News
CBN Warns Banks Over Persistent ATM Cash Shortages, Vows Severe Penalties
The Central Bank of Nigeria (CBN) has cautioned banks against ongoing cash shortages at ATMs, vowing severe penalties for non-compliance.
Governor Olayemi Cardoso, speaking at the CIBN Bankers’ Dinner, emphasized the challenges faced by Nigerians due to limited cash availability and announced spot checks to enforce accountability.
Starting December 1, customers can report ATM or branch cash withdrawal issues to the CBN via designated phone lines and emails. Cardoso also urged stakeholders, including mobile money operators and POS agents, to comply with regulations and support digital transactions to improve service delivery.
On foreign exchange, the governor highlighted a missed N6.2 trillion revenue opportunity due to an inflexible FX regime and called for reforms to boost Nigeria’s economic resilience.
News
Ngozi Okonjo-Iweala Says Nigeria Lacks a Maintenance Culture
The Director-General of the World Trade Organization (WTO), Ngozi Okonjo-Iweala, has spoken on Nigeria’s economy, stating that the country lacks a good maintenance culture.
She said “The fact is that endowments alone do not add value. Budgetary allocations alone do not lead to new roads or good maintenance.”
“We lack a maintenance culture in the country. I have to say that. I’m Nigerian, but we need that. We need better ports and digital infrastructure, and lower trade costs. Execution is what matters, and successful execution requires focus. It requires prioritisation.”
News
Peter Obi Criticises President Tinubu’s Statement on Hunger
Politician and former presidential candidate Peter Obi speaks on President Bola Tinubu’s comments regarding the rising hunger and worsening economic situation in Nigeria.
It can be noted that the President recently stated that hunger has always existed in Nigeria.
Peter Obi responded “I watched with deep concern the statement made by President Bola Tinubu to the Catholic Bishops, that there has always been hunger in Nigeria, even before he was born.”
“While it is true that hunger has been a part of human life and has existed in our country for decades, such a statement appears insensitive to the plight of the millions of Nigerians who face worsening economic hardship today.”
News
Nigerian Army Launches New IED Training Programme
Reports have been shared stating that the Nigerian Army has launched a new programme designed to train and improve the skills of engineers in tackling threats posed by Improvised Explosive Devices (IEDs).
The seminar is being organised by the 41 Engineer Brigade of the 1 Division Nigerian Army.
It was stated “Improvised Explosive Devices have become one of the greatest security threats confronting the Nigerian Army in ongoing counter-insurgency operations. Their widespread use has complicated military operations and humanitarian activities in conflict-affected areas.”
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