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Banks Resume Naira Cards Use Abroad as FX Improves

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By Samuel James, Abuja

Several Nigerian Deposit Money Banks (DMBs) have restored the use of naira cards for overseas transactions, setting varying spending limits as the foreign exchange (FX) situation shows signs of improvement.The banks that have so far reactivated these services include: Providus Bank, First Bank of Nigeria, Guaranty Trust Bank (GTBank), United Bank for Africa (UBA), and Wema Bank.

GTBank has announced a quarterly international spending limit of $1,000 for its Naira card users.
The breakdown shows that customers can withdraw up to $500 from ATMs abroad and spend up to $1,000 across online platforms and POS channels within a three-month period.At First Bank, the international usage limit is set at $500 monthly, with defined transaction frequencies across different channels.
According to the bank, cardholders can carry out up to 10 cross-border ATM withdrawals per month, with a charge of N5,000 per withdrawal. They can also perform up to 20 transactions monthly each on POS and web platforms at no additional cost.Providus Bank informed its customers that they can now enjoy an increased international spending limit during the summer, specifically with its Platinum Naira Card, though the bank did not specify the exact ceiling.Wema Bank has also resumed international transactions on its naira-denominated debit cards with a monthly spending limit of $500. The bank announced that customers can now use their Wema Mastercard, ALAT Mastercard, and Visa cards for foreign transactions, including online purchases, point-of-sale payments, and ATM withdrawals outside Nigeria. This move is part of ongoing efforts by Nigerian banks to ease access to foreign exchange for customers and restore confidence in cross-border payment capabilities.The ease of bank restrictions abroad marks a reversal from 2022, when Nigerian banks were forced to slash international spending limits on naira cards from $100 to as low as $20 monthly.That decision was driven by a chronic shortage of dollars and the struggle of manufacturers and other real sector operators to access FX through official channels.At that time, the official exchange rate stood at N430 per dollar at the Investors and Exporters (I&E) window. As of July 4, 2025, the exchange rate stood at N1,528.56 per dollar in the Nigerian Foreign Exchange Market (NFEM), highlighting the major shift in Nigeria’s FX landscape.This recent move by banks follows months of suspended cross-border transactions due to FX volatility and persistent dollar shortages. The resumption of naira card usage abroad signals a renewed confidence in FX liquidity and a more predictable currency environment, analysts say.Analysts view the development as a significant boost to consumer and investor sentiment. It provides much-needed relief to customers who use naira cards for services such as online subscriptions, travel and shopping on foreign platforms.‘Aligns with IMF recommendation’Managing director and chief economist for Africa and the Middle East at Standard Chartered Bank, Razia Khan noted that this step aligns with policy recommendations from the International Monetary Fund (IMF).She said, “It was one of the measures suggested in the latest Article IV consultation. The idea is that with a floating exchange rate regime, Nigeria no longer needs to maintain certain capital control measures.”Echoing that view, an investment professional and managing director/chief business officer at Optimus by Afrinvest, Ayodeji Ebo described the development as evidence that current FX reforms are working.He added that the recent appreciation of the naira in the past few weeks has added to market optimism. “This move adds to the growing confidence that the currency may remain relatively stable in the short- to medium-term, which is encouraging for businesses and investors alike.”The restrictions on international transactions using Naira cards severely disrupted Nigerians’ ability to access essential foreign goods and services. From January 2023, some banks suspended or capped usage, first reducing limits to as low as $20/month, then halting all cross-border spending with naira cards. This choked individuals and businesses alike: students struggled to pay for visa fees, professionals saw domain and hosting renewals fail, and content subscriptions like Microsoft 365, Apple Music, and Netflix became inaccessible.E-commerce startups and small businesses faced higher costs and inefficient workarounds, turning to expensive parallel market FX and fintech alternatives, all while limiting growth and deterring foreign investment.The limits also fuelled Nigeria’s parallel (black) FX market and fintech sector. Many Nigerians turned to dollar-denominated virtual cards or domiciliary accounts, often funded at inflated black‑market rates, sometimes double official rates, driving further pressure on the naira.Higher costs for ordinary consumers, disrupted business operations, and a permanent shift toward unofficial exchange channels all undermined confidence in formal banking and stability in the FX market.Chief executive officer of the Centre for the Promotion of Private Enterprise (CPPE), Muda Yusuf attributed the recent resumption of international transactions with Naira cards by Nigerian banks to improved liquidity and stability in the foreign exchange (FX) market.According to him, these developments have restored confidence in the system, both for financial institutions and their customers.He emphasised the practical benefits for Nigerians, especially those who travel abroad. “As a Nigerian who’s travelling abroad, you don’t need to be carrying dollars in your pocket or in your bag. Sometimes, people have been embarrassed because of that. So, with your naira card, you can do whatever transactions you want,” he said.FG Backs Move to Boost Nigeria, Indonesia TradeThe Federal Government is committed to partnering with the private sector to boost trade and investment between Nigeria and Indonesia.The Senior Special Assistant (SSA) to the President on Entrepreneurship Development, Ms. Chalya Shagaya, disclosed this at the Mid-year Economic Outlook with the theme, “Building Resilience in Turbulent Times”, organised by the Nigerian Indonesian Chamber of Commerce and Industry(NICCI) in Lagos.Shagaya also pledged the government’s support for the Nigeria-Indonesian investment and Trade forum scheduled to hold in Jakarta, Indonesia from October 21 to 23, 2025, to boost bilateral trade and drive more investment, and smarter collaboration between the two countries.She said that the government is dedicated to partnering with institutions like NICCI to drive entrepreneurship growth in Nigeria.“Nigeria’s entrepreneurs are not waiting for the perfect conditions. They are building the future now and with the right support they will not just survive the storm but dance in the rain.“Entrepreneurs are not just business owners, they are job creators, problem solvers and brand ambassadors. They are the ones building resilience. The administration sees them and we are designing policies that move beyond buzzwords to real accessible support,” the SSA added.In his remarks, President of NICCI, Ishmael Balogun, called on Nigerian businesses to participate in the 40th edition of the Indonesian Joint Expo coming up from 15 October through to 19, 2025, also in Jakarta.According to him, the business and trade expo is a pivotal event fostering international economic collaboration between Nigerian businesses and those of Indonesia.Balogun also noted that NICCI is partnering with the office of the Vice President of Nigeria, Kahim Shettima, who has mandated the Presidential Enabling Business Environment Council (PEBEC) to coordinate several ministries, departments and agencies (MDAs) of the federal government to support the Expo.

