Business

Some businesses and traders across the country appear to be exploiting Nigeria’s newly implemented tax laws to arbitrarily increase the prices of goods and services, findings by Saturday PUNCH have revealed. Since the tax reforms took effect in January, the Federal Government has repeatedly insisted that the new laws are designed to lower certain tax burdens and stimulate economic growth, without generating immediate revenue increases. However, recent developments suggest that some business owners have begun hiking prices, attributing the increases to the tax reforms. Investigations show that the adjustments are being imposed mainly through Value Added Tax (VAT) charges and general price mark-ups on goods and services. The controversial tax regime came into force on June 26 after ...

The dollar exchanged at the Lagos black market on Friday, January 9, at ₦1,480 per dollar for selling and ₦1,477 for buying, according to Bureau De Change sources. At the official market, the Central Bank of Nigeria (CBN) recorded rates between ₦1,420 and ₦1,430 per dollar. The CBN has reiterated that it does not recognize the parallel market and advises forex users to transact through banks, noting that rates may vary by location.

Concerns have emerged over Nigeria’s newly implemented tax regime after KPMG Nigeria identified what it described as major “errors, inconsistencies, gaps, and omissions” in the tax laws that came into effect on January 1, 2026. The professional services firm warned that leaving these issues unresolved could undermine the objectives of the reforms. Nigeria’s tax overhaul is anchored on four major laws: the Nigeria Tax Act (NTA), the Nigeria Tax Administration Act (NTAA), the Nigeria Revenue Service (NRS) Establishment Act, and the Joint Revenue Board (JRB) Establishment Act. Signed into law by President Bola Ahmed Tinubu in June 2025, the reforms officially commenced in 2026 but have remained controversial since their introduction in October 2024. Despite the criticism, government off...

Pope Leo XIV has expressed concern that war is once again becoming commonplace, warning that the global order is drifting away from dialogue toward the use of force. Speaking on Friday, January 9, in his New Year address to diplomats at the Vatican, the pontiff criticised the weakening of multilateralism and said diplomacy rooted in dialogue was increasingly being replaced by what he described as “diplomacy based on force.” He pointed to rising tensions in the Caribbean and the Pacific as a source of deep concern, singling out Venezuela following the recent seizure of its president by US forces. His remarks came hours after US President Donald Trump announced plans for land operations against drug cartels after maritime attacks in the eastern Pacific and Caribbean. Pope Leo called...

The Nigerian stock market sustained its upward momentum on Thursday, with investors recording gains of ₦138 billion as bullish sentiment continued. Market capitalisation on the Nigerian Exchange Limited (NGX) rose by 0.13 per cent to close at ₦102.822 trillion, marking the 19th straight session of gains and reflecting strong investor confidence and sustained buying interest in selected equities. Trading data showed that price increases in stocks such as Neimeth International Pharmaceutical, May & Baker, eTranzact International, Multiverse Mining, Mecure and 27 others helped push the market higher. The NGX All-Share Index climbed by 214.80 points, or 0.13 per cent, to settle at 160,806.56, up from 160,591.76 in the previous session. Despite the overall market gain, breadth r...

Data released by the Nigeria Inter-Bank Settlement System (NIBSS) shows that Bank Verification Number (BVN) enrolments in Nigeria rose to 67.8 million as of December 2025. The figure represents an increase of 4.3 million from the 63.5 million recorded in 2024, highlighting steady growth in the adoption of biometric identification across the financial sector. A breakdown of NIBSS data over the past five years shows consistent expansion: 51.9 million in 2021, 56 million in 2022, 60.1 million in 2023, 63.5 million in 2024, and 67.8 million in 2025. This reflects a 6.8 per cent year-on-year growth between 2024 and 2025, maintaining the upward trend amid ongoing financial inclusion initiatives. The continued rise in BVN enrolments has been largely attributed to policy measures and enfo...

The naira on Thursday recorded its first depreciation against the United States dollar in the official foreign exchange market in 2026, ending its recent streak of gains. Data from the Central Bank of Nigeria (CBN) showed that the local currency weakened to ₦1,419.72 per dollar on Thursday, compared with ₦1,418.26 recorded on Wednesday. This represents a day-on-day drop of ₦1.46, marking the naira’s first decline this year. At the parallel market, the naira also fell by ₦10, trading at ₦1,490 per dollar on Thursday, down from ₦1,480 the previous day. The depreciation occurred despite a steady increase in Nigeria’s foreign reserves, which rose to $45.64 billion as of Wednesday, January 7, 2026. The naira had enjoyed a seven-day run of appreciation at the official foreign exchang...

The Nigerian Communications Commission (NCC) and the Central Bank of Nigeria (CBN) have developed a joint framework to resolve consumer complaints arising from failed airtime and data purchases caused by network outages, system malfunctions, or human errors. The framework is the result of months of consultations involving the NCC, CBN, Mobile Network Operators (MNOs), Value Added Service (VAS) providers, Deposit Money Banks (DMBs), and other key stakeholders. These engagements were triggered by the growing number of complaints from subscribers who were debited for airtime or data without receiving the service, often facing prolonged delays before resolution. Representing a unified stance by both the telecommunications and financial sectors, the framework outlines measures to address ...

With about eleven weeks remaining until the Central Bank of Nigeria’s (CBN) recapitalisation deadline, fourteen banks are yet to meet the required capital threshol ecalll that as of January 6, 2025, 19 Nigerian banks had successfully complied with the apex bank’s recapitalisation requirements. Banks that have met the minimum capital benchmark include Access Bank, Fidelity Bank, First Bank, GTBank (GTCO), UBA, Zenith Bank, and 12 others. However, at the time of this report, 14 banks were still non-compliant. These include First City Monument Bank (FCMB), Unity Bank, Keystone Bank, Union Bank (Titan), Taj Bank, Standard Chartered Bank, Parallex Bank, and SunTrust Bank. Others yet to meet the requirement are FBH Merchant Bank, Rand Merchant Bank, Coronation Merchant Bank, Alterna...

Donald Trump has said that Venezuela will only buy US-made products with revenue from its oil sales. On Wednesday, Jan. 7, Trump said Venezuela would only buy US-made products with the profits it makes from any deal with Washington to sell oil. “I have just been informed that Venezuela is going to be purchasing ONLY American Made Products, with the money they receive from our new Oil Deal,” the US President said in a social media post.  Trump said the purchases will include agricultural products, medicine, medical devices and equipment to improve Venezuela's grid and energy facilities. Trump said Tuesday, Jan. 6, that Venezuela would turn over 30 million to 50 million barrels of oil to the U.S. after the US conducted a strike in Venezuela and overthrew President Nicolás Maduro. The ...