Category: Economy
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FG moves to nip monetary induced inflation
The Monetary Policy Committee (MPC) on Friday met and increased Cash Reserve Ratio (CRR) from 22.5 per cent to 27.5 per cent, which Governor of the Central Bank of Nigeria (CBN), Mr Godwin Emefiele has said would help to address monetary induced inflation. TheNewsGuru.com (TNG) reports CRR is a specified minimum fraction of the total…
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CBN provides more details on reviewed bank charges
The Central Bank of Nigeria (CBN), has reviewed downward charges and fees for banking services. This is contained in the new guidelines for banks, other financial, and non-bank financial institutions released by the apex bank on Sunday in Abuja. According to Mr Isaac Okorafor, the bank’s Director, Corporate Communications Department, the guidelines will take effect…
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Breaking: CBN slashes bank charges
The Central Bank of Nigeria (CBN) has issued a revised Guide to Charges by Banks, Other Financial and Non-Bank Financial institutions in the country, thereby slashes bank charges. TheNewsGuru.com (TNG) reports CBN as saying the development is in response to the evolution in the financial industry over the last few years. “In a bid to…
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FG gives condition for re-opening of nation’s borders
Governor of the Central Bank of Nigeria (CBN), Mr Godwin Emefiele has said proper engagements between the Federal Government and neighbouring countries are key to ending the spate of smuggling and a consequential reopening of the borders. Emefiele, who made this known on Monday while briefing reporters after meeting with President Muhammadu Buhari in Abuja,…
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Border closure: Rice dealers want loan, count gains
Some rice farmers have appealed to the Federal Government to provide them with affordable loan facilities to boost production to reduce the price of the commodity as they described the closure as a welcome development. The price of a 50kg bag of local rice, which sold for N14,000 before the closure of the country’s borders…
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FIRS targets 45m tax payers by December – Fowler
Federal Inland Revenue Service (FIRS) says about 45 million Nigerians will be captured as taxpayers before December 2019. Mr 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…
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Cashless policy: Don cautions on what could negate financial inclusion
Dr Aminu Usman, Head, Economics Department, Kaduna State University, has urged the Central Bank of Nigeria (CBN) to carry out robust campaigns to sensitise Nigerians to understand the need for bank charges on deposits and withdrawals. Aminu, in a telephone interview with the News Agency of Nigeria on Sunday, cautioned that the policy must be…
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Nigeria holds $900bn ‘dead capital’ — PwC
Nigeria needs to unlock as much as $900bn worth of dead capital to increase economic activities and stimulate growth, PricewaterhouseCoopers Limited has said. PwC made this known in a new report titled ‘Bringing dead capital to life – What Nigeria should do’, which estimated the amount of dead capital in residential and agricultural real estate…
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Emefiele pledges to bring inflation to single digit within 5 years
The Central Bank of Nigeria (CBN) Governor, Mr Godwin Emefiele, says he will bring inflation to single digit within the next five years. Emefiele made the promise in Abuja on Monday during a press briefing on his policy road map in his second term. The News Agency of Nigeria (NAN) reports that the inflation rate…
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Nigeria loses 300,000 tonnes of sugar to smugglers annually – Dangote
Nigeria is currently losing at least 300,000 tonnes of sugar to smuggling annually, the Chairman, Dangote Group, Alh. Aliko Dangote, has said. He made this known during the Dangote Sugar Annual General Meeting (AGM) in Lagos on Tuesday. He said that the smuggling activities in the sugar industry had hindered the employment of at least…