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FCMB Group Records N529.2bn in Half Year Gross Earnings

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By Tony Obiechina, Abuja

FCMB Group Plc has announced its financial results for the half-year period ended June 30, 2025, recording gross earnings of N529.2bn, representing a 41.3 percent increase compared to N374.5bn posted in the corresponding period of 2024.In its unaudited financial statements for the period ended March 31, 2025, and filed with the Nigerian Exchange Limited on Tuesday, the growth was primarily driven by a 70.

3 percent surge in interest and discount income, which rose to N458.
4bn from N269.2bn in H1 2024. This strong performance reflects improved yields on earning assets and expansion in the Group’s loan book, which reached N2.38tn as of 30 June 2025.Net interest income climbed to N207.
4bn, up 95.3 percent from N106.2bn in the same period last year. Despite this, interest expense rose by 54.1 percent to N251.0bn, compared to N163.0bn in 2024.Net fee and commission income also rose significantly by 51.3 percent to N37.9bn from N25.1bn. This growth was aided by a 30.9 per cent rise in fee and commission income to N47.4bn, even as fee and commission expenses fell by 14.9 per cent to N9.5bn.However, net trading income declined by 29.3 per cent to N22.2bn from N31.4bn, while other gains fell sharply to N696.3m from N37.1bn, reflecting lower revaluation and disposal gains on financial instruments.Operating expenses increased across the board. Personnel expenses rose 34.4 percent to N48.3bn, and depreciation and amortisation grew 24.8 per cent to N8.1bn, while general and administrative expenses jumped 59.4 per cent to N57.2bn. Other operating expenses rose 49.4 per cent to N39.6bn.Despite these cost increases, the Group delivered a profit before tax of N79.1bn, a 23.2 per cent rise from N64.2bn in H1 2024. After tax, profit stood at N73.4bn, reflecting a 23.4 per cent year-on-year growth from N59.5bn.Other comprehensive income for the period was N6.9bn, up from N24.8bn in the previous year. This brings total comprehensive income for the Group to N80.3bn for H1 2025, slightly below the N84.3bn reported in H1 2024, due largely to lower unrealised gains from foreign currency translation differences.Total assets as of June 30, 2025, stood at N7.54tn. Customer deposits rose 39.9 per cent to N4.54tn, while loans and advances to customers increased modestly to N2.38tn.

