Business

The import of food products gulped about $689.88 million in the first quarter of 2024, which is about 17% of the total foreign exchange (FX) spending on imports. This is according to the sectoral utilization of foreign exchange data contained in the quarterly statistical bulletin of the Central Bank of Nigeria (CBN). The CBN data shows that there was a 40% increase in the amount of FX spent on food […]

Central Bank of Nigeria Governor, Olayemi Cardoso, yesterday disclosed that foreign investors are already moving funds into the country to invest in Nigerian banks under the ongoing recapitalisation exercise. Cardoso who stated this at the Afrinvest 2024 Banking Sector Report Launch in Abuja, yesterday, said that his team was vigilant and would not allow illicit funds into the Nigerian banking industry or allow bad people to take it over. The […]

International Police Organisation’s investigation has shown that every hour, hundreds of thousands of dollars are being laundered out of Nigeria across the world. This disclosure was made in Abuja by the Interpol Vice President for Africa, Garba Umar, while declaring open a four-day training workshop for Nigerian law enforcement agencies at the Economic and Financial Crimes Commission (EFCC) Academy, Abuja. According to Umar, money laundering across Africa and the entire […]

The Central Bank of Nigeria (CBN) has clarified that only accounts inactive for over 10 years are classified as dormant and will be used for investment purposes. A dedicated office will manage these dormant accounts and unclaimed balances, as outlined in their document titled “FAQs – Guidelines on Dormant Account and Unclaimed Balances – July 25, 2024.” The guidelines, part of the Banks and Other Financial Institutions Act, 2020, aim […]

Federal Government has promised to further strengthen the 50-year old business relations between Nigeria and China. A statement by Special Adviser to the President, Ajuri Ngelale, on Thursday, said President Bola Tinubu gave the assurance on Thursday in Abuja, while receiving the Vice Minister of Foreign Affairs of the People’s Republic of China, Chen Xiaodong. According to the president, it is a new beginning, a relationship that has lasted over […]

The Central Bank of Nigeria (CBN) has sold one-year Treasury Bills (T-Bills) at a stop rate of 22.1% during its July auction. According to the auction result, the total amount offered by the CBN in this auction was N277.96 billion spread across the different tenors, representing an increase of 21.53% from N229.72 billion offered in the previous auction of June 26, 2024. The total subscription amount for these tenors combined […]

The Nigerian senate yesterday passed the amendment bill of the 2023 Finance Act and increased the windfall levy on banks’ foreign exchange revaluation gains from 50% as proposed by the President to 70%. The Chairman of the Senate Committee on Finance, Sani Musa read the report of the Committee on Finance before it was finally passed, stating that the levy shall be 70% of the realised profits of all exchange […]

Former Minister of Education Oby Ezekwesili's on Wednesday call for an independent audit of the dealings between the Nigerian National Petroleum Company Limited (NNPCL) and the Dangote Refinery highlights concerns over transparency and accountability. The revelation by Aliko Dangote that NNPC's equity in the refinery is only 7.2 percent, rather than the expected 20 percent, raises questions about the financial and contractual processes involved. Ezekwesili's on her X, emphasis on […]

The federal government says the proposed 50 percent windfall tax on banks’ foreign exchange gain in 2023 would be a recovery plan to balance the country’s economy. The Chairman of the Federal Inland Revenue Service, Zacch Adedeji disclosed this on Monday at the Senate Committee on Finance, in the company of the Minister of Finance, Wale Edun. He noted that while the banking sector declared FX gains, the manufacturing sector […]