CBN Explains Restriction On Naira Debit Cards

[dropcap]P[/dropcap] The Director, Monetary Policy of the Central Bank of Nigeria, Mr Moses Tule, has been speaking on the recent restrictions on the use of naira debit cards and dollar transactions in the country.   At an interactive session with journalists in Abuja, Mr Tule said that naira debit cards can no longer be used outside the country due to the abuse it has suffered in the hands of some persons who use it to transfer foreign currencies illegally. [quote bcolor="#e5e5e5"] He said that the nation’s foreign reserves has been heavily depleted due to the fall in the price of oil and as such, the apex bank had to place some restrictions on the use of naira debit cards in addition to banning the use of the United States dollar as a substitute for the naira. [/quote]  He said that the nation’s foreign reserves has been heavily depleted due to the fall in the...

Kaduna refinery resumes production four months after Closure

[dropcap]P[/dropcap] Four months after its closure for repairs, the Kaduna Refinery and Petrochemical Company, has resumed production of petroleum products. Managing director of the KRPC, Saidu Mohammed says the company resumed refinement last Saturday, after it was shut down in September. This is coming ahead of the December deadline for Nigeria’s four refineries to return to full production. The NNPC with Dr Ibe Kachikwu as Group Managing Director had issued a 90-day ultimatum to the refineries shortly after his appointment in August.‎ [quote bcolor="#e5e5e5"] Nigerians have gone through hellish times, occasioned by scarcity of petrol, and the reopening of the refinery is expected to bring succor their way. The KRPC boss says the plant is getting supply of crude from escrows in Delta state, and is currently producing at an average 1.5 Million litres of premium motor spirit per day.[/quote] No fewer than fifty trucks are expected to commence lifting of refined products within the week on...

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Exclusiive Interview with Julius Agwu

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