 The value of economic, electronic payment transaction rose year on year. By 298% to 135,000, 5.2 trillionare in the first quarter of the year from 34.04 trillionare in the first quarter of 2022, reflecting the impact of cash scarcity on the payment culture of Nigerians. Now the cash scarcity, which lingered for more than two months, was a fallout of the implementation of the Naira redesign policy of the central bank of Nigeria. The policy involved the redesign and release of 200 Naira, 501,000 Naira nodes. The APEX bank also announced that the old nodes would cease to be legal tender by January 31st this year. After much pleading, the CBN moved the date of February the 10th, while the CBN withdrew from circulation of a 2 trillionare of the old nodes. The new nodes were however not widely available. This led to cash rationing by banks while POS agents imposed exorbitant cash exchange charges, sometimes as high as 30% of the transaction value. We will focus on the electronic payment transactions and payment culture on the show today. Business Insights starts now. I am Justin Acadone. Welcome back now. SELPLAT Energy in Nigeria has said that the Nigerian Immigration Service has withdrawn and discontinued the legal action it instituted at the Federal High Court against the chief executive officer of the energy firm over allegations of racism and discrimination. The notice of withdrawal discontinuance of their action was dated April 6, 2023 and issued by the Director of Legal Services of the Nigeria Immigration Service stated in part that the claimant hereby discontinues all the proceedings in the charge against the above-named defendant. SELPLAT said the company continues to engage with the Ministry of Interior to bring closure to the false allegations presented to the Ministry and a result of which the residency status of a chief executive officer was withdrawn. We will move on next. The Minister of Works and Housing, Babatunde Fashula says over 700 kilometres of roads spreading across 11 states in the country would be soon completed. Fashula disclosed this, while reference state house correspondents on the outcome of the meeting of the Federal Executive Council, FEC, on Wednesday in Abuja. The meeting was presided over by the Vice President, Professor Yamio Shimajo. Fashula said over 1.5 trillion nair would be spent on the project by the Nigerian National Petroleum Company Limited, NNPC. The Nigerian and Chinese governments have agreed to boost the volume of trade between both countries, which the federal government says is over $12 billion. This was disclosed on Thursday by the Permanent Secretary, Ministry of Industry, Trade and Investment, Dr. Yvlin Ngige. At the China-Nigerian Investment Economic and Trade Promotion Conference organised by Changsha Municipal Bureau of Commerce, China, Asia's largest economy, has increasingly become Nigeria's most important trade partner, as Richard recently reported that China accounts for 38% of all imports to Nigeria over the last five years, making it the dominant destination for Nigeria's imports. Now, the House of Representatives has ordered the Aviation Minister, the post-plan demolition of aviation agency offices in Lagos, in the bid to stop the numerous strikes in the sector. The lawmaker has cautioned that the issues between the unions and the government have lingered for over eight years, with several agreements signed between the unions and the government. The directive is contained in the letter to the minister and signed by the clock, Senate Committee on Aviation, Franca Mba, and the House of Representatives counterpart, Darcy Adam. Now, the National Assembly, Joint Committee on Aviation, stated that that was the fallout of the two-day one in striking back the poem by aviation unions, adding that it was working to ensure an amicable resolution of the issues. You're watching Business Insights and Plus TV Africa will take yet another break and return. Stay with us.