ABCON back to CBN with a plea amid losses from dollar allocation
Post AMUGE
April 9, 2024
Onome Amuge The Association of Bureaux De Change Operators of Nigeria (ABCON) has made a passionate plea to the Central Bank of Nigeria (CBN) to review its current foreign exchange rate policy for the CBN-licensed Bureaux De Change (BDCs). Currently, the CBN pegs the exchange rate for BDCs at N1,251/$, but ABCON argues that […]
ABCON sees further naira recovery on CBN recall of BDCs to FX market
Post AMUGEApril 1, 2024
Business a.m. The Association of Bureaux de Change Operators of Nigeria (ABCON) sees the recovery of the Naira continuing on the back of the recall by the Central Bank of Nigeria of their members to the mainstream of Nigeria’s foreign exchange market. The association, therefore, commended the CBN for this decision, which it said has […]
ATM usage plunges to 40% amid naira scarcity – KPMG
Post AMUGEJanuary 9, 2024
Business a.m A new report by KPMG has found that the scarcity of cash in circulation has led to a significant decline in the weekly usage of Automated Teller Machines (ATMs). According to the report, “In Pursuit of Value,” which surveyed customers of Nigerian and Ghanaian banks, ATM usage dropped significantly during the year 2023. […]
Emefiele says Naira 4 dollar policy will give Nigerians in the diaspora cheaper and convenient means to sending remittances home
Online EditorMarch 9, 2021
Policy to exist for just 60 days in a bid to check round-tripping Charles Abuede Nigeria’s apex bank Governor, Godwin Emefiele has said that the introduction of the “CBN Naira 4 Dollar Scheme” which comes into effect on Monday, March 8, 2021, is aimed at reducing the cost of remittance inflow, check the […]
Absence of Audit Act Impedes audit institutions’ work – Auditors-General
Tola AkinmutimiOctober 31, 2019
ByTola Akinmutimi Delegates to the 49th conference of body of federal and state auditors-general in Nigeria have identified the absence of an audit act, which will guarantee administrative and financial autonomy for the office of the Auditor-General for the Federation, and enhance its efficiency and effectiveness, as the most critical challenge currently facing audit institutions […]
Nigeria govt. turns sight on fizzy drinks in search of revenue, to impose tax on Coke, 7up, Bigi
Samson EchenimOctober 19, 2019
By Samson Echenim with agency report In its latest move among series of policies targeted at boosting revenue, the Nigerian government has disclosed plans to impose tax on soft drinks. Zainab Ahmed, minister of Finance, Budget and Planning, told journalists on the sidelines of the ongoing annual meetings of the International Monetary Fund […]
Buhari reduces ministers’ foreign trips, cuts their estacodes
Businessam StaffOctober 16, 2019
President Muhammadu Buhari has reduced the number and duration of foreign trips for ministers and other categories of government officials in a move described as ‘cost-saving measure’ to achieve fiscal prudence. In a statement signed by Willie Bassey, the director of information at the office of the Secretary to the Government of the Federation, the President also removed […]
MMA Customs revenue generation for September rises by 25%
Samson EchenimOctober 10, 2019
By Samson Echenim Revenue generation by the Murtala Mohammed Airport area command of the Nigeria Customs Service for September 2019 hit N4.99 billion, up from N3.97 billion generated in the same month in 2018, showing an increase of 25 percent. The command, in a statement on Tuesday, said it exceeded its monthly revenue target with […]
FG initiates new measures to boost mining sector revenue
Tola AkinmutimiOctober 8, 2019
By Tola Akinmutimi The federal government on Tuesday hinted that it had initiated some policy measures to ensure that revenue leakages from the nation’s mining sector were plugged and also make the industry more investment-friendly. Olamilekan Adegbite, the minister for mines and steel development, gave this hint during a roundtable session at the ongoing […]
Fowler: FIRS targets 45m taxpayers by December
Businessam StaffOctober 3, 2019
Federal Inland Revenue Service (FIRS) says about 45 million Nigerians will be captured as taxpayers before December 2019. Babatunde Fowler, chairman, Joint Tax Board (JTB), said this on Thursday in Ilorin at the flag-off of the new Tax Identification Number (TIN) registration system and consolidated national taxpayers’ database for North Central zone. “Over the last […]