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FG Commences Construction Of First Aviacargo Village

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The Federal Government through the Federal Airport Authority of Nigeria, FAAN, has commenced the construction of the first aviacargo village in the country.

This move according to FAAN is geared towards transforming the country into an export driven economy and also a hub for agro-export in Africa.

The cargo village occupies 27,000 square meters land mass, and can accommodate all the exports processes at the airport.

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Vanguard had reported that since the introduction of air cargo system in the country, successive governments have failed to facilitate more export by air despite the availability of goods in the country.

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A reflection of the development shows that the sector’s share of total trade volume appears abysmal, as most aircraft leaves the country almost empty.

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But, in reaction to the development, the Managing Director, FAAN, Mr. Kabir Mohammed, while speaking at the ground breaking ceremony stated that, establishing an aviacargo village was identified as one of the quick wins in addressing the rejection of agro-export from Nigeria and increasing the country’s exports and earnings.

He said: “The cargo village which is one of the proposed recommendations of the aviacargo road map committee, setup by FAAN, is meant to streamline the process of agro-export in the country and create a seamless operation from the farm to the airplane before it’s ferried abroad.

“By this ground breaking ceremony taking place today, you can agree with me that FAAN management is truly determined to implement your recommendations with a view to taking the rightful number one position in aviacargo exports in Africa with the next few years.

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“This cargo village will be one-stop-s aimed at addressing most challenges militating against massive aviacargo exports in our country.

“It will have facilities for cargo processing, packaging, certification, laboratory services, data gathering for traceability of products and produces etc.

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“You can be assured that in the couple of years, cargo planes will be departing from our airports fully loaded with goods that meet destination standards and acceptance.”

On his part, the coordinator, Aviacargo Roadmap Committee, Mr Ikechi Uko said the ground breaking ceremony is a small step for agency and the committee members but a giant step for Nigeria.

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“I want use this opportunity to thank FAAN, the management staff, for what they have done. This is a small step for those of us here but it is a magic leap not just for FAAN but for Nigeria. We are number five in Africa, when we ought to be number one and this today starts the journey to number one aviation cargo hub Africa.

“I thank the Managing Director for bringing this to fruition and the whole committee members for supporting this project since we started. And the next time we will be here, there will be evidence of what we have done today.”
VANGUARD

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Business

CBN Issues Directive Clarifying Holding Companies’ Minimum Capital

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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.”

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The move is expected to calm market anxiety and provide clarity for lenders navigating ongoing regulatory capital requirements.

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Naira Records Massive Week-on-week Depreciation Against US Dollar

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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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Naira Appreciates Against US Dollar After Highest Dip

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The Naira bounced back, recording an appreciation against the United States dollar at the official foreign exchange market after hitting its lowest point this week.

Data from the Central Bank of Nigeria showed that the Naira strengthened to N1,452.13 on Thursday, up from N1,454.19 traded on Wednesday.

This represents a gain of N2.06 against the dollar on a day-to-day basis.

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Meanwhile, in the black market, the Naira depreciated by N5 to N1,470 per dollar on Thursday, down from N1,465 recorded the previous day.

The apex bank’s data indicated that the country’s external reserves continued to rise, standing at $44.12 billion as of 19 November 2025, despite the mixed sentiments in the currency exchange market.

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Recall that on Wednesday, the Naira recorded its highest depreciation against the dollar at the official FX market.

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