Business/Economy

Federal Inland Revenue Service (FIRS) has granted taxpayers and businesses full waiver on accumulated penalties and interests for outstanding tax liabilities. Chairman of the revenue service, Zacch Adedeji, made the decision known in a notice he signed. The agency imposes penalties and interests for failure by companies to fulfil their tax obligation as and when … [Read more…]

With plans by the Central Bank of Nigeria (CBN) to introduce a new capital base for deposit money banks in Nigeria, economists have cautioned the apex bank from making some mistakes made during the last recapitalisation of commercial banks in the country. The Founder of Centre for Promotion of Private Enterprise, Muda Yusuf; and Prof Segun … [Read more…]

Governor of Central Bank of Nigeria, CBN, Mr Yemi Cardoso said yesterday that the apex bank will soon introduce a new set of foreign exchange laws and guidelines to address naira depreciation and achieve exchange rate stability. The CBN, according to him, will also conduct a new recapitalisation exercise for the banking industry, by directing … [Read more…]

The Central Bank of Nigeria (CBN) has warned against the rejection of any bank notes it has issued in line with the provision of the CBN Act 2007. This comes amidst fears that the old banknotes may cease to be legal tender by December 2023. On March 3, the Supreme court had ordered that old … [Read more…]

The Central Bank of Nigeria (CBN), has started clearing over $10 billion foreign exchange backlogs of commercial banks and foreign airline operators. This is as the apex bank also assured the public that it has enough volume of banknotes to go around even in the approaching festive period, calling off allegations of cash in the … [Read more…]

The federal government has approved a supplementary budget totaling N2.1 trillion. The Minister of Budget and Economic Planning, Atiku Bagudu, disclosed this to State House correspondents on Monday after the Federal Executive Council meeting presided over by President Bola Tinubu at the Presidential Villa. Bagudu explained, “We submitted a supplementary budget, and the council considered … [Read more…]

Inflation rate is projected to increase by 83 basis points (bps) year-on-year (y/y) to 27.54 in October. The figure would represent a 1.9 per cent rise when compared to 26.72 per cent recorded in September. According to Cordros Capital Research, there are indications that food prices will temper in October due to the impact of … [Read more…]

Naira closed at N848.12 to the dollar on Tuesday, October 17, at the official window days after the Central Bank of Nigeria (CBN) reversed its policy on 43 items to save the country’s currency from further decline. The CBN had, on Thursday, October 12, announced, among other policy issues, the lifting of foreign exchange (FX) restrictions hitherto … [Read more…]

The Nigerian Bureau of Statistics on Monday, announced the rise of the nation’s annual inflation to 26.72% in September from 25.8% in August. Inflation in Africa’s biggest economy has risen to double-digits since 2016, eroding incomes and savings, and prompting the central bank to hike interest rates to their highest level in nearly two decades. … [Read more…]

London-based Financial Times publication says there are signs of President Bola Tinubu’s economic reforms not going as planned. In an editorial, the publication noted that although Tinubu started well by removing fuel subsidy and moving towards a market-driven exchange, events in the past four months show that more work has to be done. “In removing a … [Read more…]