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  • Business - Companies
  • Updated: May 12, 2024

Business news roundup from May 5- May 11, 2024

Business news roundup from May 5- May 11, 2024

Welcome to the AllNews roundup of the 5 Latest Business News that made the round last week.

Currency in circulation surges to N3.87tn - CBN

Nigeria’s currency in circulation has increased to N3.87tn at the end of March.

This is according to the latest money and credit statistics on the website of the Central Bank of Nigeria, the currency in circulation was N3.87tn, higher than N3.69tn in February and N3.65tn in January. Read more here 

Electricity tariff increase: FG ignores TUC, NLC’s call for reversal

Despite the two-week request issued by the Trade Union Congress calling for the hike reversal, the Nigerian government has said there is no going back on the recent electricity tariff hike.

The spokesperson for the Ministry of Power, Florence Eke, made this known in a statement on Sunday while reacting to organized Labour’s ultimatum. Read more here.

EKEDC gets 60 additional feeders

The Nigerian Electricity Regulatory Commission has approved the upgrade of 60 additional feeders of the Eko Electricity Distribution Company, bringing the total to 134.

This was made known by EKEDC spokesperson Babatunde Lasaki, in a statement that the upgrade followed a review of the feeders in line with their capabilities to give the customers classified under the feeder at least 20 hours of power supply daily. Read more here

CAC gives PoS operators ultimatum to register agents

The Corporate Affairs Commission, CAC, has given Nigeria’s 1.9 million PoS agents a deadline to register its agents and merchants with the commission as part of plans to improve transparency and reduce fraud in the financial space.

The announcement is coming on the heels of the CBN directives to Fintechs like Moniepoint, OPay, and PalmPay to cease the onboarding of new members. Read more here.

IMF warns FG against CBN Act amendment

The International Monetary Fund, IMF, has cautioned the Federal Government against the proposed amendment of the Act establishing the Central Bank of Nigeria, CBN, calling rather for the strengthening of the apex bank.

The position of the Fund is contained in the Article IV Staff Consultation Report of the Board of Governors of the global organization, which was released in Washington, yesterday. Read more here

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