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…
Fintechs charge N50 transfer levy on transactions above N10,000
Financial technology companies have started charging levies on electronic transfers into personal and business accounts in compliance with the Federal Inland Revenue Service regulations. In a notice to its customers…
CBN re-introduces publication of key Economic Reports
The Central Bank of Nigeria (CBN) has reintroduced the publication of several key economic reports, reaffirming its commitment to fostering transparency and accountability in the Nigerian economy. These reports, including…
Naira appreciates by 0.6% against dollar at official market
The Naira on Monday appreciated at the official market, trading at N1,607.15 to the dollar. Data from the official trading platform of the FMDQ Exchange, a platform that oversees the…
CBN hikes interest rate amid inflationary pressures
The Central Bank of Nigeria (CBN) has once again tightened Monetary Policy Rate (MPR), increasing the interest rate by 50 basis points to 26.75 percent. The move is aimed at…
CBN denies revocation rumours for Fidelity, Polaris, Wema, Unity Banks
The Central Bank of Nigeria (CBN) has refuted allegations that it is contemplating the revocation of operating licences for Fidelity, Polaris, Wema, and Unity Banks. This clarification came amidst concerns…
Heritage Bank customers to be repaid within a week – NDIC assures
The Nigerian Deposit Insurance Corporation has reassured Heritage Bank depositors that there’s no cause for alarm, as it is actively repaying them. Bello Hassan, NDIC’s Managing Director, shared this during a press…