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 […]
Economy
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 National Bureau of Statistics (NBS), says in the first half of 2019, Nigeria’s 36 states and the Federal Capital Territory (FCT) generated N691.11 billion as internally-generated revenue. This was stated in its ‘IGR at State Level for Quarter One and Quarter Two, 2019’ report. According to the NBS, compared […]
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 […]
The Central Bank of Nigeria (CBN) has apologised to bank customers for the inconveniences the reintroduced cashless policy will cause. CBN governor Godwin Emefiele rendered the apology at the end of the Monetary Policy Committee (MPC) meeting in Abuja when he was asked of his reaction to the pushback from […]
