China imposes sanctions on US Speaker, Nancy Pelosi, after visiting Taiwan
FBI uncovers alleged plot by Al-Qaeda to strike US following killing of leader
China fires powerful missiles into Taiwan in show of anger over visit of U.S Speaker
DR Congo to expel UN spokesman, Gilman
Somalia appoints al-Shabaab co-founder as religion minister
Abia APC group accuses Orji Kalu of fueling disunity, anti-party activities
LAGOS GUBER RACE: APC chieftain, Igbokwe, writes off Jandor as ‘small boy’
Peter Obi’s support group accuses Tinubu, Atiku’s camps of divisive actions
Lagos PDP chieftain, Gbadamosi joins Labour Party, hails Obi-Baba-Ahmed combination
Lai Mohammed wants Google to block IPOB’s access to YouTube
Elon Musk loses $11.9bn, rules out new airport for Tesla
‘It’s circulated to cause panic,’ Polaris Bank dismisses report on planned sale by CBN
NGX: Investors gain N81bn as Honeywell, GTCO lead trades
SEC warns Nigerians against unregistered investment platforms
Currency traders lose millions as Naira gradually recovers
INVESTIGATION: How roadside foods endanger consumers’ life with trans fat in northern Nigeria
INVESTIGATION: Untold story of Ondo oil producing communities battling poor health system
FEATURE: Ogun residents, waste collectors trade blames, as refuse litter environment
INVESTIGATION: How online fraudsters siphon victims’ funds through ‘SportyBet’ platform
SPECIAL REPORT: Enugu govt watches as waste takes over state, threatens public health, environment
FACT-CHECK: Did Tinubu promise to extend sharia rule to Southern Nigeria?
FACT-CHECK: How true are claims by PDP guber candidate, Jandor, on Lagos debt profile?
FACT-CHECK: Atiku claims public servants are free to engage in private businesses. True or false?
FACT-CHECK: Is this crowd from PDP mega rally in Osun?
FACT-CHECK: Did the UK govt arrest Senate delegates who visited Ekweremadu in prison?
Oborududu, Adekuoroye clinch gold medals at Commonwealth Games
Premier League: Arsenal beat Palace 2-0 in season opener
Super Falcons remain No.1 in Africa but drop seven places in world ranking
SportsBusiness: Nigerian govt splashes N10.4m on medal winners at Commonwealth Games
C’Wealth Games: Nwachukwu, Oluwafemiayo break world records to win gold in Discus, Powerlifting
Nigeria’s energy-tech company, Beacon Power, closes $2.7m round. 2 other stories and a trivia
African Epione Health Villages to promote mental health therapy. 2 other stories and a trivia
Egypt’s Homzmart secures $23m pre-Series B funding. 1 other story and a trivia
Lagos–based identity verification startup, Youverify, secures $1m seed funding. 2 other stories and a trivia
Lagos-based VC firm, Oui Capital, closes $30m round. 1 other stories and a trivia
Naira continues recovery at black market after big fall
Naira drops at official, black markets
Naira kicks off August with appreciation across all markets
Naira depreciation continues at unofficial market as BDCs tell CBN what to do
Naira depreciates to N718 at black market, CBN blames NNPC
The tough economic situation in the country is forcing Nigerians to abandon their bank accounts.
According to the latest fact sheet data published by the Nigerian Interbank Settlement System (NIBSS) Electronic payment, the total number of inactive bank accounts stood at 57.9 million in 2021.
This is a rise of over five million or 11 per cent when compared to 52.2 million in 2020 inactive accounts.
The numbers are expected to grow further as Nigerians continue to battle the rising price of goods and services.
Read also: 700,000 bank accounts linked to BVN in three months
According to a report by Picodi, an international e-commerce company, the price of essential foodstuff requirement for one adult stood at N40,980 Naira. This is above the N30,000 minimum wage.
In fact, seven states are yet to implement the minimum wage, meaning several Nigerians are being paid below N30,000.
Recently, President BCAN, Dr. Uju Ogubunka, listed the drivers of inactive accounts in the banks to include the increase in the prices of goods and services, low income accompanied by the low purchasing power of Nigerians, increasing rate of unemployment and immigration, among other things.
Balanced, fearless journalism driven by data comes at huge financial costs.
As a media platform, we hold leadership accountable and will not trade the right to press freedom and free speech for a piece of cake.
If you like what we do, and are ready to uphold solutions journalism, kindly donate to the Ripples Nigeria cause.
Your support would help to ensure that citizens and institutions continue to have free access to credible and reliable information for societal development.
Abdulsamad Rabiu’s BUA Foods records drop in wheat, sugar sales for H1 2022
Nigerians spend N479bn on MTN airtime, data, others in three months
EFCC quizzes four Nigerians, Venezuelan for alleged oil theft
CBN warns Nigerians to stop converting naira to dollar
Another batch of 178 Nigerians returns from Libya
Bitcoin transactions soar among Nigerians, despite CBN ban
World Bank predicts additional seven million Nigerians will become poor by end of 2022
‘Don’t waste your votes on incompetent, clueless candidates in 2023’, Aisha Yesufu counsels Nigerians
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