CBN amends foreign exchange manual to boost portfolio investment

The Central Bank of Nigeria, CBN, has made some adjustments to the Memorandum of the Foreign Exchange Manual to allow residents and non-resident Nigerians take part in portfolio investment in the country.
With the amendment of Memorandum 21 of the Foreign Exchange Manual, resident Nigerian natio [...]

Sat, 03 September 2016

Licensing of IMTOs still ongoing - CBN

The Central Bank of Nigeria, CBN, has said it has not stopped the licensing of the International Money Transfer Operators, IMTOs, as speculated in some quarters, insisting the bank will issue license to interested and qualified remittance operators.
The Acting Director, Corporate Communications, [...]

Tue, 16 August 2016

Recruitment racketeering: FG reverse 368 employments

The federal government seems to be taking more seriously, the fight against employment racketeering in government institution, as hundreds of illegal appointments have been cancelled by the minister of communication.
The minister, Mr. Adebayo Shittu, recently announced the cancellation of 368 re [...]

Tue, 16 August 2016

FG borrows N600bn to augment 2016 budget

A total of N600bn has so far been borrowed by the Federal Government to augment the shortfall in government revenue caused by the drop in oil prices as well as activities of vandals along oil pipelines across the country.
The amount, which was borrowed from the domestic market between January an [...]

Tue, 16 August 2016

FG reviews tax policy to boost revenue generation

The Federal Government said it’s currently reviewing the National Tax Policy with a view of improving the collections processes for effective revenue generation.
While dismissing the fear that the review could lead to additional burden on small business owners, the Minister of Finance, Mrs [...]

Tue, 16 August 2016

Forex: CBN sets 2% interest margin for BDCs

In a bid to check the free fall of the naira against other currencies, the Central Bank of Nigeria, CBN, has placed an interest rate limit on foreign exchange sold in the parallel market.
The bank last week, directed Bureau De Change, BDC operators not to sell forex above two percent margin of t [...]

Tue, 16 August 2016

FG urges economic patriotism from Nigerians in Diaspora

The Federal Government last week extended the call for economic patriotism to Nigerians in Diaspora, saying only concerted effort by all Nigerians would deliver the country from its present economic state.
Minister of Finance, Mrs. Kemi Adeosun, who made the appeal at the 2016 Diaspora Conferenc [...]

Sat, 13 August 2016

Banks get ultimatum to make full provision for forex loans

The seven days grace given to commercial banks, within which, to dust up their books on foreign currency denominated loans and advances provided in the previous exchange rate regime, elapses this week.
The Central Bank of Nigeria had last week ordered Deposit Money Banks to make full provision f [...]

Sat, 13 August 2016


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