GERMANY AND AUSTRIA TO TAP OIL RESERVES AFTER 400 MILLION BARRELS REQUESTED. (PHOTO).

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 Germany and Austria to tap oil reserves after 400 million barrels requested  Germany and Austria announced they are releasing portions of their oil reserves in response to an International Energy Agency request for member nations to collectively release 400 million barrels to help ease rising energy prices linked to the Iran conflict. Japan also said it will begin releasing part of its reserves starting Monday. The move marks one of the largest coordinated releases of emergency oil stocks in history. The previous record came in 2022, when IEA members released 182.7 million barrels following the energy disruptions caused by Russia’s invasion of Ukraine. Member countries currently hold over 1.2 billion barrels of public emergency oil stocks, along with an additional 600 million barrels of industry stocks maintained under government requirements. The release comes amid heightened tensions in the Persian Gulf, where Iran has targeted commercial ships and disrupted shipping throug...
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CBN REMOVES ATM MAINTENANCE FEE, BANK CHARGES,OTHERS. (PHOTO).

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Central Bank of Nigeria (CBN) has reviewed charges and rates for banking activities in the country.

The apex bank said the guideline applies to charges by Banks Other Financial and Non-Financial under its licence or regulation.

The document revealed that the CBN has reduced the charges on some transactions including Standing Order Charge (In-Branch); ATM Maninance Fees; Electronic Fund Transfers and Bulk Payments among others.

In the latest guideline, CBN said Standing Order Charge for intra-bank will be free compared to the N300 in the 2017 guideline.

For Interbank Transfers, the CBN cut the charges to a maximum of N50 per transaction compared to the N300 held in 2017.

 

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