By Sunday Etuka, Abuja  The Federal Government has disclosed plans to cut down on the cost of tax expenditure and ensure tax incentives, with the aim to improving the economy. This was disclosed by the Minister of Finance and Coordinating Minister of the Economy, Mr Wale Edun, according to a statement...
By Sunday Etuka, Abuja The Central Bank of Nigeria (CBN) has prohibited the practice of using foreign currency-denominated collaterals for Naira loans. CBN gave the directive to all the banks operating in the country, as seen in a letter signed by the Acting Director, Banking Supervision Department, Dr. Adetona Adedeji on...
By Sunday Etuka, Abuja As the Banks in Nigeria are jostling to meet the capital requirements recently set by the Central Bank of Nigeria (CBN), the apex bank must work closely with the Economic and Financial Crimes Commission (EFCC) to ensure that the funds are raised properly. CBN had on Thursday,...
By Sunday Etuka, Abuja The Central Bank of Nigeria (CBN) has reported an inflow of over $1.5 billion into the economy over the past few days, attributing it to its strong monetary policy efforts. CBN’s Acting Director of Corporate Communications Department, Mrs. Hakama Sidi Ali, made the assertions in a statement...
…Gives 24 Months For Banks To Recapitalise By Sunday Etuka, Abuja The Central Bank of Nigeria (CBN) has increased the minimum capital base for commercial banks with international authorisation from N25 billion to N500 billion. CBN's Acting Director, Corporate Communications Department, Mrs. Hakama Sidi Ali confirmed the development on Thursday, March 28,...
The Central Bank of Nigeria (CBN) has raised the Monetary Policy Rate (MPR) by 200 Basis Points from 22.75 percent to 24.75 percent. Rising from its March Monetary Policy Committee (MPC) meeting on Tuesday in Abuja, the CBN Governor, Mr. Olayemi Cardoso announced that the Committee members voted to raise...
The Nigeria Deposit Insurance Corporation (NDIC) and the Economic and Financial Crimes Commission (EFCC) have strengthened their partnership to combat financial fraud in the banking sector. NDIC's Director of Communication and Public Affairs, Bashir Nuhu in a statement on Saturday said, the collaboration would ensure that those who contribute to...
The Federation Account Allocation Committee (FAAC) has shared a total sum of N1.152 trillion February 2024 Federation Account Revenue to the Federal Government, States and Local Government Councils. The revenue was shared at the March 2024 meeting of the Federation Accounts Allocation Committee (FAAC) chaired by the Minister of Finance...
In fulfillment of the pledge made by the Governor of the Central Bank of Nigeria (CBN), Mr. Olayemi Cardoso to process an inherited Foreign Exchange (FX) backlog of US$7 billion in claims, the apex bank has announced that all valid FX backlog transactions have been successfully cleared. The Bank’s Acting...
The Executive Vice President of the Intra-African Trade Bank at the Africa Export-Import Bank (Afreximbank), Kanayo Awani, has received the African Diaspora Advisory Board (ADAB) Global Woman Award in Washington, D.C. Mrs. Awani was awarded for her work in promoting intra-African trade, according to a statement made available by the...