Economy
New Cash Withdrawal Limits Will Expose Tax Evaders—Oyedele
By Adedapo Adesanya
The Fiscal Policy Partner and African Tax Leader at one of the country’s leading consultancy companies, PwC, Mr Taiwo Oyedele, has said the new cash withdrawal limits introduced by the Central Bank of Nigeria (CBN) would expose tax evaders, individuals and micro, small, and medium enterprises (MSMEs) in Nigeria.
In a series of tweets seen by Business Post, the tax maverick said that with the restrictions placed on cash withdrawals, many people would be forced to carry out transactions using electronic payments, and small businesses that currently operate mostly on cash would become visible to the tax authorities.
It had been reported the apex bank on Tuesday moved to limit the amount of cash withdrawals Nigerians can make with benchmarks placed at several channels, including over-the-counter, point of sales (POS), and automated teller machines (ATMs).
He explained that the policy would trigger various tax obligations, including income tax, value-added tax (VAT), and Pay-As-You-Earn for small businesses and individuals.
On Income tax, he wrote that “If your business is registered as a company, you may be liable to CIT depending on your annual turnover (i.e. no CIT if your turnover below N25 million, 20 per cent if your turnover is between N25 million to N100 million 30 per cent if your turnover is more than N100m) in addition to Education Tax at 2.5 per cent.
“If your business is not registered as a company, then you will be liable to personal income tax based on graduated taxable income bands between 7 per cent and 24 per cent.”
On VAT, he explained that, “All businesses are required to register for VAT and charge 7.5 per cent on their goods and services except those with annual turnover below N25 million.”
For PAYE, Mr Oyedele explained that employees earning more than N30,000 per month are liable to PAYE, which must be deducted and paid to the tax authority by the employer on a monthly basis.
To this, he noted, “You may also be liable to other statutory contributions such as pension depending on your staff strength.”
For individuals, he noted that as they carry out more transactions, this will make them susceptible to transparency as it will make it easier for the government to track those who are tax evaders.
“The more transactions you make electronically, the more the tax authorities will get the intelligence to track your income and net worth, making it easier to fish you out if you are a tax evader.”
He then advised small business owners to register with relevant tax authorities like the Federal Inland Revenue Services (FIRS) and the state internal revenue services where they operate.
Further, the PwC official called on SME operators to open a separate bank account for their business, “or dedicate one for that purpose if you already have a business account) and don’t mix business with personal transactions.”
The government, on its part, he said, needs to sensitise the general public, especially small business owners, adding that the CBN should ensure a proper handshake with the fiscal authorities.
“For instance, the conditions for excess cash withdrawals could include Tax Identification Number,” he opined.
By Adedapo Adesanya
The Naira further weakened against the Dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEX) for the fourth straight session this week on Thursday, February 26.
At the official market yesterday, the Nigerian Naira lost N3.71 or 0.27 per cent to trade at N1,359.82/$1 compared with the previous session’s N1,356.11/$1.
In the same vein, the local currency depreciated against the Pound Sterling in the same market window on Thursday by N8.27 to close at N1,843.23/£1 versus Wednesday’s closing price of N1,834.96/£1, and against the Euro, it crashed by N8.30 to quote at N1,606.89/€1, in contrast to the midweek’s closing price of N1,598.59/€1.
But at the GTBank forex desk, the exchange rate of the Naira to the Dollar remained unchanged at N1,367/$1, and also at the parallel market, it maintained stability at N1,365/$1.
The continuation of the decline of the Nigerian currency is attributed to a surge in foreign payments that have outpaced the available Dollars in the FX market.
In a move to address the ongoing shortfall at the official window, the Central Bank of Nigeria (CBN) intervened by selling $100 million to banks and dealers on Tuesday.
However, the FX support failed to reverse the trend, though analysts see no cause for alarm, given that the authority recently mopped up foreign currency to achieve balance and it is still within the expected trading range of N1,350 and N1,450/$1.
As for the cryptocurrency market, major tokens posted losses over the last 24 hours as traders continued to de-risk alongside equities following Nvidia’s earnings-driven pullback, with Ripple (XRP) down by 2.7 per cent to $1.40, and Dogecoin (DOGE) down by 1.6 per cent to $0.0098.
Further, Litecoin (LTC) declined by 1.3 per cent to $55.87, Ethereum (ETH) slipped by 0.9 per cent to $2,036.89, Bitcoin (BTC) tumbled by 0.7 per cent to $67,708.21, Cardano (ADA) slumped by 0.6 per cent to $0.2924, and Solana (SOL) depreciated by 0.4 per cent to $87.22, while Binance Coin (BNB) gained 0.4 per cent to sell for $629.95, with the US Dollar Tether (USDT) and the US Dollar Coin (USDC) closing flat at $1.00 each.
