Business Archives - Independent Digital News Network

CBN Removes Cash Deposit Limits but Maintains Harsh Withdrawal Caps in 2026 Policy Shift

The Central Bank of Nigeria has abolished all cash-deposit limits for bank customers under a new policy taking effect January 1, 2026. But while customers can now deposit any amount freely, strict weekly withdrawal caps remain in place—₦500,000 for individuals and ₦5m for corporates—deepening nationwide debate over the future of cash, liquidity access and Nigeria’s evolving cashless economy.

Domestic Airfares Soar to ₦300k–₦400k as Yuletide Travel Crisis Deepens Across Nigeria

IDNN3 days ago3 days ago0

Domestic airfares have surged to between ₦300,000 and ₦400,000 on major routes as Nigerians rush to book flights for the Christmas season. Airlines blame demand spikes and operational costs, while travellers complain of exploitative pricing, limited seats and a looming nationwide travel meltdown.

Nigeria Losing ₦20bn Daily to Port Collapse, Agbakoba Warns as Congestion and Inefficiency Deepen

IDNN3 days ago3 days ago0

Nigeria is losing over ₦20bn daily due to collapsing port infrastructure, inefficiency and severe congestion, maritime expert Olisa Agbakoba warns. He says delays, obsolete systems and logistical gridlock are crippling trade, driving costs up and weakening government revenue as importers and exporters struggle to move cargo efficiently.

Dangote Refinery Cuts Petrol Price to ₦840 as Global Oil Crash Hits Nigerian Market

IDNN5 days ago5 days ago0

The Dangote petrol price ₦840 reduction has rippled across Nigeria’s downstream sector after global crude prices plunged to $62 per barrel. Major depots including AIPEC and NIPCO have matched the new gantry price, sparking fresh debate about pump-price relief and market stability as OPEC+ maintains its production pause into early 2026.

Auditor-General Uncovers N61bn and $51m Questionable NNPCL Payments in Explosive New Report

IDNN2 weeks ago2 weeks ago0

Nigeria’s Auditor-General has uncovered over N61bn and $51m in financial irregularities linked to the NNPCL, including undocumented payments, unauthorised virements, procurement breaches, abandoned projects, and weak internal controls. The report, transmitted to the National Assembly, demands urgent recovery and sanctions.

Tinubu Economy Reboot: FG Targets 500 CNG Stations as Manufacturers Flee Bank Loans

IDNN3 weeks ago3 weeks ago0

Nigeria’s economic landscape is shifting as the federal government launches a plan for 500 CNG stations in three years while manufacturers abandon expensive bank loans for bonds and retained earnings. The dual transition—energy reform and corporate financing realignment—signals a new phase in the Tinubu administration’s push to stabilise fuel costs, reduce inflation and cut industrial debt risks.

NIGERIAN STOCKS SUFFER BIGGEST ONE-DAY CRASH IN 15 YEARS ON TAX SHOCK

IDNN3 weeks ago3 weeks ago0

💣 The Day the Tickers Turned Red At 9:30 a.m., the Nigerian Exchange (NGX) opened with cautious optimism. By noon, the screen had turned blood...

HOUSE OF REPS WARNS EFCC: STOP PROFILING CRYPTO TRADERS AS FRAUDSTERS

IDNN4 weeks ago4 weeks ago0

The Nigerian House of Representatives has issued a direct warning to law enforcement agencies, telling them to stop profiling cryptocurrency traders as fraudsters. Lawmakers at Monday’s crypto regulation hearing said the era of “innovation by suspicion” must end — urging the EFCC and NFIU to evolve from intimidation to intelligent oversight.

OBA OF BENIN DRAWS LINE OVER MOWAA TUSSLE — “HISTORY WILL NOT REPEAT ITSELF”

IDNN4 weeks ago4 weeks ago0

Oba Ewuare II of Benin has vowed that “history will not repeat itself” amid fresh controversy over the Museum of West African Art (MOWAA). The monarch accused former Edo Governor Godwin Obaseki of attempting to sideline the Benin Kingdom from the custody of returned artifacts, drawing international attention to Nigeria’s heritage politics.

DANGOTE’S PETROL PRICE SLASH TRIGGERS MARKET SHOCK — IMPORTERS MAY HALT FUEL SHIPMENTS

IDNN4 weeks ago4 weeks ago0

⚙️ The Move That Tilted the Market Dangote Petroleum Refinery’s new gantry price of ₦828 per litre — down from ₦877 — has flipped Nigeria’s...