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The names of dead Civil Servants are still on Ekiti payroll- Fayose
The Governor of Ekiti State, Ayodele Fayose, has disclosed that the names of many dead civil servants are still on the state's payroll. He warned that officials in charge would henceforth be held re…
CBN readmits 9 previously suspended banks to FOREX market
The 9 banks which were previously suspended by the Central Bank of Nigeria, CBN, from trading FOREX due to their non-remittance of $2.12bn belonging to the Nigerian National Petroleum Corporation, ha…
Only 10 million Nigerians pay tax- NTP
The document-review committee of the National Tax Policy, NTP, has revealed that only 10 million Nigerians pay tax. A member of the committee, Mr. Taiwo Oyedele, who spoke at a stakeholders' forum, …
CBN bars 9 banks from forex market over non-remittance of NNPC funds
Nine Deposit Money Banks were on Tuesday barred from the nation's foreign exchange market, by the Central Bank of Nigeria, CBN.This came as a result of the banks' failure to remit the sum of $2.334bn…
Sell 60% of forex to manufacturers- CBN orders banks
Individual banks (authorized dealers) have been ordered by the Central Bank of Nigeria, CBN, on Monday, to allocate 60% of their total Foreign Exchange purchases from all sources to manuf…
CBN says BDC's can now access $50,000 forex weekly
The amount of foreign exchange that Bureau de Change (BDCs) can access from banks, has now been raised to $50,000 per week, by the Central Bank of Nigeria, CBN.The decision to raise the bar was…
CBN policy is the best for Nigeria at the moment- apex bank responds to el-Rufai
In response to recent criticism from the Governor of Kaduna State, Mallam Nasir el-Rufai, the Central Bank of Nigeria, CBN, has reiterated that its current economic policies were in the right directi…
Nigeria's economy is in bad shape, FG may not be able to pay salaries soon- CBN
At a closed-door session with Senators on Tuesday, the Governor of the Central Bank of Nigeria, CBN, Mr. Godwin Emefiele, painted a gloomy picture of the nation's economy.The CBN Governor reportedly …
CBN Currency Flexibility Policy is of no benefit to Nigeria- Buhari
The recently invoked Currency Flexibility Policy of the Central Bank of Nigeria, CBN, has been declared 'non-beneficial' to the nation, by President Muhammadu Buhari.As it would be recalled, the CBN …
CBN may limit across-counter bank withdrawals to N10,000
Nigerians are in for hard time as the country's apex bank, Central Bank of Nigeria (CBN) has been told to limit across-the-counter withdrawals to N10,000, following a major drop in customers' deposit…
FG to cut 2016 Budget- Adeosun
Nigeria's Minister of Finance, Kemi Adeosun, while addressing international investors in London, disclosed that the Federal government has opted to reduce total budgetary spending on the 2016 capital…
Skye Bank sacks 175 workers
Taking a cue from the recent trend of retrenchment of workers in the financial services sector, Skye Bank laid off 175 of its staff on Monday.Confirming the development in a statement, the bank expla…
2% of Nigerians own 90% of all bank deposits above N500,000- NDIC
The Director of Research and International Relations at the Nigeria Deposit Insurance Corporation, NDIC, Alhaji Mohammed Umar, has disclosed that a mere two per cent of Nigerians own 90 per cent of t…
EcoBank Nigeria sacks 1,040 staff
Ecobank Nigeria has sacked about 1,040 of its employees.This follows a barrage of job cuts being witnessed in the Nigerian financial sector. On Tuesday, Diamond Bank PLC sacked over 200 members of it…
No Further Naira Devaluation- Osinbajo
Vice president, Federal Republic of Nigeria, Yemi Osinbajo yesterday had said that further devaluation of Naira will not provided the highly needed solution to the current economic down turn be…
CBN Vows Not to Further Devalue the Naira
The Central Bank of Nigeria (CBN) has dismissed the call for further devaluation by the Emir of Kano, and immediate past Governor of the bank, Mallam Muhammad Sanusi II, saying there would be no furt…
ROI on Treasury Bill Investment Falls
Average yield on treasury bills fell sharply by 42 per cent in nine months from January to September, driven by influence of rising inflation in the pricing of fixed income investments. Afrinvest dis…
CBN Further Tightens Grip on Foreign Exchange
There were indications that foreign exchange market is on further squeeze as tougher measure to control utilization of foreign currency reserves has come on stream in banks. Some banks’ currenc…
CBN Monetary Policy Causes Apapa Gridlock and Slide in Customs Incomes
The Apapa Area 1 Command of the Nigeria Customs Service, NCS, yesterday said it collected a total of N23.3 billion as revenue for the month of September, recording a short fall of N6.7 billion. One o…