Introduction of Capital Gains Tax Could Discourage Investors—Popoola

By Adedapo Adesanya  The Central Bank of Nigeria (CBN) has disclosed that the total value of the country’s merchandise trade experienced an increase of 1 per cent to $7.8 billion in August 2023 from the $7.72 billion that was quoted in July. This was disclosed by the apex bank in its latest monthly economic publication, where it disclosed that despite the rise month-on-month, Nigeria’s merchandise trade value in the period was almost 20 per cent lower compared to the value in August 2022 due to a significant decrease in import trade value. The total merchandise trade comprised an export trade

By Adedapo Adesanya African Export-Import Bank (Afreximbank) has announced that the third Intra-African Trade Fair (IATF2023) held in Cairo from November 9-15 witnessed the conclusion of business deals and transactions valued at $43.8 billion. The lender said in the final tallies released in Cairo, the organisers of the continental event said that the amount represented the value of 426 deals concluded in 21 sectors covering 52 countries. At a press conference to announce the results, Mrs Kanayo Awani, Executive Vice President (Intra-African Trade Bank) at Afreximbank, also announced that 130 countries participated in the trade fair, which attracted 1,939 exhibitors

By Adedapo Adesanya Nigerian crude output fell by 30,000 barrels per day to 1.43 million barrels per day in November, according to data from an S&P Global Commodity Insight. This was lower than the 1.46 million barrels produced in October by Africa’s largest oil producer and 312,000 barrels per day short of its 1.742 million barrels per day target in 2023. Angola, Africa’s second-largest oil producer, saw output drop 20,000 barrels per day to 1.13 million barrels per day, according to the survey, compared with its quota of 1.46 million barrels per day. The drops impacted the wider output of

By Adedapo Adesanya The Central Bank of Nigeria (CBN) has cautioned Nigerians to be wary of fake Naira notes currently in circulation, vowing to prosecute those engaged in the illicit acts. The apex bank in a release signed by Mrs Hakama Sidi Ali, the acting Director of Corporate Communications, said the counterfeit notes have been spread by some individuals for transactions in food markets and other places where commerce takes place across the country, noting that this is a punishable offence. “The attention of the Central Bank of Nigeria (CBN) has been drawn to the circulation of counterfeit banknotes, especially

By Dipo Olowookere The Majority Leader of the House of Representatives, Mr Alhassan Ado Doguwa, has accused the Governor of the Central Bank of Nigeria (CBN), Mr Godwin Emefiele, of misleading President Muhammadu Buhari on the Naira redesign policy. On October 26, 2022, Mr Emefiele announced that the bank would change the look of the N200, N500, and N1,000 currency notes. The president unveiled the new notes a month later before hitting circulation last month. During the announcement, the CBN chief said the old banknotes would cease to be legal tender in Nigeria from January 31, 2023, but last Sunday,

By Adedapo Adesanya The new trading week at the foreign exchange market saw a diverse performance for the Naira against the major listed currencies across the various segments of the market on Monday, September 23, 2019. At the Investors and Exporters (I&E) window, the Naira, which depreciated last Friday to N362.39/$1, appreciated on Monday by 0.05 percent or 18 kobo to close against the American currency at N362.21/$1. This occurred as the daily market turnover went down by 263.26 million or 59.5 percent from total volume of $442.36 million exchanged on Friday to $179.10 million recorded on Monday. At the

By Adedapo Adesanya The Lagos State Government has disclosed that all audio and visual contents produced and sold within the state shall attract the payment of five per cent tax each. This was disclosed by the Lagos State Film and Video Censors Board (LSFVCB) at the unveiling of a platform by the Performing Musicians Employers Association (PMAN) and Lafrique Promedia, to track and generate revenue for entertainers. According to the Executive Secretary of the board, Mr Bamidele Balogun, the state has also issued a 30-day notice on content producers in Nigeria to duly register their contents with the body. “The

By Adedapo Adesanya The local currency depreciated by N1.67 or 0.41 per cent against the Dollar at the Investors and Exporters (I&) window on Tuesday, April 27. This made the Nigerian currency close at N411.67/$1 at the investors’ FX window yesterday compared with N410/$1 it ended on Monday. Business Post reports that the Naira could no longer withstand the pressure it has come under in the past few days from FX demand and yesterday, it finally succumbed. The Naira, despite a rise in the demand for FX in the previous trading session, had maintained stability against the American currency. But

By Dipo Olowookere A Nigerian financial technology platform, TeamApt, has secured a switching licence from the Central Bank of Nigeria (CBN). The new licence is expected to support the financial inclusion drive of the apex bank. Chief Executive Officer of TeamApt Mr Tosin Eniolorunda, described the switching permit as the highest to licence any fintech company can get from the central bank. According to him, this will help the company provide better services on the AptPay platfirm, one of company’s products. “It (switching licence) is the highest licence awarded to any fintech by the CBN because the license allows you

By Modupe Gbadeyanka Schools operating in Nigeria, but charging fees in foreign currencies may be in for a big trouble if the move by the House of Representative is anything to take seriously. This is because the lower chamber of the National Assembly has vowed to investigate educational institutions charging fees in foreign currencies despite the Central Bank of Nigeria (CBN) making it illegal. On April 17, 2015, the CBN, in a bid to reform the currency regulations, issued a circular stating that it was illegal to price or denominate the cost of any product or service (visible or invisible)

By Adedapo Adesanya Oil prices opened the week stronger as investors continued to bet on tight supply and rising vaccination rates and overlooking surging COVID-19 cases worldwide. Brent crude gained 39 cents or 0.52 per cent on Monday to settle at $74.89, while the West Texas Intermediate (WTI) crude moved up by 28 cents or 0.39 per cent to $72.19 per barrel. Investors continue to show support for the black gold as strong US demand and expectations of tight supplies prevail despite the surrounding factors. These factors helped both contracts to recover from a 7 per cent slump last week

By Adedapo Adesanya Depreciation in the stock prices of Niger Delta Exploration and Production (NDEP) Plc, Central Securities Clearing Systems (CSCS) Plc, and FrieslandCampina Wamco Nigeria Plc weakened the NASD Over-the-Counter (OTC) Securities Exchange by 0.64 per cent on Wednesday, June 21. NDEP Plc lost N5.50 during the session to sell at N245.00 per share compared with the previous day’s N250.00 per share, CSCS Plc depreciated by N1.11 to finish at N16.50 per share, in contrast to the preceding day’s N17.65 per share, and FrieslandCampina Plc went down by 9 Kobo to close the day at N16.54 per share versus