Weekend Biz Updates
📌Headline:
CBN dispatches naira notes to banks
📌Summary:
the CBN has directed all banks to load their Automated Teller Machines (ATMs) as well as conduct physical operations in the banking halls through the weekends.
The Acting Director, Corporate Communications Department of the CBN, Dr. Isa AbdulMumin, disclosed this in Abuja, stating that a substantial amount of money, in various denominations, had been received by the commercial banks for onward circulation to their respective customers.
Branches of commercial banks will operate on Saturdays and Sundays to attend to customers’ cash needs.
The Acting Director urged Nigerians to be patient as the current situation would ease soon with the injection of more banknotes into circulation.
The naira redesign programme, an offshoot of the cashless policy, officially kicked off on December 15, 2022, with the unveiling of new N200, N500, and N1,000 notes.
It is designed to moderate cash spending and tackle terrorism and illicit financial inflows, corruption, and other crimes.
📰Source: The Sun
📌Headline:
NASENI begins $325.8m solar cells plant project
📌Summary:
The National Agency for Science and Engineering Infrastructure (NASENI) has embarked on a $325,860,690 Solar Cells Production Plant to make power cheaper and affordable.
The agency said the cost of solar energy is still beyond the affordability of an average Nigerian hence the necessity of this project.
It will cost a total of $171,970,000 USD with 85% funding equivalent to $146,174,500 USD support from China Africa Development (CAD) fund through the Bank of China and 15% local counterpart funding, the equivalent of $25,795,500USD from Nigeria.
The production and research plant consists of four main production sections on 15.8 hectares of land which are: (a) Polysilicon section of 1,000 tons per annum; (b) Ingot of 50MW per annum;(c) Wafers of 50MW per annum; and (d) Solar cells of 50MW per annum.
When fully commissioned, the price per watt of solar power supply will be cheap enough to be affordable to everyone and it is a game changer in the energy and power supply industry as well as the industrial development of Nigeria.
📰Source: The Sun
📌Headline:
CBN denies suspending OPAY and PALMPAY, stating that the news is Fake.
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📌Summary:
CBN says it is not suspending accounts of OPAY and PALMPAY describing the report as fake. The false report claimed that the Fintech firms were used to perpetrate fraud. OPAY and PALMPAY also deny the report on the suspension of their accounts by the CBN.
The Central Bank of Nigeria (CBN) has denied reports making rounds that it has suspended accounts of some Fintech companies like OPAY and PALMPAY describing it as fake news.
OPAY and PALMPAY had in separate social media messages denied being under the radar of the CBN. OPAY had stated that “the post mentioning the GBN shutting down our operations is false and misleading to the general public.”
PALMPAY also posted a similar disclaimer: “We are aware of news currently being spread on social media about GBN shutting down the operations of PALMPAY. Please ignore all such misleading news of this nature,” it stated.
OPAY and PALMPAY are licensed under the CBN mobile payment regulatory framework. They are to provide mobile money services including mobile payment services to both the banked and unbanked and to drive financial inclusion.
📰Source: Nairametrics.
📌Headline:
The Nigeria Telecoms industry struggles to attract foreign capital for 4G and 5G infrastructure deployment.
📌Summary:
Stakeholders in Nigeria's telecom are worried that the declining foreign investments in the industry may affect the country’s broadband plan. A major factor identified as discouraging investments is forex instability.
While Foreign Direct Investments in telecoms have been declining over the last 7 years, they plunged further to $107.6 million in 2021, a 74% decline when compared with the figure recorded in 2020.
Experts in the Nigerian telecommunications industry have expressed worry over the current low foreign capital inflow into the sector. They said this could hamper the country’s move to deepen broadband penetration through 4G and 5G infrastructure deployment.
Although the capital importation data released by the National Bureau of Statistics (NBS) for Q1 and Q2 2022 showed that telecoms attracted $57.79 million and $153.50 million in the respective quarters, the figures were seen as insignificant to meet the current needs of the industry in terms of infrastructure.
While the figures for Q3 and Q4 2022 are yet to be released industry experts said the country is already lagging in the estimated $100 billion investments required to bridge the infrastructure gap in the next 10 years.
📰Source: Nairametrics
I hope this quick coffee chat has helped kickstart your weekend and given you a taste of what's brewing in the world of business☺.
Remember to keep grinding towards your goals, and stay tuned for more updates from your favorite barista☕.
Cheers to a relaxing and restful weekend😌!