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 […]
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, […]
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 […]
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 […]
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 […]
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 […]
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 […]