Here is New Telegraph’s weekly business news roundup of the top 15 latest Nigerian news making headlines from Monday, May 20 to Saturday, May 25, 2024.

CBN Hikes Lending Rate By 150 Points To 26.25%

To consolidate on gains derived from previous tightenings, the Central Bank on Tuesday, raised the lending rate by 150 basis points.

The fresh hike by the Monetary Policy Committee (MPC) raised the lending rate to 26.25 per cent from the… Read more

BDC: CBN Gives Further Clarification On New Policy

The Central Bank of Nigeria (CBN) has offered explanations on the tier-based classification of Bureau De Change (BDC) operations.

The explanation followed the new policy announced on Wednesday. According to the… Read more

CBN Withdraws Circular On 0.5% Cybercrime Levy On Electronic Transactions

The Central Bank of Nigeria (CBN) has withdrawn the circular it sent to the commercial, merchant, and non-interest financial institutions, Payment Service Banks, mobile money operators and payment service providers, on May 6, directing them to commence the deduction of a 0.5 per cent levy on electronic transactions (cybercrime levy) for the National Cybersecurity Fund by May 20.

The apex bank announced this in a circular released on… Read more

Germany, Nigeria Trade Relations Hits €3bn – Envoy

The German Ambassador to Nigeria, Mrs Annette Gunther, says trade relations between the Federal Republic of Nigeria and the Federal Republic of Germany currently stand at about €3 billion.

Gunther, who made this known in an interview with the News Agency of Nigeria (NAN) on Sunday in Abuja, said that the… Read more

NNPC Ltd, Schlumberger Sign Agreement To Boost Upstream Operations

Nigerian National Petroleum Company Energy Services Limited (EnServ) and Schlumberger (SLB), a renowned global technology company, have signed a technical partnership agreement towards bolstering upstream operations.

According to a statement issued on Thursday by the Chief Corporate Communications Officer, NNPC Ltd, Olufemi Soneye, the agreement is part of… Read more

Foreign Investors’ Feedback On Economy Positive’ – Cardoso

The Governor of the Central Bank of Nigeria (CBN), Mr Olayemi Cardoso said the feedback and tracking on the economy by the Foreign Direct Investors suggest Nigeria’s economy is on the right course, engendering confidence amongst international investors.

He noted that different circulars and policy initiatives and the clearing of forex backlog by the bank were aimed at… Read more

FG Commences Allocation Of New Oil Blocks

The Federal Government has announced the commencement of allocation of the 2024 oil block licensing round.

The Chief Executive of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), Engineer Gbenga Komolafe, said the 2024 block licensing round would last for… Read more

Remittances: We’ve No Record Of NNPCL, FRC Tells Reps

The Fiscal Responsibility Commission (FRC) on Tuesday said it had no record of remittances by the Nigeria National Petroleum Company Limited (NNPCL) as expected by law.

The Chairman of the Commission, Mr Victor Muruako disclosed this at the ongoing probe to monitor revenue by… Read more

Tinubu Approves N35bn For Ajaokuta Light Section Mill Restart

President Bola Tinubu has approved a seed capital of N35 billion from a private financial institution for the restart of the light section mill at the Ajaokuta Steel complex.

The Minister of Steel Development, Shuaibu Abubakar Audu, disclosed this yesterday in… Read more

FG Targets $15bn Investment From IoCs

The Minister of State for Petroleum Resources, Heineken Lokpobiri, has said Nigeria has commitments totalling about $15 billion from some international oil companies (IOCs).

He explained that the Federal Government was expecting an investment of $10 billion from an IOC in… Read more

NPA Tackles CBN Over $1.5bn Loss To Poor Cargo Shipment

Despite the Federal Government’s regulations and tariffs on the ship-to-ship transfer of cargoes including petroleum products, Nigeria is still losing $1.5 billion (N2.1 trillion) annually due to recent policy initiatives on foreign exchange by the Central Bank of Nigeria (CBN).

Findings revealed that large seagoing vessels with products meant for Nigeria are deliberately avoiding the… Read more

CBN Orders BDCS To Meet New Capital Base By December

The Central Bank of Nigeria (CBN) has announced that all applicants for the new Bureaux De Change (BDC) licence category of their choice, as provided in the regulatory and supervisory guidelines for BDC operations in the country, the draft of which it first unveiled in February this year, must meet the stipulated minimum capital requirements and conditions by December 3 this year.

In a circular posted on its website on Wednesday, which announced its approval of the guidelines, the apex bank directed existing BDCs to… Read more

Regulators Must Listen To Market In Policy Development’

Central banks and economic policy decision-makers must consult key market players and consider market sentiments in their decision-making process to ensure balanced policies inclined with players’ perspectives.

Giving the advice at the 2024 3i Africa Summit held in Accra, during a… Read more

NLC Mobilises To Picket Turkish Airlines Over Workers’ Sack

The Nigeria Labour Congress (NLC) will on Tuesday commence the picketing of Turkish Airlines in Lagos in a bid for the carrier to reinstate staff that were dismissed, forced to abandon duty or forced to resign under duress, including those victimised for their union membership in 2020.

The NLC in a notice of picketing of Turkish Airlines in Lagos signed by its Acting General Secretary, Chris Ufot stated that all affiliate unions in aviation are… Read more

PIA Has Transformed Investment Climate In Oil, Gas Sector –Anim

The Managing Director of Platform Petroleum Limited, Mr John Anim, has said the Petroleum Industry Act (PIA) has transformed the investment climate in Nigeria’s oil and gas sector.

He spoke during the “Investment Opportunities in Nigeria” panel session at the… Read more