Market Watch
Government to Impose 50% Tax on Banks’ Realized Profits from Forex Gains in 2024 Budget
The federal government wants to tax banks 50% of profit made from foreign exchange revaluation in 2023.This plan is in the new Finance Act for 2023 that the President sent to the National Assembly for...
Market Watch
Tinubu Proposes Amendment to Finance Act to Tax Banks’ FX Gains
President Tinubu has asked the Senate to change the 2023 Finance Act to make banks pay a one-time tax on the money they made from foreign exchange in 2023.The President wrote a letter to the Senate. He said that...
Market Watch
Trump’s Influence and High Dollar Demand Drive Naira to Lowest Level Since March 15
Sure! Let's break it down and keep it simple for everyone:The value of the Naira, Nigeria's money, has fallen for the fifth day. Even though the Central Bank of Nigeria (CBN) tried to help, the Naira is now at...
Market Watch
Pharmaceutical Companies Struggle with Forex Shortage as Multinationals Withdraw – PMG-MAN
The Pharmaceutical Manufacturers Group of the Manufacturers Association of Nigeria (PMG-MAN) says there is not enough foreign money in Nigeria. They are worried because this makes it very hard for medicine companies to work.They also...
Market Watch
Nigeria is facing economic problems like rising prices, a weaker Naira, and changing trust from investors. Experts say that the country needs to create a steady and...
Market Watch
FX Turnover Soars by 40% This Week Amid Increased Dollar Supply from CBN
In Nigeria, the official foreign exchange (FX) market saw a big increase this week. It went up by 40%!
Some information from FMDQ, collected by Nairalytics, reveals this rise. Last week (July 1 to...
Market Watch
Customs Duties Collection FX Rate Surpasses Official Market Rate
The exchange rate for Nigeria Customs Service (NCS) duties has gone up from N1,520 per dollar to N1,558 per dollar.This is an increase of N38 from the previous rate and it's higher than the NAFEM closing rate of N1554.65...
Market Watch
Exchange Rate Drops to July Low of N1,563.8/$1 Despite Central Bank FX Sales
The naira got lower this July. On Friday, July 12, 2024, one dollar was worth N1,563.80. This was after a little rise the day before.As per FMDQ, the naira lost value...
Market Watch
CBN Sells $122.67 Million to 46 Authorized Forex Dealers
The Central Bank of Nigeria (CBN) has made a big move to help the country's money market by selling $122.67 million to 46 authorized dealers. This action is to make the market stable and stop sudden changes. The exchange rate...
Market Watch
Senate Votes Down Bill Aimed at Regulating FX Market Transactions
Senate Rejects Foreign Exchange Monitoring BillSenate Rejects Foreign Exchange Monitoring Bill
The Senate recently said "no" to a new rule...
Latest News
Nasty Blaq: “Excessive Disrespect Shown to Davido”
Nasty Blaq, someone who makes funny videos, feels sad about how people are treating the singer named Davido on...