Business
FG Restricts Airlines From UK, Canada, Saudi Arabia, Others
The Minister of Aviation, Capt. Hadi Sirika, says effective from Tuesday, Dec. 14, the Federal Government of Nigeria will restrict airlines coming from Canada, the United Kingdom, Saudi Arabia and Argentina into the country.
The Minister, while making the announcement on Sunday in Lagos, explained that it was to reciprocate restricted flights from Nigeria into those countries over the new COVID-19 variant, Omicron.
Sirika said President Muhammadu Buhari’s administration would also place the United Kingdom, Canada and Saudi Arabia on a red list over the outbreak and spread of the Omicron variant.
The minister noted that if those countries placed Nigeria on a red list, they lacked a moral right to have their airlines fly into Nigeria on commercial operations.
“There is also the case of Saudi Arabia that put Nigeria on the ban list. On Sunday, I participated in a meeting with the COVID-19 task force.
“We have given our input that it is not acceptable by us and we recommended that Canada, the UK, Saudi Arabia and Argentina should also be put on the red list.
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“As they did to us, if they do not allow our citizens into their countries; who are they coming, as airlines, to pick from our country?
“They are not supposed to come in. I am very sure in the next three days, Monday or Tuesday, all those countries will be put on the red list of COVID-19,’’ the minister said.
He stressed that airlines of the affected countries remained banned and the countries placed on Nigeria’s red list.
Sirika apologized to Nigerians intending to travel to those countries but said the Nigerian government’s decision was in the interest of the country.
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.
READ ALSO:CBN Sets POS Maximum Transactions In Fresh Guidelines
“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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