The Central Bank of Nigeria (CBN) has directed banks to deny exporters with unrepatriated export proceeds from accessing all banking services by January 31.   The apex bank issued this directive in a circular sent to banks in the country.   Affected exporters are expected to […]

        The Nigerian Office for Trade Negotiations (NOTN) over the weekend said exporters or agents willing to move products to countries under the African Continental Free Trade Area (AfCTA) should obtain permits, licences, certificates and other relevant documentation from appropriate government agencies as the intra- continental trade […]

        Che Central Bank of Nigeria (CBN) has released the Framework for Regulatory Sandbox Operations that would promote seamless adoption of electronic payment across the country.   The new framework will also ensure the safety and stability of the financial system, among other benefits.   It is […]

        The Federal Inland Revenue Service (FIRS) has revealed that Nigeria lost about ₦5.4 trillion between 2007 and 2017 through tax evasion by multinational companies operating in Nigeria.   Executive Chairman of the Service, Mr. Muhammad Nami stated that “between 2007 and 2017” Nigeria was reported to […]

        Consequent upon the outlawing of stamp duty on electronic bank transfer by the Court of Appeal, the Federal Government, through the Finance Act 2020, has introduced Electronic Money Transfer Levy.   Finance Act 2020, which was recently signed by President Muhammadu Buhari, has a commencement date […]

      Members of the Organisation of Petroleum Exporting Countries (OPEC) and their allies, including Russia, yesterday failed to reach an agreement on production levels for February, with talks expected to continue today.   The cartel had agreed after its last summit, held from November 30 to December 3, […]

      The federal government, through the Department of Petroleum Resources (DPR), yesterday announced that 161 successful companies had been shortlisted to advance to the next and final stage of the bid round for 57 marginal oilfields.   According to the DPR, a marginal field is any field that […]

        African countries began officially trading under a new continent-wide free trade area yesterday, after months of delays caused by the global coronavirus pandemic.   But experts view the New Year’s Day launch as largely symbolic with full implementation of the deal expected to take years.   […]

        …As Bill exempts aircraft engines, spare parts, others from Custom charges     The Senate, on Tuesday, passed the Finance Bill 2020 transmitted to the National Assembly by President Muhammadu Buhari two weeks ago.   The passage of the Bill followed the consideration of a report […]

      The Minister of Industry, Trade and Investment, Mr. Niyi Adebayo, Monday said the federal government has suspended further issuance of licences for the operation of the Free Trade Zones (FTZs) in the country.     Speaking during the inauguration of the panel set up for the evaluation […]