Tag: Commercial banks

Reps Public Accounts Committee Accuses CBN, Banks of Sharing VAT on Remita

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Reps Public Accounts Committee Accuses CBN, Banks of Sharing VAT on Remita

The public accounts committee of the House of Representatives on Thursday, March 28, accused the Central Bank of Nigeria (CBN) and commercial banks collecting revenue for the government of colluding to share the money made from Value Added Tax paid on Remita by customers. Chairman of the committee, Bamidele Salam (PDP, Osun) who made the…

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Finance and Economy, Legislation and Legislature

Naira Crisis: CBN Directs Banks To Sell Excess Dollars Within 24 Hours

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Naira Crisis: CBN Directs Banks To Sell Excess Dollars Within 24 Hours

Amid its fresh moves to stabilise the nation’s volatile exchange rate, the Central Bank of Nigeria has ordered Deposit Money Banks to sell their excess dollar stock latest February 1, 2024. The CBN, which made the disclosure in a new circular released on Wednesday, also warned lenders against hoarding excess foreign currencies for profit. According…

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Finance and Economy