By Ikugbadi Oluwasegun “Fuel subsidy is gone, and it is gone forever.” These were the words of President Bola Ahmed Tinubu on May 29th, 2023. Now, 18 months later, fuel scarcity has returned across major states in Nigeria. For over two weeks, demand for fuel has outstripped supply, leading to widespread scarcity. Long queues and […]
Nigerians React with Outrage as CBN Governor Blames Inflation on Excess Money Supply
Abdulrasaq Kamaldeen The Governor of the Central Bank of Nigeria, Dr. Olayemi Cardoso, has stated that Nigerians are experiencing the repercussions of excessive money being injected into the economy. He cited the N37.5 trillion supply to the economy, comprising a N27 trillion Ways and Means loan and N10.5 trillion in interventions from the past administration. […]
Economic Woes Continue as Petrol Scarcity Causes Nationwide Disruption
Abdulraheem muhammed olarewaju Nigeria’s petrol supply has been disrupted by the closure of several independent marketers’ filling stations due to an ex-depot price increase to N710/liter by private depot owners. This has led to drivers crowding at petrol statios, causing huge lines at Conoil and Total stations near the NNPC offices in Abuja city center […]
CBN Announces Licensed Banks in Nigeria, Emphasizing Lagos Headquarters
Goodness Eminue The Central Bank of Nigeria unveiled a comprehensive list of licensed Money Deposit Banks (MDBs) on Tuesday, May 7, 2024, marking a significant update for the country’s financial sector. The list, which was published on the Apex bank’s website yesterday, highlights the names and locations of banks authorized to operate in Nigeria, notably […]
Nigerians Demand Transparent Explanations Amid Upset Over New CBN Cybersecurity Levy
Abdulraheem Muhammed olarewaju A recent Central Bank of Nigeria (CBN) directive has created a stir among Nigerians. The regulation, published on May 6, 2024, requires banks to collect a 0.5% fee on all electronic transactions to finance cybersecurity efforts. The decision, issued by CBN officials Chibuzo Efobi and Haruna Mustafa, covers all commercial banks, mobile […]