The Central Bank of Nigeria might have eventually floated the Naira. For years, the World Bank and the International Monetary Fund had suggested that that was the way to end the dual Naira exchange system. On Wednesday, commercial banks and foreign exchange dealers were allowed to trade the Naira freely without a cap on the rate. Investigations by The Nation revealed …

Consumers of goods and services and companies paid about N1.18 trillion as taxes to the government in the first quarter of 2023, according to the latest reports by the National Bureau of Statistics. This represents a slight increase from the N1.14 trillion that was raised in Q1 2022. The N1.18 trillion was raised from Value Added Tax (VAT) and Company …

Former federal lawmaker, Senator Shehu Sani has urged the Federal Government to conduct an independent probe of the Central Bank of Nigeria (CBN) and its suspended governor, Mr. Godwin Emefiele. In a statement on Twitter on Saturday, Sani, a member of the eighth Senate,  alleged that the embattled ex-CBN governor ran the apex bank as an “Automated Teller Machine of …

President Bola Ahmed Tinubu has suspended the Central Bank Governor, Mr. Godwin Emefiele from office with immediate effect. A statement by the Director of Information in the Office of the Secretary to the Government of the Federation, Mr. Willie Bassey explained that the action was “sequel to the ongoing investigation of his office and the planned reforms in the financial …

Access Bank has launched two new consumer credit cards: the Access Bank American Express® Gold Card and the Metal Platinum® Card. These are the first American Express Cards to be issued in Nigeria. By launching these Cards, Access Bank improves its overall offering to its retail and private bank customers, who can now enjoy the Membership Rewards® loyalty programme and …

The Federal Government has announced the date to recommence Digital Money Lenders’ registration in Nigeria. The Executive Vice Chairman of the Federal Competition and Consumer Protection Commission, Babatunde Irukera, disclosed on Friday noted that the development is coming following the inability or failure of some firms to comply with the previous. Recall that the Commission had, on 14 November 2022, ordered …

Standard Chartered Bank Nigeria Limited has debunked reports that the bank is closing its branches in Nigeria. The House of Representatives Ad Hoc committee on the assets and liabilities of the NNPC Limited had reportedly stated that “Standard Chartered Bank is closing all its Nigerian branches and the nation has so much to worry about, considering the huge funds warehoused …

9 Payment Service Bank, a leading payment service bank, is pleased to announce its strategic partnership with the Lagos State Employment Trust Fund (LSETF) to promote financial inclusion and job creation through comprehensive financial literacy and agent banking offering. This collaboration reflects the shared commitment of both organizations to enable economic empowerment through job and wealth creation for the residents …

The Group Chief Executive Officer of NNPC Limited, Malam Mele Kyari has given assurances that competition among major players in the oil sector would force down the price of petrol in spite of the upward trends that have caused panic in the country. Yesterday, fuel price skyrocketed from N195 per litre (officially) to between N488 and N557 per litre, depending …

President of the World Bank Group, David Malpass has warned that Nigeria’s parallel exchange rate is harmful as it worsens future debt service payments and increases the risk of debt distress. In a blog post published on Wednesday on the bank’s website, Malpass said that about 24 emerging and developing economies, including Nigeria, have an active parallel currency market. He explained: …