The Central Bank of Nigeria (CBN) today removed the limit on cash deposits and raised the weekly cash withdrawal limit across all channels to N500,000, up from N100,000. The apex bank disclosed this in a circular to all banks titled “Revised Cash-Related Policies”, signed by Dr. Rita Sike, Director, Financial Policy & Regulation Department….
Nigeria’s economic recovery is gaining traction, with the Central Bank of Nigeria (CBN) reporting that the country’s external foreign-exchange reserves have risen to US $46.7 billion, the highest level in nearly seven years. That surge reflects renewed investor confidence and stronger inflows. According to the CBN Governor, increased oil receipts, robust portfolio and foreign-investment flows,…
The Federal Government says discussions with China on the proposed zero-tariff policy, aimed at deepening economic cooperation between the two countries, have reached an advanced stage. In a statement posted on X on Thursday, the Presidency confirmed that talks on implementing Beijing’s zero-tariff framework for Nigerian imports are progressing steadily. During a meeting involving the…
The Board of Directors of the African Development Bank (AfDB) Group has approved a 500 million dollars loan to Nigeria. The loan is to enable the Federal Government to finance the second phase of its Economic Governance and Energy Transition Support Programme. Abdul Kamara, Director-General, Nigeria Country Department of the AfDB, said this in a…
The Federal Government has warned that the continued consumption of hides and skins, popularly known as ponmo, poses a serious threat to Nigeria’s leather industry, currently valued at about $5 billion. Speaking at the National Campaign Against the Consumption of Ponmo held on Thursday in Abuja, the Director-General of the Raw Materials Research and Development…
The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) on Thursday said it is no longer considering implementing the planned 15 per cent duty on imported petroleum products. The development was announced by the Director, Public Affairs Department, NMDPRA, George Ene-Ita, in a statement while warning the public to shun panic buying. On the 29th…
The Nigerian All-Share Index (ASI) closed the trading day of November 7th in negative territory, shedding 501.7 points to settle at 149,524.8 points. This marks the fifth consecutive day of losses, bringing the total market value erased during the week to N2.8 trillion. Friday’s dip represents a 0.33% decline from the previous day’s close of…
The Chairman of the Presidential Fiscal Policy and Tax Reforms Committee, Mr. Taiwo Oyedele, has announced a sweeping set of 50 tax exemptions and reliefs aimed at easing the financial burden on low-income earners, average taxpayers, and small businesses, as part of Nigeria’s new tax reform framework set to take effect on January 1, 2026….
The Nigerian National Petroleum Company Limited (NNPCL) has reduced the pump price of petrol following the resolution of recent supply glitches at the Dangote Refinery. Checks by DAILY POST revealed that the state-owned oil firm adjusted its retail price to ₦945 per litre, down from ₦955, reflecting a ₦10 reduction. The new price has already…
Petroleum marketers have warned that the pump price of Premium Motor Spirit, popularly called petrol, could exceed N1,000 per litre following President Bola Tinubu’s approval of a 15 per cent ad valorem import tariff on fuel imports. The new policy, which takes effect after a 30-day transition period expected to end on 21 November 2025,…