At present, the Naira to US dollar conversion rate is more than 410 for every dollar. In February, the government got scared and banned cryptocurrency transactions through licensed banks. Then, in late July, a pilot scheme for a new government-controlled digital currency, hoping to reduce incentives for those wishing to use unregulated cryptocurrencies, was announced. He pledged the administration’s resolve to continue encouraging a competitive business environment characterized by sufficient and efficient policies to sustain economic growth to further retain and attract local and foreign investments in Nigeria.

“Our attention has been drawn to statements and reports in the media mis characterising as a call for devaluation, the view of the vice president that the Naira exchange rate was being kept artificially low. Vice President Yemi Osinbajo has clarified the views he canvassed on naira exchange rate during the two-day retreat held by the federal government in Abuja. The statement said the vice president called for measures that would increase the supply of foreign exchange in the market rather than simply managing demand which opened up irresistible opportunities for arbitrage and corruption. Nigeria adopted the multiple exchange-rate regime to avoid an outright devaluation of the naira by keeping a stronger pegged rate for official transactions and weaker exchange for non-government related transactions. This currency management system was criticized by the International Monetary Fund, and the World Bank held back a $1.5 billion loan in a bid to push for more foreign-exchange reforms.

Nigeria’s foreign reserve closed at $40.76 billion on Wednesday, 20th October 2021, representing a $377.04 million boost in the reserve position. The nation’s foreign reserve increased by 0.93% on Wednesday from $40.39 billion recorded as of the previous day. Also of note is the passage of the National Health Insurance Act, which made health insurance compulsory for all Nigerians and the renewed efforts to curb oil theft, which was better late than never was also a bright spot. While we have expressed our utmost surprise at the increase in Tertiary Education Tax from 2.5 per cent to 3 per cent in the Finance Act, 2022, we commend the effort at infrastructural development, especially the rail in many parts of the country.

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While it is obvious that the road ahead will not be easy, it is expected that the current government will refocus its energies on ensuring economic stability and creating a foundation for an economic renaissance, post-May 2023. As for the exchange rate, I think we need to move our rates to be as reflective of the market as possible. We can’t get new dollars into the system, where the exchange rate is artificially low. I’m convinced that the demand management strategy currently being adopted by the CBN needs a rethink, and that is just my view. ” Anyway, all those are issues that when the CBN governor has time to address, he will be able to handle in full.

• “Only a more market reflective exchange rate would ameliorate this; with an increase in the supply of dollars, the rates will drop and the value of the Naira will improve.
• Nigeria adopted the multiple exchange-rate regime to avoid an outright devaluation of the naira but that system sparked criticism from the International Monetary Fund.
• At present, the Naira to US dollar conversion rate is more than 410 for every dollar.

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“It is stopping this huge arbitrage of over N160 per dollar that the vice president was talking about; such a massive difference discourages doing proper business, when selling the dollar can bring in 40 per cent profit,” he said. “I think we need to move our rates to be as reflective of the market as possible. https://latamcoinnews.com/ John Lesley is an experienced trader specializing in technical analysis and forecasting of the cryptocurrency market. Vice-President Yemi Osinbajo called on Monday for an official rate that portrays the market reality and said the current dual exchanges l rates allowed for arbitrage and clogged inflow.

Still, Osinbajo suggested that any such reassessment should only be done when the CBN governor has time to address this issue. This was stated in a press release made available to the media by the Senior Special Assistant, Media https://latamcoinnews.com/one-million-eth-worth-have-been-burned-since-the-implementation-of-eip-1559-in-august/ & Publicity to the Vice President, Laolu Akande on Thursday in Abuja. You may change or cancel your subscription or trial at any time online. Simply log into Settings & Account and select “Cancel” on the right-hand side.

At the last count, organised businesses were made to pay over 50 different taxes, levies and fees . To further burden the already over-burdened organised businesses, the National Assembly passed the Finance Bill, increasing the Tertiary Education Tax rate from 2.5 per cent to 3 per cent. It is worrisome that an increase was implemented in 2021 through the Finance Act 2021.