In pursuit of securing a new $750m loan from the World Bank, the Federal Government may reintroduce previously suspended telecom tax and other fiscal measures. This is according to the Stakeholder Engagement Plan for Nigeria – Accelerating Resource Mobilisation Reforms programme between Nigeria and the World Bank. A copy of […]

1. Loan disbursements and repayments 2. Salary payments 3. Intra-account transfers within the same bank or between different banks for the same customer 4. Intra-bank transfers between customers of the same bank 5. Other Financial Institutions instructions to their correspondent banks 6. Interbank placements, 7. Banks’ transfers to CBN and […]

The Federal Government has announced plans to delist the naira from all peer-to-peer (P2P) platforms. The Director General of the Securities and Exchange Commission, Emomotimi Agama, made this disclosure in a virtual meeting with blockchain stakeholders on Monday. This decision aims to tackle the manipulation of the local currency’s value in the […]

Dollarization is a phenomenon that has become increasingly familiar to inhabitants of weak or troubled economies, invariably developing or underdeveloped economies. It is the official adoption by a country of the United States dollar (USD) as a legal tender side by side with its national currency or as the only and […]

Money outside the banking system, also known as currency outside banks (COBs) rose by 10.67 percent in the first quarter of 2024, despite a decline in money supply (M2). Data from the Central Bank of Nigeria (CBN) showed that COBs increased to N3.63 trillion in March 2024 compared to N3.28 trillion recorded in January […]

As Big Oil returns this week to the industry’s annual showcase for offshore energy projects and equipment in Houston, deepwater discoveries off Guyana, Namibia and the US Gulf Coast will take the spotlight. Nigeria Africa’s top producer is missing from the ambitious list hobbled by years of bad policies and […]

The low asset base of Nigerian banks relative to peers makes a compelling case for a recapitalisation exercise, according to Ike Chioke, group managing director, Afrinvest West Africa Limited. Banks’ total assets is only 16.4 percent of the country’s $0.5 trillion Gross Domestic Product (GDP) according to Afrinvest data, well […]

The implementation of an electronic system that enables real-time generation of vital data on ship and cargo traffic in and out of Africa’s biggest economy has been stifled by corruption and internal power struggles, according to leaked documents and extensive interviews with sources familiar with the matter. Asides the billions […]

The Naira depreciated by N130 against the United States dollar at the parallel foreign exchange market on Sunday. A Bureau De Change operator, Mistila Dayyabu, disclosed this to the DAILY POST in an interview. He noted that Naira dropped to N,1420 per dollar from N1,290 in less than 48 hours at the […]