Market Updates

Tax reforms meant to ease burden, not add pain – FG The Federal Government says the new tax act is aimed at lessening economic burdens on Nigerians and not to worsen any hardship on the citizens. The government believes widespread misinformation is fuelling needless fear and anger across the country.... Read More →

FG begins N4tn GenCos debt repayment with bonds The Federal Government has begun the process of repaying the N4tn debt owed to Power Generation Companies with the launch of a N590bn first-tranche bond issuance. The initial tranche, part of a wider N4tn NBET Finance Company Plc Bond Programme, is guaranteed... Read More →

Tax Act spells out N10m penalty, 10-year jail term for offenders The days of treating tax non-compliance as a purely administrative matter are over, as Nigeria’s new tax legislation introduces stringent penalties, including a N10 million fine and imprisonment for up to 10 years for physically assaulting a tax officer.... Read More →

Nigeria centralises revenue flows in boldest overhaul since TSA The federal government has launched its most ambitious public finance reform in more than a decade, unveiling a unified revenue platform that integrates the Treasury Single Account (TSA), the Government Integrated Financial Management Information System (GIFMIS), the Central Bank of Nigeria... Read More →

FX market records mild naira depreciation to N1,451.86/$ Nigeria’s currency weakened slightly at the official market on Monday, as the Nigerian Foreign Exchange Market rate closed at 1,451.86/$ from 1,450.43/$ recorded on Friday. According to data from the NFEM daily exchange summary available on the website of the Central Bank... Read More →

How CBN-led FX Reforms Support Economic Growth, Non-oil Export Expansion The ongoing drop oil-prices is being cushioned by the Central Bank of Nigeria (CBN)-led FX reforms as seen in the flexible foreign exchange (FX) regime, rising non-oil exports, and growing services trade. The CBN deployment of the Electronic Forex Market Surveillance... Read More →