Tax laws: Nigerians grumble over double stamp duty charges by banks
Nigerians have begun raising concerns over what they describe as double stamp duty charges by banks, just days after the new tax laws took effect. The policy introduced a uniform ₦50 stamp duty charge on electronic transfers of ₦10,000 and above, and banks notified customers about the new deductions through emails and alerts. However, many […]
CBN didn’t place N500,000 limit on ATM payments in Nigeria – FG
The Federal Government has denied reports claiming that the Central Bank of Nigeria has placed a N500,000 limit on card payments made through ATMs in the country. According to the government, Nigerians are free to make card payments above that amount where necessary, and no policy exists restricting total card spending. The clarification was made […]
We resigned from our jobs, then got abandoned for three years’ – Recruits accused CBN
Some job recruits have accused the Central Bank of Nigeria (CBN) of abandoning them after they resigned from their former jobs based on employment promises that never materialised. The affected individuals said they were asked to leave their previous workplaces in preparation for new roles, but were later left without jobs or income for several […]
Nigerian petrol retailers reduce fuel price cheaper than Dangote’s rate
Petrol retailers across Nigeria have reduced pump prices, selling fuel at rates lower than the price offered by the Dangote Refinery. The price cut is being driven by competition among marketers who are trying to attract more customers as fuel supply improves in many parts of the country. Some independent marketers said the decision to […]
It’s KPMG’s errors, invalid conclusions – Nigerian govt defends tax laws amid fresh concerns
The Federal Government has dismissed a recent report by global consultancy firm KPMG that raised concerns about Nigeria’s tax framework, describing the claims as based on “errors and invalid conclusions.” Government officials said the report does not correctly reflect the intent, structure, or impact of the country’s current tax reforms. According to the government, the […]
Naira records first depreciation against US Dollar in 2026
The Nigerian naira has recorded its first drop against the United States dollar in 2026, ending weeks of relative stability in the official foreign exchange market. The currency weakened slightly on the back of increased dollar demand from importers and businesses, putting pressure on supply at the Central Bank of Nigeria’s official window. Market analysts […]
14 Nigerian banks yet to meet CBN’s recapitalization deadline
Fourteen Nigerian banks are yet to comply with the Central Bank of Nigeria’s (CBN) recapitalization directive as the deadline set by the regulator approaches. The policy, which requires banks to raise their capital base, is aimed at strengthening the financial system and improving banks’ ability to support economic growth. Industry analysts say the delay by […]
Naira extends appreciation against US dollar
The naira continued to strengthen against the US dollar at Nigeria’s official foreign exchange market on Wednesday. Data from the Central Bank of Nigeria showed that the currency improved slightly to ₦1,418.26 per dollar, compared with ₦1,419.07 recorded on Tuesday. This means the naira gained about 80 kobo in one day, continuing its recent upward […]
Grain production: Nigerian farmers appeal for subsidy after heavy losses in 2025
Over 2,000 maize farmers in Kaduna State have appealed to the Federal Government for urgent help after suffering massive losses during the 2025 farming season. The farmers said the sharp fall in maize prices, combined with the rising cost of fertiliser and other inputs, left many of them unable to recover their expenses. They warned […]
Petrol marketers signal cheaper fuel price in Nigeria, await Dangote Refinery action
Nigerian petroleum marketers have signaled plans to lower petrol prices nationwide, with premium motor spirit potentially selling near N739 per liter. The Independent Petroleum Marketers Association of Nigeria (IPMAN) said members would benefit from direct supply by Dangote Refinery at N699 per liter starting January 2026. IPMAN President Abubakar Maigandi told DAILY POST that once […]