Economy
Renewed Pressure Weakens Naira at I&E Window
By Adedapo Adesanya
More pressure is beginning to mount on the Naira at the Investors and Exporters (I&E) segment of the foreign exchange market.
At the I&E window on Thursday, the local currency depreciated by 0.49 percent or N1.88 against the United States Dollar to sell at N386.38/$ in contrast to N384.50/$ it traded the previous session.
Business Post observed that the weakening of the Nigerian currency against its American counterpart was influenced by the huge demand for the latter as reflected by the value of transactions recorded at the market segment.
According to data from the FMDQ Securities Exchange, there was sharp spike in the transactions value by 431 percent yesterday.
Trades valued at $102.28 million were recorded at the investors’ segment on Thursday compared with the $19.26 million quoted on Wednesday.
The increase was boosted by the urge for foreign investors to liquidate their Naira investments after the local authorities eased the lockdown imposed on Abuja, Lagos and Ogun States over five weeks ago to curtail the spread of coronavirus in the country.
However, at the black market segment yesterday, the Naira to Dollar exchange rate remained unchanged at N430/$, though the local currency lost N10 against the British Pound Sterling to sell at N530/£1 as against N520/£1 it traded on Wednesday. Meanwhile, the Naira gained N10 on the Euro to trade at N440/€1 in contrast to N450/€1 of the previous session.
At the interbank segment of the forex market, the Central Bank of Nigeria (CBN) sold the greenback to lenders at the rate of N361/$1, the same rate it was sold on Wednesday.
At the Bureaux De Change (BDC) segment of the market, according to information from the Association of the Bureau De Change Operators (ABCON), the local currency closed flat against the Dollar at N440/$1.
However, it depreciated against the Pound by N5 to close at N530/£1 compared with N525/£1 it previously traded and remained unchanged against the Euro at N460/€1.
At the Port Harcourt BDC market on Thursday, the Naira gained N27 on the American currency to close at N430/$1 in contrast to N457/$1 of the prior day. Against the Pound, the local currency depreciated by N7 to trade at N515/£1 yesterday in contrast to the previous day’s N508/£1 and against the Euro, it appreciated by N10 to sell at N450/€1 versus N460/€1 on Wednesday.
In Abuja, BDC traders traded the Naira against the Dollar at N457/$1, the same rate of Wednesday and against the Pound and the Euro, the rates remained unchanged at N498/€1 and N440/€1 respectively.
At the Kano market, the Naira closed flat against the greenback at N459/$1. It was a similar situation with the Pound and the Euro as the rates closed flat at N498/£1 and N440/€1 respectively.
By Adedapo Adesanya
The Nigeria Revenue Service (NRS) says the rollout of electronic invoicing (e-invoicing) will strengthen tax compliance, curb revenue leakages and improve transparency in tax administration as it moves to fully digitise the country’s tax system.
The Project Lead for the NRS e-Invoicing Project, Mr Mohammed Bawa, stated this at the DigiTax E-Invoicing Compliance Breakfast Session held in Lagos on Wednesday.
The event, organised by DigiTax, an NRS-accredited e-invoicing platform, formed part of efforts to support the agency’s ongoing education and sensitisation campaign on the e-invoicing mandate.
Mr Bawa said the initiative aligns with global trends in tax digitisation and is expected to help improve Nigeria’s tax-to-GDP ratio, which remains one of the lowest in Africa.
According to him, the system will provide the NRS with greater visibility into transactions across sectors, formalise activities within the informal economy and standardise invoice formats nationwide using globally recognised invoice schemas.
He added that e-invoicing would improve operational efficiency for both businesses and tax authorities while supporting the NRS’ transition from manual and electronic tax administration processes to a fully automated system-to-system interaction model.
Mr Bawa noted that the legal framework for implementation is backed by the Nigeria Tax Administration Act, which prescribes penalties for non-compliance.
He disclosed that the NRS has completed onboarding large taxpayers and is preparing to enforce compliance with defaulting entities.
According to him, medium taxpayers are expected to begin compliance in the third quarter of 2026, while onboarding of emerging taxpayers will commence in 2027, with full adoption targeted for all taxpayers by the end of 2028.
