Business Archives - Page 40 of 46

Dec

09

2022

CBN may ‘tweak’ new cash withdrawal limits, says Emefiele

Business, Economy, NewsBusiness, CBN, Economy, Emefiele, Metro, Nigeria

ABUJA-Central Bank of Nigeria, CBN, Governor, Mr. Godwin Emefiele, yesterday, said that the apex bank would consider tweaking the new weekly cash withdrawal limits of N100,000 and N500,000 for individuals and corporate bank customers. Emefiele, who addressed State House correspondents after meeting behind closed doors with President Muhammadu Buhari in Daura, Katsina State, assured that the apex bank would not be rigid on the policy as it was not meant to hurt anybody but to strengthen the nation’s economy. Emefiele also hinted that over N1 trillion worth of old notes had been deposited by bank customers, adding that the CBN has…

Dec

09

2022

By Amos Oge Kalu

Govt agencies, marketers agree to end petrol scarcity in 48 hours

Business, Economy, MetroBusiness, Economy, Fuel Scarcity, Metro, Nigeria, NNPC

Federal Government agencies and petroleum marketers have undertaken to end the crippling shortage of petrol across the country that has seen pump prices hit N285 per litre. Speaking after a meeting at the Nigerian National Petroleum Company Limited, Nigerian Midstream, and Downstream Petroleum Regulatory Authority, NMDPRA, in Abuja on Thursday, the operators said the depots would work for 24 hours daily until the queues are cleared. The meeting had in attendance officials of the Department of State Services, the Major Oil Marketers Association of Nigeria, Depot and Petroleum Products Marketers Association of Nigeria, Independent Petroleum Marketers of Nigeria, National Union…

Dec

09

2022

By Amos Oge Kalu

DSS gives dealers 48 hours to stop Fuel scarcity or face FG’s wrath

Business, Economy, Metro, News, OpinionBusiness, DSS/EFCC, Economy, Fuel Scarcity, Metro, Next Level, Nigeria, Opinion

Angered by the lingering petrol scarcity in the country, the Department of State Services (DSS) has ordered all the entities in Nigeria involved in the distribution process to make petrol available to Nigerians at the official rate or face the wrath of the government. This was the decision arrived at between the security agency and all the stakeholders in the petrol supply chain at the end of a strategic meeting at the DSS headquarters in Abuja on Thursday. The Spokesman for the DSS, Dr.Peter Afunanya, told journalists at the end of the meeting that the agency would take steps to…

Dec

07

2022

By Amos Oge Kalu

Experts say Cash withdrawals, ATMs limits heavy blow on looters, kidnappers, others

Business, Economy, Metro, Opinion, PoliticsBoko Haram, Crime, Economy, Metro, Nigeria, Opinion, Politics, Security

Economic experts have said that the Central of Nigeria, CBN, revised policy on cash withdrawals is a heavy blow to looters of government funds, kidnappers, and fraudsters. A breakdown of CBN’s revised guidelines on the practical implementation of the naira redesign policy stated that starting from 9th January 2022, Automated Teller Machines, ATM/ Point of Sales, and POS withdrawals would be limited to N20,000 Per Day. The notification also disclosed that Automated Teller Machines, ATM, will dispense N200 and downward denominations, and defaulters of maximum deposit limit will have to pay 5 percent and 10 percent, respectively, as charges. It…

Dec

07

2022

By Amos Oge Kalu

133 million poverty index: Twists, turns as FG, States trade blame

Business, Economy, Lifestyle, Metro, News, Opinion, PoliticsBusiness, Economy, Lifestyle, Metro, Next Level, Nigeria, Opinion, Politics, Security

The recent report by the Nigeria Bureau of Statistics (NBS) that about 133 million Nigerians live in poverty is generating serious controversy, with the Federal and State governors now trading words. Recall that in the early month of November, NBS disclosed that 133 million Nigerians were multi-dimensionally poor, saying that the figure represents 63 percent of the country’s population. The report blamed the country’s rising poverty on poor access to education, living standards, health, employment, and security. It further indicated that 65% of the country’s poor people (86 million) live in the North, whereas 35% (nearly 47 million) live in…