• POS operators increase charge fee as banks reduce cash to customers
• Minister of Power promises the national grid will receive 150 MW of electricity before 2025
• Nigeria set to receive a $500 million loan from World Bank
• Bank staff point fingers at CBN as cash scarcity looms
• President Tinubu meets with Germany’s President Steinmeier

Across Nigeria’s 36 states and the Federal Capital Territory, these are the five top Nigerian news stories you shouldn’t miss.

POS operators increase charge fee as banks reduce cash to customers

Point of Sale (POS) operators have begun to raise their charge fee due to Nigerian commercial banks reducing the cash withdrawal by customers.

There has been a slow growth of cash scarcity in some parts of Nigeria as cash rationing through over-the-counter and ATMs has worsened recently, making it difficult for Nigerians to access their money.

Reports have revealed that Nigerians can only withdraw ₦5,000 from other banks’ ATMs and ₦20,000 from an over-the-counter withdrawal.

Minister of Power promises the national grid will receive 150 MW of electricity before 2025

The Minister of Power, Adebayo Adelabu, has promised that about 150 megawatts will be added to the national grid before 2024 ends. 

The Minister revealed this information after a closed-door meeting with President Bola Tinubu and German President Frank-Walter Steinmeier at the presidential villa in Abuja.

This promise has unfortunately fallen on deaf Nigerian ears as the national grid collapsed for the 11th time in a year, marking the highest amount of time that the grid would collapse in a year.

Nigeria set to receive a $500 million loan from World Bank

Nigeria’s debt profile sinks further as the country is set to receive a loan of $500 million from the World Bank to finance the Human Capital Opportunities for Prosperity and Equity (HOPE) project.

The initiative is centred on strengthening basic education and providing primary healthcare services across Nigeria.

According to Minister of Budget and Economic Planning Abubakar Atiku Bagudu, the $500 million loan will “help improve teachers’ deployment, recruitment, and performance management, thereby ensuring a stronger foundation for education. Similarly, it will bolster primary healthcare services, addressing service delivery and accountability gaps.”

Bank staff point fingers at CBN as cash scarcity looms

The Association of Senior Staff of Banks, Insurance and Financial Institutions (ASSBIFI) has accused the Central Bank of Nigeria (CBN) of worsening the cash scarcity in the country as it cannot meet the cash demands of Nigerian commercial banks.

The President of ASSBIFI, Olusoji Oluwole, stated that cash scarcity did not end contrary to popular belief as it continued since the redesigning of the naira notes.

He stressed that it was important for Nigerians not to encounter a breakout of cash scarcity across the country, especially with the fast-approaching festive period.

“Banks have only two sources of cash: the CBN and retailers. The CBN has not met banks’ demands, and retailers often sell cash for profit, making it harder for banks to access funds,” he said.

President Tinubu meets with Germany’s President Steinmeier

Nigeria and Germany have strengthened their bond as the President of Nigeria, Bola Tinubu, hosted the President of Germany, Frank-Walter Steinmeier, at the Presidential Villa, Abuja.

The two leaders had a lengthy conversation regarding business, economic growth and partnerships with mutual benefits.

President Tinubu listed the many ongoing reforms in the country that are aimed at creating an effective, business-friendly environment for all interested investors.

“What we need to do has been discussed, and we need to strengthen the partnership for the utilisation of energy as a source of supply and promotion of additional incremental value in business opportunities for Nigeria and Germany. We’ve discussed that,” said Tinubu.