CBN Raises Interest Rates to 18%
Emefiele expressed confidence in commercial banks and noted that they have remained resilient.
Parent of Silicon Valley Bank Seeks Bankruptcy Protection
SVB Financial Group believes it has approximately $2.2 billion of liquidity.
Asian Stocks Fall as Global Banking Fears Widen
This comes as Credit Suisse said it would borrow up to 50bn francs ($54bn; £44.5bn) to shore up its finances.
Proposed Subsidy Removal: Nigeria Yet To Come Up With Palliatives, Says Deputy Budget Minister
According to Clement Agba, there is no timeline for the Osinbajo committee to conclude the discussion which he said is ongoing.
TikTok Dismisses Calls for Chinese Owners to Sell Stakes
“If protecting national security is the objective, divestment doesn’t solve the problem,” TikTok spokesperson Maureen Shanahan said.
Nigeria’s Inflation Rate Rises to 21.91% as Cash Scarcity Persists
The percentage represents a 0.09% point increase.
Stocks Fall on Wall Street on Renewed Fears About Banks
The heaviest losses were focused on smaller and mid-size banks, which are seen as more at risk of having customers try to pull their money out en masse.
OPEC Confirms Nigeria’s 1.3 Million bpd February Crude Oil Output
Overall, OPEC’s oil production rose in February despite output cuts by the wider OPEC+ group.
Marginal Fields: Nigeria Moves to Mitigate Awardees’ Funding Challenges
The NUPRC is set to release a corporate governance framework.
Banks Begin Dispensing Old N500, N1, 000 Notes Via ATMs, Over-the-Counter
However business are still reluctant to collect the old notes.
Global Bank Stock Rout Deepens as SVB Collapse Fans Crisis Fears
Banking stocks in Asia extended declines on Tuesday, with Japanese firms hit particularly hard and anxiety about systemic risk leading the wider market lower.
Old Naira Notes Remain Legal Tender, CBN Says
The apex bank said the old N200, N500 and N1000 banknotes will remain legal tender alongside the redesigned banknotes till December 31, 2023.
As Nigeria Struggles with Crude Theft, Saudi Aramco Posts Record $161bn Profits
Saudi Arabia currently produces over 10 million barrels per day and has produced all of its OPEC allocation, with some spare capacity.
Despite Legal Issues, Buhari Administration Continues Push for Nigeria Air’s Takeoff Before End of Tenure
Airline operators have urged a court to stop the national carrier deal and withdraw the Air Transport Licence issued to Nigeria Air.
Ekiti Government Threatens to Arrest Traders Rejecting Old Naira Notes
Meanwhile the Bayelsa government has called for calm over the cash crunch.
Alleged Racism: Seplat’s CEO Steps Aside, Hands over to COO
Brown faces accusations of racism, favouritism for expatriate workers, discrimination against Nigerians, and breach of good governance.
Nigeria Revokes Seplat CEO Brown’s Visa, Residence and Work Permits over Alleged Racism
The British national joined Seplat in 2013 as the CFO and was made the company’s CEO in November 2019, but effectively assumed the office in 2020.
Buhari To Least Developed Countries: Emulate Nigeria’s Green Bonds On Climate Financing
He said Nigeria will use its position as host of the headquarters of the Sahel Climate Fund to ensure members access fair climate finance.
Lufthansa Flight with over 200 Nigeria-Bound Passengers Diverts to Cotonou
Many industry stakeholders were aghast about the pilot’s claim that the Lagos airport was closed.
CBN’s Naira Redesign Policy Turned to Currency Confiscation, Atedo Peterside Says
His comments comes hours after the supreme court ruled that old N200, N500 and N1,000 notes remain legal tender until the end of the year.
