Duty Remittance: Customs, CBN Meet Erring Banks The Nigerian Customs Service (NCS) on Sunday, said only two banks were deactivated recently by the NCS over their failure to remit duties collected. It also stated that the erring banks had been reported to the stipulated financial authorities,...

Nigeria’s Fiscal Deficit to Decline in Q3, Q4 2023 — MPC Members of the Monetary Policy Committee, MPC, of the Central Bank of Nigeria (CBN) have projected a continuous decline in the federal government’s fiscal deficit in the third quarter and fourth quarter of this...

Nigeria’s Capital Expenditure Among Lowest Globally, Says W’Bank The World Bank Country Director for Nigeria, Mr Shubham Chaudhuri, has said that public spending in the country is among the lowest globally. He said this while making his keynote address at the annual banking and finance conference...

In Seven Months, Forex Turnover Hits N22trn On FMDQ   The turnover of foreign exchange on the FMDQ hit N22.98tn ($44bn) in the period between January and July 2023. This was revealed in the August edition of the FMDQ Spotlight, a monthly publication by the exchange. FMDQ is...

Dollar Debts: CBN To Repay Banks, Naira Rebound Likely   The Acting Governor of the Central Bank of Nigeria (CBN) Folashodun Shonubi, has said the apex bank will repay banks all outstanding forward contract debts in the next one to two weeks. Although he did not disclose...

Net Forex Inflow Hits $7.2bn, Up by 24%   The net foreign exchange inflow through the economy rose quarter-on-quarter (QoQ) by 24.7 percent to $7.2 billion in the first quarter of 2023 (Q1’23), from $5.78 billion in the preceding quarter, Q4’22. The Central Bank of Nigeria, CBN,...