The Central Bank of Nigeria (CBN) has devalued the Naira to N631 to the dollar from N461.6 it sold at the Importers and Exporters (I&E) window the previous day, Daily Trust is reporting. This comes 48 hours after President Bola Ahmed Tinubu announced the plans of the federal government to unify the country’s exchange rate…
The governor of the Central Bank of Nigeria, CBN, Godwin Emefiele, has revealed that the CBN had given out about N8 trillion in interventions to the private sector in the last five years.Emefiele made this revelation while speaking at the end of the 291st Monetary Policy Committee, MPC, meeting in Abuja on Wednesday.He said, “In…
The Bank of Industry, BoI, has showed remarkable progress with a N2.38trillion assets valuation in 2022 over the N1.71 trillion assets valuation the previous year.It also witnessed a rise in profit before tax, reaching N71.98 billion in 2022, a 15.6 per cent increase from N62.28 billion the previous year.This growth was announced by BoI’s Chairman,…
The scarcity of the naira increased the reliance on mobile devices for financial transactions by 505.29 per cent in the first quarter of 2023, data from the Nigeria Interbank Settlement System has indicated.The value of mobile transactions rose by 160.11 per cent year-on-year to N9.07tn in the first quarter of 2023.The volume of mobile transactions…
The Central Bank of Nigeria has approved the operations of about five Payment Service Banks (PSBs) in NigeriaFour of the banks are operated by telephone companies to enhance mobile money access in NigeriaThese PSBs can receive deposits and offer remittance services but are limited in scaleThe Central Bank of Nigeria (CBN) has licensed Payment Service…
From heaps of debts to tattered revenues, unsustainable wages to poorly-equipped civil servants and dead assets to loads of contingent liabilities, the 18 new chief executives of states who will be taking oaths of office on May 29 have their jobs clearly cut out for them. But it may not be rosy reception for the…
Nigeria has, again called on the United Nations and the International Tax Community to forge an inclusive, equitable, fair and universally beneficial international tax system towards the attainment of the 2030 Sustainable Development Goals (SDGs). Making the call on behalf of the country, Mr. Muhammad Nami, the Executive Chairman of the Federal Inland Revenue Service…
With the rise of many startups in the technology and creative industries in Nigeria and the continent, Africans have been urged to work more on providing solutions to problems, rather than rely solely on remittances and grants from the diaspora. Speaking over the weekend at the African Diaspora Investment Summit (ADIS), organised by the African…
