Tag: CBN

Nigeria’s Hajj Camp Slots Reduced to 2$67,000$ by Saudi Arabia

Editor

Ahead of the 2026 Hajj, Saudi officials have drastically reduced the number of camp seats available to Nigerian pilgrims. The National Hajj Commission of Nigeria has expressed concern that this cut could severely restrict participation the following year. “NAHCON, States Discuss Hajj Costing and Other Critical Issues; Ministry Briefs NAHCON on Tour Operators,” the commission said in a statement released Thursday. Only 66,910 lodging spots had been authorised on Saudi Arabia’s NUSUK Masar portal, despite Nigeria’s declared allotment of 95,000, according to the announcement, which was signed by Fatima Usara,…

FCCPC Backs CBN’s 48-Hour Refund Rule for Failed ATM Transactions

Editor

The Central Bank of Nigeria’s proposed order, which requires banks to reimburse clients for unsuccessful automated teller machine transactions within 48 hours, has received praise from the Federal Competition and Consumer Protection Commission. The Commission characterised the CBN’s Draft Guidelines on the Operations of Automated Teller Machines in Nigeria as a long-overdue and timely intervention that supports ongoing efforts to safeguard consumers in the financial services industry in a statement signed by its Director of Corporate Affairs, Ondaje Ijagwu, on Monday. Last week’s release of the draft guideline comes after…

World Bank Dismisses Nigeria’s Single-Digit Inflation Goal as Unrealistic

Editor

The Federal Government’s goal of short-term, single-digit inflation is unrealistic, according to the World Bank, which also cautions that Nigeria is still one of the few African nations experiencing high consumer price inflation. Nigeria, along with Angola, Ethiopia, Ghana, Malawi, Sudan, Zambia, São Tomé and Príncipe, and Zimbabwe, is expected to maintain double-digit inflation rates through 2025, according to the Bank’s most recent Africa’s Pulse report, which was made public on Tuesday. According to the report, Nigeria is still an anomaly because of enduring structural issues like currency depreciation, high…

CBN’s Rate Cut ‘Not Enough,’ Says Private Sector Demanding Credit Relief

Editor

After three consecutive pauses, the Central Bank of Nigeria’s  (CBN) Monetary Policy Committee lowered the benchmark interest rate to 27.0 percent, the first drop in 2025 and an indication of a policy change in favour of economic recovery. Although they applauded the action, members of the Organised Private Sector contended that the cut was insufficient to alleviate the credit crunch on small firms and manufacturers. Following the committee’s 302nd meeting, CBN Governor Olayemi Cardoso announced the decision at a press event in Abuja on Tuesday. He added that all 12…

Parallel Market: Naira Gains Strength, Trades at N1,518 to a Dollar

Editor

In the parallel market yesterday, the value of the Naira increased from N1,520 to $1 on Monday to N1,518. However, on the Nigerian Foreign Exchange Market (NFEM), the value of the Naira dropped to N1,493.2 per dollar. The Central Bank of Nigeria, or CBN, released data suggesting that the naira depreciated by N1.8 to reach N1,493.2 per dollar from N1,491.4 per dollar on Wednesday. As a result, the difference between the NFEM rate and the parallel market dropped from N28.6 to N24.8 per dollar on Monday.

CBN: Lending Rates Expected to Fall as Inflation Eases

Editor

As inflation continues to decrease, Mr. Olayemi Cardoso, the governor of the Central Bank of Nigeria (CBN), has signaled that lending rates may drop in the upcoming months, boosting optimism for better credit availability and more robust investment flows. During a fireside talk at the European Business Chamber’s (Eurocham Nigeria) C-Level Forum in Lagos on Saturday, Cardoso provided the assurance. The CBN reiterated its commitment to macroeconomic stability, a more robust banking industry, and establishing Nigeria as a premier investment destination in a statement released on Sunday. The CBN governor…

NAFDAC Warns Public About Fake Milk

Editor

The emergence of fake Cowbell “Our Milk” 12g sachet milk in circulation in Nigeria prompted a warning from the National Agency for Food and Drug Administration and Control  NAFDAC on Friday. Promasidor Nigeria Ltd., the marketing authorization holder and maker of Cowbell “Our Milk,” notified the agency of the presence of a product that closely resembles the authentic Cowbell “Our Milk” 12g sachet Milk, according to the alert that was placed on the agency’s website. This covers the unauthorized use of the trademark, NAFDAC registration number, brand name, and packaging…

NELFUND Halts Student Upkeep Loans During School Breaks

Editor

On Thursday, the Nigerian Education Loan Fund announced that maintenance loan payments are now closely linked to each institution’s academic year. Oseyemi Oluwatuyi, the NELFUND‘s Director of Corporate Communications, signed a statement announcing this. Students will only be eligible for maintenance loans for the current academic year in accordance with this guideline. Upkeep fees for that session will automatically stop at the end of an institution’s academic year. Oluwatuyi added in the statement, “As a result, students who transfer to a new school year will no longer receive upkeep disbursements…

2027 showdown: Wike-Makinde rift threatens high-stakes PDP convention

Editor

Nyesom Wike, the Federal Capital Territory Minister, threatened to cancel the Peoples Democratic Party’s November national convention in Ibadan, Oyo State, raising serious concerns that it would be cancelled. It is thought that Wike’s disagreement with his former ally, Oyo State Governor Seyi Makinde, and other unsolved party issues are the reasons behind his resistance to the convention. However, the PDP has strongly warned the minister for his actions that go against the party’s intentions ahead of the November 16 election convention. In an interview with a few journalists in…

Corps member’s assault: Soludo sacks vigilantes, orders prosecution

Editor

Eight members of the Agunechemba Security group were fired by the Anambra State Governor Chukwuma Soludo due to the vicious attack and public stripping of Miss Jennifer Elobor, a female corps member. This was revealed on Wednesday at the agency’s headquarters in Awka by Ken Emeakayi, the Special Advisor to Governor Chukwuma Soludo on Community Security. The operatives would be turned over to the police for prosecution, Emeakayi said, adding that the government moved quickly after learning about the occurrence. He said that the sacked officers attacked the corps member…