By  Gbenga Oloniniran The Central Bank of Nigeria has increased the maximum weekly limit for cash withdrawals across all channels by individuals and corporate organisations to N500,000 and N5 million, respectively. The directive is contained in a circular issued by the bank on Wednesday and ...

By Soni Daniel, ABUJA The Federal Government is to stop cash withdrawal from all public accounts with immediate effect. In place of cash withdrawals, public officers are to open domiciliary accounts in foreign and local currencies ahead of the commencement of the new policy, which comes on ...

Nigeria’s Value-added Tax, VAT, rose to N625.39 billion from N600.15 billion generated in Q2 2022. On Monday, the National Bureau of Statistics disclosed this in its sectoral distribution of VAT for the Q3 202 report in Abuja, The Federal Inland Revenue Service (FIRS) is responsible for ...

About 619.7 million barrels of crude oil, valued at $46.16 billion or N16.25 trillion, have been stolen in the last 12 years, Nigerian Extractive Industry Transparency Initiative (NEITI) has said. NEITI disclosed this, yesterday, in a statement signed by its Head, Communications and Advocacy, ...

The newly redesigned naira notes will go into circulation on Thursday (today) with Deposit Money Banks releasing the bills to their customers via over-the-counter payments. This came about three weeks after the President, Major General Muhammadu Buhari (retd), unveiled the new bills at a weekly ...

LAPO Microfinance Bank (MFB) Limited has won the award for “The Best Financially Inclusive MFB of the Year” 2022. The award was presented to the bank at the maiden edition of the International Financial Inclusion Conference organized by the National Financial Inclusion Steering Committee, NFISC, ...

 CENTRAL BANK OF NIGERIABanking Supervision Department Central Business DistrictDecember 6, 2022BSD/DIR/PUB/LAB/015/069Letter to All Deposit Money Banks (DMBS) and Other Financial Institutions (Payment Service Banks (PSBs), Primary Mortgage Banks (PMBs) and Microfinance Banks (MFBs)NAIRA REDESIGN ...

Godwin Emefiele, the Central Bank of Nigeria’s governor, stated over the weekend that the official foreign exchange receipt from crude oil sales into Nigeria’s official reserves has depleted from over $3.0 billion monthly in 2014 to zero dollar today.At the 57th annual bankers’ lecture sponsored ...

The Federation Account Allocation Committee (FAAC), has shared the sum of N736.782 billion to the Federal, States and Local Governments from the federally collected revenue in the month of October. A communique issued at the end of the FAAC meeting in Abuja, yesterday, indicated that the revenue ...

The Federal Government has unveiled the redesigned naira notes to the public. It was unveiled at the Federal Executive Council meeting presided over by President Muhammadu Buhari a few minutes ago. The Governor of the Central Bank of Nigeria, Godwin Emefiele warned Nigerians against hoarding ...

Stop complaining of the hike in prices of fish and meat.    If u leave in an area where there is even a little Bush present, my dear, hunt for snails and enjoy your life. 

The regime of Nigeria’s President, Major General Muhammadu Buhari (retd.), has spent over N16.9tn on the importation of not less than 132.24 billion litres of Premium Motor Spirit, popularly called petrol, despite the President’s campaign promises to halt PMS imports.Figures obtained from the ...

The Katsina Area Command of the Nigeria Customs Service (NCS) has generated N500 million as revenue for the federal government seven months after the reopening of the Nigeria/Niger Republic border at Jibia Local Government Area of the state. The command’s Comptroller, Dalha Wada Chedi, who ...

My colleague at work does not believe the Naira once had more value than Dollar. I've tried to tell him, he doesn't even want to believe any of it. I too still need to know more on this cause you never know to the finish.

Nigeria has 40x more people, 3x more land area, better climate, more natural resources, better agricultural land, more young people etc. Despite all these advantages, why do Nigeria and Norway have a similar GDP? The only advantage that Norway has is that it is more ethnically homogeneous than ...

Controversial Islamic cleric, Ahmed Gumi has again slammed the Central Bank of Nigeria, CBN, over the move to redesign some Naira notes. In a statement on his official Facebook page on Sunday, Gumi expressed pessimism that the decision of the apex bank would cause more harm to average Nigerians ...

Hello all, I opened this thread to be giving you daily updates on black market rate of  three major currencies as provide by fx exchangers:1. Dollar to Naira black market rate,2. Pounds to Naira black Market rate,3. Euro to Naira black market rate.I will be using London rates for my information and ...

