Economy
EFC Report: Windfall Tax Amid Industry Recapitalisation Will Break Banks
A new report has warned that implementing a windfall tax amid a Central Bank of Nigeria (CBN) mandated recapitalisation could...
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Bank directors disown chairmen’s views on windfall tax
The Bank Directors Association of Nigeria have distanced itself from the views of some bank chairmen on the proposed foreign...
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Banks, others shut as hunger protest holds
Banks and other financial institutions in the country will be closed on Thursday, August 1, 2024, as the planned hunger...
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Fuel crisis lingers as vessels berth at Lagos ports
The fuel crisis being experienced by Nigerians is yet to abate even as petrol vessels birthed at Lagos and other...
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NCC orders telcos to reactivate all lines barred over NIN-SIM verification issues
The Nigerian Communications Commission (NCC) has ordered all telecommunication companies in the country to reactivate all lines they have barred...
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Three Days to Nationwide Protests, Nigerians Still Divided on Action
Deji Elumoye, Chuks Okocha, Ikechukwu Aleke, Folalumi Alaran in Abuja, John Shiklam in Kaduna, Hammed Shittu in Ilorin, James Sowole in Abeokuta, Segun Awofadeji in Bauchi, Laleye Dipo...
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Foreign education forex allocation tumbles 83% — CBN
Nigerians spent $38.17m on foreign education between January and March 2024, according to data from the Central Bank of Nigeria’s...
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FG’s deficit spending falls 29% to N2.83trn in Q1’24
The Federal Government recorded a 29 percent year-on-year (YoY) decline in deficit spending to N2.83 trillion deficit in the first quarter...
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Nigeria investigates fuel imports after Dangote Refinery rift with regulator
Nigerian lawmakers on Monday set up a committee to investigate crude shortages to local refineries and importation of dirty fuels,...
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Money supply to dip by N20tr as banks offload dormant account proceeds
Policy to restrict lending capacity of DMBs, increase commercial interest rate The value of the money supply may fall by...
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CBN resumes BDC dollar sale as naira weakens to 1,570/$
The Central Bank of Nigeria resumed the sale of foreign exchange to eligible Bureau De Change operators on Thursday, as...
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Petrol landing cost now N1,117/litre – Marketers
The landing cost of Premium Motor Spirit, also known as petrol, was N1,117/litre as of Tuesday, July 16, 2024, the...
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Agusto & Co. forecasts an impressive average growth rate of 32.4% over the next two years for the Nigerian asset management industry
The Nigerian asset management industry (“the Industry”) has defied a tough macroeconomic climate to achieve impressive growth. Over the past...
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Nigeria set to become net fuel exporter by December – NNPCL
The Group Executive Officer of the Nigerian National Petroleum Company Limited, Mele Kyari, has said Nigeria will be a net...
Read moreCBN drops BDC operators in $123m sale
Bureau De Change Operators were excluded in the latest tranche of forex sales by the Central Bank of Nigeria to...
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Cardoso blames Nigeria’s rising inflation on N27trn, N10trn CBN borrowing by past govt
The Governor of the Central Bank of Nigeria, CBN, Olayemi Cardoso, has said Nigeria’s economy is currently suffering from the...
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CAC to cancel certificates of BDCs with revoked licences
The Corporate Affairs Commission has announced its intention to cancel the certificates of incorporation of Bureaux De Change whose licences...
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NGX Suspends Eight Listed Companies over Market Infraction
For not submitting a full year ended December 31, 2023 result and accounts, the Nigerian Exchange Limited (NGX), yesterday disclosed...
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To Contain Worsening Food Crisis, FG May Suspend Duties, Taxes on Certain Imports
There are strong indications that the federal government is actively considering a raft of fiscal measures to mitigate the worsening...
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‘CBN directive on FX deposit to boost reserves’
Financial experts have said that the latest directive from the Central Bank of Nigeria asking banks to deposit their excess...
Read moreInvestors gain N15.6trn in H1’24 amid monetary policy tightening
Despite the lull in economy and other challenges, investors on the Nigerian Exchange Limited, NGX gained over N15.6 trillion in...
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Agusto & Co. Foresees Robust Growth in Managed Assets, to Surpass N10tn by 2025
Credit rating agency, Agusto & Co., has projected that managed assets in the country will witness an average annual growth...
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Forex: CBN discontinues Price Verification System as criteria for imports
The Central Bank of Nigeria, CBN, yesterday, said it has discontinued the Price Verification System (PVS) and Report as criteria...
Read moreCBN Mandates Banks, IMTOs to Pay Diaspora Remittances in Naira
The Central Bank of Nigeria (CBN) Tuesday directed banks and International Money Transfer Operators (IMTOS) to pay all diaspora remittances...
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