Banking Budgeting Investments/Capital Market Latest News Planning & Economic Development Political Economy Revenue Technology

CBN Raises Banks’ Capital Requirements, Sets 2-Yr Compliance Timeline

In furtherance of its sustained policy reforms in the nation’s financial system, the Central Bank of Nigeria (CBN) on Thursday announced new minimum capital requirements for Deposit Money Banks (DMBs) based on their size licence categories. A statement issued by the Acting Director, Corporate Communications Department of the apex bank, Mrs Hakama Sidi-Ali, the latest […]

Banking Budgeting Latest News Planning & Economic Development Political Economy Revenue Revenue Agencies Taxation Technology

FG Orders Banks To Deduct 0.375% Stamp Duty On Loans

The Federal Government has directed deposit money banks (DMBs) in the country to immediately begin the deduction 0.375% Stamp Duty on all loans disbursed by them and remit the deductions to it. According to a message by the DMBs to their customers with outstanding loans, the deduction is specifically to apply to only the principal […]

Banking Budgeting Investments/Capital Market Latest News Planning & Economic Development Political Economy Revenue

CBN Sells Treasury Bills Worth N1.64Trn Amid Investor Interest Upbeat

The Central Bank of Nigeria (CBN) successfully conducted an auction of Nigerian Treasury Bills (NTBs) on March 27, totalling N1.64 trillion in sales. The auction result report published by the apex bank indicated that the higher stop rates offered attracted investor interest, indicating an increasing confidence in the nation’s economic instruments. During this latest auction, […]

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Nigeria’s Data Consumption Hits 721,522Terabytes In January 2024

The Nigerian Communications Commission (NCC) has reported that telecom subscribers in the country utilised 721,522 terabytes of data in January of this year, representing the highest volume of monthly  data consumption since it commenced the publication of data statistics in the industry. The latest data released by the industry regulatory commission on data usage by […]

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FEC Approves N60Bn To Support Young Entrepreneurs

The Federal Executive Council (FEC) has granted its consent for the disbursement of N60 billion from the Central Bank of Nigeria (CBN) through its Agric Small and Medium Enterprises Investment Scheme to support small businesses, particularly among young entrepreneurs nationwide. A statement issued by the Minister of Youth, Jamila Ibrahim, after the conclusion of the […]

Banking Budgeting Latest News Planning & Economic Development Political Economy Revenue Statistics

CBN Raises MPR To 24.75%, Retains CRR, Liquidity Ratio

The Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) at the end of its two-day meeting in Abuja on Tuesday raised the Monetary Policy Rate (MPR) by 200bps to 24.75% and also changed the asymmetric corridor from +100/-700 t0 +100/-300 around the MPR. Today’s upward review of the (MPR), which is the […]

Banking Budgeting Foreign Exchange (Forex) Latest News Planning & Economic Development Political Economy Revenue Technology

CBN Sells Dollars To BDCs, Sets Sale Rate At N1,269/$1

In furtherance of its sustained policy measures to moderate the lingering volatility in the nation’s foreign exchange (FX) markets, the Central Bank of Nigeria (CBN) has hinted that it is allocating $10,000 at N1,251/$ to each Bureau de Change (BDC) operator in the country. In a memo dated March 25, 2024, and addressed to the […]

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FG Buys 58,500 Metric Tons Of Rice From Farmers – Minister

The Federal Government has disclosed that it purchased 58,500 metric tons of milled rice from the Rice Farmers Association of Nigeria (RIFAN) as part of its efforts to stabilise the food items market nationwide. The Minister of Agriculture, Sen. Abubakar Kyari,  who made this disclosure during a  media chat with journalists in his office in […]

Banking Budgeting Latest News Planning & Economic Development Political Economy Revenue Statistics

Nigeria’s Inflation To Hit 32.63% In March 2024 – CBN Deputy Governor

The Deputy Governor of the Economic Policy Directorate of the Central Bank of Nigeria (CBN),  Muhammad Sani Abdullahi, has projected that Nigeria’s headline inflation will rise to 32.63% in March this year given the prevailing micro and macroeconomic indices of the economy Abdullahi made this forecast in his paper presented at the CITI-CEEMA Macro Conference […]

Banking Budgeting Foreign Exchange (Forex) Latest News Planning & Economic Development Political Economy Revenue Technology

CBN Clears Valid FX Transactions To Eliminate Legacy Backlog

The Central Bank of Nigeria (CBN) has cleared all valid foreign exchange backlogs in fulfilment of the  promise by the Governor, Mr. Olayemi Cardoso, to process for payment an inherited backlog of US$7 billion in claims. The apex bank’s Acting Director, Corporate Communications, Mrs. Hakama Sidi Ali, made this disclosure in a statement issued on […]