Business

“Signed Affidavit”CBN Outlines Steps To Claim Funds In Dormant Accounts

Unclaimed amounts in inactive accounts may now be claimed by beneficiaries, legal agents, or next of kin, according to the Central Bank of Nigeria (CBN). Tribune reported that this was made clear in a story that the CBN published recently. It said that by submitting applications to financial institutions, next-of-kin can now claim unclaimed funds. […]

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Full List Of Salary Structure At Zenith, GTB, Access, Other Banks In Nigeria

Nigerian banks are beginning to increase the pay of their employees by a significant to retain top talent in the face of Nigeria’s skyrocketing inflation. Over the previous six months, GTCO, Union Bank, First Bank, and Sterling Bank have taken steps towards this direction. Zenith Bank recently joined the list as it elevated over 4,000

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Full List: Lagos Generates ₦2.75 Trillion In VAT, Rivers, FCT Claim Second, Third Spots

Lagos State has emerged as the highest contributor to Nigeria’s Value Added Tax (VAT) revenue in 2024, generating a staggering ₦2.75 trillion. This represents 54% of the total non-import VAT pool, according to data published by Agora Policy. Rivers State came second with ₦832.69 billion, while the Federal Capital Territory (FCT) ranked third, contributing ₦303.64

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Naira In Trouble As Nigeria’s FX Reserves Decline For Second Time In 2 Weeks

Nigeria’s foreign reserves have taken a significant hit, declining by almost $1.02 billion in 18 days as the Central Bank of Nigeria increases efforts to defend the naira. On March 18, 2024, the reserves stood at about $34.45 billion, but by April 3, it dipped to $33.50 billion. Reasons for initial boost in reserves Before

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Banks Begin Implementation Of PoS Withdrawal Limit

Union Bank announced on Thursday the commencement of a daily withdrawal limit on point-of-sale (PoS) terminals. Naturenex gathered that Union Bank reached the decision following the directive by the Central Bank of Nigeria (CBN) on December 17, 2024, limiting the daily withdrawal limit on PoS to ₦100,000 per customer. The apex bank noted that the directive

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Access, Others Begin Sale Of Dollars To Nigerians As Naira Trades At New Rate

Some commercial banks resumed selling their customers Personal Travel Allowance (PTA) and Business Travel Allowance (BTA), showing a shift in FX availability after a prolonged supply shortage. The development came as financial institutions adjusted to market demands and the Central Bank of Nigeria (CBN) policy changes. First Bank kickstarts the sale of BTA, PTA, others 

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