BREAKING: CBN retains 27.50% interest rate again

Published

1 year ago

May 20, 2025

481 Views

The Monetary Policy Committee of the Central Bank of Nigeria has retained the country’s interest rate at 27.50 per cent for the second time in 2025.

The Governor of CBN, Olayemi Cardoso, disclosed this during a press briefing on Tuesday after the 300th MPC meeting in Abuja.

“The Committee was unanimous in its agreement to hold all parameters,” he said.

This second pause in rates comes after six consecutive hikes recorded in 2024.

More details shortly…

Related Topics:CBN Featured Interest Rates

Up Next

Nigerian Breweries appoints Emmanuel Oriakhi as Sales Director

Don't Miss

What Dangote tells the Nigerian Society of Engineers about his $20 billion refinery

Click to comment

Naira Exchange Rates To Foreign currencies Friday, June 19

Today, the Naira is exchanging at the official market at US DOLLAR (USD) ₦1,363. 30 , while the Black Market rate goes for ₦1, 400

Published

1 hour ago

June 19, 2026

OCHEFA

2 Views

Official CBN Exchange Rates

US DOLLAR (USD) ₦1,363. 30

GREAT BRITISH POUND (GBP) ₦1,805. 70

EURO (EUR) ₦1,563. 07

SWISS FRANC (CHF) ₦1, 697. 97

JAPANESE YEN (JPN) ₦8.47

CHINESE YUAN (CNY) ₦201. 22

WEST AFRICAN CFA (XOF) ₦2.40

WEST AFRICAN UNIT ACCOUNT (WAUA) ₦1,858.07

SAUDI RIYAL (SAR) ₦363.22

SOUTH AFRICAN RAND (ZAR) ₦83.08

BLACK MARKET RATES

US DOLLAR (USD) Buy ₦1, 400 Sell ₦1,407

GREAT BRITISH POUND (GBP) Buy ₦1,870 Sell: ₦1,890

EURO (EUR) Buy ₦1, 590 Sell ₦1, 610

CANADIAN DOLLAR (CAD) Buy ₦1,030 Sell ₦1,100

SOUTH AFRICAN RAND (ZAR) Buy ₦75 Sell ₦90

UAE DIRHAM Buy ₦350 Sell ₦370

CHINESE YUAN Buy ₦180 Sell ₦200

GHANA CEDI (GHS) Buy ₦95 Sell ₦110

WEST AFRICAN CFA Buy ₦2, 380 Sell ₦2, 460

CENTRAL AFRICAN CFA Buy ₦2, 220 Sell 2,300

AUSTRALIAN DOLLAR Buy ₦800 Sell ₦900

FG Releases Tax Act 2025 Transition Guidelines

The Guidelines are intended to promote uniform implementation and support effective administration across the Nigeria Revenue Service, State Internal Revenue Services, the FCT Internal Revenue Service, Local Government Revenue Committees, tax practitioners and taxpayers nationwide.

Published

19 hours ago

June 18, 2026

OCHEFA

27 Views

• Minister of Finance and Coordinating Minister of the Economy, Mr. Taiwo Oyedele.

The Federal Government has issued the General Guidelines for the implementation of the Tax Acts 2025, setting out the process for transition from the repealed tax laws to the new tax framework effective from January 1, 2026.

Issued by the Federal Ministry of Finance, the Guidelines provide direction to taxpayers, tax practitioners, revenue authorities and other stakeholders on how to address various issues arising from the old regime to the new framework.

Under the Guidelines, the Tax Acts 2025 comprising the Nigeria Revenue Service (Establishment) Act, the Nigeria Tax Act, the Nigeria Tax Administration Act, and the Joint Revenue Board (Establishment) Act apply from the respective commencement dates as enacted in each law. In particular, January 1, 2026 for the Nigeria Tax Act, 2025.

Tax liabilities, assessments, audits, investigations, disputes and enforcement actions relating to periods before that date will be treated under the repealed tax laws.

Tax returns relating to accounting periods ending before January 1, 2026, will be filed under the previous tax laws, while returns falling due from January 1, 2026, onward will be administered under the new tax framework.

The document also covers the treatment of income taxes, transaction taxes, development levies, tax incentives, exemptions, record-keeping obligations and transactions that span both the old and new tax regimes.

Existing tax incentives and exemptions granted under the repealed laws will remain in place until their expiration dates. New applications and pending requests, however, will be considered under the provisions of the Tax Acts 2025.

Speaking on the release of the Guidelines, the Honourable Minister of Finance and Coordinating Minister of the Economy, Mr. Taiwo Oyedele, said that the document provides a framework for managing transitional issues while ensuring that the new laws are not applied retrospectively.

He described the Tax Acts 2025 as a significant milestone in Nigeria’s tax reform programme, noting that the Guidelines set out how existing obligations, ongoing matters and future transactions will be treated under the new regime.

According to the Minister, the Guidelines are anchored on three key principles – clarity, fairness and administrative certainty.

The Government reaffirmed its commitment to building a transparent, efficient and modern tax system that supports economic growth, strengthens revenue administration, encourages voluntary compliance and improves Nigeria’s investment climate.