Many households are not finding it easy as the ability to purchase daily and basic needs is becoming a tall order for many amid rising inflation and falling incomes. The households, mostly those in the low-income level, have lamented that nearly 100 per cent of their earnings are now spent on food, whose prices continue […]
•CBN The Central Bank of Nigeria (CBN) yesterday assured Nigerians that banks in the country are resilient and none of them has failed integrity test. This was contained in a statement signed by the Acting Director, Corporate Communications of the bank, Mrs. Sidi Ali, Hakama. The statement reads, “The attention of the Central Bank of [&hell...
The Central Bank of Nigeria has directed all banks, other financial institutions, and non-bank financial institutions, to suspend the processing charges previously imposed on large cash deposits. This change, referenced under the “Guide to Charges by Banks, Other Financial Institutions, and Non-Bank Financial Institutions” dated December 20, 2...
Despite the atmosphere of political chaos, Rivers State Executive Council has deliberated and approved an estimated budget of N800bn for the 2024 fiscal year. At the meeting, which was presided over by Governor Siminalayi Fubara today at the Executive Chamber of Government House in Port Harcourt, the Council also approved that the budget be ch...
A cash crunch has struck the nation’s capital, Abuja, resulting in long queues at several bank branches, as revealed by an investigation conducted today . The cash shortage can be attributed to several factors, including a surge in demand for cash ahead of the yuletide and logistical challenges in currency distribution, reports Vanguard. This ...
•House of Representatives The House of Representatives Committee on Customs and Excise has called for the setting up of a tripartite committee comprising the Central Bank of Nigeria, the Ministry of Finance, and the Nigeria Customs Service to provide a framework for a coordinated platform on fiscal and monetary policies for the country. The Ch...
Scarcity of cash witnessed by some states last week has also hit Makurdi, the capital of Benue state. Investigation revealed that most of the Money Deposit Banks, MDBs, Automated Teller Machines, ATMs, failed to dispense cash over the weekend, reports The Nation. Many customers were seen milling around ATMs at GT Bank along Otukpo Road, [&hell...
•Segun Ajayi-Kadir The Director General of the Manufacturers Association of Nigeria (MAN), Segun Ajayi-Kadir, has regretted the exit of multinational consumer goods manufacturer, Procter & Gamble from Nigeria, saying that more manufacturers may follow suit. He said until the federal government takes clear redefined measures to address chal...
•CBN governor, Yemi Cardoso The manufacturing sector suffered a 400 percent increase in net foreign exchange loss to N466 billion in nine months ending September, reflecting the severe impact of the foreign exchange (Forex) market regime. Sector operators said the current forex situation has compounded the pressures emanating from the removal ...
There is a scarcity of money in the commercial banks in Imo State, leading to commercial banks starting to make low cash payments to their customers. This situation has continued to cause concerns for bank customers as they are unable to withdraw the actual amounts they intended to collect from the bank, reports Sunday Tribune. […]
The Frontier is Nigeria’s leading online newspaper. It is published by Okims Media Links Limited headed by Sunny Okim, a veteran journalist who is widely known as The Grandmaster, fondly called so by colleagues and friends for being Nigeria’s pioneer movie journalist.
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