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Food Imports Hit N3trn Over Insecurity, Others – CBN
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Food Imports Hit N3trn Over Insecurity, Others – CBN

The Central Bank of Nigeria (CBN) has disbursed a substantial $2.13 billion in 2023 for food imports, highlighting persistent challenges in the country’s agricultural sector despite efforts to boost local production. According to quarterly data from the CBN, the funds were allocated
May 21, 2024
CBN Raises Benchmark Interest Rate To 26.75% Amid Soaring Inflation
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CBN Governor And Waste Of Economic Terms

Recently during a Monetary Policy Committee (MPC) meeting of the Central Bank of Nigeria (CBN) in March 2024, the CBN governor, Olayemi Cardoso, said that government’s large-scale purchase of foodstuff as palliatives is contributing to the country’s rising food inflation
May 15, 2024
CBN Raises Exchange Rate For Import Duties To 1457$1
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CBN Raises Exchange Rate For Import Duties To 1457$1

In response to the ongoing fluctuations in the currency market, the Central Bank of Nigeria (CBN) has adjusted the exchange rate used for calculating import duties at the nation’s seaports. The new rate, set at N1,457.014/$, marks a notable increase from the
May 14, 2024
Cybersecurity Levy: Tinubu Suspends Implementation, Orders Review President Bola Tinubu has directed the Central Bank of Nigeria (CBN) to suspend the implementation of the controversial cybersecurity levy policy, which aimed to charge 0.5% on all electronic transactions. The move follows the House of Representatives' resolution asking the CBN to withdraw its circular directing banks to commence charging the levy. The CBN had issued a circular on May 6, mandating banks, mobile money operators, and payment service providers to implement the levy, as provided for in the Cybercrime (Prohibition, Prevention, etc) (Amendment) Act 2024. However, the policy sparked varied reactions among stakeholders, with many expressing concerns that it would increase the cost of doing business in Nigeria and potentially hinder digital transaction adoption. Tinubu's decision to suspend the implementation and order a review is seen as a welcome development by many, including the Peoples Democratic Party (PDP), which described the policy as "anti-people" and "insensitive." The Centre for Promotion of Private Enterprises (CPPE) commended the President for listening to the voices of the people, while the Director of Centre for Anti-corruption and Open Leadership (CACOL) urged the Federal Government to consider a total cancellation of the policy instead of a temporary suspension. The Socio-Economic Rights and Accountability Project (SERAP) had threatened to file a lawsuit if the Federal Government did not withdraw the levy within 48 hours, stating that it violates the Nigerian constitution and international human rights obligations. The Nigeria Labour Congress (NLC) also rejected the levy, demanding its reversal and prioritizing policies that alleviate the financial burdens of Nigerians. The development highlights the need for inclusive and consultative policy-making, ensuring that the voices of all stakeholders are heard and considered. As the review process commences, it is essential to prioritize the interests of Nigerians and promote policies that foster economic growth and development.
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Tinubu Orders CBN To Suspend Cybersecurity Levy Policy

President Bola Tinubu has intervened in the implementation of the controversial cybersecurity levy, ordering a suspension and review. The move comes after the House of Representatives called for a withdrawal of the Central Bank of Nigeria’s directive on the levy, citing ambiguity.
May 12, 2024
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