BUSINESS
CBN Announces Fee Waiver For Bureau De Change License Renewal In 2025
The 2025 license renewal fee for all bureau de change (BDC) operators has been waived by the Central Bank of Nigeria (CBN). Jonah Onojah, the director of the financial policy and regulation department, recently announced the development, saying the waiver took immediate effect. The statement reads, “This is to inform all existing bureaux de change that, further to the Regulatory and Supervisory...
CBN Floats Naira, Allowing Banks To Trade FOREX Freely
Nigeria has officially floated its naira currency after years of sticking with a hard peg that spooked investors and drained dollars from the economy. Sources familiar with the matter told BusinessDay Wednesday that a market rate based on a willing buyer and a willing seller is currently being quoted by banks who sent out emails to some customers confirming the...
Nigeria’s Ademola Adeyemi-Bero Appointed As Chairman OPEC Board of Governors
Nigeria has reaffirmed its leadership in the global energy sector with the appointment of Mr. Ademola Adeyemi-Bero, Nigeria’s Governor for OPEC, as Chairman of the OPEC Board of Governors for 2025. His appointment was confirmed at the 189th meeting of the OPEC Conference. Prior to his appointment as the Chairman of the OPEC Board of Governors, he was confirmed as...
Nigeria Gets 60% Share Of Aferimbank’s $30bn Oil, Gas Funding
The African Export-Import Bank on Wednesday, disclosed that it has become the largest financier of oil and gas projects in Africa. The bank disclosed investing $30bn in industry projects, with Nigeria receiving 60 per cent despite reduced global funding for hydrocarbon ventures in Africa President, Afreximbank, Prof Benedict Oramah, said Africa has to find innovative solutions to its huge energy deficit. Oramah...
Senate Threatens NNPCL Boss, Kyari With Prison Sentence Over N12 Trillion Maintenance Of Refineries
The Senate on Wednesday threatened to recommend the sack and possible jailing of the Group Chief Executive Officer of Nigerian National Petroleum Company Limited (NNPCL), Mele Kyari, and heads of government agencies in the oil sector over the Turnaround Maintenance on which N12 trillion has been spent without tangible results. The upper chamber specifically threatened to sack heads of agencies...
FULL LIST: 5 Charges Nigerians Pay For Electronic Transactions
The Central Bank of Nigeria (CBN) has issued an order to all banks operating within the country to impose a cybersecurity levy on transactions. In a circular released on Monday, May, the apex bank stated that the implementation of the levy would begin two weeks from the date of the circular. The circular was directed to all commercial, merchant, non-interest, and payment...
No Plan To Introduce New Taxes In 2021- FG
The federal government says it has no plan to introduce new taxes or increase current taxes in 2021. Zainab Ahmed, minister of finance, budget and national planning, disclosed this on Friday, at a public hearing organised by the house of representatives committee on finance in Abuja. The minister said rather than increase taxes, it is making efforts to reduce tax burden...
I Can Generate Billions Of Dollars From Cattle Business – Senator Okorocha
The lawmaker representing Imo West in the National Assembly, Senator Rochas Okorocha has said that Nigeria loses billions of dollars from cattle business, urging the Federal Government to invest in the business. He stated this during an interview on Channels Television’s Sunday Politics, noting if cattle business is being tapped well, it could create one million jobs for Nigerians. “Do you...
Hold Bank CEOs For New Naira Notes Scarcity, Buhari Tells Nigerians
President Muhammadu Buhari has indicted some banks’ Chief Executive Officers, and CEOs on the scarcity of the naira notes in circulation, accusing them of selfishness and inefficiency, saying that they have not done well in circulating the new notes. The President also urged Nigerians to give him seven days to resolve the cash crunch that has become a problem across...
FEC Approves ₦13.08 Trillion 2021 Budget
The Federal Executive Council (FEC) presided over by President Muhammadu Buhari on Wednesday approved N13.09 trillion budget estimate for 2021 fiscal year. Briefing State House Correspondents after the meeting, the Minister of Finance, Budget and National Planning, Zainab Ahmed, said the budget estimate is made up of N2.083 trillion capital expenditure, which she described as N29 per cent of the...
