Business

CBN Sacks All NIRSAL Executive Directors

Published

2 years ago

August 31, 2024

Editor

The Central Bank of Nigeria (CBN) has terminated the appointments of all executive directors at the Nigeria Incentive-Based Risk Sharing System for Agriculture Lending (NIRSAL).

The decision, approved by CBN Governor Olayemi Cardoso on Friday, marks the latest in a series of layoffs at the apex bank since his assumption of office last year.

The sacked NIRSAL executive directors are the Managing Director and Chief Executive Officer Abbas Umar Masanawa; Executive Director, Operations Kennedy Nwaruh and Executive Director, Technical Olatunde Akande.

A NIRSAL official confirmed the development, stating the remaining staff are awaiting clarity on the circumstances surrounding the executive directors’ dismissal.

In the termination letters, the CBN cited an ongoing major organisational and human capital restructuring process as the reason for the dismissals.

NIRSAL, a non-bank financial institution wholly owned by the CBN, was established in 2013 to stimulate agricultural finance and investments.

It has played a crucial role in de-risking the agriculture value chain and facilitated over N219 billion in funding for the sector.

The NIRSAL layoffs are part of a broader trend at the CBN, where over 700 staff have been let go in the past year.

In May, seven directors and over 90 senior management staff were dismissed. The series of terminations has raised concerns about the bank’s restructuring efforts and their impact on its operations and the overall financial system.

As the CBN continues its restructuring process, the implications for NIRSAL and the broader agricultural sector remain uncertain.

The dismissal of the executive directors raises questions about the future direction of the organisation and its ability to effectively support agricultural development in Nigeria.

Business

Naira Depreciates At Official FX Market

Published

4 days ago

April 18, 2026

Editor

The Nigerian naira depreciated slightly against the United States (US) dollar, trading at N1,343.6398 per dollar at the Central Bank of Nigeria (CBN) official foreign exchange window on Friday, 17th April, 2026.

According to the data on the CBN’s official platform, the naira traded at the Nigerian Foreign Exchange Market (NFEM) rate of N1,343.6398/$per dollar and closed at N1,342.5000 per dollar.

When compared with the previous trading rate, the Nigerian currency traded at N1342.3037 on 16th April, 2026. With this, the Nigerian currency depreciated slightly by a minimum of N1.3.

At the parallel market, the naira-to-dollar exchange rate for the buying rate didn’t change while the selling rate increased by N3 when compared to that of the previous trading rate.

According to Aboki FX , the Naira-to-dollar exchange rate at the black market on Friday, 17th April, 2026, was N1,395 and N1,405 per dollar for buying and selling rate respectively.

Business

Crude Oil Prices Jump As Fear Mounts On Fresh Domestic Petrol Hike In Nigeria

Published

1 week ago

April 13, 2026

Editor

Crude oil prices surged by 7 percent on Monday amid United States President Donald Trump’s planned blockade of the Strait of Hormuz.

Checks by DAILY POST on Monday showed that West Texas Intermediate and Brent rose to $103 per barrel and $101 per barrel, respectively.

The latest crude price rally comes as US-Iran peace talks, reportedly orchestrated by Pakistan, collapsed.

Recall that President Trump, at the weekend, said via his Truth Social account that the US Navy will begin “BLOCKADING any and all ships trying to enter or leave the Strait of Hormuz.”

In response, Iran warned the US of the dangers of a Strait of Hormuz blockade.

The tension in the Strait of Hormuz has pushed crude oil prices higher.

The development has reignited concerns over a fresh domestic fuel price hike in Nigeria.

Petrol is currently being dispensed in Nigeria between N1,290 and N1,350 per litre across filling stations

Business

Nigerian Govt Announces New Tariffs, Cuts Duty On Rice, Cars, Drugs, Sugar

Published

1 week ago

April 12, 2026

Editor

The Federal Government has approved the implementation of the 2026 Fiscal Policy Measures, FPM, introducing sweeping changes to import tariffs aimed at stimulating growth across key sectors of the economy.

The approval was conveyed in a document dated April 1, 2026, and signed by the Minister of Finance, Wale Edun. The new policy replaces the 2023 FPM.

A major highlight of the policy is the review of import duties across 127 tariff lines, covering items such as rice, sugar, vehicles, and industrial inputs. The government said the reductions are designed to “promote and stimulate growth in critical sectors of the economy”.

Under the revised regime, the Import Adjustment Tax, IAT, on products like crude palm oil has been set at a total effective rate of 28.75 percent, down from higher rates under previous tariff structures.

In the automotive sector, tariffs on fully built passenger vehicles, including four-wheel drives and station wagons, have been reduced to 40 percent from 70 percent as stipulated in the 2015 FPM.

To ease the transition, the government granted a 90-day grace period for importers who opened Form ‘M’ before April 1, allowing them to clear goods at the old rates.

However, the policy also introduces a new excise duty regime alongside a green tax surcharge, both scheduled to take effect from July 1, 2026.

Key Tariff Adjustments:

Here is a summary of details of the gazetted list outlining revised duties on several goods:

Antimalarial medicaments: 20%

Rice (bulk or >5kg): 47.5% (from 70%)

Broken rice: 30% (from 70%)

Wheat or meslin flour: 70%

Crude palm oil: 28.75% (from 35%)

Raw cane sugar: 55% (from 70%)

Cane/beet sugar (powder/granule): 57.5% (from 70%)

Margarine (excluding liquid): 40%

Refined salt: 55% (from 70%)

Envelopes: 40% (from 50%)

Diaries/notebooks: 30% (from 40%)

Unglazed ceramic tiles: 35% (from 40%)

Glazed ceramic tiles: 46.25% (from 55%)

Ceramic cubes (<7 cm): 35% (from 40%)

Steel and Industrial Inputs

Zinc-coated steel sheets: 35% (from 45%)

Aluminum-coated steel coils: 35% (from 45%)

Electroplated steel: 35% (from 45%)

Cold-rolled steel (<0.25% carbon): 15% Hot-rolled deformed steel bars: 35% (from 45%) Steel rods (5.5mm–14mm): 35% (from 45%) Other Key Adjustments: Electrical apparatus (e.g., fuses): 10% (from 20%) Railway/tramway locomotives (SKD/CKD): 0% (from 5%) Cargo ships (>500 tonnes): 0% (from 5%)

Breathing appliances and gas masks: 0% (from 5%)

Agricultural and manufacturing machinery: 0% (from 5%)

Modular surgical operating theaters: 5% (from 20%)

Air/vacuum pumps and compressors: 5% (from 10%)

Automatic circuit breakers: 10% (from 20%)

Lamp holders: 10% (from 20%)

Green Tax Exemptions:

The policy also outlines categories exempted from the planned green tax surcharge. These include –

Vehicles below 2000cc

Mass transit buses (heading 87.02)

Electric vehicles

Locally manufactured vehicles under specified headings (87.06–87.13)

The government said the overall reforms are part of efforts to balance revenue generation with economic stimulation, while supporting local industries and easing the cost of critical imports.