2 Banks Being Investigated By House Of Representative For $28 Billion Foreign Exchange Leaks

Between 2010 and 2019, the House of Representatives launched an investigation into the actions of two money deposit banks, alleging underpayment of Withholding Tax (WHT) and Value Added Tax (VAT), as well as foreign exchange leakages totaling $28.048 billion. According to the report of the House of Representatives Committee on Finance, Banking, and Currency’s first phase investigation, one of the banks allegedly underpaid WHT and VAT worth $2,838,296,330.74 and was involved in foreign exchange leakages totaling $25,199,851,112.97 during the period under consideration. Another bank was charged with $9,963,335.72 in tax and foreign exchange violations, according to the article. Chairman of […]



Naira Falls Despite Increase In Liquidity

At the official Investors and Exporters window, the naira and the US dollar exchange rate closed at N411.07/$1. On Monday, the naira lost 0.08 percent versus the US dollar, closing at N411.07 per dollar, down from N410.75 per dollar on Friday, June 4th, 2021. The naira, on the other hand, stayed unchanged against the US dollar on Monday, closing at N502 per dollar on the parallel market. On Friday, June 4, 2021, the rate was the same as it was on Friday, June 4, 2021. The supply of dollars fell by 34.5 percent after the Nigerian Central Bank announced an[…]



Hard Times For Speculators Of Foreign Exchange Markets

Currency speculators who have been aggressively ‘stocking’ the dollar at a premium in anticipation of a near-term rise in the exchange rate in the past week could be exposed to increased risks as the value of the greenback against the naira falls in the coming days. Though the dollar retained a slight advantage over the local currency, market analysts believe the pressure would ease as players reconsider the exchange convergence speculation, which Dr. Aminu Gwadabe, President of the Association of Bureaux De Change Operators of Nigeria (ABCON), dismissed as a mere “rumour.” Following reports that the removal of the official[…]