As of September 11, 2024, Nigeria’s external reserves have risen to $36.881 billion, up from $36.305 billion on August 30. This information comes from the Central Bank of Nigeria’s recent data on external reserve movements over the past few weeks. The increase of $576 million from the end of last month to September 11 reflects…
A survey conducted by the Central Bank of Nigeria (CBN) reveals that consumers are planning to cut back on their savings and investments in the upcoming months due to rising prices of goods and services relative to their income. In its ‘Household Consumer Expectation Survey Report (CES)’ for August 2024, the central bank noted that…
The Central Bank of Nigeria (CBN) has instructed all Payment Service Providers to ensure that all transactions from point-of-sale (PoS) terminals at merchant and agent locations, whether physical or electronic, are processed through an authorized Payment Terminal Service Aggregator. This directive was announced on Thursday in a circular signed by Oladimeji Yisa Taiwo, representing the…
Dangote Refinery has announced that it may be compelled to export 95-97% of its Premium Motor Spirit (petrol) due to a lack of interest from local marketers in Nigeria. The indigenous oil company, which has a capacity of 650,000 barrels per day, reported that only 3 to 5 percent of petrol marketers are willing to…
Nigeria’s total trade for the second quarter of 2024 reached N31.892 billion, according to the National Bureau of Statistics (NBS). This figure was detailed in the NBS Foreign Trade in Goods Statistics Report released in Abuja on Thursday. The NBS noted that this total reflects a 3.76 percent decline from the value recorded in the…
Tony Elumelu, Chairman of the United Bank for Africa Group, emphasized on Tuesday that dependable electricity and enhanced security are critical for Nigeria’s industrial progress. During his address at the 17th Annual Banking and Finance Conference in Abuja, Elumelu underscored the importance of these two elements in driving the nation’s development. The conference, hosted by…
The Federal Government reiterated its commitment to rebuilding confidence in the Nigerian economy, urging banks and financial institutions to support current economic initiatives. During the 17th Annual Banking and Finance Conference held by the Chartered Institute of Bankers of Nigeria (CIBN) in Abuja, the government detailed its implementation of both short-term and long-term strategies aimed…
On Tuesday, the Naira experienced a substantial decline against the dollar in both the official and parallel foreign exchange markets. According to FMDQ data, the Naira dropped to N1637.59 per dollar, down from N1580.46 on Monday. This marks a notable depreciation of N57.13 against the dollar, compared to the previous day’s exchange rate of N158.46….
On Monday, Mr. Wale Edun, the Minister of Finance and Coordinating Minister of the Economy, refuted claims that the Value-Added Tax (VAT) rate has been raised from 7.5% to 10%. In an official statement, Edun affirmed that the VAT rate remains at 7.5%, in accordance with existing tax regulations. “The current VAT rate is 7.5%,…
Nigerians are facing additional financial burdens as Moniepoint, Opay, and other fintech institutions have announced a new N50 fee, referred to as the Electronic Transfer Levy (EMTL), for their customers. According to a recent notice from the banks, customers of Moniepoint and Opay will begin incurring these charges starting September 9, 2024. This new levy…
