The presidential committee on fiscal policy and tax reforms says there is a need to increase the value-added tax (VAT) rate. Speaking at the policy exposure and impact assessment session organised by the committee, the committee chairman, Taiwo Oyedele, also disclosed that the VAT revenue-sharing formula would be reviewed. Oyedele added that the committee has…
The declining fortunes of the Naira persisted yesterday with further depreciation in the parallel and official markets due to the re-emergence of speculation and hoarding, even as some Bureaux De Change, BDCs withdrew from the Central Bank of Nigeria, CBN’s, dollar sales program. Vanguard also learnt that despite the sustained nationwide raids and arrest of…
The Lagos Chamber of Commerce and Industry (LCCI) has said that the directive by the Central Bank of Nigeria (CBN) imposing a 0.5% cyber security levy on Nigerians will pose additional burdens on businesses and individuals, adding that the implementation of the levy is difficult to justify. Director General of LCCI, Dr Chinyere Almona, who…
International Oil Companies (IOCs) operating in Nigeria could inject up to 50 per cent of their oil and gas export proceeds in the Nigerian foreign exchange (forex) market through direct sales and settlement of several domestic financial obligations. In an update to its forex management policies, the Central Bank of Nigeria (CBN) yesterday permitted IOCs…
The Central Bank of Nigeria, CBN, has directed 0.005 percent Cybersecurity Levy deductions on electronic transfers. A circular issued by the CBN, yesterday, directed the deductions would become effective from the next two weeks. The circular, issued by the Director of Payment Services, Uzoma Efobi, was addressed to all banks and payments services operators in…
The gross earnings of Zenith Bank Plc rose by 189 per cent in the first quarter of the year; the bank has announced its unaudited results. The impressive triple-digit growth performance shot the bank’s earnings to N781 billion as against the N270 it reported in the first quarter of last year. According to the report,…
Vice President Kashim Shettima has departed Abuja for Dallas, United States (U.S.). He will represent President Bola Tinubu at the 2024 U.S.-Africa Business Summit to be hosted by the Corporate Council on Africa at the Kay Bailey Hutchison Convention Center in Dallas, Texas. A statement by Senior Special Assistant to the President on Media and…
The Naira has resumed depreciation against the Dollar in the foreign exchange market. FMDQ data showed that the Naira depreciated to N1402.67 per Dollar on Thursday from N1,390.96 on Tuesday. This represents an N11.71 loss compared to the N1,390.96 recorded on Tuesday. Meanwhile, at the parallel market, the Naira appreciated to N1340 per Dollar on…
Access Bank Plc has championed the call for corporate organizations to leverage innovative financing models and strategic partnerships in fostering the achievement of the United Nations’ Sustainable Development Goals (SDGs). Group Head, Commercial Banking Division at Access Bank, Ralph Opara, made the call at the 2024 Medic West Africa Event, organised by ABCHealth in collaboration…
Nigerian commercial banks closed at least 2 million bank accounts in the first quarter of 2024, Q1’24. The move was aimed at eradicating questionable accounts, particularly as some customers failed to comply with regulatory orders on the linkage of their accounts to the National Identity Number, NIN. Theadvocate.ng recalls that the Central Bank of Nigeria,…
