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TheCable

Business

Payment in local currencies, real-time transactions… how Afreximbank’s PAPSS will work

    Payment in local currencies, real-time transactions… how Afreximbank’s PAPSS will work

On Thursday, the Africa Export-Import Bank (Afreximbank), in collaboration with African Union (AU) and African Continental Free Trade Area (AfCFTA), officially launched the pan-African payment settlement system (PAPSS) for commercial

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Court declines Petro Union’s request to halt sale of majority stake in Union Bank

    Court declines Petro Union’s request to halt sale of majority stake in Union Bank

A federal high court in Lagos has refused an application filed by Petro Union Oil and Gas Company Limited to stop Union Bank of Nigeria Plc from accepting or offering for

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Surging food prices push inflation to 15.63% — first increase after 8 months of decline

    Surging food prices push inflation to 15.63% — first increase after 8 months of decline

The consumer price index, which measures the rate of increase in the price of goods and services, increased to 15.63 percent in December 2021. This is the first increase after

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Clerical error: Supreme court reverses 2019 judgment in GTBank/Innoson suit

    Clerical error: Supreme court reverses 2019 judgment in GTBank/Innoson suit

The supreme court has reversed its earlier decision which dismissed an appeal by Guaranty Trust Bank (GTB) against N2.4billion judgment given in favour of Innoson Vehicles Manufacturing, an automobile company.

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Emirates resumes flights from five African countries — but not Nigeria

    Emirates resumes flights from five African countries — but not Nigeria

Emirates Airlines, flag carrier of the United Arab Emirates (UAE), has announced the resumption of passenger flight operations to and

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‘Nigeria has minerals that can power electric cars’ — minister woos investors

    ‘Nigeria has minerals that can power electric cars’ — minister woos investors

Olamilekan Adegbite, minister of mines and steel development, says Nigeria has “the minerals of the future” that can power electric

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Air Peace introduces priority boarding for Nigerian military personnel

    Air Peace introduces priority boarding for Nigerian military personnel

Air Peace has announced the introduction of a priority boarding policy for Nigeria’s military personnel — both serving and retired.

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Customs targets N4.1trn revenue in 2022

    Customs targets N4.1trn revenue in 2022

The Nigeria Customs Service (NCS) says it has a revenue target of N4.1 trillion in 2022. NCS had said it

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Emefiele: Pan-African payment platform will reduce use of dollars, pounds in continent’s trade

    Emefiele: Pan-African payment platform will reduce use of dollars, pounds in continent’s trade

Godwin Emefiele, governor of the Central Bank of Nigeria (CBN), says the pan-African payment and settlement system (PAPSS) will simplify

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Rewane: Nigeria’s inflation rate will remain high in 2022

    Rewane: Nigeria’s inflation rate will remain high in 2022

Bismarck Rewane, chief executive officer of Financial Derivatives Company, says the country’s inflation rate will remain structurally high at a

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