The Manufacturers Association of Nigeria (MAN) has expressed deep concern over the recent decisions of the Monetary Policy Committee (MPC), warning that the increase in the Monetary Policy Rate (MPR) to 24.75% would exacerbate access to credit challenges and harm the competitiveness of the Nigerian manufacturing sector. In a statement titled “Position of Manufacturers Association…
The Federal Government has adjusted the commencement date for operations on the Port Harcourt-Aba rail line, with Minister of Transportation, Senator Saidu Alkali, announcing the new schedule on Friday. Speaking to journalists in Port Harcourt after inspecting the reconstruction of the rail track, Senator Alkali attributed the delay to technical challenges encountered during the project….
The Central Bank of Nigeria (CBN) has made a significant move by reducing the exchange rate for customs import duties collection, marking the lowest rate in eight weeks. According to Nairametrics, the exchange rate for duties collection has dropped from N1405/$ to N1303.8 to the USD, indicating a notable decrease of N102 or 7.24% within…
Following a bold move by the Central Bank of Nigeria (CBN) to increase the Monetary Policy Rate (MPR) by 200 basis points, reaching a staggering 24.75%, the Nigerian economy experienced a significant influx of $1.5 billion within just a week. This decision, announced last Tuesday, appears to have ignited considerable interest from foreign investors, reflecting…
President Bola Tinubu has approved the establishment of two key economic councils aimed at addressing Nigeria’s current economic challenges. The Presidential Economic Coordination Council (PECC) and the Economic Management Team Emergency Taskforce (EET) are strategic moves to enhance the nation’s economic governance frameworks. The PECC, chaired by President Tinubu with Vice-President Kashim Shettima as Vice-Chairman,…
The Nigerian currency, the naira, has been on an upward trajectory against the dollar, evidenced by the fifth reduction in the exchange rate for customs import duties and cargo clearance in less than a fortnight. The rate plummeted from N1,612 per dollar as of March 15th to a current rate of N1,405.46 per dollar. This…
The Central Bank of Nigeria (CBN) has taken a significant step towards enhancing liquidity in the retail segment of the forex market by issuing a circular to Bureau De Change operators (BDCs), informing them of the sale of $10,000 to each BDC at a rate of N1,251/$1. This move marks the resumption of dollar sales…
The Central Bank of Nigeria’s Monetary Policy Committee (MPC) is set to convene for its 294th meeting today, amidst growing concerns over the impact of its recent policy decisions on businesses and the economy. Led by Mr. Olayemi Cardoso, the committee faces the challenge of balancing the need to control inflation with the imperative of…
Nigeria’s tax agency, the Federal Inland Revenue Service (FIRS), has taken legal action against Binance, a prominent cryptocurrency exchange platform, for alleged tax evasion and other related offenses. The FIRS filed criminal charges against Binance at a court in the capital territory, accusing the platform of various infractions including non-payment of Value Added Tax (VAT),…
The Nigeria Customs Service (NCS) has announced a significant shift in policy regarding the importation of vehicles, effectively abolishing the 25% penalty that was previously levied on vehicles imported under irregular conditions. This move comes as a direct consequence of instructions issued by Mr. Wale Edun, the Minister of Finance and Coordinating Minister of the…