Business

Foreign Investors Shun Nigeria Over Megative Publicity Of Security Challenges, Gov Laments

Published

4 years ago

September 26, 2021

Niger State Governor and Chairman, North Central States Governor’s Forum (NCSGF), Abubakar Sani Bello on Sunday, said that negative publicity on the security challenges in Nigeria has continued to hinder genuine businessmen’s effort to invest in the country.

In a statement on Sunday by Mary Noel-Berje, Chief Press Secretary to the Governor of Niger State, he stated that the negative publicity with regards to security challenges has affected many states in the country towards attracting foreign direct or even indirect investment

He added that those challenges are being successfully tackled at the moment by the federal and state governments.

According to him, Governor Sani Bello, who is attending a bilateral, economic, trade and investment forum in Istanbul, Turkey, disclosed that the Nigerian government has recorded significant progress in addressing the problems of insecurity stressing that, though it will take some time to end, it should not deter investors from coming to Nigeria.

“I know a few Turkish companies that are in Nigeria at the moment. They are doing their business and doing really well. So, I think there’s the need to build investors confidence with regards to the security challenges in Nigeria”, he added.

After meeting with lots of Turkish companies, the Governor stated that although many of them have shown enthusiasm and interest to work in Nigeria, most foreign companies lacked the courage to visit and do business in the country.

DAILY POST reports that the Governor in the statement applauded the organizers of the forum for what he described as a very timely event.

He however suggested that more Turkish companies and or their CEOs should be invited next time so that they are able to explain to the people in Turkey that Nigeria is not as bad as it’s been portrayed.

He said “There’s the urgent need to change the narrative and to mount aggressive image laundering campaigns to change the negative perception and impression of foreign investors towards our country. Every country of the world has its own peculiar challenges, but they are surmountable.

“I am glad we are able to attend the bilateral economic, trade and investment forum. We’ve met with lots of companies, including security companies as well. In my opinion, the event was timely and the organizers did a wonderful job”, he said.

Business

JUST IN: CBN Removes Cash Deposit Limits, Raises Weekly Withdrawal To N500,000

Published

6 hours ago

December 3, 2025

Editor

The Central Bank of Nigeria (CBN) has removed cash deposit limits and also increased the weekly cash withdrawal limit from N100,000 to N500,000.

The CBN made this known in a circular to all banks and other financial institutions, signed by Dr Rita Sike, Director, Financial Policy and Regulation Department.

Sike said that the revisions formed part of ongoing efforts to moderate the rising cost of cash management and address security concerns.

According to her, it will also curb money laundering risks associated with heavy reliance on cash.

She said that the cash-related policies previously issued in response to evolving circumstances were aimed at reducing cash usage and promoting the adoption of electronic payment channels.

“However, with time, the need to streamline and update these provisions to reflect present-day realities became necessary,” she said.

She said that with effect from Jan. 1, 2026, the cumulative deposit limit would be removed and the fee previously charged on excess deposits would no longer apply.

The director said that the cumulative weekly withdrawal limit across all channels has been reviewed to N500,000 for individuals and five million Naira for corporates.

“Withdrawals above these thresholds will attract excess withdrawal charges as specified,” she said. “The special monthly authorisation that allowed individuals to withdraw five million Naira and corporates N10 million once a month has been abolished.”

She said that for Automated Teller Machines (ATMs), daily withdrawal remains capped at N100,000 per customer, with a maximum of N500,000 weekly.

She said that this formed part of the overall weekly withdrawal limit applicable to all channels, including point-of-sale (POS) transactions.

Sike said that excess withdrawals above the stipulated limits would attract three per cent for individuals and five per cent for corporate customers.

According to her, this will be shared in the ratio of 40 per cent to the CBN and 60 per cent to the operating bank or financial institution.

She directed banks to load all currency denominations in ATMs, while the existing limit on over-the-counter encashment of third-party cheques remains pegged at N100,000.

Sike said that such withdrawals would be counted as part of the cumulative weekly limit.

The director said that banks were also required to render monthly returns to the relevant supervisory departments.

She listed the departments to include the Banking Supervision Department, Other Financial Institutions Supervision Department, and the Payments System Supervision Department.

Sike said that revenue-generating accounts of federal, state, and local governments were exempted from the new withdrawal rules.

She said that accounts of microfinance banks and primary mortgage banks held with commercial and non-interest banks are also exempted from the new rules.

She, however, said that the long-standing exemption previously enjoyed by embassies, diplomatic missions, and aid-donor agencies had been removed.

Business

Naira Records Depreciation Against US Dollar Across Official, Black Markets

Published

1 day ago

December 2, 2025

Editor

The naira depreciated against the dollar at the official and parallel foreign exchange markets on Monday to begin the new month on a bearish note.

Central Bank of Nigeria’s data showed that the Naira weakened to N1,448.44 on Monday, down from N1,446.74 traded on Friday last week.

This means that the naira dropped by N1.7 against the dollar on Monday when compared to Friday.

Similarly, at the black market, the Naira declined by N5 to N1,475 on Monday from N1,470 at the close of work last week.

The development comes as Nigeria’s foreign reserves stood at $44.61 billion as of November 27th, 2025.

Business

NNPCL Revenue, Profit Soar To N5.08tn, N447bn In October

Published

4 days ago

November 29, 2025

Editor

The Nigerian National Petroleum Company Limited has announced a significant revenue increase to N5.078 trillion for October 2025.

The state-owned firm disclosed this in its monthly financial report released on Saturday.

According to the financial report, from N5.078 revenue in October, the company posted a N447 profit after tax.

The figure represents a significant 19.2 percent increase in revenue from N4.26 trillion and a 106 percent rise in PAT from N216 billion in September 2025.

The report stated that from January to September, NNPCL paid N11.150 trillion in statutory payments to the federation.

Four days ago, NNPCL posted a total of N45.1 trillion as total revenue for the 2024 financial year.