Barely Forty Eight  hours after the Governor of Central Bank of Nigeria, CBN, Godwin Emefiele announced that the apex bank would redesign the country’s currency December 15, 2022, the Federal Government Friday disagreed with him.Minister of Finance, Budget and National Planning , Zainab Ahmad who ...

The Minister of Finance, Budget and National Planning, Zainab Ahmed, yesterday said that mechanisms have been put in place to tackle the growing inflation in Nigeria.Ahmed who made the disclosure while appearing before the House of Representatives Committee on Finance for the 2023 budget defence, ...

By Nume Ekeghe:The Central Bank of Nigeria (CBN) Governor, Mr. Godwin Emefiele yesterday disclosed that the country’s digital currency, the eNaira recorded a total of N8 billion transactions in the first one year after it was launched by President Muhammadu Buhari. The CBN governor also said the ...

By Ndubuisi Francis:President Muhammadu Buhari has approved the process of restructuring the Ministry of Finance Incorporated (MOFI), the federal government’s investment vehicle, as part of overall measures to revive over N30 trillion non-performing assets and boost government revenue. Some of the ...

Zainab Ahmed, minister of finance, budget and national planning, says the best measures to reduce the nation’s high debt burden are collection of more taxes, and effective blocking of revenue leakages.Ahmed said this at a workshop on tax expenditure organised by the Economic Community of West ...

The Nigeria Liquefied and Natural Gas company has declared force majeure because of widespread flooding that has disrupted supply, a spokesman for the company said on Monday.Force majeure is a common clause in contracts which essentially frees both parties from liability or obligation when an ...

With huge optimism and a firm belief in the vast economic potential of Gombe State, Governor Muhammadu Inuwa Yahaya, has scored another first, with yesterday’s flag-off of the maiden Gombe Investment Summit tagged: “GoInvest 2022”.At the opening ceremony of the three-day summit with participants ...

By Obinna Chima, Eromosele Abiodun and Nume Ekeghe:The International Monetary Fund (IMF) has predicted that Nigeria’s consumer price index (CPI) which measures inflation in the country would commence deceleration before the end of the year.The Fund also advised the Central Bank of Nigeria (CBN) and ...

By James Emejo:President Muhammadu Buhari yesterday said tackling wastage and mismanagement of public resources remained a crucial component of financial sustainability.Buhari also put the estimated cost of Nigeria’s Sustainable Development Goals (SDGs) financing requirements at about $100 ...

By Ndubuisi Francis:Determined to halt the increasing exodus of talents from the banking and finance sector of the economy, concerned industry players are devising potent measures to stem the tide through effective reward system, among others.Banks and other financial sector operators had in recent ...

By Dike Onwuamaeze:Nigeria’s economic, political and academic elites were, yesterday, challenged to rise up to the duty of elite bargain and consensus that could have growth and development as its focus in order to reverse the country’s decent to Nigerianisation of poverty for the rest of ...

The Nigerian Civil Aviation Authority (NCAA) says it will offer professional guidance on the proposed Lekki airport in Lagos, in line with its regulations and in the interest of safety.Mr Sam Adurogboye, the General Manager, Public Affairs of NCAA, said this in an interview with the News Agency of ...

By Sunday Aborisade:Senators across political party lines have said the National Assembly would not pass the proposal on petrol subsidy removal as presented by President Muhammadu Buhari in order not to create crisis for the new administration that would succeed him next year.Buhari had in the 2023 ...

By Festus Akanbi, Gboyega Akinsanmi, Dike Onwuamaeze  and James Emejo:Following the presentation of a N20.51 trillion appropriation bill for 2023 to a joint session of the National Assembly in Abuja on Friday, some economists have raised concerns over the proposed spending plan given current ...

By Deji Elumoye, Sunday Aborisade and Udora Orizu:President Muhammadu Buhari yesterday, while presenting a record N20.51 trillion 2023 appropriation bill to a joint session of the National Assembly in Abuja, announced the discontinuation of subsidy on petrol in the country effective next year.The ...

By Deji  Elumoye:President Muhammadu Buhari has disclosed that Nigeria has strategic mineral resources in its seabed, which will be exploited through adequate deployment of technology.The President spoke yesterday at State House, Abuja, while playing host to Secretary General of the International ...

The Nigerian National Petroleum Company Limited (NNPCL) has acquired all 380 Oando retail outlets, aviation and gas brands nationwide from OVH Energy.Speaking at the unveiling of one of the new NNPC Ltd stations formerly Oando in Abuja on Saturday, the Group Chief Executive Officer NNPC Limited, ...

