Nigerian banks bleed amid world’s highest cash reserves

For every N100 deposit held by Nigerian commercial banks, about N60 idles away with the central bank as regulatory reserves earning zero interest. This means lower profitability for lenders and then stifling access to finance for millions of small businesses in Africa’s largest economy. BusinessDay investigation also revealed that for some banks, the portion of……

Diversified revenue, tax reform will spur growth post COVID-19 – experts

Finance experts in Nigeria have called for the need to diversify revenue generation sources at all levels of government while implementing a reformed tax system in order to improve economic growth in the country going forward. This was the discussion at a webinar themed “Nigeria’s Fiscal Sustainability: Imperatives, Impediments and Options” hosted by the Nigeria……

Why we are against increasing electricity tariff now – DisCos

Though the current electricity tariff charged customers is lower than the cost, electricity distribution companies (DisCos) who have always called for an increase say they will back the new tariff plan if problems with collections and technical losses are resolved. The Multi-Year Tariff Order (MYTO), which regulates electricity pricing in Nigeria, prices the average cost……

Nigeria working towards meeting World Bank’s FX unification requirement –  finance minister

Nigeria’s Finance Minister Zainab Ahmed said on Tuesday that the country was working towards meeting the single exchange rate window requirement for accessing an agreed $1.5 billion loan support from the World Bank. Ahmed made the announcement during a webinar organised by the Federal Ministry of Finance, Budget and National Planning, OSSAP-SDGs and UNDP Nigeria……