Old naira notes remain legal tender beyond 2024 – CBN

The Central Bank of Nigeria has addressed concerns regarding the old series of N200, N500, and N1000 banknotes, stating that they will not cease to be legal tender on December 31, 2024. This follows recent discussions at various forums suggesting that the CBN plans to withdraw the old banknotes by the end of December. In […]

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 […]

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 […]

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 […]

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 […]