Ten Banks Contribute N987bn in Taxes to FG   Ten commercial banks in Nigeria paid a combined N987.40bn in corporate income tax to the Federal Government in the 2024 financial year. This sum was disclosed in the banks’ consolidated and separate financial statements for the year ended...

FG Orders State MDAs to Stop Accounts in Commercial Banks   As part of its efforts to enforce the Treasury Single Account (TSA) policy, the Federal Government has instructed state-based Ministries, Departments, and Agencies (MDAs) to immediately discontinue operating accounts with commercial banks. This was according to a...

Banks’ Loan Portfolio Surged By N20.8trn   Despite the stringent policy measures implemented by the Central Bank of Nigeria (CBN), commercial banks in the country have witnessed a remarkable N20.8trillion Year-on-Year (YoY) growth in their total credit to the private sector, reaching a substantial N62.52 trillion...

Banks Begin Collection Of Tax Certificate On Forex Requests   Commercial banks across Nigeria have announced that all Form A and Forex requests must include a valid copy of the applicant’s Tax Clearance Certificate (TCC) alongside other required documents on the Central Bank of Nigeria (CBN)...

Monetary Policy: Banks Commence Adjustment of Interest Rates   Commercial banks across Nigeria have begun revising their interest rates following the recent changes in Monetary Policy Rate (MPR). This is coming after the Central Bank of Nigeria (CBN) raised it’s benchmark lending rate to 18 per cent...

Old Notes: CBN Orders Banks to Open Weekends as Emefiele Set to Supervise Evacuation   The Central Bank of Nigeria (CBN) has confirmed the evacuation of banknotes from its vaults to commercial banks across the country as part of a coordinated effort to ease the circulation...