The Federal Competition and Consumer Protection Commission (FCCPC) has described the Central Bank of Nigeria (CBN) policy to ensure banks refund customers for failed automated teller machine (ATM) transactions within 48 hours as timely and long-awaited. In a statement on Monday, October 13, the commission vowed to work closely with the CBN to enforce compliance …
The Chairman of the Presidential Fiscal Policy and Tax Reforms Committee, Taiwo Oyedele, has said that Africa must remove disincentives to investment to grow revenue. He emphasised this in a post on his X handle on Monday, October 13, to explain what he meant by "The True Cost of Tax". He suggested that it is …
The Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, would lead Nigeria's delegation to the World Bank and International Monetary Fund Annual Meeting in Washington, DC. The meeting opens on Monday, October 13, according to a statement on Sunday, October 12 signed by the Special Adviser to the President on Information and Strategy, …
The Central Bank of Nigeria (CBN) has introduced draft guidelines that will compel banks to provide instant refunds for failed Automated Teller Machine (ATM) transactions to customers. It issued the draft guidelines on Saturday, October 11, accompanied by a circular dated October 9 and signed by its Director of the Payments System Policy Department, Musa …
The federal government accounts for N141.08 trillion, or 92.6 per cent, as Nigeria’s total public debt stock rose to N152.4 trillion on June 30, 2025. This is according to the latest disclosure by the Debt Management Office (DMO). A cursory look at the debt office report shows that Nigeria's public debt worsened by N3.01 trillion …
The Nigerian equities market continued on a positive momentum, with investors pocketing a ₦2.16 trillion gain in the just-concluded week, despite the negative sentiment that was printed on banking stocks. Market capitalisation, the total value of stocks listed on the Nigerian Exchange Limited (NGX), rose by 2.37 per cent week-on-week to close at ₦93.30 trillion …
As a measure to keep Nigeria's debt-service-to-revenue ratio in check, the Nigerian Economic Summit Group (NESG) has urged the federal government to broaden the non-oil tax base to improve its fiscal position. The Group made the call in its latest ‘Macroeconomic Condition Index (MCI)’ report it published on Wednesday, October 8. It observed that debt …
Seven deposit money banks reported a 33.14 per cent increase in AMCON Levy to N404.71 billion in the first half of the year, compared to N303.98 billion recorded by the banks in the same period in 2024. A review of the half-year financial statements of the banks revealed this; Pinnacle Daily can report. This comes …
Wednesday's protest at the corporate headquarters of the Central Bank of Nigeria (CBN) brought to the fore the heightening fraudulent activities in Nigerian banks. Hundreds of protesters, under the aegis of a coalition of civil society organisations (CSOs), on Wednesday, October 8, protested against banks’ fraudulent practices that are leaving customers victimised. The protesters were …
The World Bank has said that the persisting hike in food prices is undermining the significant progress the Nigerian government has made to stabilise the country’s economy through its recent policy reforms, urging the authorities to do more to improve living standards and tackle soaring food prices. It pointed at this in its latest report, …