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‎NNPCL Backstraps, Rules Out Port Harcourt Refinery Sale

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By David Torough, Abuja

‎‎The Nigerian National Petroleum Company Limited (NNPCL) has officially ruled out the sale of the Port Harcourt Refining Company, reaffirming its commitment to completing high-grade rehabilitation and retention of the plant.‎Group Chief Executive Officer of NNPC Ltd, Bayo Ojulari, made the announcement during a company-wide town hall meeting at the NNPC Towers in Abuja, ending weeks of speculation over the future of the country’s most prominent state-owned refining asset.

‎A statement by the company management yesterday said, “The Nigerian National Petroleum Company Limited has officially ruled out the sale of the Port Harcourt Refining Company, reaffirming its commitment to completing high-grade rehabilitation and retention of the plant.
”He described selling the Port Harcourt Refining Company as “ill-advised and sub-commercial.”‎Ojulari’s remarks come amid rising public concern sparked by his earlier comments at the 2025 OPEC Seminar in Vienna, where he said “all options are on the table” regarding the future of Nigeria’s refineries.The statement triggered a wave of speculation that a sale might be imminent.‎He stated that the new position of the firm was not a shift. Rather, it is informed by ongoing detailed technical and financial reviews of the Port Harcourt, Kaduna and Warri refineries.The statement added, “The ongoing review indicates that the earlier decision to operate the Port Harcourt refinery, before full completion of its rehabilitation, was ill-informed and sub-commercial.‎”Although progress is being made on all three, the emerging outlook calls for more advanced technical partnerships to complete and high-grade the rehabilitation of the Port Harcourt refinery.‎”Thus, selling is highly unlikely as it would lead to further value erosion.”At the town hall, the Executive Vice Presidents presented progress reports from the Upstream, Downstream, Finance, Business Services, Gas, Power, and New Energy businesses, highlighting operational achievements, ongoing reforms, and areas requiring attention.According to the statement, the announcement reinforces NNPC’s mandate as a strategic custodian of national energy infrastructure and reflects a firm resolve to deliver on the complete rehabilitation and long-term viability of Nigeria’s refineries.It also signals continuity in the Federal Government’s broader energy security objectives and a commitment to retaining critical assets under national control.Feedback during and after the session revealed a workforce energised and aligned with the leadership’s vision. Described as “reassuring,” “transformational,” and “sustainable”, the atmosphere reflected an optimistic outlook among employees and hopefulness about the company’s evolving strategic direction.“NNPC Ltd will continue to reposition itself as a commercially driven, professionally managed national energy company, grounded in transparency, focused on performance, and unwavering in its responsibility to its number one stakeholder group, Nigerians,” Ojulari concluded.The statement added that the declaration was received with applause from hundreds of staff attendees, who described the position as a renewed sense of business-focused direction across the organisation.NNPCL Drills Four Oil Wells in Kolmani, BauchiA Director at the Nigerian National Petroleum Company Ltd, Yusuf Usman, said the company has drilled four oil wells in the Kolmani area of Bauchi State.He also restated the commitment of the company to the exploration and development of oil and gas resources in the northern region of the country.Usman said this on Wednesday in Kaduna at the Sir Ahmadu Bello Memorial Foundation’s two-day interactive Session on Government-Citizens Engagement.Usman stated, “So far, the NNPCL has drilled four wells in the Kolmani area of Bauchi State, and is currently evaluating the appropriate technology to be deployed for the next phase of drilling operations.“In support of President Tinubu’s Compressed Natural Gas (CNG) Initiative, five CNG and Liquefied Natural Gas (LNG) plants are under construction in Kogi.“These plants are expected to enhance gas supply and accessibility across the northern region.”Usman highlighted some of the achievements of the company under the Tinubu-led administration that benefited the north and other parts of the country.

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Nationwide Nurses Strike Cripples Health Services across States

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By Attah Ede, Makurdi, Mike Tayese, Yenagoa and Dan Amasingha, Minna

Healthcare delivery across Nigeria suffered major disruptions yesterday as members of the National Association of Nigeria Nurses and Midwives (NANNM) commenced a seven-day warning strike, leaving patients stranded and hospitals overwhelmed.

