CBN Reduces Interest Rate By 50 Basis Points To 27%
The Central Bank of Nigeria’s Monetary Policy Committee has reduced the interest rate by 50 basis points, from 27.5 per cent in July to 27 per cent. This followed…
CBN to banks: stop limiting ATM withdrawals to below N20,000
The Central Bank of Nigeria (CBN) has issued a strong warning to banks that restrict customers from withdrawing up to N20,000 per transaction at Automated Teller Machines (ATMs), despite having…
CBN introduces higher ATM charges, scraps free withdrawals
Nigerians will soon pay more to access cash from Automated Teller Machines (ATMs) as the Central Bank of Nigeria (CBN) has introduced new withdrawal charges, eliminating free interbank transactions and…
FAAC shares N1.727trn November revenue to FG, states, LGs
A total of N1.727 trillion, representing the November 2024 Federation Accounts Revenue, was distributed among the Federal, State, and Local Governments during the December meeting of the Federation Accounts Allocation…
Old Naira notes stay in circulation; CBN shuts down rumours
The Central Bank of Nigeria (CBN) has said the old N1,000, N500, and N200 banknotes still in circulation are valid and should be accepted by all. In a statement issued…
FAAC Disburses N1.41tn October Revenue as Federation Account Grosses N2.668tn
The Federation Accounts Allocation Committee (FAAC) on Wednesday disbursed a total sum of N1.411 trillion to the three tiers of government and other relevant stakeholders, for the month of October…
FEC Approves ₦47.9tn 2025 Budget
The Federal Executive Council has approved a proposed national budget of ₦47.9 trillion for the 2025 fiscal year. The Minister of Budget and Economic Planning, Atiku Bagudu, disclosed this on…
FAAC: FG, States, LGs share N1.298 trillion for September
The Federal, State, and Local Governments have shared N1.298 trillion from the Federation Account Allocation Committee (FAAC) for September 2024. The distribution took place during the FAAC October 2024 meeting,…
Tax Reforms: FG not introducing new taxes, says FIRS boss
Chairman of the Federal Inland Revenue Service (FIRS), Zack Adedeji said on Wednesday that the tax reform bills recently presented to the National Assembly are not aimed at increasing taxes…
CBN Introduces Electronic System To Enhance Transparency In Forex Market
The Central Bank of Nigeria (CBN) has introduced an Electronic Foreign Exchange Matching System (EFEMS) for Foreign Exchange (FX) transactions within the Nigerian Foreign Exchange Market (NFEM). According to the…