Banks in Nigeria will begin charging a 0.5 percent cybersecurity levy on every electronic transfer made by individuals. These charges will commence in two weeks. The Central Bank of Nigeria, the country’s highest banking authority, issued this directive on Monday. The CBN made the announcement in a circular signed by the Director of Payments System…
The Democratic Republic of Congo (DRC) received a positive review from the International Monetary Fund (IMF) on Wednesday in a crucial step toward completing its first-ever IMF loan program. Following the completion of the sixth and final review in the Congolese capital, Kinshasa, IMF staff are set to recommend to the executive board the approval of the…
The World Bank has said Nigeria’s conditional cash transfer scheme aimed at bolstering household consumption and financial inclusion is largely ineffective. Despite significant investment and efforts by the Nigerian government, the program has shown minimal impact on the lives of its beneficiaries. Launched in collaboration with the World Bank in 2016, the cash transfer initiative…
Consumer Credit Scheme is an intervention program of the Nigerian federal government aimed at accelerating consumer credit access to 50% of working Nigerians by 2030. This scheme will be managed by a company called the Nigeria Consumer Credit Corporation (CrediCorp), which is owned by the federal government. Ajuri Ngelale, the spokesperson for President Bola Tinubu,…
Days after a train imported from Poland crashed during a test run, the government has stated that the manufacturer will repair the damaged parts within the next three to four weeks. The Railways development minister, John Peter Amewu, explained that only the fenders were damaged, while the electronic and mechanical systems with the engine remained…
With the rising inflation causing essential items, especially food, to become more expensive in Nigeria, it’s becoming very difficult for people to cope. Hunger is affecting many people across the country, leading to protests nationwide. Earlier in February, Nigerian President Bola Tinubu stated that “Nigeria can feed itself.” President Tinubu also emphasized that “the government…
The National Bureau of Statistics (NBS), which provides official data for Nigeria, has released the inflation figures for March 2024, showing an increase to 33.20% from 31.70% in February 2024. This is happening despite the consistent appreciation of the naira against the dollar over the past month, to the extent that some bureau de change…
Alliance In Motion Global (AIM Global) is a multi-level marketing company that offers health and wellness products, beauty products, and nutritional supplements. It operates in several countries including Nigeria and is known for its direct selling business model. New recruits pay a sign up fee and they are given the complimentary products as part of…
In recent weeks, Nigeria has witnessed a remarkable turnaround in its currency dynamics, with the naira rebounding from record lows against the dollar. However, this resurgence has come at a cost, as the country’s foreign exchange reserves experience a significant decline, raising concerns about the sustainability of this recovery. Nigeria is burning through foreign exchange…
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