Business

CBN Limits Cash Withdrawals To N100,000 Weekly

The Central Bank of Nigeria has imposed fresh cash withdrawal limits on individuals and organisations, which takes effect from January 9, 2023. According to a new memo to banks issued on Tuesday and signed by the Director of Banking Supervision, Haruna .B. Mustafa, individuals will only be able to withdraw N100,000 per week (from over the counter, Point of Sale ...

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Aba Power Begins Consumer Survey, As American Partner Trains 35 Nigerian Professionals

The National Rural Electric Cooperative Association (NRECA) of the United States has hired and trained 35 Nigerians to work with Aba Power Limited, Nigeria’s newest power distribution firm, to enumerate electricity consumers in nine out of the 17 local government areas (LGAs) in Abia State where it has been providing electricity since last February. This fact was made known today ...

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The US Dollar Is Getting Stronger: African Countries Are Feeling The Pain And Have Few Policy Options

Shutterstock Jonathan Munemo, Salisbury University The US dollar has been advancing rapidly in response to the Federal Reserve’s resolve to keep raising policy rates for longer to regain control of stubbornly high inflation. This has far reaching consequences. The US dollar is prominently used around the world as an international medium of exchange and as a global reserve currency. The ...

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Dangote Sugar Boosts Its $700m Investment; Increases Numan Sugar Plantation By 179% To 24,200 Hectares

President of the Dangote Group, Alhaji, Aliko Dangote, has announced that the Dangote Sugar Refinery (DSR) Plc is significantly scaling up its investment in the sugar sub-sector in line with the requirement of the Nigeria Sugar Master plan (NSMP). Speaking at the Flag off Ceremony of the 2022/2023 Crushing Season and Outgrower Scheme Awards in Numan, Adamawa State, Dangote said ...

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Industry-First Fraud And Anti Money Laundering Exchange Addresses Financial Sector’s $2 Trillion Money Laundering Headache

False FRAML alerts cost banks between $1 million and $20 million a year, depending on their size MoData is driving an industry-first collaboration that enables regulated institutions to securely share FRAML (Fraud and Anti Money Laundering) data with each other using blockchain, confidential computing and artificial intelligence. The solution empowers institutions to manage financial crime risk without compromising customer privacy ...

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2022: Dangote Industries Wins FMDQ Largest Corporate Lodgment Award

…as Dangote Cement named Most Trusted Brand of the Year   In a blaze of honour, the Pan-African conglomerate, Dangote Industries Limited (DIL) and its Africa’s leading cement manufacturer subsidiary, Dangote Cement Plc were adjudged the Largest Corporate Bond lodgment on FMDQ in gold category and the 2022 Most Trusted Brand of the Year respectively. On the back of the ...

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AfDB And AU Commission Sign $9.73 Million Grant Agreement To Drive Digital Market Development In Africa

The African Union Commission (AUC) and the African Development Bank (www.AfDB.org) have signed a grant agreement to implement Phase 1 of the Upstream Project for Digital Market Development in Africa. The signing ceremony took place on November 17 at AUC Headquarters in Addis Ababa, Ethiopia. The AUC Commissioner for Economic Development, Trade, Tourism, Industry and Minerals, Ambassador Albert M. Muchanga, ...

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LCCI Hails Dangote On The Provision Of Infrastructure, Job Creation

Dangote Industries Limited sustained efforts at providing basic infrastructure through various intervention projects have received the commendation of the Lagos Chamber of Commerce and Industry (LCCI). President of the LCCI, Dr. Micheal Olawale-Cole in his remarks at Dangote Group’s Special day at the Lagos International Trade Fair said the foremost indigenous conglomerate had contributed significantly in providing solutions to the ...

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Fidelity Bank Announces Keynote Speakers for Event On Fast-Growing Nigerian Markets

Fidelity Bank Plc, Nigeria’s leading financial institution, has announced the keynote speakers for the Fidelity International Trade and Creative Connect (FITCC) exhibition and conference, which will take place in London on the 15th and 16th of November 2022. The event was organised in partnership with the UK Department for International Trade (DIT), the Nigerian Export Promotion Council (NEPC) and Invest Africa, ...

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Global Climate Movement Calls For Real Climate Action At UN Climate Talks In Egypt

  Informally known as ‘Africa’s COP’, the 27th United Nations Conference on Climate Change (COP27) begins today in Sharm El-Sheikh, Egypt, where civil society groups will bring together voices from communities most affected by climate breakdown, challenging world leaders to finally make the decisions urgently necessary to protect this and future generations. This year’s UN climate talks are being held ...

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