Finance articles

CBN stops banks from taking charges on bulk transfers

CBN stops banks from taking charges on bulk transfers

Commercial banks can no longer take Short Message Service (SMS) charges on bulk bank transfers done through the Real Time Gross Settlement (RTGS), The Nation learnt at the weekend. The RTGS is an interbank funds transfer system on “real time” basis and “gross”. Settlement in the “real time” means that the transaction takes place almost

Naira sells at N364/$ as MPC holds rate

Naira on Tuesday exchanged at N364 to the dollar at the parallel market as the Monetary Policy Committee (MPC) meeting of the CBN holds benchmark interest rate at 14 per cent. The MPC left the benchmark interest rate unchanged at 14 per cent, alongside other monetary policy parameters. The CBN Governor, Godwin Emefiele, said reducing

FG to grant Dangote 10-Year Tax Holiday

The Federal Government through the Minister of Power, Works and Housing, Babatunde Raji Fashola has decided to grant Aliko Dangote a 10-year tax holiday in exchange for the construction a 35 kilometer long highway. Dangote Group is to rebuild using concrete, and will be getting a recompense in the form of 10-year tax holiday. Fashola,

Fed Govt loses trillions as stamp duty fee is unremitted

Stamp Duty charges on bank transactions may have yielded trillions of naira, but the revenue is unremitted to the Federation Account, The Nationhas learnt. The fate of the revenue, which is believed to have risen to over N7trillion as at 2015, has pitched the Nigerian Interbank Settlement System (NIBSS) against the School of Banking Honours (SBH),

Nigerian Economy Remains under Great Threat, US Warns

The United States military yesterday warned that the Nigerian economy remains under great threat following the surge in criminal activities in the Niger Delta and the threats by militants to resume bombing of oil facilities in the region. The rise in lawless activities around the Gulf of Guinea was also identified as another threat to

SHOCKING: Buhari’s minister, Al-Hassan other officials spent N12 million to inspect ghost projects – Audit Report

Payments totalling N11,700, 000 were made by the Federal Ministry of Women Affairs and Social Development to enable Minister, Aisha Alhassan, and some other staff members to embark on ‘familiarisation visits’ to unnamed skill acquisition centres in selected states in 2015, a report from the Auditor-General’s office has revealed. Interestingly, part of the funds was

Things to check in your bank statements

Your monthly bank account statement gives you a detailed review of the activity in your account for a specific period of time. It is your best opportunity to make sure your records match the bank’s, according to Check the statement When your statement arrives, look near the top of it for the starting and ending