Lagos, Delta and Ogun are the three States with the highest domestic debt figures in Nigeria as of June 30, 2022, DAILY POST has learnt.According to the Debt Management Office (DMO), many States have borrowed more between the first and second quarters of the year 2022. In March, the 36 States and ...

By James Emejo:The Nigeria Deposit Insurance Corporation (NDIC) has disclosed that the total amount resulting from bank fraud and forgery cases stood at N120.79 billion in 2020.This, however, represented a decline by 40.98 per cent when compared with the N204.65 billion recorded in ...

By Ejiofor Alike, Peter Uzoho and Emmanuel Addeh:The Nigerian National Petroleum Company Limited (NNPCL) continued its zero funding for the federation account in August, extending its prolonged non-remittance to the federal, state and local governments to eight months.The development came against ...

By Omolabake Fasogbon:An urgent implementation of the Steve Oronsaye report towards cutting cost of governance has been highlighted as a workable panacea for Nigeria’s rising debt profile.Director-General of Budget Office of the Federation, Ben Akabueze emphasized this at the 46th yearly conference ...

EXCLUSIVE: NNPC declares zero FAAC remittance for eighth time as subsidy gulps N2.6trnThe Nigerian National Petroleum Company (NNPC) Limited says it deducted N525.71 billion as a shortfall for the importation of petrol (subsidy) in August 2022.Subsidy or under-recovery is the underpriced sales of ...

By Segun James:The United States Department of Agriculture’s Food for Progress programme has entered into a cooperative agreement with Lutheran World Relief to strengthen the cocoa value chain in Nigeria.The project, which is worth approximately $22 million and will be implemented over the next ...

By Blessing Ibunge:The alarming exchange rate has been described as a major challenge affecting the Nigerian economy, and which has brought untold hardship on Nigerians.A business analyst, Mr. My-Ace China, who spoke on the dwindling economy of the country, noted that Nigerians now patronise ...

Lagos State government has topped the list of highly indebted states in the country, with a figure of N797. 304 billion out of the N5. 281 trillion owed by the sub-nationals, as at June 30, 2022.Data from the Debt Management Office (DMO) indicated that Delta, Ogun and Rivers followed Lagos with ...

By Ndubuisi Francis, Sunday Aborisade, Udora Orizu and Nume Ekeghe:The House of Representatives at the resumption of plenary yesterday joined the growing number of Nigerians that had expressed concern that the country might be approaching a debt trap, as the Debt Management Office (DMO) revealed ...

By Sunday Aborisade:President Muhammadu Buhari, in separate letters of requests Moday, urged the Senate to approve the issuance of promissory notes totalling over N402 billion.The first request amounting to N375 billion, was read at plenary by President of the Senate, Ahmad Lawan, and it was meant ...

By Sunday Aborisade:President of the Senate, Ahmad Lawan, has raised the alarm that the massive crude oil theft in the oil-rich Niger Delta region is gradually pushing the nation’s economy into a coma. Lawan stated this at the Senate plenary Tuesday while welcoming his colleagues  back from their ...

The federal government says it is proposing legislation to ban the consumption of animal skin, locally known as ponmo, in the country to revive tanneries.Muhammad Yakubu, director-general, Nigerian Institute of Leather and Science Technology (NILEST), Zaria, said this in Abuja on Sunday.Yakubu said ...

The Debt Management Office has disclosed that Nigeria’s total public debt stock has increased from N41.60tn as of March 2022 to N42.84tn as of June of the same year, showing an increase of N1.24tn in three months.This is according to a press statement published on the DMO’s website on Monday.The ...

By  Okechukwu Nnodim  Pandagric Novum, an agriculture firm with over N10bn investment from the Federal Government, is set to increase maize export from Nigeria and boost food security across the country.As an integrated feed and food manufacturing company, the firm said it would contribute to ...

By Deji Elumoye:Nigeria, in collaboration with the Africa Business Roundtable, will this week hold the second edition of the Nigeria International Economic Partnership Forum (NIEPF), a global economic investment platform, in New York, the United States of America. The Forum, according to a release ...

Godwin Nwabunka, founder and CEO of the Grooming Centre, a microfinance-oriented NGO, explains why his entire life is devoted to adding value to human existence, starting with the bottom of the pyramid-he grassroots. He spoke with Nduka Nwosu. Excerpts: Godwin Nwabunka radiates simplicity, which ...