The newly appointed Ambassador of Nigeria to Spain, Chief Ademola Seriki has promised to boost the country’s trade relations with Spain. Seriki was until his appointment as Nigeria’s Ambassador to the Kingdom of Spain by President Muhammadu Buhari, the Chairman of the Governing Board of the Corporate Affairs Commission.
President Muhammadu Buhari has on Tuesday launched the $3.2 billion rehabilitation and reconstruction of PortHarcourt-Maiduguri eastern narrow gauge railway project, Bonny deep seaport, and railway industrial park in PortHarcourt, Rivers State in efforts to revive the eastern railway corridor and improve the Nation’s economy.
Deposit Banks in Nigeria have lifted the ban placed on MTN subscribers, restricting over 75 million customers from recharging their lines using the Unstructured Supplementary Service Data (USSD) following an intervention by the Minister of Communication and Digital Economy, Dr. Isa Pantami, and the Governor of Central Bank of Nigeria (CBN), Godwin Emefiele. Banks had on Friday blocked MTN subscribers, leaving millions unable to recharge their lines or data plans with Easter celebrations days away.
The Central Bank of Nigeria has unveiled a new policy call “Naira for Dollar” to attract more Diaspora remittance into Nigeria's economy. The policy is set to commence by Monday, March 09, 2021, for the next 60 days from the assumed date. It will work such that every $1 US dollar received in Nigeria from Diaspora will earn the sender N5 naira.
The Comptroller General of the Nigeria Customs Service (NCS), Strike Force Unit has informed that smugglers now make use of Cattle, camels, vehicles fuel compartment, used tyres, and booths to smuggle rice and other dangerous goods into the country. The service also said it raised debit notes worth N1 billion from importers, Shippers, and clearing agents in the last three months. Speaking on Wednesday, the Officer In charge of the unit, DC Ahmadu Bello Shuaibu, said the amount generated would have been lost to smugglers, fraudulent importers and clearing agents who under-declared their cargoes at the seaports.
The Minister of State for Petroleum Resources, Timipre Sylva has on Monday disclosed that the Federal Government plans to commence oil production in the Northeast. “I have said it a few times that we have found oil in the northeast and we have started drilling activities in the Lake Chad Basin,” he said. “I don’t know how the discovery of oil in the area will impact all the issues there but on our side, we believe that in a very short time, we will start production.” Speaking in an interview on Channels Television, the minister expressed dismay over the negative impact the COVID-19 pandemic has placed on the world, including the oil and gas industry.
A senior government official in India has hinted that the country is proposing a law that will ban crypto trading and will punish anyone found holding such digital asset. The bill, considered as one of the world draconian policy against digital currency is set to criminalise its possession, issuance, and mining, trading and transferring crypto-asset to anyone within the shores of its country. Although the proposed law has raised investors hope as the agenda was to pave way for the government to have a grip on the market.
The Central Bank has ordered banks and other financial institutions to identify persons and entities operating cryptocurrency exchanges and close all such accounts. It stated that dealing with cryptocurrencies and facilitating payments through them is illegal in the country. This was disclosed in a circular titled ‘Letter to all Deposit Money Banks, non-bank financial institutions and other financial institutions’ Friday.
Following the release of the latest PMS Price guide with fuel price set at N212.61 by the Petroleum Products Pricing Regulatory Agency (PPPRA), the Federal Government has officially confirmed the return of fuel subsidy. According to the PPPRA’s PMS Price guide for the month of March, the set price is expected to run between March 1st and March 31st, 2021. However, petrol is still sold at 170 across filling stations, indicating that the Nigerian National Petroleum Corporation (NNPC) spends about N42 to subsidise PMS for Nigerians.