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Following the Central Bank of Nigeria’s (CBN) revocation of Heritage Bank Plc’s banking license, the Nigeria Deposit Insurance Corporation (NDIC) has initiated the bank’s liquidation. The NDIC announced on Monday that it has started the immediate verification and payment of insured deposits to the bank’s depositors. In compliance with Section 12(2) of the Banks and … Read more
In a move to uphold Nigeria’s financial integrity, the Central Bank of Nigeria (CBN) has taken decisive action by revoking the license of Heritage Bank Plc under the powers vested in it by the Banks and Other Financial Act (BOFIA) 2020. This measure, effective immediately, comes as a response to the bank’s failure to comply … Read more
The Nigeria Customs Service (NCS) has revised the foreign exchange (FX) rate for import duties, setting it at N1,474.69 per dollar as of Friday. This new rate signifies an increase of N278, or 23.2 percent, compared to the previous rate of N1,196.61/$ that was in place on Thursday, May 30. Reports indicate that the updated … Read more
Kimberly-Clark, the American multinational corporation behind Huggies, has announced plans to cease its manufacturing and sales operations in Nigeria after nearly 15 years. In a statement released on Friday, the company attributed its decision to a shift in global corporate priorities and current economic conditions in Nigeria. “Kimberly-Clark has made the tough decision to withdraw … Read more
The Nigerian currency, naira, experienced contrasting trends in the foreign exchange markets on Thursday . While it continued its depreciation at the official window, marking the third consecutive day of decline, it managed to register gains at the parallel market, thereby narrowing the rate disparity. At the Nigerian Autonomous Foreign Exchange Market (NAFEX) window, the … Read more
The Federal Government of Nigeria has successfully secured a $500 million loan from the World Bank aimed at enhancing the performance of electricity Distribution Companies (DisCos). This was disclosed in a press release from the Bureau of Public Enterprises (BPE) by Amina Othman, Head of Public Communication. Approved on February 4, 2021, by the World … Read more
The Presidential Committee on Fiscal Policy and Tax Reforms has advised the federal government to set an exchange rate of N800 per US dollar for calculating Customs import duties. This recommendation was revealed by Taiwo Oyedele, the committee’s chairman, during a press conference held in Lagos on Thursday. Oyedele discussed the difficulties businesses encounter due … Read more
On Wednesday, the Nigerian naira saw a notable appreciation to N1,490 against the US dollar in the parallel section of the foreign exchange market. This marks a 2 percent increase compared to the rate of N1,520 reported on May 27. Currency traders, commonly known as bureau de change operators, quoted the buying price of the … Read more
The Nigeria Customs Service (NCS) has adjusted the foreign exchange (FX) rate for tariffs and duties, lowering it to N1,480 per dollar. This change was noted by TheCable on Monday, reflected on the federal government’s single window trade portal. The new rate represents a 3.28 percent decrease from the previous rate of N1,530/$ recorded on … Read more
On Monday, the naira faced depreciation in the parallel section of the foreign exchange (FX) market. In Lagos, bureau de change (BDC) operators, commonly known as currency traders, reported the naira trading at N1,520 to the US dollar. The buying price was set at N1,490, while the selling price stood at N1,520, giving traders a … Read more