CBN, NCC issue 6-month deadline for banks, telcos on N250bn USSD debt
Post AMUGE
December 24, 2024
Onome Amuge The Central Bank of Nigeria (CBN) and the Nigerian Communications Commission (NCC), have issued a final directive to Deposit Money Banks (DMBs) and Mobile Network Operators (MNOs) to reach a swift resolution to the longstanding N250 billion USSD debt dispute. A joint circular, signed by Oladimeji Taiwo, the acting Director of Payments System […]
3 years on: AfCFTA struggles to unlock Africa’s intra-trade potential
Post AMUGEDecember 23, 2024
Inter-African trade stands at 17%- Afreximbank Experts blame poor AfCFTA performance on divergent currencies, poor infrastructure, others ONOME AMUGE Africa, rich in resources, and brimming with a population of over 1.3 billion potential consumers, would appear to present lucrative opportunities for economic growth and development. However, intra-continental trade has remained sluggish, a glaring contrast to […]
Nigeria’s 2025 budget to deliver paltry N250K per citizen
Post AMUGEDecember 23, 2024
Tinubu faces criticism over 15% inflation target, others Onome Amuge In layman’s term, the ‘Budget of Restoration’ proposed by President Bola Tinubu last week, if shared among 200million Nigerians ( estimated) will amount to N250,000/head per annum. In dollar terms, it will amount to about 160. This amount will not pay four months minimum wage […]
Dangote refinery drops petrol price to N899.50/litre ahead of Yuletide festivities
Post AMUGEDecember 19, 2024
Onome Amuge Dangote Petroleum Refinery has slashed the price of its petrol to N899.50 per litre, aimed at easing transport costs during the festive period. Anthony Chiejina, group chief, branding and communications officer of the Dangote Group, made the announcement in a statement on Thursday, explaining that the move is expected to provide much-needed relief […]
Tinubu’s 2025 Restoration budget forecasts Naira appreciation from N1700 to N1500 per dollar
Post AMUGEDecember 18, 2024
Onome Amuge President Bola Tinubu has presented an optimistic outlook for Nigeria’s foreign exchange market, projecting a strengthening of the naira against the dollar. The president, in the budget proposal for 2025, unveiled earlier today,anticipated the exchange rate to appreciate from the current level of around N1700 to N1500 per dollar by 2025. President Tinubu, […]
CBN sets N100,000 daily limit on POS withdrawals per customer
Post AMUGEDecember 18, 2024
Onome Amuge The Central Bank of Nigeria (CBN) has set a new limit of N100,000 per customer for daily withdrawals made through Point-of-Sale (POS) terminals. This limit was communicated to all Deposit Money Banks (DMBs), Microfinance Banks, Mobile Money Operators, and Super-Agents in a recent circular titled “Cash-out Limits for Agent Banking Transactions,” according to […]
Fed on track for 25 basis point rate cut to close out 2024 policy moves
Post AMUGEDecember 18, 2024
Onome Amuge As the Federal Reserve, led by Chairman Jerome Powell, braces for its highly-anticipated final policy decision of the year on the last trading day of 2024, Michael Brown, senior research strategist at Pepperstone, believes that a 25 basis point rate cut is virtually assured. This is as unemployment figures have climbed unexpectedly to […]
Fitch raises concerns over African banks’ prospects for 2025
Post AMUGEDecember 17, 2024
Onome Amuge The stage is set for a challenging year ahead for African banks, as Fitch Ratings has issued a challenging financial outlook for the banking sector in its African Banks Outlook 2025 report. Fitch highlighted the vulnerability of African banks to both domestic and global economic conditions, suggesting that although many countries display solid […]
Nigeria inflation rises to 34.6% in November
Post AMUGEDecember 16, 2024
Onome Amuge Nigeria’s headline inflation accelerated to 34.60 percent in November 2024, representing 0.72 percentage points increase over the 33.88 percent inflation recorded in October, according to the National Bureau of Statistics (NBS). The NBS also reported a year-on-year increase in Nigeria’s headline inflation rate, with the November 2024 rate at 34.60 percent 6.40 percentage […]
2025 global economic outlook: Experts optimistic but guarded in face of volatility
Post AMUGEDecember 16, 2024
Onome Amuge The global economy is expected to maintain a steady growth trajectory in 2025, underpinned by lower inflation and wage growth, resulting in increased real income, and heightened business confidence due to lower interest rates, according to a recent projection by Cordros Securities analysts. However, while the economic outlook appears promising, the analysts cautioned […]