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The Central Bank of Nigeria (CBN) on Thursday announced an increase in the capital base for different categories of banks in the country. A statement by the CBN’s Acting Director of Corporate Communications, Hakama Ali, said the capital base of banks with international authorisation had been increased to N500 billion while that of national banks…
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Zacch Adedeji, chairman of the Federal Inland Revenue (FIRS), says President Bola Tinubu has given a directive for a single-digit tax system in Nigeria. Adedeji spoke on Wednesday when Adebayo Alli, chief executive officer (CEO) of Guinness Nigeria, led a management team of the firm on a visit to the revenue house in Abuja. In…
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The Central Bank of Nigeria (CBN), on Tuesday, raised deposit interest rate by 200 basis points from 22.75 per cent to 24.75 per cent. This was made known after the two-day Monetary Policy Committee (MPC) meeting held between Monday and Tuesday. According to the National Bureau of Statistics, the country’s latest annual inflation rate jumped…
The Central Bank of Nigeria on Monday said it sold $10,000 to each Bureau De Change operators at a rate of N1,251 per U.S. dollar. This was made known in a circular addressed to the President of the Association of Bureau De Change operators of Nigeria. In the circular, signed by Hassan Mahmud, the Director…
Read More “CBN Sells Dollar To BDCs At N1,251/$, Prescribes Regulated Sales Margin” »
The Nigerian Federal Government announced that applicants of its N50,000 Presidential Conditional Grant Scheme for citizens across the 774 local government areas should watch out for SMS to link applications with the National Identity Number. The Minister of Trade, Industry, and Investment, Doris Uzoka-Anite, disclosed this in a notice she posted through her official X…
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A report by the Central Bank of Nigeria (CBN) has revealed that out of the total loans of N10.3 trillion disbursed as intervention, N193 billion has been declared lost and another N418.9 billion remains doubtful. According to the report, which was last updated in September 2023, detailed the breakdown of the bank’s intervention funds over…
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The Central Bank of Nigeria (CBN) says it has cleared all $7 billion foreign exchange (forex) backlog inherited by Governor Yemi Cardoso. In a statement yesterday, Acting Director of Corporate Communications, Central Bank of Nigeria (CBN), Mrs. Hakama Sidi Ali, confirmed the settlement of all valid forex backlog claims. She explained that the CBN had…
A Federal High Court, Abuja has ordered Binance Holdings Limited to provide the Economic and Financial Crimes Commission (EFCC) with comprehensive data or information on all persons from Nigeria trading on its platform. Justice Emeka Nwite granted the interim order after ruling on the ex-parte motion moved by the EFCC’s lawyer, Ekele Iheanacho. “The applicant’s…
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Following what they described as challenges faced by pastoralists, Leaders of the Fulanis in Nigeria have issued a stern warning, threatening to stop the sales of livestock nationwide if their concerns are not addressed. This was central in a Communique issued at the end of the Fulbe National Security Summit, organised by the Miyetti Allah…
Read More “Fulani Leaders To Halt Sales of Livestocks Across Nigeria Over Insecurities” »
Days after the reopening of the Nigeria-Niger Republic land and air borders by the Federal Government of Nigeria, Nigerien authorities have not said anything, even as they maintained their entry points closed. Nigeria announced the reopening of its borders with Niger Republic on March 13, 2024. While security operatives like the Nigeria Customs Service (NCS)…