FG to Cut 83% in Taxes, Levies  The Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, Mr Taiwo Oyedele, has said Nigeria has over 60 different forms of taxes and levies, many of which make life unbearable for the poor in society. Oyedele...

CBN Stops Banks from Spending FX Revaluation Gains The Central Bank of Nigeria issued a directive instructing commercial banks on Monday to refrain from utilizing their foreign exchange revaluation gains for dividends and operational expenditures. The new directive was conveyed in a letter dated September 11,...

Nigeria’s Housing Deficit is N28m, Requires N21trn - Shettima   Vice President Kashim Shettima has said that Nigeria’s housing deficit is 28 million and will need over N21 trillion to effectively bridge the gap. Speaking at the weekend, during the groundbreaking for the construction of a 500-unit...

In Seven Months, Forex Turnover Hits N22trn On FMDQ   The turnover of foreign exchange on the FMDQ hit N22.98tn ($44bn) in the period between January and July 2023. This was revealed in the August edition of the FMDQ Spotlight, a monthly publication by the exchange. FMDQ is...

Dollar Debts: CBN To Repay Banks, Naira Rebound Likely   The Acting Governor of the Central Bank of Nigeria (CBN) Folashodun Shonubi, has said the apex bank will repay banks all outstanding forward contract debts in the next one to two weeks. Although he did not disclose...

Net Forex Inflow Hits $7.2bn, Up by 24%   The net foreign exchange inflow through the economy rose quarter-on-quarter (QoQ) by 24.7 percent to $7.2 billion in the first quarter of 2023 (Q1’23), from $5.78 billion in the preceding quarter, Q4’22. The Central Bank of Nigeria, CBN,...