As the Central Bank of Nigeria’s Monetary Policy Committee (MPC) convenes for its scheduled third meeting in 2025, the Lagos Chamber of Commerce and Industry (LCCI) has called for a reduction in Monetary Policy Rate (MPR), noting that the current 27.5% interest rate remains a ‘depressing’ burden on businesses. The Chamber, in a statement issued…
Nigerian banks have been mandated to report all customer accounts with monthly transactions exceeding N5 million to the country’s tax authorities, according to the latest update from the National Orientation Agency (NOA). This directive was part of a sweeping tax reform signed into law, aimed at improving tax compliance, curbing financial irregularities, and aligning Nigeria’s…
The International Monetary Fund (IMF) has endorsed Nigeria’s recent financial sector reforms, particularly those led by the Central Bank of Nigeria (CBN) under Governor Olayemi Cardoso. In its 2025 Article IV Consultation report, the Fund praised sweeping changes to the foreign exchange regime, monetary tightening, and banking sector recapitalisation, all of which have contributed to…
The Association of Local Government of Nigeria, ALGON, Osun State, has berated the Central Bank of Nigeria, CBN, over its alleged bias in opening local government accounts for ‘sacked’ local government council officials in the state. The group also called on the Minister of Finance, Wale Edun and the Accountant-General of the federation to respect…
The Governor of the Central Bank of Nigeria, Olayemi Cardoso during a recent meeting with maritime journalist highlighted the gains of the Nigeria-China Currency Swap Deal. represented by his Special Adviser; Mr. Anthony Ogufere, the CBN Governor reeled out challenges that have inhibited the deal. TOLA ADENUBI reports. Can you explain the importance of today’s…
●Questions whereabout of much, non-existing Reinstatement Order ● As commercial Banks Rebuff Attempts to Freeze LG Accounts Attempts by the court-sacked Yes/No Chairmen to hoodwink the Central Bank of Nigeria to open council accounts and get the apex bank to lodge council funds has failed. Further push by the impostors across the council secretariats to…
The Nigerian electricity sector slowed in the fourth quarter of 2024, with the electricity production index declining by 1.64% year-on-year. Data from the Central Bank of Nigeria says this marks a reversal from the 5.55% growth recorded in the third quarter of 2024 (Q3 2024). Average estimated electricity generation, according to a Channels TV report…
The Senate on Tuesday officially confirmed the appointment of Professor Melvin D. Ayogu as a member of the Central Bank of Nigeria Board of Directors. Ayogu, an indigene of Enugu State, is a Professor of Economics at the University of Cape Town, South Africa. The appointment was approved following the presentation and subsequent review by…
The Abuja Chamber of Commerce and Industry (ACCI) has commended the Central Bank of Nigeria’s (CBN) forex policy to unify the foreign exchange saying it is a welcomed development and a big step towards improving the ease of doing business in Nigeria. Speaking on the new policy, the President of ACCI, Dr Al-Mujtaba Abubakar stated…
Abuja Chamber of Commerce and Industry (ACCI) has reacted cautiously to the recent new policy on cash withdrawal limits announced by the Central Bank of Nigeria, raising posers on impact on cost of doing business and ease of doing business.“We have perused the policy guidelines and we first commend the CBN for constantly innovating to…
