Author: Vardiafrica

The Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) has hiked the benchmark interest rate by 200 basis points to 24.75 percent.  This is according to a Tuesday communique by the CBN governor Yemi Cardoso after the second MPC meeting of his tenure in Abuja. The new interest rate is a jump from the 22.75 percent announced by the MPC about a month ago and the second rate hike by the current committee. Cardoso announced the retention of the Cash Reserve Ratio (CRR) of deposit money banks at 45 percent. However, the MPC adjusted the CRR of…

The Central Bank of Nigeria (CBN) has directed deposit money banks in the country to expedite action to increase their capital base from the current ₦25bn. CBN Governor Olayemi Cardoso stated this during the apex bank’s 294th meeting of the Monetary Policy Committee (MPC) on Tuesday in Abuja, when the MPC hiked the interest rate by 22.75% to 24.75%. The apex bank chief said the MPC examined developments in the banking sector and expressed satisfaction that the industry remained stable. The committee, however, said to guard against risk, commercial banks in the country should accelerate their recapitalisation efforts. Cardoso said,…

Amid the escape of Binance Holding Limited Africa Regional Manager, Nadeem Anjarwalla from the custody of the National Security Adviser (NSA), the Central Bank of Nigeria (CBN) has disclosed that it is the role of the Securities and Exchange Commission (SEC) to regulate cryptocurrency transactions in the country, and not the responsibility of the apex bank. However, the apex bank disclosed that collaboration with SEC, the Economic and Financial Crimes Commission (EFCC) and the Office of the National Security Adviser has been yielding positive outcomes in the last one month. CBN Governor Olayemi Cardoso stated this during the apex bank’s…

Pelumi Nubi, the content creator who embarked on a solo road trip from London to Lagos, has survived a car accident. In an Instagram post on Tuesday, she shared a picture of her now-wrecked car, revealing severe damage to the front bumper and a shattered windscreen. An accompanying video shows her being carried in an ambulance, with the caption: “Say a prayer for me.” Details about the accident’s location, cause, and the extent of her injuries remain unclear. Pelumi began her journey on January 31, 2024, facing various obstacles along the way. These challenges included a 24-hour hold at the…

The Port Harcourt division of the Rivers State High Court has ruled that Celestine Omehia is not a former governor of Rivers State and as such not entitled to the pensions meant for former governors and their deputies. Ruling on the matter brought before the court by Omehia, Justice Daketima Kio in a 97-page judgment that took almost three hours to read, however, said that the counterclaim by the state government demanding that Omehia repay N695m was lacking in merit as he hadn’t compelled anyone to pay him the money. Though the counsel to Omehia refused to comment, the Senior…

Ron DeSantis, governor of the US state of Florida, has signed a bill restricting minors from social media. The bill prohibits children under the age of 14 from becoming social media account holders, and allows 14 and 15-year-olds to become account holders with parental consent. “Social media harms children in a variety of ways,” DeSantis said in a statement on Monday after signing the bill. “HB 3 gives parents a greater ability to protect their children. Thank you to Speaker Renner for delivering this landmark legislation The law also protects state residents from remaining anonymous online. In addition, the bill…

The Nigerian Content Development and Monitoring Board(NCDMB) is currently carrying out an onsite out-of-country monitoring visit to South Korea to inspect facilities fabricating Pressure Vessels, Columns, Heat Exchangers, and Filters for the NLNG Train 7 project awarded to the consortium of SAIPEM, Chiyoda and DAEWOO (SCD JV).The visit is from the 18th – 22nd of March 2024. The Monitoring visit is being led by the Executive Secretary NCDMB, Engr. Felix Omatsola Ogbe and the Director of Monitoring and Evaluation, NCDMB, Mr. Abdulmalik Halilu. The Nigeria LNG Ltd team is led by the Managing Director, Dr. Philip Mshelbila and the General Manager, External Relations, and Sustainable Development (ER), NLNG, Mr. Andy Odeh. The NLNG Train 7 project is important to the Federal Government of…

The Nigerian Content Development and Monitoring Board (NCDMB) on Wednesday at the Nigerian Content Tower (NCT), Yenagoa, marked the close-out of the 2023 edition of its Science Quiz Competition for Secondary Schools in Bayelsa State, with prizes for institutions and their students that emerged overall best. Organised in partnership with the Nigerian Television Authority (NTA), the competition is designed to stimulate interest in science, technology, engineering and mathematics (STEM) education among secondary school students and thus orientate them towards academic disciplines vital to oil and gas industry operations. In an address at the occasion, the Executive Secretary of the NCDMB,…

The Office of the National Security Adviser (ONSA) has confirmed the escape of Nadeem Anjarwalla, the Binance regional manager for Africa. A statement by Zakari Mijinyawa, head of strategic communication at ONSA, said “preliminary investigation shows that Mr Anjarwalla fled Nigeria using a smuggled passport”. “The personnel responsible for the custody of the suspect have been arrested, and a thorough investigation is ongoing to unravel the circumstances that led to his escape from lawful detention,” the statement reads. On Monday, a report by Premium Times said the Binance executive escaped from the Abuja guest house where he and his colleague were detained,…

The Central Bank of Nigeria has issued a circular to Bureau De Change operators (BDCs), informing them that it has sold $10,000 to each BDC at a rate of N1,251/$1. In a circular seen by Nairametrics, each BDC is instructed to sell the dollars to eligible customers at a rate not exceeding 1.5% above the purchase price. This suggest BDC are not expected to sell above N1,269/$1. This confirms the resumption of dollar sales to BDC operators after a prolonged period of suspension by the central bank in 2021. The ban was lifted earlier in the year following the revocation of licences of over 4173…