Category: Finance and Economy

Central Bank Issues Fresh Circular Stoping Directive To Implement Cybersecurity Levy

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Central Bank Issues Fresh Circular Stoping Directive To Implement Cybersecurity Levy

The Central Bank of Nigeria (CBN) has withdrawn its earlier circular directing commercial banks, mobile money operators, and other financial institutions to implement the National Cybersecurity Levy. The circular, issued May 6, 2024, with reference PSMD/DIR/PUB/LAB/017/004, mandated the institutions to collect a 0.5 percent levy on all electronic transactions. The move was primarily informed by…

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Finance and Economy

N90 Billion Hajj Subsidy From FG Is Retrogressive For Nigeria’s Economy – Atedo Peterside

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N90 Billion Hajj Subsidy From FG Is Retrogressive For Nigeria’s Economy – Atedo Peterside

The founder of Stanbic IBTC and ANAP Foundation, Atedo Peterside has decried the Federal Government’s N90 billion subsidy for the 2024 Hajj, describing the venture as a setback for the nation’s economy. Peterside declared this position in an interview on Channels TV’s Politics Today on Thursday. The Vice President, Kashim Shettima had stated that the…

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Finance and Economy

Dangote Refinery To Procure 24m Barrels Of Crude Oil From US — REPORT

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Dangote Refinery To Procure 24m Barrels Of Crude Oil From US — REPORT

With Agency Reports LAGOS(Nigeria) Dangote Refinery will buy at least 24 million barrels of US crude over the next year as it ramps up its processing capabilities. A report by Bloomberg revealed that the $20 billion refinery has issued a term tender for the purchase of 2 million barrels a month of West Texas Intermediate…

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News, Trade and Commerce

Demanding Dollars For Consular Services Is Illegal, EFCC Tell Embassies

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Demanding Dollars For Consular Services Is Illegal, EFCC Tell Embassies

The Economic and Financial Crimes Commission, EFCC, has warned embassies to desist from demanding foreign currency for goods and services in the country. The chairman of EFCC, Ola Olukoyede, gave the strong warning in a special memo addressed to the Minister of Foreign Affairs. In the memo dated May 5, 2024, the EFCC chair made…

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Exchange and Forex, Finance and Economy

Reps Ask CBN To Withdraw Cyber Security Levy Circular, Says It’s ‘Ambiguous’

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Reps Ask CBN To Withdraw Cyber Security Levy Circular, Says It’s ‘Ambiguous’

The House of Representatives on Thursday asked the Central Bank of Nigeria (CBN) to withdraw the circular directing financial institutions to commence implementation of the 0.5 per cent cybersecurity levy, describing it as “ambiguous”. The development was in response to a motion on the urgent need to halt and modify the implementation of the cybersecurity…

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Finance and Economy

Alleged ₦2.7bn Fraud: Court Grants Sirika ₦100m Bail

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Alleged ₦2.7bn Fraud: Court Grants Sirika ₦100m Bail

A former Aviation Minister Hadi Sirika has pleaded not guilty to the alleged corrupt practices involving about N2.7 billion brought against him by the Federal Government. Sirika was arraigned before Justice Sylvanus Oriji at the Federal High Court in Abuja along with his daughter, Fatima, his son-in-law, Jalal Sule Hamma, and a firm – Al…

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Finance and Economy

Mandatory CAC Registration: Operators Hint Of Increased PoS Service Charges

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Mandatory CAC Registration: Operators Hint Of Increased PoS Service Charges

Operators of Some Points of Sale in the Federal Capital have faulted the new directive of the Corporate Affairs Commission, CAC, for them to register with the Commission. The PoS operators has vowed to increase service charges following the development. The CAC issued a two-month registration deadline on Monday for PoS operators to register their…

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Finance and Economy

FG Considers Fresh VAT Increase, New Sharing Formula

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FG Considers Fresh VAT Increase, New Sharing Formula

The presidential committee on fiscal policy and tax reforms says there is a need to increase the value-added tax (VAT) rate. Speaking at the policy exposure and impact assessment session organised by the committee, the committee chairman, Taiwo Oyedele, also disclosed that the VAT revenue-sharing formula would be reviewed. Oyedele added that the committee has…

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Finance and Economy

Full List Of Exempted Transactions From The New CBN Cyber Security Levy

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Full List Of Exempted Transactions From The New CBN Cyber Security Levy

The Central Bank of Nigeria has ordered banks operating in the country to start charging a cybersecurity levy on transactions. The circular stated it was a follow-up on an earlier letter dated June 25, 2018 (Ref: BPS/DIR/GEN/CIR/05/008) and October 5, 2018 (Ref: BSD/DIR/GEN/LAB/11/023), respectively, on compliance with the Cybercrimes (Prohibition, Prevention, Etc.) Act 2015. It…

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Finance and Economy

Naira Slumps To N1,410/$ In Parallel Market

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Naira Slumps To N1,410/$ In Parallel Market

Yesterday, the Naira depreciated to N1,410 per dollar in the parallel market, from N1,395 per dollar last weekend. This was contrary to Naira’s appreciation in the Nigerian Foreign Exchange Market, NAFEM, to N1,354.21 per dollar. Data from FMDQ showed that the indicative exchange rate for NAFEM rose to N1,354.21per dollar from N1,400.4 per dollar last…

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Exchange and Forex