The Apex bank has sold one-year Treasury Bills (T-Bills) at a stop rate of 22.1 percent during its July 24 auction. This move reflects the central bank’s ongoing efforts to manage liquidity and control inflation in the economy. According to…
By Esther Agbo First City Monument Bank (FCMB) has introduced a new initiative aimed at reducing gender inequality in Nigeria’s business sector by offering zero-interest loans to female entrepreneurs. The initiative, known as the SheVentures programme, provides interest-free loans of…
…Windfall tax on FX gains will significantly reduce banks’ loan credit, profits – Moody’s The Nigerian Senate has approved an amendment to the 2023 Finance Act, raising the windfall levy on banks’ foreign exchange revaluation gains from the initially proposed…
By Esther Agbo The Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, has warned that funds in dormant bank accounts are vulnerable to fraudulent activities. This statement was made after the 296th meeting of the Monetary Policy Committee…
By Esther Agbo The federal government secured N225.714 billion from the July 2024 bond auction, achieving approximately 75 percent of its target amid decreased demand for short-term bonds. This represents a 24 percent decline compared to the N297.006 billion raised…
By Matthew Denis The Minister of Finance and Coordinating Minister of the Economy, Wale Edun, disclosed yesterday that the Federal government has injected palliatives worth N1 trillion into the manufacturing sector within the last year. Also, the Chairman of the…
By Esther Agbo The Federal Government has proposed imprisonment for top bank executives who fail to comply with a one-time windfall tax on banks’ foreign exchange profits in 2023. Additionally, a 10 percent penalty on the withheld or unremitted levy…
By Esther Agbo Three leading Nigerian banks, GTCO, Access Holdings, and Fidelity Bank are set to allocate N186 billion ($244 million) from their recent public offerings to enhance their IT infrastructure. This investment is part of their strategy to meet…
The Monetary Policy Committee of the Central Bank of Nigeria has increased the benchmark lending rate to 26.75 per cent. The hike in the Monetary Policy Rate was disclosed by the Governor of the CBN, Olayemi Cardoso, at the end…
On the sidelines of the 6th AU Mid-Year Coordination Meeting of the African Union, the Honourable Minister of Finance and Coordinating Minister of the Economy, Mr Wale Edun held bilateral talks with President of Afreximbank, Dr. Benedict Okey Oramah. The…
