CBN Supplies $5.78bn Foreign Exchange In H1, Down By 27%
The Central Bank of Nigeria (CBN) defended the naira through its intervention in the foreign exchange (FX) market by a net sale of $5.78 billion in the first half of 2023. Conversely, the apex bank purchased a total of $655.53 million in the market, the half year financial market activity report released on the CBN […]
FG to cut number of taxes to 9
The administration of President Bola Tinubu is working to reduce taxes from the current 62 to a maximum of nine, to create a more business-friendly environment in the country. Chairman, Presidential Fiscal Policy and Tax Reforms Committee, Mr. Taiwo Oyedele, disclosed this at the 2023 annual conference of Institute of Chartered Accountants of Nigeria, ICAN, […]
Senate: Nigeria Lost N2.3tn to Oil Theft This Year
The Senate disclosed yesterday that Nigeria has so far lost N2.3 trillion this year to oil theft. Owing to this, it therefore ordered a thorough investigation into the actions of security forces and militia groups using sophisticated methods to steal crude oil in the country. This followed a motion during plenary by Senator Ned Munir […]
IMF raises alarm over rising inflation
The International Monetary Fund, IMF, has raised alarm over the negative effects of high inflation on consumption of goods and services in the country, even as it downgraded its economic growth forecast for Nigeria to 2.9 percent from 3.3 percent. However, the Fund also projected that the recent reforms by the Federal Government, namely, fuel subsidy […]