Business
Again, Emirates Suspends Flights To Nigeria
Emirates Airlines has suspended all its flights to Nigeria as a retaliatory action taken against the Federal Government.
The Nigerian government had earlier reduced the frequencies approved for the Middle East airline to just one over an ogoing diplomatic row.
In a statement issued by the airline Friday evening, it said, “With the recently imposed directive limiting Emirates to operate one flight per week to Nigeria via Abuja, Emirates will be suspending its flights between Nigeria and Dubai from 13 December 2021, until the UAE and Nigerian authorities work on a solution to the ongoing issue.
“The last flights to operate on 12 December 2021are EK 783/784 to/from Lagos and EK 785/786 to/from Abuja
“Customers holding tickets with the final destinations Lagos and Abuja will not be accepted at the point of origin.
“Affected customers do not need to call us immediately for rebooking. Customers can simply hold on to their Emirates ticket and when flights resume, get in touch with their travel agent or booking office to make new travel plans.
“Emirates regrets any inconvenience caused. Emirates is committed to its operations in Nigeria, and we stand ready to reinstate services once restrictions are lifted by the Nigerian authorities, ensuring travellers have more choice and access to trade and tourism opportunities in Dubai, and beyond to our network of over 120 destinations.”
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The Federal Government had on Thursday withdrawn its approval for Emirates Airlines winter schedule, cutting down the carrier’s daily flights to Abuja to just once a week.
It disclosed this in a letter dated December 9, 2021, issued to the Country Manager, Emirates Airlines Nigeria, Victoria Island, Lagos, and signed by the Director-General, Nigerian Civil Aviation Authority, Capt. Musa Nuhu.
The letter with reference NCAA/DG/AIR/11/16/329 and titled ‘Withdrawal of Ministerial Approval of Emirates Airlines Winter Schedule’, advised the airline to abide by the new directive.
It read in part, “I wish to inform you of the withdrawal of the approval granted to Emirates Airlines Winter Schedule. This approval was conveyed via a letter with reference number FMA/ATMD/501/C.104/XV/536 dated December 1, 2021.
“This withdrawal becomes effective on Sunday, December 12, 2021, at 2300h. Please kindly note, henceforth, Emirates Airlines is granted approval to operate only one weekly passenger frequency to Abuja on Thursdays.
“Please be guided accordingly. Do accept the assurances of my highest regards.”
The Federal Government about a week lifted the ban on Emirates Airlines flights to Nigeria after suspending the carrier from operating into Nigeria several months earlier, due to concerns over the United Arab Emirates carrier’s requirements in the management of COVID-19.
Business
CBN Retains Interest Rate At 27%
The Monetary Policy Committee of the Central Bank of Nigeria has voted to retain the benchmark interest rate at 27 per cent.
CBN Governor, Olayemi Cardoso, announced the decision on Tuesday following the apex bank’s 303rd MPC meeting in Abuja.
Cardoso stated that the committee also resolved to keep all other monetary policy indicators unchanged.
READ ALSO:CBN Issues Directive Clarifying Holding Companies’ Minimum Capital
He noted that the Cash Reserve Ratio (CRR) remains at 45 per cent for commercial banks and 16 per cent for merchant banks, while the 75 per cent CRR on non-TSA public sector deposits was equally maintained.
Cardoso added that the Liquidity Ratio was retained at 30 per cent, and the Standing Facilities Corridor was adjusted to +50/-450 basis points around the Monetary Policy Rate.
The decision comes as Nigeria records its seventh consecutive month of declining inflation, which eased to 16.05 per cent in September 2025.
Business
CBN Issues Directive Clarifying Holding Companies’ Minimum Capital
The Central Bank of Nigeria, CBN, has issued a definitive directive detailing how financial holding companies should calculate their minimum paid-up capital, following weeks of confusion that delayed the release of some banks’ half-year and nine-month financial statements.
In a circular dated November 14, 2025, the apex bank acknowledged “divergent interpretations” of the term minimum paid-up capital as stated in Section 7.1 of the 2014 Guidelines for Licensing and Regulation of Financial Holding Companies.
To eliminate ambiguity, the CBN ruled that minimum paid-up capital must be computed strictly as the par value of issued shares plus any share premium arising from their issuance.
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“All Financial Holding Companies are required to apply this definition in computing their minimum capital requirement—without exception for subsidiaries,” the circular stated.
The regulator added that the directive takes immediate effect, noting that any previous interpretation that does not align with the new clarification “should be discontinued forthwith.”
The move is expected to calm market anxiety and provide clarity for lenders navigating ongoing regulatory capital requirements.
Business
Naira Records Massive Week-on-week Depreciation Against US Dollar
The Nigerian Naira recorded massive week-on-week losses against the United States dollar at the official foreign exchange market.
The Central Bank of Nigeria’s exchange rate showed that the Naira dipped significantly to end the week at N1,456.73 on Friday, November 21, 2025, down from N1,442.43 traded on November 14.
This means that on a weekly basis, the Naira shed N14.06 against the dollar at the official market.
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However, at the black market, currently battling with low patronage, it remained stable at N1,465, the same rate traded last week.
The development comes despite Nigeria’s foreign reserves rising by 1.25 per cent to $43.64 billion in the last week.
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