Foreign Exchange

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CBN Removes ±2.5% Cap Spread On FX Transactions Among Banks

The Central Bank of Nigeria (CBN) is bringing another twist to Nigeria’s foreign exchange market by removing  ±2.5% cap spread on interbank FX transactions. The latest announcement overrides the initial practice when there was ±2.5% cap spread on FX transactions. The apex bank noted that the removal of spread would enhance a market-based price discovery […]

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Nigeria May Impose ‘Heavy’ Tax On Foreign Exchange Transactions At Parallel Market

The imposition of excise tax on foreign exchange transactions outside the official market is one of the recommendations of the Presidential Fiscal Policy and Tax Reforms Committee which submitted its recommendations Wednesday in Abuja. In a report titled “Quick Wins”, the committee head and a tax expert, Taiwo Oyedele led his members to submit its

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Tinubu signs Access to Higher Education Bill into law on June 12

Facts About Fuel Subsidy Payment Under Bola Tinubu

Has Tinubu returned fuel subsidy? In the month of August 2023, President Bola Tinubu-led government paid $220 million or N169,556,200,000 (at N770.71/$ rate) as subsidy payment to fix petrol price at N617 per litre, a document by Federal Account Allocation Committee (FAAC), has revealed. What does this mean? Technically, it means that fuel subsidy is back through

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