By Yomi Omolade, JKNewsMedia Intern THE MONETARY Policy Committee of the Central Bank of Nigeria (CBN) has reduced the benchmark interest rate by 50 basis points, lowering it from 27.5 percent to 27 percent. Governor Olayemi Cardoso made the announcement while briefing journalists on the outcome of the 302nd meeting of the Monetary Policy Com...
By Jemimah Wellington, JKNewsMedia Correspondent THE MANUFACTURERS Association of Nigeria (MAN) has commended government efforts to modernise tax administration through the enactment of the Nigeria Tax Act 2025, while warning against a proposed introduction of a Tax Stamp System for excisable goods. In a statement signed by its Director Gener...
By Jemimah Wellington, JKNewsMedia Correspondent TRADING ON the Nigerian Exchange (NGX) closed on a positive note on Thursday as market capitalisation returned to the N90 trillion mark, with investors recording a gain of N143 billion. Market data showed that the rebound was supported by renewed investor demand in Guinness Nigeria, Eunisell In...
HEADLINE INFLATION rate in Nigeria slowed to 20.12 per cent in August 2025, down from 21.88 per cent in July 2025, according to the latest data released by the National Bureau of Statistics (NBS). The report showed that inflation eased by 1.76 percentage points month-on-month, offering some relief after months of elevated price pressures. Mont...
By Ajibola Olaide, JKNewsMedia Reporter THE FEDERAL Inland Revenue Service (FIRS) has reaffirmed that Nigerians will not be required to obtain a separate Tax Identification Number (TIN) before they can open or operate bank accounts under the new framework set to take effect in January 2026. In a statement issued on Saturday, Arabinrin Aderonk...
By Jemimah Wellington, JKNewsMedia Correspondent THE CENTRAL Bank of Nigeria (CBN) has announced it will sustain its monetary tightening stance to safeguard stability in the financial system, Governor Olayemi Cardoso has confirmed. Speaking at a fireside chat during the European Business Chamber (Eurocham Nigeria) C-Level Forum, moderated by ...
By Jemimah Wellington, JKNewsMedia Correspondent ALLOCATIONS TO state governments have more than doubled since President Bola Tinubu removed the petrol subsidy in May 2023, the Federal Government has announced. Minister of Finance and Coordinating Minister of the Economy, Wale Edun, disclosed this in Abuja at the National Health Financing Dia...
By JKNewsMedia PRICES OF the precious metal briefly climbed to a record high on Tuesday, driven by mounting expectations of a United States (US) interest-rate cut and concerns over the Federal Reserve’s policy direction. Bullion for immediate delivery advanced as much as 0.9 percent to reach $3,508 an ounce, surpassing the previous peak recor...
By Jemimah Wellington, JKNewsMedia Correspondent MODEST GAINS closed August for the Nigerian currency as the Naira advanced against the United States (US) dollar across both the official and parallel markets, supported by improved foreign exchange inflows and a stronger external reserves position. Economic analysts linked the steady performan...
By Jemimah Wellington, JKNewsMedia Correspondent NEW RULES from the Central Bank of Nigeria (CBN) mandate the geo-tagging of every Point of Sale (PoS) terminal in the country within 60 days, with precise GPS coordinates recorded for each active device. In a circular dated 25 August 2025, the regulator directed payment service providers and ba...
