SECTOR INSIGHT

CBN Raises Customs Duty Rate To N1, 560.511/$

The Central Bank of Nigeria (CBN) has again raised the exchange rate for calculating Customs duties at the nation’s seaports by 1.1 percent after a few days of stability. The Customs duty rate was reviewed upwards from N1, 544.081/$ to N1, 560.511/$ on…

07/03/2024

Submit Returns or Face Sanctions, CBN Warns Mortgage Banks, Others

The Central Bank of Nigeria has warned all primary mortgage banks in the country regarding the timely submission of regulatory returns. This was as it also issued a stern warning to Development Finance Institutions and Microfinance Banks. In a press release issued on its…

07/03/2024

Moghalu: Monetary Tightening Should Have Preceded FX Rate Unification

A former Deputy Governor of the Central Bank of Nigeria (CBN), Dr. Kingsley Moghalu, has declared that although the policy reforms by the Bola Tinubu- led administration were, “bold and correct,” it erred by removing fuel subsidy, implemented exchange rate unification and…

06/03/2024

SIM-NIN Linkage: Over 40m Blocked Lines to be Forfeited — NCC

The Nigerian Communications Commission has said that the over 40 million telephone lines barred after failing to link to the National Identity Numbers face the risk of being forfeited soon. NCC’s Director of Public Affairs, Reuben Mouka disclosed this on Tuesday while speaking…

06/03/2024

‘A Visionary’: Captains Of Industry, Friends, Associates Pay Tributes To Wigwe

It was an emotional night when friends, captains of industry, family members, and associates gathered at the Eko Hotel in Lagos on Monday to pay their last respects to the late former Group Chief Executive Officer of Access Holdings Plc Herbert Wigwe. Wigwe…

06/03/2024

NBC Will Follow Due Process Under My Watch — New DG

The new Director General of the National Broadcasting Commission (NBC), Charles Ebuebu, has promised to follow due process in the regulation of broadcast stations in the country. The new NBC boss made this known in an exclusive interview with Channels Television on Monday…

05/03/2024

Binance Ends Services in Naira

Cryptocurrency exchange, Binance, has announced plans to discontinue all services related to the Nigerian naira. Binance, a cryptocurrency exchange platform, was accused of exploiting the Nigerian currency, Naira, leading to its free fall in value. The company is, in addition, facing allegations of terrorism…

05/03/2024

Respite As CBN Slashes Customs FX Duty Rate By 5.3%

Respite appears on the horizon for Nigerians as prices of imported goods and raw materials are expected to nosedive as the Central Bank of Nigeria (CBN), on Monday, reviewed downward the Foreign Exchange on clearance of cargoes at the nation’s seaports from…

05/03/2024

Cardoso Warns Nigeria On Debt Risks

Central Bank of Nigeria (CBN) governor, Olayemi Cardoso has warned Nigeria and other developing countries to be wary of debt risks saying if left unchecked, they will hinder economic growth and prosperity. The apex bank governor, however, said that Nigeria’s situation is stable…

05/03/2024

Why Some SIM Cards Previously Linked To NIN Were Barred – NCC

The Nigerian Communications Commission (NCC), on Monday, explained why some telecommunications subscribers who previously linked their SIM cards to their National Identification Numbers (NINs) have their mobile lines barred. NCC spokesman, Reuben Muoka, said “people who probably didn’t get a cleared or verified…

04/03/2024

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