By Adedapo Adesanya
Crude oil settled lower on Thursday as investors tracked developments in talks between the United States and Iran over the latter’s nuclear programme, weighing potential supply concerns if hostilities escalate.
Brent crude futures lost 10 cents or 0.14 per cent to close at $70.75 a barrel, while the US West Texas Intermediate (WTI) crude futures depreciated by 21 cents or 0.32 per cent to $65.21 a barrel.
The US and Iran held indirect talks in Geneva on Thursday over their long-running nuclear dispute to avert a conflict after US President Donald Trump ordered a military build-up in the region.
Prices had gained earlier in the session after media reports indicated the talks had stalled over US insistence on zero enrichment of uranium by Iran, as well as a demand for the delivery of all 60 per cent-enriched uranium to the US.
However, prices then retreated after the two countries extended talks into next week, reducing the immediate strike potential.
Iran’s Foreign Minister, who confirmed talks will continue next week, said Thursday’s talks were the most serious exchanges with the US yet, saying Iran clearly laid out its demand for lifting sanctions and the process for relief.
His counterpart from Oman, who is handling the talks, said significant progress was made in Thursday’s talks. The Omani minister’s upbeat assessment followed indirect talks between Iranian Foreign Minister and US envoys Steve Witkoff and Jared Kushner in Geneva, with one session in the morning and the second in the afternoon.
He will also hold talks with US Vice President JD Vance and other US officials in Washington on Friday.
The Trump administration has insisted that Iran’s ballistic missile program and its support for armed groups in the region must be part of the negotiations.
The American President said on February 19 that Iran must make a deal in 10 to 15 days, warning that “really bad things” would otherwise happen.
On Tuesday, he briefly laid out his case for a possible attack on Iran in his State of the Union speech, underlining that while he preferred a diplomatic solution, he would not allow Iran to obtain a nuclear weapon.
Meanwhile, the US continues to amass forces in the Middle Eastern region, with the military saying it is prepared to execute orders given by the US President.
Choosing a Forex broker is essentially picking a partner to hold the wallet. In 2026, the market is flooded with flashy ads promising massive leverage and “zero fees,” but most of that is just noise. Real transparency is becoming a rare commodity. It isn’t just a corporate buzzword; it’s the only way a trader can be sure they aren’t playing against a stacked deck. If a broker’s operations are a black box, the trader is flying blind, which is a guaranteed way to blow an account.
The Scam of “Zero Commissions”
The first place transparency falls apart is in the pricing. Many brokers scream about “zero commissions” to get people through the door, but they aren’t running a charity. If they aren’t charging a flat fee, they are almost certainly hiding their profit in bloated spreads or “slippage.” A trader might hit buy at one price and get filled at a significantly worse one without any explanation. This acts as a silent tax on every trade. A transparent broker doesn’t hide the bill; they provide a live, auditable breakdown of costs so the trader can actually calculate their edge.
The Conflict of Market Making
It is vital to know who is on the other side of the screen. Many brokers act as “Market Makers,” which is a polite way of saying they win when the trader loses. This creates a massive conflict of interest. There is little incentive for a broker to provide fast execution if a client’s profit hurts their own bottom line. A broker with nothing to hide is open about using an ECN or STP model, simply passing orders to the big banks and taking a small, visible fee. If a broker refuses to disclose their execution model, they are likely betting against their own clients.
Regulation as a Safety Net
Transparency is worthless without an actual watchdog. A broker that values its reputation leads with its licenses from heavy-hitters like the FCA or ASIC. They don’t bury their regulatory status in the fine print or hide behind “offshore” jurisdictions with zero oversight. More importantly, they provide proof that client funds are kept in segregated accounts. This ensures that if the broker goes bust, the money doesn’t go to their creditors—it stays with the trader. Without this level of openness, capital is essentially unprotected.
The Withdrawal Litmus Test
The ultimate test of a broker’s transparency is how they handle the exit. There are countless horror stories of traders growing an account only to find that “technical errors” or vague “bonus terms” prevent them from withdrawing their money. A legitimate broker has clear, public rules for getting funds out and doesn’t hide behind a wall of unreturned emails. If a platform makes it difficult to see the exit strategy, it’s a sign that the front door should have stayed closed.
Conclusion
In 2026, honesty is the most valuable feature a broker can offer. It is the foundation that allows a trader to focus on the charts instead of worrying if their stops are being hunted. Finding a partner with clear pricing, honest execution, and real regulation is the first trade that has to be won. Flashy marketing is easy to find, but transparency is what actually keeps a trader in the game for the long haul.
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