Alleged petrol price hike, Twitter restrictions… 7 business news to track this week

Here are the seven top business news you need to track this week — July 3 to July 7.

DBN TECHPRENEUR SUMMIT

The Development Bank of Nigeria (DBN) will, on July 4, 2023, hold its techpreneur 2023 summit, themed, ‘Promoting Innovation and Sustainable Partnerships’.

The event, scheduled to hold at the Continental Hotel, Victoria Island, Lagos, aims to upskill tech startups with knowledge on how to access reliable credit, efficiently utilise funds, and improve their business structures to ensure attractiveness to the market.

POS OPERATORS INCREASE TRANSACTION FEES

The Lagos chapter of the Association of Mobile Money and Bank Agents in Nigeria (AMMBAN), announced a new price list for transactions in the state.

Speaking on Channels TV on Friday, Stephen Adeoye, the spokesperson of the association, said the measure was put in place to deter fraud and curtail “agents who still overcharge.”

Adeoye said the uniform fee structure would prevent a recurrence of what happened during the cash scarcity period, where agents overcharged customers without any regulation.

He said agents in the state were now mandated to charge N100 for withdrawals between N1000 to N2,400; N200 for N3,500 to N4,000; and N300 for N4,100 to N6,400.

TWITTER LIMITS POSTS READ DAILY BY USERS

Elon Musk, the billionaire founder of Tesla Inc., over the weekend, announced a temporary limit to the number of posts users can read daily on Twitter.

The move sought to tackle issues around “data and systems manipulation”, Musk, the chief technology officer (CTO) and chairman of the firm, said in a tweet.

He said verified users will have access to 6,000 posts daily, while unverified and new users will be allowed to read 600 and 300 posts, respectively.

Musk, however, did not disclose when the temporary restrictions would commence nor for how long they would last.

CBN SETS N50K DAILY LIMIT ON CONTACTLESS PAYMENTS

The Central Bank of Nigeria (CBN) has pegged daily transaction limits to N50,000 for contactless payment.

Contactless payments are a secure and convenient method of making transactions without physical contact between a payment device, such as pre-paid, debit, and credit cards, key fobs, mobile electronic devices, and wearable devices.

It utilises near-field communication (NFC) technology, allowing users to simply tap or wave their payment device near the terminal to complete a transaction.

The apex bank said due to the risks associated with contactless payments, “verification and authorisation would be required for transactions above the limits”.

CUSTOMS ANNOUNCES 40% FX RATE HIKE FOR IMPORT DUTY

The Nigeria Customs Service (NCS) has extended the ongoing foreign exchange reforms to the maritime sector by implementing a 40 percent increase in the exchange rate used for calculating import duty. 

The NCS said it revised the exchange rate for import duty calculations from N422.30 to N589 per dollar.

The development was said to be due to the current exchange rate of over N760 to the greenback at the investors and exporters (I&E) FX window.

This policy is likely to affect port activities as clearing agents, freight forwarders, and importers are among the stakeholders who may be affected by this change.

NDPC TO PROSECUTE BANKS OVER BREACH OF DATA

The Nigeria Data Protection Commission (NDPC) says the recent policy by the central bank directing commercial banks to collect the social media handles of their customers “is not necessary”.

On June 25, the Central Bank of Nigeria (CBN) directed banks to collect and verify social media accounts as part of their know-your-customer (KYC) procedures for permanent or occasional clients.

The regulator said the new directive was to prevent financial crimes and terrorism while boosting the precision and thoroughness of customer identification.

However, in a statement on Thursday by Itunu Dosekun, NDPC’s head of media, Vincent Olatunji, the commission’s national commissioner, said data collection ought to go through due process.

The commission also said an investigation is being carried out on three banks, one university, and other suspects over an alleged data breach.

IPMAN DENIES ALLEGED N700/LITRE PETROL PRICE HIKE

The Independent Petroleum Marketers Association of Nigeria (IPMAN) has denied reports that it plans to increase the pump price of premium motor spirit (PMS), also known as petrol, to N700 per litre nationwide.

Dele Tajudeen, chairman of IPMAN, southwest zone, who spoke in an interview on Friday, said the price of the product would not be more than what it is currently being sold for.