Stop bringing Nigerians to our country, UAE tells foreign airlines – Newstrends
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Stop bringing Nigerians to our country, UAE tells foreign airlines

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Nigeria Minister of Aviation, Hadi Sirika

Nigeria and United Arab Emirates face-off over allocation of flight frequencies to each country’s Flag Carriers, Air Peace airline and Emirates Airline, may not end soon.

The United Arab Emirates on Monday directed foreign airlines not to bring Nigerians to their country any more.

Nigerian passengers were denied boarding on Ethiopian Airline at the Muritala Muhammed International airport, Lagos.

Sources also confirmed that Ethiopian Airlines, Turkish Air and other international airlines going to Dubai from their bases have also been directed not to board any passenger with Nigerian passport, whose final destination is Dubai, UAE.

Recall on Friday, Nigeria Minister of Aviation, Hadi Sirika, canceled the 21 frequencies earlier given to Emirates Airline and restricted it to one flight to Abuja every week.

This was Nigeria’s reaction to UAE denying Air Peace the three weekly frequency to Sharjah.

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While announcing the withdrawal of earlier granted approval on Friday, the Director General of the Nigeria Civil Aviation Authority, Captain Musa Nuhu, had in a letter with reference number: NCAA/DG/AIR/11/16/329, dated December 9, 2021, with the heading: “Withdrawal of Ministerial Approval of Emirates Airlines Winter Schedule,” and addressed to the Country Manager, Emirates Airlines, withdrawn the initial approval granted the airline.

The letter read: “I write to inform you of the withdrawal of the approval granted to Emirates Airlines winter schedule. This approval was conveyed via a letter with reference number FMA/ATMO/501/C.104/XV/356 dated 1st December 2021. The withdrawal becomes effective on Sunday 12th December 2021 at 23002.

“Please kindly note, henceforth Emirates Airlines is granted approval to operate only one weekly passenger frequency to Abuja on Thursdays.”

Emirates also on Friday reacted by unilaterally deciding to suspend flights to Nigeria.

The airline had said: “With the recently imposed directive limiting Emirates to operate one flight per week to Nigeria via Abuja, Emirates will be suspending its flights between Nigeria and Dubai from 13 December 2021, until the UAE and Nigerian authorities work on a solution to the ongoing issue.”

In March, Nigeria suspended Emirates from flying into or out of its territory after the carrier imposed additional COVID-19 test requirements on passengers from Nigeria.

The suspension was lifted after the issues were amicably resolved two weeks ago.

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Tinubu orders creation of single-digit tax system

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Tinubu orders creation of single-digit tax system

President Bola Tinubu has directed a creation of a single-digit tax system with a maximum of nine taxes for a company or an individual.

Executive Chairman of the Federal Inland Revenue Service (FIRS), Zacch Adedeji, disclosed this in Abuja while speaking with the management team of Guinness Nigeria who paid him a visit.

A statement on Wednesday by Dare Adekanmbi, Special Adviser on Media to the FIRS chairman, quoted Adedeji as saying, “The President gave a directive that he wants a single-digit tax in the country, meaning that the maximum number of taxes we will have after the work of the Presidential Committee on Fiscal Policy and Tax Reforms will be nine taxes.”

The statement added that the plan was aimed at having a conducive environment “created for businesses to flourish and grow the economy.”

 

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Naira gains further against dollar

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Naira gains further against dollar

The Naira rose further in the official market on Tuesday, trading at N1,382.95 to the dollar.

According to data from the FMDQ’s official trading portal, the Naira rose by N25.09, or 1.78 percent, from the previous day’s rate of N1,408 versus the dollar.

On Tuesday, total turnover was $245.58 million, up from $222.15 million on Monday.

Meanwhile, at the Investor’s and Exporters (I&E) window, the Naira traded between N1,486 and N1,300 against the dollar.

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The News Agency of Nigeria (NAN) reports that the Central Bank of Nigeria (CBN) had, earlier on Tuesday at its 294th Monetary Policy Committee (MPC), raised Monetary Policy Rate (MPR) by 200 basis points from 22.75 per cent to 24.75 per cent.

CBN governor Yemi Cardoso said that was meant to tackle the nation’s rising inflation.

Naira gains further against dollar

(NAN)

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CBN jacks up interest rate amid soaring inflation

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CBN jacks up interest rate amid soaring inflation

The Central Bank of Nigeria (CBN) on Tuesday raised the interest rate from 22.75 per cent to 24.75 per cent amid soaring inflation.

Governor of the central bank, Olayemi Cardoso, made this known after the two-day Monetary Policy Committee (MPC) meeting held on Monday and Tuesday.

The country’s latest annual inflation rate jumped to 31.70 per cent from 29.90 per cent for last month, fueled by a continuous rise in food prices.

Cardoso disclosed that the MPC voted to adjust the asymmetric corridor around the MPR at +100 to -300 basis points.

He said the committee voted to retain the Cash Reserve Ratio (CRR) at 45 per cent for commercial banks and adjust the CRR of merchant banks from 10 per cent to 14 per cent.

The committee also voted to retain the liquidity at 30 per cent.

He said, “Members noted the continued rise in headline inflation driven largely by food prices, because of supply shortages, and high cost of Logistics and Distribution.

“The committee, therefore, was of the view that addressing food insecurity is key to containing current inflationary pressures.”

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