The Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, Taiwo Oyedele, has announced that banks will be required to request a Tax Identification Number (TIN) from all taxable Nigerians, in line with the federal government’s new tax administration framework taking effect on January 1, 2026. Oyedele […]
BANKING
The Central Bank of Nigeria (CBN) has issued final licences to 82 Bureaux de Change (BDCs), allowing them to operate officially from November 27. The announcement was made in Abuja by Mrs. Hakama Sidi-Ali, Acting Director of the CBN’s Corporate Communications Department. Sidi-Ali explained that the licensing exercise aligns […]
The Central Bank of Nigeria (CBN) has introduced sweeping changes to the nation’s cash-handling rules, marking a major shift from previous restrictions aimed at reducing cash usage. In a new circular titled “Revised Cash-Related Policies”, signed by Dr. Rita Sike, Director of Financial Policy and Regulation, the apex bank announced […]
Nigeria’s digital finance sector reached a new milestone as PalmPay, in partnership with Wema Bank, executed the first live transaction on the Nigeria Inter-bank Settlement System (NIBSS) National Payment Stack (NPS). The historic transaction, recorded at 11:56 a.m. on Friday, November 7, 2025, underscores the country’s growing role in Africa’s […]
The Nigerian Exchange (NGX) opened the week on a bearish note, losing ₦121 billion in market capitalization on Monday as investors reacted to the Central Bank of Nigeria’s (CBN) new forbearance directive targeting the banking sector. The All-Share Index (ASI) fell by 191.30 points, representing a 0.17% decline, to close […]
In an effort to counter the dominance of well-known international companies and offer evaluations that more correctly reflect the continent’s economic reality, a new African-led credit rating agency is scheduled to launch by the end of September, Bloomberg said on Monday. By the end of 2025 or the beginning […]
First Asset Management Limited, a subsidiary of First HoldCo Plc, has been awarded the prestigious title of Fund Manager of the Year 2024 at the inaugural Capital Market Choice Awards hosted by Nairametrics Financial Advocate Limited. The recognition highlights the firm’s exceptional commitment to excellence, innovation, and long-term wealth creation. […]
Stanbic IBTC Holdings PLC, a member of the Standard Bank Group, has been ranked among Nigeria’s top 10 most valuable brands, according to the 2025 Brand Finance Nigeria 25 report. The financial services giant recorded a 206% year-on-year increase in brand value—one of the highest growth rates in the sector—moving […]
At the recently concluded 2025 Development Bank of Nigeria (DBN) Service Ambassador Awards held in Lagos, leading financial institutions were celebrated for their role in boosting small business growth across the country—with United Bank for Africa (UBA) Plc emerging as the biggest winner of the night. UBA clinched four key […]
In Nigeria’s volatile financial climate, access to quick and flexible funding is critical for the survival and growth of small and medium-sized enterprises (SMEs). First Bank of Nigeria Limited has responded with its redesigned Retail Temporary Overdraft (RTOD) facility, providing vital short-term cash flow support to entrepreneurs across the country. […]