Deposit Money Banks in Nigeria have announced temporary suspension of overseas ATM card services and POS transactions. Some of the banks in an email to their customers, attributed the adjustment to dollar scarcity and challenges faced by manufacturers in sourcing foreign exchange from the economy. The banks added that the move was in line with current economic…
Mobile bank transactions in Nigeria have hit eight point seven trillion naira within a five-year period as the number of telecommunication subscribers rises to one hundred and ninety-five million, one hundred and twenty-eight thousand, two hundred and sixty-five. The Nigeria Interbank Settlement System and Nigerian Communications Commission made this known in a report. The report titled ‘Instant…
The International Monetary Fund says Nigeria will likely depend on overdrafts from the Central Bank of Nigeria to fund its proposed two point five-five trillion-naira petrol subsidy bill. The IMF made this known in its report which was prepared by a staff team of the fund as background documentation for its regular discussion with Nigeria. The report…
China Unicom has become the latest Chinese telecoms giant to be banned from the US over national security and espionage concerns. The Federal Communications Commission said it had voted unanimously to revoke authorisation for the company’s American unit to operate in the US. The FCC said the firm must stop providing telecoms services in America within 60…
Ten of the world’s richest people have seen their wealth multiply during the Covid-19 pandemic. A newly released report also suggested that about one hundred and sixty million people dropped below the poverty line during the period. Oxfam International made the revelations in its report, which was released ahead of the World Economic Forum in Davos, Switzerland.…
The National Bureau of Statistics says Nigeria’s annual inflation rate increased in December last year, after going down eight months earlier. Figures released by the NBS shows that the inflation rose to fifteen point six-three in December, 2021, from fifteen points four-zero in November of the same year. It says the increase is partly due to the…