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E-Payment Transactions Dropped To N37Trn In February — NIBSS

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The Nigeria Inter-Bank Settlement System (NIBSS) says the value of e-payment transactions dropped to N37.67 trillion in February 2023.

This figure represents a 4.83 percent decrease from the N39.58 trillion that was recorded in January 2023.

In the February report released on Monday, NIBSS said e-payment gateways usage recorded a 41.29 percent month-on-month increase.

The agency added that cashless transactions were done 901.46 million times in February, compared to 638 million times in January.

However, despite the increase in usage due to the cashless policy and naira redesign initiated by the Central Bank of Nigeria (CBN), the total value of cashless transactions fell in February, thereby indicating an increase in the number of failed transactions.

Meanwhile, the NIBSS also announced cashless transactions from the Nigeria Instant Payment System (NIPS) and Point of Sales (POS) terminals.

It said the total instant payment transactions in February fell to N36.79 trillion compared to the N38.77 trillion recorded in January.

Also, the report showed that despite the scarcity of naira witnessed in the month, the value of PoS transactions grew from N807.16 billion in January to N883.45 billion in February.

“Mobile transfers, which serve as the primary payment gateway for many Nigerians, soared by 69.87 percent from 108.14 million times in January to 183.69 million times in February,” the report said.

“While usage grew significantly, transaction value only grew marginally by 7.88 percent from N2.37 trillion in January to N2.56 trillion in February.”

Meanwhile, the naira redesign had caused significant controversy that trailed the implementation by the CBN since October 2022, when the policy was introduced.

After the deadline for the validity of the old N200, N500, and N1,000 notes, several states sought the supreme court’s intervention in extending the usage.

In its final judgment on the matter, the apex court ruled that the old notes should continue as legal tender until December 31, 2023.

Succumbing to pressure to obey the court order, on Monday, the CBN ordered banks to dispense and accept the old notes, as they remain legal tender till December 31, 2023.

BIG STORY

BREAKING: Kidnapped Oyo Pupils, Teachers Regain Freedom

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The pupils and teachers abducted in Orire Local Government Area of Oyo State have regained their freedom.

The development was disclosed on Friday by the Special Adviser to the President on Information and Strategy, Bayo Onanuga.

In a shared post on his verified X handle, Onanuga simply announced that the victims had been released by their abductors.

“Finally, all the kidnapped pupils and teachers in Orire, Oyo have been rescued by our security agencies,” he wrote.

As of the time of filing this report, details surrounding their release, including whether any ransom was paid or the circumstances leading to their freedom, had yet to be disclosed.

 

Details later…

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BIG STORY

FG Airlifts Fourth Batch of Nigerians From South Africa, Last Evacuation Flight Set for Next Week [PHOTOS]

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The federal government’s fourth evacuation flight from South Africa has arrived at the Murtala Mohammed International Airport, Lagos.

The Air Peace flight arrived last night with 282 returnees. This brings the total number of Nigerians repatriated from South Africa since the evacuation flights began on June 11 to 1,141.

Over 1,000 Nigerians were said to have indicated interest to return.

Last week, ahead of Thursday’s flight arrival, Bianca Odumegwu-Ojukwu, minister of foreign affairs, asked Nigerians to take advantage of the ongoing exercise to return home.

Odumegwu-Ojukwu’s call came as two more Nigerians were reported dead in South Africa, bringing the official death toll of Nigerian citizens in the country since the xenophobic violence started to four. Some repatriated Nigerians have alleged that the figures are higher.

South African rights groups had set an unofficial June 30 deadline for undocumented migrants to leave the country, but repatriation flights have continued.

Odumegwu-Ojukwu assured that the federal government would ensure that no citizen who expressed interest to return home would be left behind.

Kimiebi Ebienfa, foreign ministry spokesperson, said the fifth flight will arrive in Nigeria next week.

It would be the government’s final flight.

 

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Nigeria Tightens Visa Process, Orders US Applicants to Apply Directly at Embassy

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Travellers in the United States who require Nigerian visas will now submit their applications directly to the Nigerian embassy and consulates after the Nigeria Immigration Service (NIS) disengaged its third-party visa application service provider.

Previously, Online Integrated Solution (OIS SERVICES) functioned as the operator of Nigeria’s visa application and submission centres in the US.

However, a statement issued Thursday by Akinsola Akinlabi, NIS public relations officer, said the operator has been disengaged effective immediately. Akinlabi did not state why.

“Travellers seeking Nigerian visas are now required to submit their applications directly at the embassy of Nigeria in Washington, DC, or at the consulates of Nigeria in New York and Atlanta until further notice,” Akinlabi said.

He conveyed the NIS’ assurance that the embassy and consulates have put adequate measures in place to ensure seamless submission, processing, and issuance of visas.

The immigration official noted that applicants are further advised to monitor the official communication channels of the NIS and the Nigerian mission in the US for updates on visa application procedures.

He added that the NIS remains committed to providing efficient service delivery.

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