In an apparent move to strengthen the Naira, the Central Bank of Nigeria (CBN) has capped weekly cash withdrawal for individuals and corporate organizations to N100,000 and N500,OOO respectively.
The development was contained in a circular signed and issued to all deposit money banks (DMBs) and other financial institutions (OFls)
by...
The Governor of the Central Bank of Nigeria (CBN), Mr. Godwin Emefiele, has disclosed that a total of $4.987 Billion was repatriated into the country by non-oil exporters in 2022, under the Race to US$200 Billion in Foreign Exchange (FX) Repatriation (RT200) programme launched in February 2022 by the...
The Federation Account Allocation Committee (FAAC) has shared a total sum of N736.782 billion October 2022 Federation Account Revenue to the Federal Government, States and Local Government Councils.
This was contained in a communiqué issued at the end of the Federation Account Allocation Committee (FAAC) meeting for November 2022.
The N736.782...
President Muhammadu Buhari has launched the new Naira Notes, expressing delight that the redesigned currencies were locally produced by the Nigerian Security Printing and Minting (NSPM) PLC.
Speaking at the launch, ahead of the Federal Executive Council (FEC) Meeting, President explained in detail the basis for his approval to the...
The Central Bank of Nigeria (CBN) has raised the Monetary Policy Rate (MPR) from the 15.5 percent held in September, 2022 to 16.5 percent.
CBN's Governor, Mr Godwin Emefiele announced the development shortly after the Monetary Policy Committee (MPC) meeting on Tuesday, November 23, 2022 in Abuja.
Emefiele noted that the...
The Nigeria Deposit Insurance Corporation (NDIC) said, it plays a critical role in contributing to the objectives of the National Financial Inclusion Strategy (NFIS) through the provision of deposit insurance coverage to depositors of licensed banks.
NDIC's Director, Communication & Public Affairs, Bashir A. Nuhu, in a statement Tuesday in...
For the second consecutive year, judges at the BusinessDay’s ‘Banks and Other Financial Institutions (BAFI) Awards have rated TAJBank Limited, Nigeria’s leading non-interest bank, as the winner of the ‘Islamic Bank of the Year Award’ 2022 for the bank’s impressive performance during the year.
TAJBank beat other nominees for the...
Following the recent policy on currency redesign, the Central Bank of Nigeria (CBN) has pledged to protect the unbanked and underserved Nigerians, especially at the rural areas.
CBN made the pledge in a statement issued by its Director, Corporate Communications, Osita Nwanisobi on Sunday in Abuja.
The apex bank while giving...
The Acting Accountant General of the Federation, Mr Sylva Okolieaboh, has inaugurated a joint committee to address the peculiarities of Nigerian universities in the Integrated Personnel and Payroll Information System (IPPIS).
This was disclosed in a statement by the Director Information, Press and Public Relations, OAGF, Henshaw Ogubike on Monday.
The...
MTN, Airtel, as well as money deposit banks in Nigeria have been appointed by the Federal Inland Revenue Service (FIRS) to withhold Value Added Tax (VAT) charged on all taxable supplies made to them, and remit to the Service.
This was contained in a Public Notice the FIRS issued on...
