The Central Bank of Nigeria (CBN) has confirmed the execution of a $2.5 billion bilateral currency swap agreement with the Peoples Bank of China (PBoC). The deal, which was sequel to the conclusion of negotiations on Friday, April 27, between the countries’ monetary authorities, is expected to boost local currency liquidity in the economies. While […]
The African Development Bank, (AfDB) on Wednesday reported that about 650 million Africans currently live without electricity. Making the disclosure while welcoming African journalists on a media tour to Saemaul Undong Model village project, in Yamoussoukro, Cote d’Ivoire, the bank’s Director, Communication and Media Relations, Dr. Victor Oladokun, said that the continental development finance institution […]
The Central Bank of Nigeria (CBN) on Wednesday supplied the inter-bank segment of the foreign exchange (Forex) market with $210 million in furtherance of its efforts to boost the market’s liquidity. An analysis of the Forex supply showed that $100 million was provided for authorized dealers in the wholesale segment of the market while the […]
The Nigerian National Petroleum Corporation (NNPC) has projected that over $25 billion investments would be attracted to the nation’s gas sector just as gas flare rate would be cut to the barest minimum within the next few years. The corporation’s Group Managing Director Corporation, Maikanti Baru, made these projections at the ongoing 50th Offshore Technology […]
The Federal Airports Authority of Nigeria (FAAN) has adopted a digital payment system as part of its measures to plug revenue leakages and improve the efficiency of financial transactions at all levels of its operations, the The measure is also designed to ease payment, provide new payment options and improve speed and convenience in different […]
As part of its current revenue generation drives, the Osun State Internal Revenue Service (OIRS) has clamped down on Obafemi Awolowo University, OAU, Ile Ife, Osun State. The OIRS yesterday locked the main gate, Senate chamber and the administrative building of the university over alleged unremitted N1.8 billion Pay As You Earn (PAYE) and other […]
The Managing Director of Asset Management Corporation of Nigeria (AMCON), Ahmed Kuru, has called on agencies saddled with the responsibility of regulating the aviation industry to adopt a more efficient regulatory enforcement approach in order to grow the industry. Kuru, who was a guest speaker at the 6th Nigeria Transport Awards And Lecture where he […]
The Murtala Muhammed International Airport (MMIA), Lagos Command of the Nigeria Customs Service (NCS) has reported that it generated N11.6 billion in the first quarter of 2018. This is even as reported sundry seizures, including bullet proof jackets, military helmets, military camouflage uniforms, military Fez caps and military vests of different camouflage colours from the […]
The Federal Inland Revenue Service (FIRS) has disclosed that it generated N9.76 billion between July 2016 and April this year, through the State Offices of the Accountant-General (SAG) platform. The SAG, which was created for the states through the accountant-general’s office on July 1, 2016, is a web-based solution introduced to collect Value Added Tax, […]
The Central Bank of Nigeria (CBN) has indicted majority of Deposit Money Banks (DMBs) in the country for their failure to comply with the regulatory anti-money laundering requirements of the banking sector. The apex bank, in its latest anti-money laundering system examination report contained in 2017 CBN Half-year Economic Report, indicated that the anti-money laundering […]