CBN – Page 5 of 14 – Prime Business Africa

Food Imports Hit N3trn Over Insecurity, Others – CBN

The Central Bank of Nigeria (CBN) has disbursed a substantial $2.13 billion in 2023 for food imports, highlighting persistent challenges in the country’s agricultural sector despite efforts to boost local production. According

Emmanuel Ochayi

6 months ago

Business·Latest News·Tech News

CBN Directs Bank To Stop Implementation Of 0.5% Cybersecurity Levy On Transactions

The Central Bank of Nigeria (CBN) has rescinded its recent directive regarding the collection and remittance of the cybersecurity levy, mandated under the Cybercrime Prevention and Prohibition Amendment Act of 2024. The

Emmanuel Ochayi

6 months ago

Black Market Dollar (USD) To Naira (NGN) Exchange Rate Today 18th July 2024

Naira Depreciates To N1,533/$1 At Official Rate Amidst Market Turbulence

The Nigerian naira faced depreciation against the US dollar on Thursday, reaching N1,533.99 per dollar in the official NAFEM Window. This marks a notable 4.89% decline from the previous day’s rate of

Emmanuel Ochayi

6 months ago

Economy: Don’t Suffocate Businesses, CPPE Warns Regulatory Agencies

Business·Latest News

Be Cautious On Monetary Policy Tightening As Businesses Yet To Recover From Previous Hikes, CPPE Tells CBN

Ahead of the Central Bank of Nigeria’s (CBN) Monetary Policy Committee (MPC) meeting later this month, the Centre for the Promotion of Public Enterprise (CPPE) has issued a plea for a cautious

Emmanuel Ochayi

6 months ago

CBN’s FX Market Intervention Falls Short As Naira Struggles To Gain Ground

Business·Latest News·Markets

Naira Bounces Back After 1 Week Depreciation, Hits 1,459.02/$1

The Naira showed resilience as it bounced back against the dollar at the end of Wednesday, recovering from a week-long depreciation in both official and unofficial foreign exchange markets. “I’m glad to

Emmanuel Ochayi

6 months ago

CBN Raises Benchmark Interest Rate To 26.75% Amid Soaring Inflation

Finance & Economy·Opinion

CBN Governor And Waste Of Economic Terms

Recently during a Monetary Policy Committee (MPC) meeting of the Central Bank of Nigeria (CBN) in March 2024, the CBN governor, Olayemi Cardoso, said that government’s large-scale purchase of foodstuff as palliatives

MARCEL MBAMALU

6 months ago

Business·Latest News

CBN Raises Exchange Rate For Import Duties To 1457$1

In response to the ongoing fluctuations in the currency market, the Central Bank of Nigeria (CBN) has adjusted the exchange rate used for calculating import duties at the nation’s seaports. The new

Emmanuel Ochayi

6 months ago

CBN’s Cybersecurity Levy Sparks Reactions From Nigerians

SERAP, BugiT, 136 Nigerians, Sue Nigerian Govt Over Cybersecurity Levy

SERAP, BudgIT and 136 concerned Nigerians have filed a suit against the Nigerian government over the plan to commence the collection of cybersecurity levy from bank customers across the country.

Victor Ezeja

6 months ago

Cybersecurity Levy: Tinubu Suspends Implementation, Orders Review President Bola Tinubu has directed the Central Bank of Nigeria (CBN) to suspend the implementation of the controversial cybersecurity levy policy, which aimed to charge 0.5% on all electronic transactions. The move follows the House of Representatives' resolution asking the CBN to withdraw its circular directing banks to commence charging the levy. The CBN had issued a circular on May 6, mandating banks, mobile money operators, and payment service providers to implement the levy, as provided for in the Cybercrime (Prohibition, Prevention, etc) (Amendment) Act 2024. However, the policy sparked varied reactions among stakeholders, with many expressing concerns that it would increase the cost of doing business in Nigeria and potentially hinder digital transaction adoption. Tinubu's decision to suspend the implementation and order a review is seen as a welcome development by many, including the Peoples Democratic Party (PDP), which described the policy as "anti-people" and "insensitive." The Centre for Promotion of Private Enterprises (CPPE) commended the President for listening to the voices of the people, while the Director of Centre for Anti-corruption and Open Leadership (CACOL) urged the Federal Government to consider a total cancellation of the policy instead of a temporary suspension. The Socio-Economic Rights and Accountability Project (SERAP) had threatened to file a lawsuit if the Federal Government did not withdraw the levy within 48 hours, stating that it violates the Nigerian constitution and international human rights obligations. The Nigeria Labour Congress (NLC) also rejected the levy, demanding its reversal and prioritizing policies that alleviate the financial burdens of Nigerians. The development highlights the need for inclusive and consultative policy-making, ensuring that the voices of all stakeholders are heard and considered. As the review process commences, it is essential to prioritize the interests of Nigerians and promote policies that foster economic growth and development.

Business·Latest News

Tinubu Orders CBN To Suspend Cybersecurity Levy Policy

President Bola Tinubu has intervened in the implementation of the controversial cybersecurity levy, ordering a suspension and review. The move comes after the House of Representatives called for a withdrawal of the

Emmanuel Ochayi

6 months ago

Business·Latest News·Markets

How Naira Drops From Best Performing Currency To worst In The World

In April, the naira took a steep dive, ranking as the worst-performing currency globally, according to a Bloomberg report. This unexpected shift has sparked concerns, particularly in Nigeria’s financial circles, as the

Emmanuel Ochayi

6 months ago

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CBN - Page 5

Food Imports Hit N3trn Over Insecurity, Others – CBN

CBN Directs Bank To Stop Implementation Of 0.5% Cybersecurity Levy On Transactions

Naira Depreciates To N1,533/$1 At Official Rate Amidst Market Turbulence

Be Cautious On Monetary Policy Tightening As Businesses Yet To Recover From Previous Hikes, CPPE Tells CBN

Naira Bounces Back After 1 Week Depreciation, Hits 1,459.02/$1

CBN Governor And Waste Of Economic Terms

CBN Raises Exchange Rate For Import Duties To 1457$1

SERAP, BugiT, 136 Nigerians, Sue Nigerian Govt Over Cybersecurity Levy

Tinubu Orders CBN To Suspend Cybersecurity Levy Policy

How Naira Drops From Best Performing Currency To worst In The World

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