The Central Bank of Nigeria (CBN) and the Nigeria Interbank Settlement System (NIBSS) are working for the application of remittance processes to ensure the seamless collection of stamp duty charges for PoS. Many filing stations and supermarkets are already adding  the new fee to the customer’s purchases. To avoid dispute […]

The Federation Account Allocation Committee (FAAC) has shared a total of N693.529 billion to the three tiers of government for the month of September. According to a statement on Thursday, the money comprises revenue from Value Added Tax (VAT), Exchange Gain, and Gross Statutory Revenue. The committee chaired by the […]

The Central Bank of Nigeria and Financial Reporting Council of Nigeria sanctioned four commercial banks between January and June for various infractions, our correspondent has learnt. It was learnt that the apex bank imposed a number of sanctions on the banks for failure to comply with its Know-Your-Customers guidelines and […]