The Central Bank of Nigeria has successfully sold a record-breaking N1.3 trillion in Treasury Bills, with a targeted focus on attracting overseas investors. The objective behind this substantial sale is to augment the influx of foreign exchange (forex) into Nigeria and fortify the value of the Naira. Treasury Bills, known for their security and ability…
On Monday, March 4, the Benue State Internal Revenue Service (BIRS) took decisive action by sealing off several schools, hotels, and hospitals due to tax evasion and failure to file annual tax returns. Emmanuel Agema, the acting chairman of BIRS, stated that the enforcement exercise was essential to ensure compliance with tax payment for the…
A House of Representatives Committee on Financial Crimes has proposed the arrest of the Chief Executive Officer of Binance Holding Ltd in Nigeria due to allegations of tax evasion and money laundering. The recommendation stemmed from a motion introduced by Rep. Isah Dogonyaro (APC- Jigawa state) during a public hearing in Abuja on Monday, March…
The Central Bank of Nigeria has reduced the exchange rate used for computing the country’s Customs duties by 5.3%, citing the stable exchange rate between the naira and the dollar. On the official trade portal of the Nigeria Customs Service, the duty rate has been adjusted from N1630.159/$ to N1,544.081/$. This marks a 5.3% decrease…
President Bola Ahmed Tinubu, and His Highness, Sheikh Tamim bin Hamad Al Thani, Emir of the State of Qatar, on Sunday in Doha, witnessed the signing of historic agreements between both nations, opening a gateway for leveraging the potential of mutual cooperation in pivotal sectors of education, enterprise development, investment promotion, youth empowerment, mining, tourism,…
The Central Bank of Nigeria (CBN) has revoked the operating licenses of 4,173 Bureaux De Change (BDC) operators due to alleged non-compliance with regulations. Hakama Sidi Ali, the Acting Director of Corporate Communications at the CBN, stated that the apex bank exercised its authority under the Bank and Other Financial Institutions Act (BOFIA) 2020, Act…
A nominee for the Central Bank of Nigeria (CBN) Board of Directors, Urum Kalu Eke, has declined the appointment, citing his current engagement with the World Bank. President Bola Tinubu had nominated Urum and four others on February 13 for confirmation as members of the CBN board. During the confirmation proceedings on February 29, former…
The Nigerian Communications Commission (NCC) has officially directed telecom operators to deactivate the phone lines of subscribers who have not linked their National Identification Numbers (NIN) to their SIM cards by February 28, 2024. Aminu Maida, the Executive Vice-Chairman of the NCC, represented by Reuben Mouka, the Director of Public Affairs, made this announcement…
Bayo Onanuga, the presidential spokesman, has raised concerns over the impact of cryptocurrency trading platform Binance on Nigeria’s economy. During an appearance on Channels Television’s Politics Today program on Wednesday, February 28, Onanuga accused Binance of manipulating foreign exchange rates, warning that if left unchecked, the platform could wreak havoc on the nation’s economy. He…
During the first Monetary Policy Committee (MPC) meeting under his leadership on Tuesday, February 27, Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, addressed the economic challenges facing the country and emphasized that he and his team are not to blame for these issues. Cardoso stressed the importance of understanding that the CBN…
