Month: September 2019
In a circular to all deposit money bank (DMBs), the Director, Payments System Management Department at the CBN, Sam Okojere, said henceforth 3 per cent processing fees would be paid for withdrawals and 2 per cent for deposits of amounts above N500,000 for individual accounts. Similarly, corporate accounts will attract 5 per cent processing fees […]
The Federal Executive Council has approved a proposed increase of Value Added Tax from 5 percent to 7.2 percent. The Minister of Finance, Budget and National Planning, Zainab Ahmed, disclosed this to State House correspondents after an FEC meeting presided over by President Muhammadu Buhari. Read more: https://www.dailytrust.com.ng/fg-increases-vat-to-7-2-okays-n10-07trn-2020-budget-proposal.html
Less than a week after blacklisting Action Against Hunger, the Nigerian Army has suspended another non-governmental organisation, Mercy Corps, in Borno State. Troops of Operations Lafiya Dole, on Tuesday, shut down the activities of Mercy Corps, an NGO that operates in Borno and Yobe states. The military alleged that it intercepted about N29 million in […]
”Nigeria’s army has stopped the work of international NGO Action Against Hunger accusing it of supplying a militant Islamist group with food and drugs. The army said it had warned the NGO against “aiding and abetting” Boko Haram in north-east Nigeria. Action Against Hunger, which denies the accusations, says its “life-saving assistance” to vulnerable people […]
”The House of Representatives will revisit the controversial bill to regulate Non-Governmental Organisations, Speaker Femi Gbajabiamila has stated. ”The speaker stated it has become imperative to revisit the bill due to the activities of NGOs in the North-eastern part of Nigeria. Speaking during a debate on a motion brought under matters of urgent public importance […]
Background The Central Bank of Nigeria Act 2007 (as amended) enumerated the core functions of the Bank as follows; Ensure monetary and price stability; Issue legal tender currency in Nigeria: Maintain external reserves to safeguard the international value of the legal tender currency; Promote a sound financial system in Nigeria and; Act as Banker and […]
