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 […]



To Meet Customer Demand, The CBN Has Increased Forex Allocation To Banks

The Central Bank of Nigeria (CBN) said Wednesday that it will enhance foreign exchange (forex) allocations to banks in order to satisfy the needs of consumers, particularly travelers, who want forex for travel allowances, tuition and medical bills, and other Invisibles. The moves came after the CBN Governor, Mr. Godwin Emefiele, warned managing directors of Deposit Money Banks (DMBs) not to deny customers, particularly travellers, the ability to purchase forex for Personal Travel Allowance (PTA), Basic Travel Allowance (BTA), tuition fees, and medical payments, as well as Small and Medium Enterprises (SMEs) at a weekend meeting. In a message, the[…]