The Revenue Mobilization Allocation and Fiscal Commission (RMAFC) has disclosed that a total sum of N7,314,129,314,386.08 accrued into the Federation Account in fiscal year 2023. The figures were contained in the monthly report to the Federation Account Allocation Committee (FAAC) by the Central Bank of Nigeria (CBN) titled “CBN Federation Account Component Statement”. In a […]
The Central Bank of Nigeria (CBN) has issued a new directive to all Deposit Money Banks (DMBs) in the country on the reduction of their loan-to-deposit ratio (LDR) to 50% as part of its ongoing regulatory measures introduced in response to evolving economic conditions in the country. The latest adjustment of the LDR by the […]
Nigeria’s electronic payment transactions value rose to N234.4 trillion in the first quarter this year, indicating that more Nigerians and businesses are exploring the opportunities availed by technologies to conduct their operations. The latest data from the Nigeria Inter-Bank Settlement System (NIBSS) on e-transaction trends in the economy reflected that the Instant Payment (NIP) value represented […]
In furtherance of its current fiscal reforms drive to optimize revenue generation and enhance ease of doing business in the country, President Bola Tinubu, on Tuesday, inaugurated a steering committee to drive an initiative called the National Single Window Project (NSWP). Speaking while inaugurating the committee at the Presidential Villa, Tinubu said the initiative was […]
The Centre for Promotion of Private Enterprise (CPPE), a leading advocacy organization championing the interests of the organised private sector (OPS) in Nigeria, has set some key issues for the Central Bank of Nigeria (CBN) for consideration in its latest moves to strengthen the financial system through its just published recapitalization requirements for banks in […]
The Association of Corporate and Marketing Communication Professionals of Banks (ACAMB) has welcomed the latest guidelines of the Central Bank of Nigeria (CBN) on the banking sector recapitalization and assured the public of the capacity of the banks to meet the required targets within the two-year timeline set by the apex bank. The President of […]
The Nigerian Customs Service’s (NCS’) foreign exchange (FX) rate for cargo clearance and import duties collection has dropped from N1,572.5/$ to N1,448.38/$1, representing a decline of N124.12 from last week’s rate. The latest FX rate of the revenue agency is reflected on the Central Bank of Nigeria’s (CBN’s) official window. Over the past weeks, the […]
The Central Bank of Nigeria (CBN) has announced a significant inflow of over $1.5 billion foreign investments into the Nigerian economy, describing the surge in inflows to the effectiveness of its monetary policy strategies. The apex bank’s Acting Director of Corporate Communications Department, Mrs Hakama Sidi Ali, in a statement on Thursday, attributed the increasing […]
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 […]
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 […]