Capital Expenditure Suffers as FG Services Debt with N7.4tn
The Federal Government’s expenditure report for the first eight months of 2024 has laid bare the heavy toll debt servicing is taking on Nigeria’s finances.
Between January and August, a total of N7.41tn was spent on servicing...
MPR Hike: UBA, Zenith, 17 Other Banks Pay 8.18% Interest on Savings
Aligning with the Central Bank of Nigeria’s (CBN) recent monetary policy adjustment, Nineteen deposit money banks are now offering an 8.18 percent interest rate to customers for their savings.
Commercial banks are mandated to...
Foreign Trade Payments in LC Drop by 146% to $434.05m
Nigeria’s foreign trade payments through Letter of Credit (LC) fell by 146.5 percent year-on-year (YoY) to $434.05 million in the first nine months of 2024 (9M’24) from $1.07 billion in the corresponding period of 2023.
The...
CBN Warns Against Fraudulent Contract, Project Funding Claims
The Central Bank of Nigeria (CBN), has warned members of the public to be weary of activities of fraudsters purporting to be in receipt of award letters of contracts related to construction works and special financial interventions...
PoS Operators Blame Double Transaction Charges on Cash Scarcity
Point of Sale (PoS) operators in Nigeria have raised transaction fees by over 50 per cent, attributing the increase to severe cash scarcity caused by banks rationing withdrawals.
With yuletide and end-of-year holidays fast approaching, Nigerians may...
