Nigeria’s external reserve hit a new milestone in June, rising to $34.07 billion, the highest level since March 2024. This information comes from the Central Bank’s external reserve position as of June 26, 2024. Nairametrics reported last week that the external reserve reached a three-month high when it rose to $33.5 billion. Reserves have continued … [Read more…]
President Bola Ahmed Tinubu’s efforts at stabilising the economy and scaling up support for the most vulnerable citizens have received a $2.25 billion World Bank boost. Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, broke the news of two major financial support packages in a statement last night. They include $1.5 … [Read more…]
There is no N5.4trillion provision for fuel subsidy this year, the Presidency said yesterday. It said its position on fuel subsidy removal has not changed. In a statement by Mr Bayo Onanuga, Special Adviser on Information and Strategy to President Bola Ahmed Tinubu, the presidency said subsidy on fuel ended in May last year. It said: “Our … [Read more…]
The average fare paid by commuters for intercity bus journeys in Nigeria surged by 78.31% year-on-year to N7,122.57 in April 2024, up from N3,994.51 in April 2023. This data, sourced from the National Bureau of Statistics (NBS) Transport Fare Watch for April 2024, highlights the significant increase in transportation costs over the past year. The … [Read more…]
The Minister of Finance and Coordinating Minister of the Economy, Wale Edun, has said that the federal government is providing up to N1 billion in credit facilities to large enterprises, including manufacturers, at a 9% interest rate. The Minister made this statement during an interview on Channel TV on Sunday on the state of the … [Read more…]
The Minister of Finance and Coordinating Minister of the Economy, Wale Edun, has announced that the federal government has settled a swooping N7.3 trillion in ways and means advances to the Central Bank. Edun made this statement during an interview with Channels TV on Sunday in Abuja. The Minister stated that the country is no … [Read more…]
The Central Bank of Nigeria (CBN) has directed all Bureau de Change operators (BDCs) in the country to reapply for new operational licences by June 3, 2024 in order to continue to operate in the forex market. The BDCs are also to meet the new deadline of N2billion for tier 1 and N500million for tier … [Read more…]
The Central Bank of Nigeria (CBN) has raised the interest rate by 150 basis points from 24.75 per cent to 26.25 per cent. Following a two-day meeting, the bank’s Monetary Policy Committee (MPC) agreed to increase the Monetary Policy Rate(MPR) for the third straight time to rein in the country’s soaring inflation levels pegged at … [Read more…]
The Federal Government has suspended the controversial cybersecurity levy on electronic banking transactions. Nigeria’s Minister of Information and National Orientation Mohammed Idris disclosed this while briefing State House Correspondents after the Federal Executive Council (FEC) meeting at the State House in Abuja on Tuesday. He said the policy is undergoing a review. “The position of … [Read more…]
The Central Bank of Nigeria (CBN) has directed deposit money banks and financial institutions to suspend processing fee on deposits till September 30, 2024. In a circular, the apex bank ordered that financial institutions suspend processing charges imposed on cash deposits above N500,000 for individuals and N3,000,000 for corporates. The circular to deposit money banks … [Read more…]
The Central Bank of Nigeria has published an extensive roster of authorized Deposit Money Banks functioning within the nation. The roster, disclosed on the CBN’s official website on Tuesday, offers a glimpse into Nigeria’s banking sector. Banks with international authorisation include: Access Bank Limited Fidelity Bank Plc First City Monument Bank Limited First Bank Nigeria … [Read more…]
The Central Bank Of Nigeria (CBN) has issued a July 7, 2024 deadline for Point of Sales (PoS) operators to complete registration with the Corporate Affairs Corporation (CAC). This was revealed during a meeting between Fintechs and the Registrar-General/Chief Executive Officer (CAC) Hussaini Magaji (SAN) in Abuja on Tuesday. Speaking at the event, the CAC … [Read more…]