Business/Economy

The Nigerian National Petroleum Company Limited (NNPC Ltd.) and Central Bank of Nigeria (CBN) have reviewed the NNPC Ltd.’s decision to domicile a significant portion of its revenues and other banking services with the CBN. The review was held during a meeting between the Group Chief Executive Officer of NNPC Ltd, Malam Mele Kyari and … [Read more…]

The governor of the Central Bank of Nigeria, CBN, Mr. Yemi Cardoso, yesterday told members of the House of Representatives, that the task of stabilising the naira is the responsibility of all Nigerians. He spoke in Abuja while addressing the lawmakers to explain issues responsible for the foreign exchange challenges facing the nation. Cardoso’s presentation … [Read more…]

The Central Bank of Nigeria (CBN) says there are no plans by the Federal Government to convert its $30bn domiciliary deposits to Naira. The Apex Bank in a reaction to a story published by a national newspaper alleging that the government is considering converting funds in the domiciliary account to Naira, said the “allegation is absolutely … [Read more…]

The Nigerian National Petroleum Company Limited (NNPCL) increased its revenue profile by 37.2 per cent, from N6.42 trillion in 2021 to N8.81 trillion in 2022, its latest Audited Financial Statement (AFS) released on Friday revealed. The document, the fourth in the series to be made public since 1977, when the then NNPC began operations, also … [Read more…]

The Chairman of the Presidential Fiscal Policy and Tax Reforms Committee, Taiwo Oyedele, has said the Federal Government will be saving N8tn annually from the fuel subsidy removal and exchange rate unification policies. Oyedele spoke during a panel session at the Lagos Chamber of Commerce and Industry 2024 Economic Outlook and Budget Analysis. He, therefore, … [Read more…]

The naira fell to N1089.51/$ on the official Investor and Exporter window on Tuesday. The currency fell by 27.19 per cent from the N856.57/$ it closed on Monday, according to data from the FMDQ Securities Exchange. On Tuesday, the naira opened trading at N922.22/$, rose to a high of N1251/$ and low of N720/$ before … [Read more…]

The Central Bank of Nigeria has changed its stance on crypto assets in the country and asked banks to disregard its earlier ban on crypto transactions. This is according to a circular dated December 22, 2023, with reference number FPR/DIR/PUB/CIR/002/003, and signed by the apex bank’s Director, Financial Policy and Regulation Department, Haruna Mustafa. The … [Read more…]

The three tiers of government on Friday shared a total sum of N1.088.783 trillion as revenue allocation for November. The Federation Account Allocation Committee (FAAC) disclosed this in a communiqué issued at the end of its meeting in Abuja. According to the committee, the distributable revenue comprised statutory revenue of N376.306 billion, Value Added Tax … [Read more…]

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…]