Mr Bawa urged taxpayers yet to be onboarded onto the platform to begin the process and work with accredited service providers to ensure compliance.
On his part, Country Director of DigiTax Nigeria, Mr Olumide Akinsola, urged businesses to look beyond their internal systems and assess the compliance status of suppliers and counterparties.
He warned that businesses whose suppliers fail to transmit invoices through the MBS platform risk losing eligibility to claim Value Added Tax (VAT) input credits on such transactions, describing the resulting supply chain exposure as a significant commercial risk that many organisations have yet to quantify.
Mr Akinsola also announced the launch of DigiTax’s white paper, The State of E-Invoicing Readiness in Nigeria, which examines compliance adoption trends and the readiness gap across different taxpayer segments.
He added that DigiTax operates in Nigeria, Kenya, Zambia and the United Arab Emirates (UAE), noting that experience from those markets shows businesses that integrate early are better positioned to avoid disruptions when enforcement begins.
By Aduragbemi Omiyale
The names of about 100,000 companies registered by the Corporate Affairs Commission (CAC) are about to be deleted for inactivity, especially for failing to file their annual tax returns, Business Post reports.
This information was disclosed by the CAC via a notice signed by its management on Wednesday, July 15, 2026.
The list contains organisations like the Nigeria-Poland Chamber of Trade Invest Ltd, Alariwo of Afrika Ltd, Ovation Sports International, First Union Pension Fund Administrators, Investopedia Limited, Baptist High School Abuja Ltd, and Yobe Aluminium Manufacturing Industries Ltd, amongst others.
In the statement, the commission said its decision to strike off the names of the affected firms from the register aligns with the provisions of Section 692(3) (3) and (4) of the Companies and Allied Matters Act (CAMA), 2020.
However, the affected companies can still salvage the situation by filing all outstanding annual returns and regularising their records within 90 days.
“Please note that companies that fail to comply within the stipulated timeline shall be struck off the register without further notice,” it declared, expressing its continued commitment to providing prompt and efficient registration and regulatory services to the satisfaction of its valued customers.
By Adedapo Adesanya
The NASD Over-the-Counter (OTC) Securities Exchange gained 1.75 per cent on Wednesday, July 15, pushing the NASD Security Index (NSI) up by 74.20 points to 4,316.51 points from 4,242.31 points, as the market capitalisation added N44.54 billion to finish at N2.590 trillion compared with the preceding session’s N2.546 trillion.
During the session, there was an 11.5 per cent rise in the value of transactions at midweek to N72.7 million from the preceding session’s N65.2 million, as there was a 3.7 per cent growth in the number of deals to 28 deals from the previous session’s 27 deals, while the volume of securities slumped by 64.5 per cent to 4.9 million units from 13.7 million units.
At the close of trades, Great Nigeria Insurance (GNI) Plc ended as the most active security by value on a year-to-date basis, with 3.4 billion units worth N8.4 billion, with the second spot occupied by Infrastructure Credit Guarantee (Infracredit) Plc after selling 2.3 billion units valued at N6.5 billion, and the third position was taken by Central Securities Clearing System (CSCS) Plc, which exchanged 74.3 million units for N5.3 billion.
GNI Plc also finished the trading day as the most traded stock by volume on a year-to-date basis, with a turnover of 3.4 billion units traded for N8.4 billion, followed by Infracredit Plc with 2.3 billion units transacted for N6.5 billion, and Resourcery Plc with 1.1 billion units sold for N415.7 million.
Business Post reports that the market breadth index was negative yesterday, as there were two price gainers and three price losers.
11 Plc added N22.36 to its value to close at N250.00 per share versus N227.64 per share, and CSCS Plc improved by N7.95 to N90.35 per unit from N82.40 per unit.
On the flip side, FrieslandCampina Wamco Nigeria Plc lost N1.37 to end at N150.00 per share versus N151.37 per share, UBN Property Plc depreciated by 6 Kobo to N1.75 per unit from N1.81 per unit, and Food Concepts Plc dropped 1 Kobo to close at N2.49 per share versus N2.50 per share.