In Benue State, the strike kicked off in full compliance with directives from the national headquarters of NANNM.
The state chairman, Nurse Tahav Karshio, speaking through his media aide, Nurse Moses Mhange, confirmed that nurses and midwives in General Hospitals, the Benue State University Teaching Hospital, Federal Medical Centre and primary health centres across all local government areas had withdrawn their services.
“Yes, there is a national directive for us to commence the strike and we have complied,” Karshio stated. “We expect full compliance from all our members by tomorrow.”When reporters visited major healthcare facilities like the Federal Medical Centre and General Hospital in North Bank, Makurdi, only doctors and student health workers were seen rendering skeletal services.In Bayelsa State, the impact was equally severe. Public hospitals began discharging patients due to the absence of nurses.At the Primary Health Centre in Amarata, Yenagoa, doors remained shut as early as 9:00AMMeanwhile, patients at the Federal Medical Centre (FMC) were left unattended, wandering around the facility in search of help.The Chairman of NANNM at FMC Yenagoa, Liberia Woyengibarafagha Progress, said the union was enforcing strict compliance with the strike, including a ban on skeletal services.Reinforcing this, NANNM National Treasurer and South-South Coordinator, Amos Ombufa warned that if demands remain unmet after the seven-day warning strike, a 21-day ultimatum will follow, leading potentially to an indefinite industrial action.“No skeletal services will be allowed. The strike is total, especially in the South-South zone,” Ombufa insisted.The Public Relations Officer of FMC Yenagoa, Akpedi Bernard, acknowledged the disruption and expressed concern over the strike’s effect on Bayelsa’s only federal tertiary hospital. He noted that the management had mobilized doctors and senior nurses to provide emergency services during the strike period.In Oyo State, services were similarly affected. At Adeoyo Hospital in Ibadan, many patients were discharged, while new admissions were suspended.Most wards stood empty, and critical cases were being referred to private facilities. Relatives of some patients, including Adegoke Rahman, lamented the absence of nurses, adding that even post-surgery patients were left under the care of doctors alone.A doctor at the hospital, who asked not to be named, confirmed that while medical doctors were attending to outpatients, no new admissions were being taken due to the strike. He disclosed that the hospital had advised inpatients to leave due to lack of nursing support.The Oyo State NANNM Secretary, Comrade Emmanuel Aina, affirmed the union’s resolve to press home their demands, which include improved welfare packages, revised shift and uniform allowances, establishment of a dedicated nursing department at the Federal Ministry of Health, and mass recruitment of nurses.As the strike enters its crucial days, the ball is now in the court of the Federal Government, with the health sector’s stability hanging in the balance.Niger Contain Cholera Outbreak, Discharge over 320 PatientsNiger State Government has disclosed that the recent cholera outbreak in parts of the state has been brought under control, with over 320 patients discharged and free from the disease.Speaking during a live radio programme tagged Media Chat, organised by the State Ministry of Information and Strategy and monitored in Minna, the state capital, the Commissioner for Primary Health Care, Dr. Ibrahim Ahmed Dangana, confirmed that currently, fewer than 10 persons are on admission across the state.The Commissioner stated further that, “Water treatment kits have been donated to help over 14,000 households to curb the epidemic disease.”According to Dr. Dangana, “We recorded 14 deaths so far; and out of the 327 patients hospitalised, as we speak, we have discharged virtually all of them and have fewer than 10 of them still on admission across the state for cholera.”He noted that after the outbreak, the state immediately activated the State Inter-Sectoral Committee on Emergency Preparedness and Response, the Emergency Operation Centres (EOCs), and the Disease Surveillance Systems in the 274 wards and communities across the state.“We identified isolation centres and, similarly, we have what we call Cholera Treatment Units (CTUs) in all the 25 LGAs across the state, and these have really helped us in curbing the spread,” he declared.Dr Dangana said that, “The Ministry, with support from various MDAs and partners like the United Nations Children’s Fund (UNICEF), was very active and I can tell you that we are winning the battle against cholera.”He stated further that the Ministry has doubled the level of sensitisation by reaching out to over 16,000 schoolchildren, and has visited markets, religious and traditional institutions to create awareness.Also, when our correspondent spoke with the Health Specialist, UNICEF Kaduna Field Office, Dr Idris Baba, he said, “The supplies made so far are enough to treat all cases currently identified and admitted in the state.”Accordingly, he said, “Some of the items are community and periphery AWD kits, cholera kits, 40 cholera beds, Ringer’s lactate, normal saline with giving sets. “Others are antibiotics, scrubs, disposable gowns, heavy-duty and surgical hand gloves, boots, water purification tablets, chlorine solutions, calcium hypochlorite, water testing and stool testing RDTs,” he maintained.The Commissioner for Information and Strategy, Hajiya Binta Mamman, said the state swung into action immediately after it was confronted with the endemic, by carrying out sensitisation efforts, and that all hands were on deck to curb the situation.

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