahmed Lawan read the letter for the confirmation at the floor of the Senate on Tuesday. Both nominations are for a second and final term in office. Ahmad and Adamu were both…
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Telecom policies enhancing digital access, media, knowledge production – Danbatta
Executive Vice Chairman, Nigerian Communications Commission (NCC), Prof. Umar Danbatta, has said that diligent implementation of various telecommunications policies, strategies and regulatory frameworks has continued to enhance the nation’s capacity to deepen citizens’ access to digital resources, transform media and knowledge production and positively impacting Nigeria’s economic and social progress. Danbatta stated this in a keynote address delivered at a…
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Why we will increase train fares – NRC boss
The Nigeria Railway Corporation (NRC) says the increased cost of diesel and other logistics is going to be a significant determinant in the new price of train services in the country. Mr Fidet Okhiria, NRC’s Managing Director said this in an interview with the News Agency of Nigeria (NAN) in Abuja on Saturday. He, however, said that the increase in…
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NCC seeks judiciary’s interest in ICT trends
The Nigerian Communications Commission (NCC) is seeking the nation’s judiciary to be part of Information Communications Technology (ICT) trends, whose impact has now affected ways that justice is delivered across the world. The leadership of the Commission made the call during a workshop organized for Nigerian judges which started in Lagos on Tuesday with the theme: “The digital world and…
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FG to tax cryptocurrency, other digital assets in Finance Bill – Zainab Ahmed
Minister of Financ,e Zainab Ahmed has briefed the National Economic Council (NEC) on the main features of the proposed Finance Bill 2022. At an extraordinary virtual meeting held on Thursday, the finance minister also resolved to update the draft with additional inputs from state governors as the bill goes ahead to the Federal Executive Council (FEC). According to the minister,…
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