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Wale Edun, Nigeria’s Minister of Finance and Coordinating Minister of the Economy, revealed during a briefing at the ongoing Spring Meetings of the IMF and World Bank in Washington DC that the majority of Nigeria’s tax revenue, approximately 90%, comes from just nine tax categories out of the 80 in existence.
Experts met in Washington DC to talk about how Nigeria can get more money from people abroad. They want to make it cheaper for them to send money home and change some rules. Nigeria gets about $20.5 billion each year from these transfers. The new rules aim to make it easier and encourage more money to come in.
The Nigerian government has located Nadeem Anjarwalla, a Binance executive who fled custody, in Kenya. Efforts are underway for his extradition back to Nigeria to face charges of tax evasion and money laundering. Anjarwalla’s escape and the subsequent extradition talks highlight the government’s crackdown on Binance’s alleged role in manipulating Nigeria’s foreign exchange market.
The Naira-Dollar exchange rate surged by 7.7% to close at N1,142/$1, marking a 10-week high. Central Bank policies are credited for the boost, aiming to achieve a sub-N1,000 rate. Market activities intensified with a $281.3 million turnover, reflecting growing confidence in the Naira’s strength.
The high court in Ikeja, Lagos, has granted a N50 million bail to the former Central Bank of Nigeria (CBN), Godwin Emefiele, on Friday, April 12, 2024. Know more!
In a bold move aimed at safeguarding Nigeria’s economy, EFCC warns against illegal dollarization in Nigeria. The agency’s crackdown on currency trading in Nigeria’s economy intensifies, with recent arrests and calls for legislative support for anti-corruption efforts. Know more.
This isn’t the first attempt at a national ID system in Nigeria, and there have been concerns in the past. Nigerians are feeling like this is just another version of something that hasn’t worked well before.
On February 13, 2024, the Central Bank of Nigeria implemented Stricter Guidelines for International Money Transfer Services. Introduction: The Central Bank of Nigeria (CBN) has restricted the operations of international money transfer operators (IMTOs) to only inbound transfers, halting outbound transfers. In addition to this, these inbound transfers can only be paid out in Naira. … Read more
In a significant development affecting international money transfers, the Central Bank of Nigeria (CBN) has announced revised policies for International Money Transfer Operators (IMTOs), which directly impact services provided by Wirepay. Not just Wirepay though, all other IMTOs are affected. What’s Changing with International Money Transfers on Wirepay? What Does This Mean for You as … Read more