NRS Clarifies: No New VAT on Banking Services Under Nigeria Tax Act
The Nigeria Revenue Service (NRS) has dismissed circulating reports suggesting that the new Nigeria Tax Act introduced Value Added Tax…
Category: Banking
NRS: VAT on bank charges NOT introduced by new tax laws
The Nigeria Revenue Service (NRS) says value-added tax (VAT) on bank services charges was not introduced by the new tax…
20 Nigerian Banks Meet Recapitalisation Deadline as CBN Pushes for Productive Lending
About 20 deposit money banks in Nigeria have met the Central Bank of Nigeria’s (CBN) new capital requirements under the…
FG Orders Banks, Fintechs to Remit 7.5% VAT on Electronic Banking Service Fees from January 19
The Federal Government has directed all banks and fintech companies operating in Nigeria to begin collecting and remitting a 7.5…
Nigerian Banking Stocks Set for 2026 Rally Amid Recapitalization and Market Optimism
Nigeria’s banking sector is positioning itself as one of the most compelling equity market opportunities for 2026, according to analysts…
Three Nigerian Bank Mergers Expected Ahead of CBN Recapitalisation Deadline
At least three bank mergers are expected in Nigeria in early 2026 as lenders race to meet the Central Bank…
CBN Warns Bank Recapitalisation Could Heighten Market Concentration in Nigeria
The Central Bank of Nigeria (CBN) has raised concerns that the ongoing bank recapitalisation program may inadvertently increase concentration risk…
Nigerian Banks Face Reality as CBN Ends COVID-Era Loan Forbearance
After nearly five years of regulatory leniency, Nigeria’s banking sector is confronting a long-postponed reality: the true quality of its…
CBN and NDIC Challenge Court Jurisdiction in Aso Savings & Union Homes License Revocation Dispute
The Central Bank of Nigeria (CBN) and the Nigeria Deposit Insurance Corporation (NDIC) have asked the Federal High Court in…
Mandatory TINs in Nigeria: Tax Reform or Threat to Financial Inclusion?
As Nigeria moves to make Tax Identification Numbers (TINs) mandatory for all bank accounts from January 1, 2026, millions of…
CBN Eases Foreign Card Usage for Tourists and Returning Nigerians
The Central Bank of Nigeria (CBN) has issued a new directive to banks and financial institutions aimed at improving access…
FCMB Group Gets Shareholders’ Approval to Raise N400bn Ahead of 2026 CBN Recapitalisation Deadline
Shareholders of FCMB Group Plc have approved a major capital raise of up to N400 billion, positioning the bank to…
NDIC and NIBSS Sign MoU to Boost Depositor Payouts in Failed Banks
The Nigeria Deposit Insurance Corporation (NDIC) and the Nigeria Inter-Bank Settlement System Plc (NIBSS) are set to sign a Memorandum…
Banks Strengthen Capital Base as CBN Tightens Oversight Ahead of 2026 Deadline
Nigeria’s Deposit Money Banks are reinforcing their capital positions as the Central Bank of Nigeria intensifies regulatory oversight to strengthen…
FX Windfalls Fade as Nigerian Banks Return Focus to Core Lending
Foreign exchange (FX) gains, once a major source of profits for Nigeria’s top banks, have dropped sharply, signaling a major…
CBN Revokes Licences of Aso Savings and Union Homes over Regulatory Breaches
The Central Bank of Nigeria (CBN) has officially revoked the operating licences of Aso Savings and Loans Plc and Union…
Big Banks’ FX Gains Fall to Three-Year Low as Nigeria’s Banking Sector Shifts Strategy
Nigeria’s biggest banks are seeing a sharp slowdown in foreign exchange (FX) gains, once a major source of profits, as…
Bright Simons Warns Bank of Ghana’s Non-Interest Banking Rebrand Risks Confusion and Failure
Bright Simons, Vice President of policy think tank IMANI Africa, has raised serious concerns about the Bank of Ghana’s proposed…
CBN Tightens Oversight as Nigerian Banks Boost Capital to Strengthen Financial Stability
Nigerian banks are stepping up their capital base as the Central Bank of Nigeria (CBN) enforces stricter oversight to maintain…
Reps Push Major Reforms to Strengthen Transparency and Oversight at CBN
The House of Representatives has begun formal steps to overhaul the Central Bank of Nigeria (CBN) Act, seeking stronger transparency,…
Non-Interest Banking in Ghana: BoG Requires 60% Foreign Currency Capital for Foreign Banks
The Bank of Ghana (BoG) has unveiled a new regulatory framework aimed at tightening oversight of the country’s growing non-interest…
Banks Slash Central Bank Deposits by N2.22 Trillion After CBN Interest Rate Adjustment
Banks in Nigeria significantly reduced their deposits at the Central Bank of Nigeria (CBN) last month, pulling back N2.22 trillion…
Nigerian Banks Shift Focus to New Revenue Streams as FX Gains Dry Up
As foreign exchange gains that boosted Nigerian banks over the past two years begin to fade, financial experts say lenders…
Nigeria’s Foreign Reserves Hit $46.7 Billion — Highest in Nearly Seven Years, Says CBN Governor
Nigeria’s foreign reserves have climbed to $46.7 billion, marking the highest level in nearly seven years, the Central Bank of…
Nigeria’s Cash Demand Hits N4.65 Trillion as Currency Circulation Surges
Nigeria’s appetite for physical cash has surged once again, with Currency Outside Banks (COB) rising to N4.65 trillion in October,…
CBN Revises Cash Withdrawal Limits: What Nigerians Must Know About January 2026 Changes
The Central Bank of Nigeria (CBN) has announced major revisions to its cash withdrawal policies, set to take effect from…
FCMB Named Nigeria’s Best SME Bank 2025, Leading SME Financing Across Key Sectors
First City Monument Bank (FCMB) has been named Nigeria’s Best SME Focused Bank for 2025 by the Chartered Institute of…
CBN’s MPC Adjusts Policy Corridor to Boost Lending to Productive Sectors
The Central Bank of Nigeria (CBN) has taken a strategic step to encourage banks to redirect funds toward productive sectors…
FCMB Named Nigeria’s Best SME-Focused Bank 2025, Leading N1.8 Trillion SME Disbursements
First City Monument Bank (FCMB) has been recognised as Nigeria’s Best SME-Focused Bank for 2025 by the Chartered Institute of…
Naira Strengthens to 1,446/$ as Foreign Capital Inflows Hit $20.98bn
The Nigerian naira recorded a notable uptick last week, appreciating to 1,446.74 per dollar, a 0.69% increase from the previous…