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Wale Edun, Nigeria's Minister of Finance, confirmed that the Value-Added Tax (VAT) rate remains at 7.5%, contrary to rumors of an increase to 10%. He emphasized the government's commitment to fostering economic growth and reducing poverty through supportive fiscal policies and tax regulations...
The Federal Government imposes a N50 levy on electronic money transfers of N10,000 and above, affecting Opay, Moniepoint, and other fintech platforms. The charge, enforced by the Federal Inland Revenue Service, begins on September 9, 2024, and applies to both personal and business accounts...
The Nigerian National Petroleum Company (NNPC) has denied claims of being the sole distributor for Dangote Refinery. Refuting allegations from MURIC, NNPC clarified that product pricing is determined by global market forces, and Dangote Refinery remains free to sell to any marketer in a...
The Central Bank of Nigeria (CBN) has approved the sale of dollars to Bureau de Change (BDC) operators at N1,580 per dollar, providing each BDC with $20,000 to enhance market liquidity. This move aims to address the demand for invisible transactions amidst ongoing economic challenges.
The...
Heineken Lokpobiri, Nigeria's Minister of State for Petroleum, clarified that the federal government does not fix petrol prices as the sector is deregulated. He assured citizens of adequate supply, urging against panic buying, and stated that prices will stabilize with improved product...
![Today's Naira Rate[05-09-2024]: Urgent Reforms Needed as Naira Hits New Low of N1,639.41 Against Dollar](/data/attachments/208/208013-2a546975747c9bbf4d31db0627e3dd8b.jpg?hash=hFfFcRmkeL)
Nigeria
Today's Naira Rate[05-09-2024]: Urgent Reforms Needed as Naira Hits New Low of N1,639.41 Against Dollar
The naira plummeted to N1,639.41 per dollar in the official market, marking a significant decline of N34 from the previous day. The black market rate also fell, reflecting broader economic instability and inflation concerns, prompting calls for urgent government reforms to stabilize the...
The Nigerian National Petroleum Company Limited (NNPCL) attributes the recent petrol price hike to foreign exchange rates and market forces, raising prices to N855-N897 per liter. NNPCL's Adedapo Segun assures the scarcity will ease soon. Labor unions demand a reversal, condemning the impact on...
Dangote Group has clarified that NNPC has not yet lifted petrol from its refinery, disputing claims made in a recent article. The company emphasized that no contracts have been finalized and reiterated that petrol pricing is regulated by government authorities, assuring the public of the high...
Dangote Refinery's new transparent petrol, unlike the traditional yellow, features a high ethanol content. This enhances engine efficiency, extends longevity, and reduces carbon monoxide emissions. Learn about the benefits of this clear fuel, its environmental impact, and how it compares to U.S...
The recent hike in petrol prices in Nigeria has led to over a 50% increase in transport fares nationwide. Commuters are struggling to afford transportation, prompting protests from students and unions demanding a reversal of the price hike. The economic impact is expected to exacerbate inflation...
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