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Pound slides on Brexit woes

The pound struck multi-month lows versus the dollar and euro Friday on renewed prospects of a no-deal Brexit after Britain’s Labour opposition pulled out of key talks with Prime Minister Theresa May. The pound unravelled to $1.2752, the lowest point for four months. The euro hit a three-month high at 87.60

Banks earn big in e-payment charges, customers raise ethical questions

Section 2 (2) of the Consumer Protection Framework of the Central Bank of Nigeria (CBN) states that financial institutions shall act in the best interest of consumers in the provision of advice and execution of transactions.The same framework in Section 2 (5) espouses fair treatment, warning that contract terms must

FIRS To Impose VAT On Online Transactions In Nigeria

The Federal Inland Revenue Service, FIRS, says it will soon begin collection of Value Added Tax, VAT, on online transactions. Babatunde Fowler, the chairman of the agency, made the disclosure in an interview with the News Agency of Nigeria, NAN, in New York on Saturday, May 18, 2019. “Soon, we will ask

BREAKING: Senate Confirms Emefiele’s Reappointment For Second Term

The Senate has confirmed Mr Godwin Emefiele as Governor of the Central Bank of Nigeria (CBN) for a second term of five years. This followed the adoption of the report of the Senate Committee on Banking, Insurance and other Financial Institutions presented by Senator Rafiu Adebayo during Thursday’s plenary. The committee had

Thailand To Establish Rice Mills In Nigeria – Minister

The Federal Government on Sunday announced that Thailand had commenced moves to establish rice mills in Nigeria . The Minister of Information and Culture, Lai Mohammed , disclosed this during a tour of some rice farms in Kebbi State . He said the Federation Government had won its fight against rice importation,

Oil subsidy may return as cross-border losses hit N774m daily

The Nigerian National Petroleum Corporation (NNPC) is worried about the proliferation of fuel stations in communities at the nation’s borders which has led to an unprecedented smuggling of petrol to neighboring countries. This has made it difficult to sanitise the supply and distribution matrix in the country. The Group Managing Director

CBN warns against investment in Bitcoin, others

The Central Bank of Nigeria on Wednesday cautioned Nigerians to be wary of investments in cryptocurrencies, stating that virtual currencies were not legal tender in the country. The apex bank said in a statement issued in Abuja that cryptocurrencies such as Bitcoin, Ripples, Monero, Litecoin, Dogecoin and Onecoin, and exchanges such

TUC kicks against NNPC as sole provider of fuel

The National Executive Council of the Trade Union Congress of Nigeria has said that the current situation in which the Nigerian National Petroleum Corporation is the sole provider of fuel to the nation and absorbing subsidies is not healthy for the country. The TUC took this stand at the end of

Poor funding hampering federal projects – FRC

Most projects being handled by the Federal Government across the country are hampered by lack of consistent funding, the Fiscal Responsibility Commission has said. As a result of poor funding, the projects often drag beyond the timeframes envisaged in the contract documents. It also often leads to renegotiation of contract sums

Banks, FinTechs’ collaboration’ll become competition– Agbaje

The Managing Director of Guaranty Trust Bank Plc, Mr. Segun Agbaje, says the current collaboration between banks and financial technology firms will become competition in the future as soon as FinTechs grow big and have large customer base. He, therefore, emphasised the need for the Deposit Money Banks in the country