Money

The Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, announced on Wednesday that Nigerians in the Diaspora will be able to obtain their Bank Verification Numbers (BVN) by the end of the year. Cardoso disclosed this during a meeting with the Nigerian community in Washington, DC, on the sidelines of The World Bank…

The International Monetary Fund (IMF) has called on the federal government to implement a more efficient tax collection system to broaden its revenue base and address the country’s high debt service-to-revenue ratio. The call was made by Davide Furceri, Division Chief of the IMF’s Fiscal Affairs Department, during the Fiscal Monitor press briefing at the…

A witness has told the Federal Capital Territory (FCT) High Court sitting in Maitama, Abuja, how a company, April 1616, received preferential

The Association of Mobile Money and Bank Agents in Nigeria (AMMBAN) announced on Friday that banks in Nigeria lost N42.6 billion to fraud in the second quarter of 2024. The National President of AMMBAN, Fasasi Sarafadeen Atanda, attributed the losses to agent locations where fraudulent activities involved stolen cards, phones, fake alerts, and ransom cash-outs,…

The Federal Inland Revenue Service has assured that through the integration of technology, improved processes, and capacity building, it is well positioned to meet its ambitious target of an 18 per cent tax-to-GDP ratio by 2026. It also reassured Nigerians that its drive to shore up government revenue will not translate to increasing taxes. Chairman…

Central Bank of Nigeria (CBN) has denied reports against Guaranty Trust Holding Company (GTCO) and its Executive Management over allegations of financial foul play. In a statement released on Tuesday, October 8, 2024 and signed by CBN’s Acting Director of Corporate Communications in Nigeria, Hakama Ali, the apex bank reassured the public that their deposits…

A leading accounting organisation, Kreston Pedabo, has raised concerns over loopholes that may undermine the effective implementation of the Value Added Tax (VAT) modification introduced by the Federal Government, especially in the energy sector. The Nigerian government introduced the 2024 VAT Modification Order, expanding tax exemptions to promote the adoption of renewable energy and settle…

The Federal Government, through the Debt Management Office (DMO), has opened offers for subscription to Federal Government of Nigeria (FGN) savings bonds for October 2024 at an interest rate of 17.08 percent and 18.08 per cent respectively. The DMO, in a statement on Monday in Abuja, said the first offer is a two-year FGN savings…

The Central Bank of Nigeria (CBN) has announced that it sold a total of $543.5 million at rates ranging from N1,540 to N1,580 to authorised dealer banks between September 6 and September 30, 2024. This figure is equivalent to N844.92 billion. The CBN disclosed this information in a statement signed by Omolara Duke, Director of…

The Central Bank of NigeriaCentral Bank of Nigeria (CBN) is set to automate foreign currency trades starting in December, moving away from a nearly decade-old over-the-counter trading system. This transition aims to enhance transparency and eliminate market distortions. The CBN announced that the new system will "facilitate a market-driven exchange rate accessible to the public"…

Amid the reported high currency in circulation, which hit a record high of N4.05 trillion in July, the Central Bank of Nigeria (CBN) says it will pump another N1.4 trillion into the system in the next three months. The move, according to the bank, is to improve cash flow within the banking system. There have…

The Emir of Kano, Muhammad Sanusi II, has said he holds no grudge against former President Goodluck Jonathan for removing him as Central Bank of Nigeria’s (CBN) governor in 2013. Sanusi's statement came after Jonathan denied allegations that $49.8 billion went missing during his tenure as President. At the launch of ‘Public Policy and Agent…