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China issues US$8.2 billion in bills in Hong Kong to stabilise yuan amid trade tensions

Beijing, Feb. 14, 2025 -The People’s Bank of China (PBOC) said it would tender central bank bills totalling 60 billion yuan (US$8.2 billion) in Hong Kong on Friday, marking the second time this year it has used the policy tool to stabilise the yuan amid tariff tensions with the US. The PBOC said it would tender 40 billion yuan in three-month bills and 20 billion yuan in one-year notes through the Central Moneymarkets Unit (CMU) of the Hong Kong Monetary Authority (HKMA) on a fixed-rate, interest-bearing basis “The issuance of …

CBN warns banks to stop forcing customers to withdraw less than N20,000 from ATMS

Abuja, Feb. 23, 2025 – The Central Bank of Nigeria (CBN) has warned commercial banks against forcing customers to withdraw less than N20,000 per transaction from the Automated Teller Machines (ATMs). The bank gave the directive while reacting to a customer’s inquiry on its recent review of ATM withdrawal fees. It explained that customers can withdraw up to N20,000 per transaction. “Any bank that compels a customer with sufficient funds in their account to withdraw less than N20,000 per transaction, against their desire for a higher sum, would be contravening …

AGF advises federal offices in states to comply strictly with TSA rules

Benin, Feb. 13, 2025 – Oluwatoyin Madein, the Accountant General of the Federation (AGF), has directed federal ministries and agencies in the states to comply strictly with rules governing the operation of the Treasury Single Account (TSA). She directed them not to operate accounts with commercial banks in their respective states. A statement issued by Bawa Mokwa, the Director of Press and Public Relations in the Office of the Accountant General of the Federation (OAGF), said Madein gave the directive in Benin, Edo State, during her visit to the Federal …

Oil prices fall on potential Ukraine peace talks

 London, Feb. 13, 2025 – Oil prices fell slightly on Thursday as a potential peace deal between Russia and Ukraine continued to exert downward pressure, along with rising crude inventories in the United States. Brent futures were down 42 cents, or 0.6%, at $74.76 a barrel by 0900 GMT while U.S. West Texas Intermediate (WTI) crude dropped 40 cents, or 0.6%, to $70.97. Brent and WTI lost more than 2% on Wednesday after U.S. President Donald Trump said Russian that President Vladimir Putin and Ukrainian President Volodymyr Zelenskiy expressed a …

Chevron to lay off 20% of global staff

Houston, Feb. 13, 2025 – Houston-based oil giant Chevron will lay off 15 per cent to 20 per cent of its global workforce, aiming to cut USD 2-3 billion in structural costs by the end of next year. The energy giant employs more than 40,000 people globally. Chevron is streamlining operations to boost efficiency and long-term competitiveness. This includes optimising its portfolio, leveraging technology, and expanding global work centres, a company spokesperson said. “These decisions aren’t taken lightly, and we’ll support employees through the transition,” the spokesperson said, adding that …

Nigeria signs $90,000 grant agreement with US to preserve ancient Nok artifacts

Abuja, Feb. 10, 2025 – Nigeria has signed a $90,000 grant agreement with the United States to support the preservation of Nigeria’s cultural heritage, particularly the ancient Nok artifacts. The grant agreement was signed between the United States Embassy in Nigeria and the Federal Ministry of Arts, Culture, Tourism and Creative Economy The project, which will be executed by Wheyham Foundation in collaboration with the National Commission for Museums and Monuments, NCMM, and Yale University Art Gallery, aims to document, protect and promote Nigeria’s rich archaeological treasures. Speaking at the grant signing …

CBN shifts MPC meeting date in February

Abuja, Feb. 10, 2025 – The Central Bank of Nigeria (CBN) has shifted its 299th Monetary Policy Committee (MPC) meeting scheduled from Feb. 17 and Feb. 18, 2025 to Feb. 18 and Feb. 19, 2025. The apex bank announced this in a statement on Monday. The statement reads: “The Central Bank of Nigeria has announced that the 299th meeting of its Monetary Policy Committee earlier scheduled for February 17 and 18, 2025, will now be held on Wednesday, February 18 and Thursday, February 19, 2025.” The MPC is the highest …

Polaris Bank, partners present school essentials to Gbaja Girls Secondary Schools, Lagos

Lagos, Feb. 10, 2025 – Polaris Bank and one of its strategic CSR partners, Evolve Trust Charity on Wednesday stormed Gbaja Girls (Junior and Senior) High School, Surulere, Lagos in continuation of its presentation of school essentials programme to selected public school students in the country. The partnership, which birthed in 2021 and primarily focused on empowering the girl-child and their male counterparts, has reached over 15,000 students across 35 public schools in nine states including Lagos, Kano, Kogi, Imo and FCT, Abuja. Amongst other things, the initiative includes empowering …

Nigerian troops arrest 29 suspected oil thieves, destroy 24 illegal refineries

Port Harcourt, Feb. 10, 2025 – Nigerian troops arrested 29 suspected oil thieves, destroyed 24 illegal refineries and recovered over 60, 000 litres of stolen products in the Niger Delta region. The 6 Division of Nigerian Army, working with other security agencies, made the arrest during a raid conducted in some states of the Niger Delta. Jonah Danjuma, the Acting Deputy Director of 6 Division Army Public Relations, disclosed this in a statement in Port Harcourt on Monday. The statement reads: “In the latest crackdown against illegal oil bunkering in …

Trump says Musk to uncover billions in ‘fraud and abuse’ at US Pentagon

Washington, Feb. 10, 2025 US President Donald Trump has said he expects his ally Elon Musk to find billions of dollars of fraud and abuse at the Pentagon, after he was tasked with leading an audit to slash the size of the US federal workforce. “We’re going to find billions, hundreds of millions of dollars of fraud and abuse,” Trump said of the largest federal department in an interview with Fox News, an excerpt of which was aired on Sunday morning. “And, you know, the people elected me on that.” …