FX – Prime Business Africa

Nigerian Banks Face New FX Gain Tax: Impact On Profitability, Capital Adequacy

Nigerian Banks New FX Gain Tax: Impact On Profitability, Capital Adequacy

Nigerian banks are at risk of facing profits and capital adequacy declines as the Federal Government plans to tax 50 per cent of profits realised from foreign exchange (FX) revaluation in 2023.

Emmanuel Ochayi

4 months ago

Business·Latest News

Forex Crisis Costs Nigeria Over $500m Annually, Importers Warn

The ongoing forex crisis in Nigeria has resulted in financial losses and operational challenges for importers. According to Dr. Basil Nwaolisa, the National Coordinator of Customs, Shipping, and Terminal Operations of the

Emmanuel Ochayi

5 months ago

Naira Drops To N1606 Per Dollar, Lowest In 3 Weeks At Official Market

Business·Latest News·Markets

FX Turnover Plummets 76% In Nigerian Market Amidst Holiday, Economic Volatility

The foreign exchange (FX) turnover on Nigeria’s official market experienced a dramatic drop of 75.98%, hitting a three-week low on Thursday. The turnover fell from $385.91 million at the end of Tuesday’s

Emmanuel Ochayi

5 months ago

CBN’s FX Market Intervention Falls Short As Naira Struggles To Gain Ground

Business·Latest News·Markets

Naira Gains Against Dollar As Market Awaits US Inflation Data

The naira made some gains against the US dollar as the dollar index moderated. Market players are awaiting the release of America’s inflation data and the Federal Reserve’s interest rate decision later

Emmanuel Ochayi

5 months ago

Business·Latest News·Markets

Nigeria’s FX Reserves Rises To $32.8bn After 10-week Slump

Nigeria’s foreign exchange (FX) reserves have shown a notable increase over the past six days, indicating a potential recovery for the economy’s external reserves. According to data from the Central Bank of

Emmanuel Ochayi

6 months ago

Business·Latest News

How FX Gain Now Major Source Of FAAC Revenue – Report

Foreign exchange (FX) gains have emerged as a significant revenue source for Nigeria’s Federation Account Allocation Committee (FAAC), according to a recent report by Agora Policy, a think-tank organisation. The report, titled

Emmanuel Ochayi

6 months ago

Banks’ Recapitalisation Drives 44% Surge In Nigerian Equities Market

Business·Latest News·Markets

Equity Market Sees Second Consecutive Day Of Gains, Investors Gain N303bn

The Nigerian equity market defied expectations on Thursday, May 2, 2024, as investors recorded gains for the second consecutive day. The market’s benchmark index appreciated by 0.55% to 98,762.78 points, driven by

Emmanuel Ochayi

7 months ago

Business·Latest News

Nigeria’s FX Reserves Drop By $2.16bn In 29 Days

Nigeria’s foreign exchange (FX) reserves are taking a sharp nosedive, with a decrease of approximately $2.16 billion over a span of 29 days, despite the Central Bank of Nigeria (CBN) striving to

Emmanuel Ochayi

7 months ago

Business·Currency·Latest News·Markets

FX: Naira Depreciates To N1,610/$1 At Parallel Market

The Naira experienced a setback on Monday, slipping to N1,610 against the Dollar in the parallel section of the foreign exchange (FX) market. This marks a 0.63 percent decline from the N1,600/$

Emmanuel Ochayi

8 months ago

Forex Crisis: CBN Sells $122.67m To 46 Authorised BDC Operators

Business·Currency·Finance & Economy·Latest News

Foreign Education, Medical Tourism Worsen FX Crisis, Costing Nearly $40bn – Cardoso Laments

Yemi Cardoso, the Governor of the Central Bank of Nigeria (CBN), said foreign education and medical tourism on have contributed significantly in Nigeria’s foreign exchange (FX) crisis. Cardoso made the revelation when

Victor Ezeja

10 months ago

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FX

Nigerian Banks New FX Gain Tax: Impact On Profitability, Capital Adequacy

Forex Crisis Costs Nigeria Over $500m Annually, Importers Warn

FX Turnover Plummets 76% In Nigerian Market Amidst Holiday, Economic Volatility

Naira Gains Against Dollar As Market Awaits US Inflation Data

Nigeria’s FX Reserves Rises To $32.8bn After 10-week Slump

How FX Gain Now Major Source Of FAAC Revenue – Report

Equity Market Sees Second Consecutive Day Of Gains, Investors Gain N303bn

Nigeria’s FX Reserves Drop By $2.16bn In 29 Days

FX: Naira Depreciates To N1,610/$1 At Parallel Market

Foreign Education, Medical Tourism Worsen FX Crisis, Costing Nearly $40bn – Cardoso Laments

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