🌎Updates on cash crunch

As frustration and anger over the widespread cash crunch in the country escalates into protests, President Buhari on Friday urged Nigerians to give him seven days to resolve the cash crunch that has become a problem across the country from the policy of the Central Bank of Nigeria to change high value Naira notes with new ones.


* VP Osinbajo, on Friday, met with some players in the FinTech space, exploring possible ways of mitigating the hardship. He said that the CBN and the commercial banks should work with all FinTechs that have mobile money agents in order to reach the farthest places in the country.

* CBN says it is not planning to extend the deadline for the use of old naira notes. Godwin Emefiele, CBN governor, said the CBN, as well as deposit money banks (DMBs) are working to address the current challenges with the circulation of the new currency notes.


* The problems of lingering fuel scarcity and poor implementation of the cash swap policy have ignited protests by frustrated and angry Nigerians in some parts of the country including Oyo, Edo, Ekiti and Lagos states




🌎Oil prices fell to over three-week lows on Friday in a volatile session, after strong U.S. jobs data raised concerns about higher interest rates and as investors sought more clarity on the imminent EU embargo on Russian refined products. Brent crude futures fell $2.23, or 2.7%, to $79.94 a barrel on Friday. Brent registered a 7.8% decline this week while WTI dropped 7.9%.



🌎FG has signed agreements with tech giants, Meta and Google, to tackle the menace of fake news and protect the integrity of the forthcoming general elections.




🌎The National Broadcasting Commission (NBC) has imposed N2 million fines on Arise News and TVC for alleged breach of national broadcasting codes in the countdown to the 2023 general election.




🌎Following a N13 billion judgment debt in suit FHC/L/CS/2/47/2019 filed at a federal high court sitting in Lagos, Guaranty Trust Bank (GTB) has taken possession of assets belonging to Stallion Nigeria Limited in Lagos and its sister firms.


🌎Disruption is feared in the aviation industry where three workers’ unions have threatened to ground operations at the Nigerian Meteorological Agency over failure to implement minimum consequential adjustment wage.




🌎Edwin Kibet of Kenya has won the Access Bank Lagos City Marathon 2023 race with a time of 2:14:14 seconds.



🌎Security Stories: The Katsina State Police Command has confirmed the killing of 41 members of local vigilance groups, popularly known as “Yansakai” in an ambush by terrorists in Yargoje forest.

* The remaining four pupils of the six kidnapped school pupils of the Local Government Education Authority primary school, Alwaza in Doma Local Government Area of Nasarawa State, have been rescued unhurt.

* A police officer and a vigilante operative were killed, on Thursday, when gunmen bombed a police anti-cult unit in Obosi, a community in Idemili North Local Government Area of Anambra State.



🌎Russia-Ukraine War: Ukraine will fight to hold onto the fiercely contested eastern city of Bakhmut as long as it can, Ukrainian President Volodymyr Zelensky said Friday.

* EU leaders held a summit in Kyiv, at which they pledged a new round of EU sanctions against Russia. Ukraine’s bid for EU membership was also discussed.

* Russian shelling caused three large fires in Kherson and the death toll from Russian strikes on the city of Kramatorsk rose to four.

* The US announced a new $2.17 billion Ukraine security package on Friday, which includes longer-range missiles for the first time.

No Comments

Sorry, the comment form is closed at this time.