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Banks Dither On CBN’s New Tenure Policy For Top Executives
Banks are dithering on the new tenure policy for…
Meta to cut 10,000 jobs in second round of layoffs
Facebook parent company, Meta Platforms Inc. has announced on Tuesday that it cut more 10,000 jobs, coming as the first tech giant to reveal a second series of mass layoffs as the industry prepares for a…
Forex Crisis: Banks Slash PTA/BTA To $2000, Review Processing Time To 120 Days
Nigerian banks have cut the amount of dollars for Personal Travel allowance (PTA) and Business Travel Allowance (BTA) by 50 per cent – from $4000 to $2000 respectively. The commercial banks have also…
CBN Yet To Release Old Notes To Banks
The Central Bank of Nigeria (CBN) is yet to release the old N1000 and N500 notes it mopped out of circulation despite asking commercial banks to commence their recirculation, findings by Daily Trust…
JUST IN: Foreign airlines’ blocked funds in Nigeria hit $743m, says IATA
The International Air Transport Association (IATA) says foreign airlines’ revenue blocked from repatriation by the Nigerian government has increased to $743 million from $662m in January 2023. The…
FG To Charge Helicopter Landing Fees — Minister
In the quest for improved revenue generation in the aviation sector, the Federal Government through the Ministry of Aviation is looking at ways of collecting landing fees from helicopters operating in…
Banks Dispense Old Naira Notes As Acceptability Grows
Following the directive by the Central Bank of Nigeria (CBN) on Monday that the old N500 and N1,000 banknotes remain legal tender and would be in circulation concurrently with the new notes till December 31, 2023,…
How Emefiele will be remembered after his tenure – Bayo Onanuga
Bayo Onanuga, an ally of the president-elect, Bola Tinubu, on Tuesday said the Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele “will be remembered as a sadistic, wicked boss of the bank who…
Lebanon’s currency crashes to 100,000 against US dollar
On the black market, the value of the Lebanese pound has dropped to an all-time low of 100,000 LBP against the US dollar, marking yet another sad chapter in an economic collapse that has left most people in…
What Tinubu’s presidency means for the economy
Amid double-digit inflation and crippling cash shortage, there is a growing list of expectations for President-elect Bola Tinubu as he attempts to find a new path for an economy in turmoil. Tinubu has promised…
Pfizer to acquire Seagen for $43bn
Pfizer, the pharmaceutical giant, has entered a merger agreement with Seagan…
E-payment falls to N37tn as failed transaction mount
An increase in failed payment transactions in February caused a 4.83 per cent decrease in the value of cashless transactions to N37.67tn from the N39.58tn that was recorded in January 2023. This came as…
BREAKING: CBN Breaks Silence, Says Old N200, N500, N1,000 Notes Remain Legal Tender Till Dec 31
The Central Bank of Nigeria (CBN) on Monday said old N200, N500, N1,000 bank notes remain legal tender Till December 31, 2023. The apex bank’s Acting Director of Corporate Communications, Isa AbdulMumin…
HSBC buys out Silicon Valley Bank
The British arm of collapsed U.S. lender Silicon Valley Bank has been bought by HSBC after the British government and Bank of England stepped in to “facilitate” a private sale. Chancellor Jeremy Hunt…
JUST IN: NBA asks Buhari to comply with Supreme Court judgment on cash swap
The Nigerian Bar Association (NBA) has asked President Muhammadu Buhari to immediately direct compliance with the terms of the order by the Supreme Court in its judgement delivered on 3 March…
Governors give Malami, Emefiele Tuesday ultimatum to obey Supreme Court
State governments, which sued the Federal Government on the naira redesign policy, have given the Attorney-General of the Federation and Minister of Justice, Abubakar Malami, SAN, and the Central Bank of…
Naira Scarcity: NSCDC raises concerns over circulation of fake recoloured notes
The Nigeria Security and Civil Defence Corps (NSCDC) says it will continue to arrest and prosecute those involved in producing and circulating fake redesigned naira notes. The commandant-general of the…
Saudi oil giant announces $161.1bn profit
Saudi oil giant Aramco has announced a record profit of $161.1bn (£134bn)…
US Bank Collapse May Affect Financial Inflows, Jobs In Nigeria
About $1.2 billion funding for Nigerian technology startups may be threatened and job losses are imminent as the ripple effects of the collapse of Silicon Valley Bank (SVB), the 16th largest bank in the…
Small Businesses Grounded As Naira Scarcity Bites Harder
The continued naira scarcity in all parts of Nigeria has grounded countless small and medium businesses and pushed millions of families to increased poverty. Their troubles stem from the fact that it…
Silicon Valley Bank collapses, U.S. govt takes over
The United States government has taken control of Silicon Valley Bank after it collapsed on Friday. The bank, which serves some of the world’s most well-known tech investors, became one of the biggest banks to fail…
Naira Scarcity: Fraudsters becoming more creative, NDIC warns bank customers
Amid nationwide naira scarcity and growing efforts by Nigerians to use electronic means to pay bills and do other transactions, the Nigeria Deposit Insurance Corporation (NDIC) has warned bank…
Seplat Energy CEO, Roger Brown, steps aside
Seplat Energy Plc says its Chief Executive Officer, Mr Roger Brown, has stepped aside from running the company for a period of seven days. The company said in a corporate disclosure made available to…