Ecomony articles

CBN suspends cashless policy, orders banks to make refunds

CBN suspends cashless policy, orders banks to make refunds

The Central Bank of Nigeria (CBN) on Friday suspended the implementation of cashless policy. The bank in a circular instructed banks to revert to old charges and refund customers who had been debited. The CBN had earlier announced new charges on deposit and withdrawals above a threshold of N500,000. It had directed banks to charge

CSOs task Buhari on early submission of budget proposal to National Assembly

Civil Society Organisations in Lagos (CSOs) have advised President Muhammadu Buhari to imbibe the practice of sending the yearly appropriation to the National Assembly early enough so as to give members opportunity to scrutinise and pass the budget in good time. The suggestion was made on Tuesday during a workshop for CSOs on Open Government

CBN vows to continue forex intervention

The Central Bank of Nigeria (CBN) on Sunday reiterated its determination to sustain the provision of foreign exchange with a view to ensuring liquidity in the market and enhance accessibility and affordability for genuine end users. Isaac Okorafor, acting director, corporate communications of CBN, in a statement said the bank wants to disabuse the notion

Senate asks customs CG, Hameed Ali to resign

The senate has called for the resignation of Hameed Ali, comptroller-general of the Nigeria Customs Service (NCS). The resolutions of the upper legislative chamber was sequel to prayers moved by Enyinnaya Abaribe, senator representing Abia south. The senate also declared Ali unfit to hold public office and condemned a letter written by Abubakar Malami, attorney-general

Despite leadership change, Nigerian Customs remains riddled with corruption, inefficiency

On Monday January 30, the Comptroller-General of the Nigerian Customs Service, NCS, Hameed Ali, gathered journalists in Lagos and announced that officers of the agency on “information patrol” intercepted 661 Pump Action handguns concealed inside a 40 foot container. Reading from a prepared speech, Mr. Ali described the seizure as “the new normal” and a

FG reverses forex restrictions for schools fees, medical tourism, business travels, others

The Central Bank of Nigeria(CBN) has reversed it policy restriction on foreign exchange (forex)and has ordered banks to set up forex kiosks at airports. This policy reversal was made public via a statement by Isaac Okoroafor, the Apex Bank’s spokes man. SEE STATEMENT BELOW: “In continuation of efforts to increase the availability of Foreign Exchange

NNPC records massive reduction in pipeline vandalism

The Nigerian National Petroleum Corporation (NNPC) recorded a marked reduction in the cases of pipeline sabotage. This was disclosed in the Corporation’s monthly Financial and Operations Report for the month of December 2016 which has just been released. According to the report, only 18 cases of vandalized points on downstream pipelines were recorded in November

How top NNPC officials, foreign oil companies, rip Nigeria off through refining of crude

Declining revenue from oil many not be due to the result of activities of militants in the Niger Delta alone as the Federal Government and Nigerians believe. Nigerian Times investigations show that senior officials of the state owned oil behemoth, the Nigerian National Petroleum Corporation (NNPC), have been helping themselves with proceeds from the 450,000