Banking and Finance

The Central Bank of Nigeria (CBN) has pegged the payment of cash dollar purchase to a customer at $500 saying that the foreign currency (FX) exceeding this amount will be made through a transfer to their Naira bank account. If the customer purchasing…

In a bold move to restore sanity in the foreign exchange market, the Central Bank of Nigeria (CBN) has unveiled a new increase in the share capital of Bureau De Change (BDC) operators to N2 billion and N500 million for Tier 1…

The Central Bank of Nigeria (CBN) has asked the Nigerian Customs Service (NCS) to adopt the same forex rate from the importation of goods to its clearance in the country. The directive was contained in a circular on Friday by the apex bank’s…

Governor of Central Bank of Nigeria, CBN, Dr. Olayemi Cardoso, yesterday, begged Nigerians to be patient, as the management of the apex bank is doing everything possible to ensure that the Naira is strengthened. Cardoso said this at the 2024 public lecture entitled:…

The Federal Inland Revenue Service (FIRS) has announced its transition from the e-TPPLAT used in filing transfer pricing returns and country-by-country reporting notification to a new platform called TAXPRO-MAX platform. The Executive Chairman of the federal tax agency, Dr. Zacch Adedeji, made this…

Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, has described his job as the second most difficult on the globe. This is as he said the Federal Government’s reform and other actions are paying off. Cardoso spoke Sunday in Abuja at the…

The  First City Monument Bank (FCMB) has complied with the order of the Court of Appeal directing it to deposit N540 million in damages awarded to Prophet Emmanuel Omale into an interest-yielding account of the Chief Registrar of the court. The…

In a move to solve the foreign exchange crisis in the country, the Central Bank of Nigeria (CBN) says Personal and Basic Travel Allowances will only be paid through electronic channels and not by cash. The Director of Trade and Exchange Department at…

The Central Bank of Nigeria (CBN) has stopped international oil companies from repatriating 100% foreign exchange proceeds to their mother companies overseas at once. The apex bank said international oil companies can repatriate 50% of their proceeds in the first instance and then…

The sum of $4.5 billion cannot be accounted for in Nigeria’s Foreign Reserves between 2018 and 2019, an audit report of the Office of the Auditor-General of the Federation (OAuGF) has revealed. The annual audit report details the expenditures and finances of the…