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…]
The Central Bank of Nigeria (CBN) has directed deposit money banks in the country to start charging 0.5% cybersecurity levy on transactions. This was contained in a circular dated May 6, 2024 by the apex bank to all commercial, merchant, non-interest and payment service banks as well as mobile money operators and payment service providers. … [Read more…]
The Federal Government, through the Securities and Exchange Commission, is set to delist the naira from all peer-to-peer crypto platforms as the government steps up efforts to tackle exchange rate manipulators and dollar racketeers. The development came against the backdrop of the recent moves by the Federal Government to regulate Nigeria’s crypto market estimated at … [Read more…]
The naira regained strength against the haven currency over the weekend, breaking below the N1,300 resistance level at the parallel market, to settle at N1,270-1,275 against the dollar as the U.S. Federal Reserve Bank meets on interest rates. The new rate represents a 10% increase compared to the N1,400 to a dollar it traded at … [Read more…]