FG Confirms Plan to Raise VAT on 'Luxury Goods' by 2.5% The Federal Government has confirmed plans to raise the Value Added Tax (VAT) rate. Minister of Finance and Coordinating Minister of the Economy, Wale Edun, disclosed this while speaking at an investor meeting during the...

Foreign Reserves Hit $40.2bn in October – CBN The Central Bank governor, Olayemi Cardoso, says Nigeria’s foreign reserves hit $40.2 billion in October 2024 from $38.4 billion reported in September. This was disclosed during an investors’ meeting in Washington DC, the United States, on Wednesday. Also at...

FG to Launch Non-resident BVN Platform for Diasporan Nigerians in December - Cardoso  The Nigerian Inter-Bank Settlement System will introduce a non-resident Bank Verification Number platform by December, aimed at enabling Nigerians living abroad to manage their local bank accounts, conduct business, and meet Know...

CBN Postpones Cash Deposit Fees' Implementation The Central Bank of Nigeria (CBN) has once again extended the suspension of processing fees on cash deposits above N500,000 for individuals and N3,000,000 for corporates until March 31st, 2025. This latest decision allows individuals and corporate entities to continue...

Skilled Graduates Required to Boost Nigeria's Financial Sector The Governor of the Central Bank of Nigeria, Olayemi Cardoso, has highlighted the need to address the shortage of skilled professionals in finance-related disciplines across Nigerian universities. According to a press statement by the CBN on Sunday, Cardoso...

N’assembly Proposes 5% Excise Duty on Telecoms, Others The national assembly has proposed a five percent excise duty on telecommunications services, gaming, betting, and lottery activities. On July 6, 2023, President Bola Tinubu signed four executive orders, including the suspension of the 5 percent excise tax...