Index to Nigerian Newspapers

14 days after Daily Trust reported that the naira has been devalued but the story was denied by the Central Bank of Nigeria (CBN), the apex bank on Wednesday announced changes to the Nigerian Foreign Exchange (FX) Market. This has triggered the abolishment of all segments and collapsed into the Investors and Exporters (I&E) Window, thereby confirming what the Daily Trust reported, which it stood by since the report went public and challenged CBN to prove otherwise.

The current move has seen the naira slump to a record low of 29% to N664 per dollar at the close of business in Lagos, according to FMDQ, a local exchange operator, in what is the biggest decline since devaluation in 2016.

As part of a downward assessment of costs for electronic banking transactions in its updated guidelines on charges by Banks, Other Financial Institutions (OFIs), and Non-Bank Financial Institutions, the Central Bank of Nigeria (CBN) has decreased ATM withdrawal charges and inter-bank transfer fees.This is in accordance with the circular headed "Re: Guide To Charges By Banks, Other Financial And Non-Bank Financial Institutions" by Chibuzor Efobi, Director, Financial Policy and Regulation Department.According to the top bank, the updated guidance includes a review of other bank fees in order to keep up with market trends.

As part of a downward assessment of costs for electronic banking transactions in its updated guidelines on charges by Banks, Other Financial Institutions (OFIs), and Non-Bank Financial Institutions, the Central Bank of Nigeria (CBN) has decreased ATM withdrawal charges and inter-bank transfer fees.This is in accordance with the circular headed "Re: Guide To Charges By Banks, Other Financial And Non-Bank Financial Institutions" by Chibuzor Efobi, Director, Financial Policy and Regulation Department.According to the top bank, the updated guidance includes a review of other bank fees in order to keep up with market trends.

The Central Bank of Nigeria (CBN) has attributed the naira's crash against the dollar to the diversion of diaspora remittances to unofficial markets. The acting governor, Folashodun Shonubi, emphasized the need for Nigeria to control illegal remittances and identify channels to ensure proper flows and economic growth. The CBN boss emphasized the importance of full information and transparency in managing the foreign exchange market.

Today at CBN headquarters in Abuja, Mr. Godwin Emefiele, governor of the Central Bank of Nigeria, will officially launch the 100 for 100 Policy on Production and Productivity (PPP). The private firm would be chosen once the apex bank has determined that it can significantly affect the economy through the performance metrics.

The federal government's MSMEs Survival Fund Scheme's Head of Project Delivery Office has stated that the government is not distributing 80000... allegedly stated that the government is not distributing the $80,000 survival money. in a statement that the office released. "The public is hereby informed that requests for account information being distributed via social media and SMS in order to participate in the Survival Fund Scheme is a scam, so members of the public should disregard such requests," Johnson stated. He said that the federal government's Survival Fund steering committee, which is led by Minister of State for Industry, Trade, and Investment Amb. Maryam Y. Katagum, has contacted the appropriate law enforcement authorities to find and prosecute all those responsible for the fraud.

President Bola Ahmed Tinubu has ended the fuel subsidy due to resource drying, urging better investment in public infrastructure, education, healthcare, and jobs. He also called for a unified exchange rate to direct funds towards real economy investments. His administration will treat both new and old naira notes as legal tender, reduce interest rates, and target higher GDP growth and reduced unemployment. They will review investor complaints and ensure dividends are repatriated home. Tinubu pledges to work with international partners to end conflicts and make Nigeria a more perfect nation and democracy.

The Natural Oil and Gas Suppliers Association of Nigeria (NOGASA) has called on the federal government to immediately pay up billions of naira it owes marketers for bridging costs that accumulated before the removal of subsidy. NOGASA President, Benedict Korie, in a media briefing yesterday said the amount been owed the marketers is crippling their cash flow and could impact the continuous supply of the product.

He said the cost of importation has tripled, adding that securing bank loans come with a scathing interest of 30%, saying it was akin to economic suicide. He said: “Before now, we had the PEF that took care of bridge claims but now, it’s no more. So, the Federal government should pay marketers their outstanding bridge claims before subsidy was removed.

He also urged the NNPCL to immediately deliver products to marketers that were paid for long before subsidy was removed.

The Nigeria Midstream and Downstream Petroleum Regulatory Authority has assured that it would protect consumers from exploitative action following plans by oil marketers to begin fuel importation. The NMDPRA Chief Executive, Farouk Ahmed, gave the assurance while briefing journalists shortly after a meeting with oil marketers.

Already, three oil marketers will from July this year start importing petroleum products into the country according to the NMDPRA boss. Speaking on the outcome of the meeting, Farouk said the issue of pricing of petrol was discussed with the oil marketers and it was agreed that there will not be capping of prices to allow the forces of demand and supply to determine prices.

He also said during the meeting, the oil marketers agreed to improve their level of collaboration with security agencies to ensure the smooth movement of petroleum products.