December 7, 2025

Business

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

IDNN
0
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

IDNN
0
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

IDNN
0
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

IDNN
0
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

IDNN
0
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

IDNN
0
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....

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

IDNN
0
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”

IDNN
0
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....

This website uses cookies to improve User experience. Accept Learn More

Our Policies