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Abia to launch electric transport system July — Otti

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Reps calls for gradual withdrawal of old naira notes
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Reps calls for gradual withdrawal of old naira notes

The House of Representatives has urged the Central Bank of Nigeria to begin a gradual withdrawal of old naira notes while introducing new denominations of N200, N500, and N1,000 to the public. This resolution came during a plenary session on Thursday, prompted by a motion of urgent national importance from Mr. Victor Ogene, the representative […]

CBN warns public against fake contracts, grants, intervention fund scams
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CBN disburses N1.73tn for food imports in six months

The Central Bank of Nigeria in the second quarter of 2024 allocated $547.7 million (N823.19 billion at the official exchange rate of N1,503.3/$1 as of June 30, 2024) for food item imports. This represents a decrease of $142.48 million, or 20.6%, compared to the $689.88 million released in the first quarter. In naira terms, this […]

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FG eyes 5% tax on telecommunications, other services

The Federal Government of Nigeria has proposed a five per cent excise duty on telecommunications services, gaming, and betting activities as part of a new bill aimed at overhauling the country’s tax framework. This move is intended to boost revenue collection and enhance fiscal sustainability. The bill, titled, “A Bill for an Act to Repeal […]

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Banks refund N7.05bn, $714,569 to customers, says CBN 

The Central Bank of Nigeria has announced that banks operating in the country have refunded approximately N7.05 billion and $714,569.03 to customers as a result of its intervention. This information was disclosed on Tuesday in the Central Bank’s monthly bulletin, CBN UPDATE September Special Edition, published on its website. In sharing the scorecard for Olayemi […]

Dangote Refinery loses N32.5bn after petrol price cut
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Lagos, Abuja airports incur over N1bn monthly electricity bills

The Minister of Aviation, Festus Keyamo has stated that the Lagos and Abuja airports each incur over N1 billion in monthly energy costs. In an interview aired on Channels TV on Tuesday, Keyamo explained that the rising electricity expenses have further strained the financial operations of both flight services and the airline industry. He further […]

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CBN initiates global partnerships for improved banking system

The Central Bank of Nigeria has signed Memoranda of Understanding with countries that host subsidiaries of Nigerian banks. This initiative aims to enhance regulatory coordination and ensure safe banking operations both locally and internationally. This was disclosed in a statement by the Acting Director of Corporate Communications on Tuesday. She stated that this approach allows […]

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Nigeria’s debt servicing hits N6.04tn in H1 2024 – CBN

Nigeria’s debt servicing expenses surged to N6.04 trillion in the first half of 2024, a 68.8% increase from N3.58 trillion in the same period of 2023, according to the Central Bank of Nigeria. This spending is approximately three times the N2.32 trillion allocated for personnel costs, which rose by 17.6% from N1.97 trillion the previous […]

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The Central Bank of Nigeria has mandated all Deposit Money Banks and foreign exchange market participants to submit compliance reports regarding the FX Code by December 31, 2024. This initiative aims to enhance the integrity and efficiency of Nigeria’s foreign exchange market, aligning it with global standards, according to The PUNCH. The FX Code, effective […]

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CBN sells $543.5m in FX to authorized banks over 11 days

The Central Bank of Nigeria sold a total of $543.5 million at rates of N1,540 and N1,580 to authorized dealer banks between September 6 and September 30, 2024. This transaction amounts to approximately N844.92 billion in naira. This was disclosed in a statement signed by the Director, Financial Markets Department of CBN, Omolara Duke, on […]

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CBN extends suspension of cash deposit processing fees to 2025

The Central Bank of Nigeria has announced an extension of the suspension on cash deposit processing fees, now lasting until March 31, 2025. This decision aims to alleviate financial burdens and encourage greater use of banking services. The CBN disclosed this in a letter to banks and other financial institutions in the country signed by […]

FG spends 74% of revenue on debt in Q1 2024
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CBN okays forex sales to BDCs at N1,590/$

The Central Bank of Nigeria has announced it will sell $20,000 in foreign exchange to eligible Bureau De Change operators nationwide. This was disclosed by the apex bank in a statement signed by the Acting Director of Trade and Exchange Department, Dr W. J Kanya, on Wednesday. The CBN stated that the sale of $20,000 […]

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