To Curb Market Distortions, Bridge Exchange Premium Gap, CBN Approves Additional FX Sale to BDCs at N1,450/$ Naira depreciates to N1,630 at parallel market, N1,566/$1 at official window Apex bank pegs sale to end-users at margin not exceeding 1.5% above purchase rate Finance bill seeks 3-year imprisonment for bank officials on windfall tax default James Emejo in Abuja and Nume Ekeghe in Lagos
The Central Bank of Nigeria (CBN), yesterday, approved the sale of Foreign Exchange (FX) to
eligible Bureau De Change (BDCs) operators to meet the demand for invisible transactions.
CBN stated that $20,000 will be sold to each BDC at the rate of N1,450/$, representing the lower
band of the trading rate at the Nigerian Autonomous Foreign Exchange Market (NAFEM) in
the previous trading day. Continued on page 5
Atiku: Tinubu’s Govt Exhibiting Despotic Traits, Says National Assembly Enabling It... Page 34 Friday, July 19, 2024 Vol 29. No 10691. Price: N400
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Concerns Mount over Retroactive Taxation of Banks’ Profit in Finance Bill
Edun: No plan to reintroduce beverage tax Lawmakers slash salaries by 50% over nationwide hunger Atiku: The demon is in your allowance, not salaries, commends decision Chuks Okocha, Juliet Akoje and Adedayo Akinwale in Abuja Some foreign investors who spoke to THISDAY yesterday on condition of
anonymity, have expressed concerns over move by the Senate to retroactively amend the Finance Act 2023, and impose a one-time windfall tax on banks’ foreign exchange gains realised
in their 2023 financial statements. This comes as the Minister of Finance, Mr. Wale Edun, described as misleading a report that the federal government was planning
to reintroduce the Sugar-sweetened Beverages (SSB) tax to shore up its revenues as well as address health concerns. Also yesterday, members of the
House of Representatives resolved to slash their salaries by 50 per cent for six months as part of their sacrifice to support the ongoing hardship in the country.
The investors stressed that the proposed amendment to the Finance Act 2023, could hurt investors' confidence Continued on page 5
At Last, FG, Labour End Weeks of Feud, Settle for N70,000 National Minimum Wage Tinubu says he's being careful not to make mistakes in driving economy along with labour FG to transmit wage bill to NASS next week Wage increase now to be negotiated every three years We're accepting it with mixed feelings because of economy, says Ajaero MAN, OPSN, NANS react, commend president Deji Elumoye, Onyebuchi Ezigbo in Abuja, Nume Ekeghe, Dike Onwuamaeze in Lagos and Ahmad Sorondinki in Kano After several weeks of back and forth, the federal government and organised labour, yesterday, settled for N70,000 as the new national minimum wage for Nigerian workers during a meeting on the contentious issue. The meeting, the second in seven days, was held at the instance of President Bola Tinubu at State House, Abuja. It had in attendance representatives of both the Nigeria Labour Congress (NLC) and Trade Union Congress (TUC), led by their respective presidents, Comrades Joe Ajaero and Festus Osifo, respectivel. Tinubu explained to the labour leadership that in pegging the Continued on page 5
TRUCE AT LAST ...? L-R: President, Trade Union Congress (TUC), Comrade Festus Osifo; President, Nigeria Labour Congress (NLC), Comrade Joe Ajaero; President Bola Ahmed Tinubu and the Minister of state for Labour and Employment, Hon. Nkiruka Onyejeocha, during the meeting between Labour Unions and the federal government held at the Presidential Villa, Abuja...yesterday GODWIN OMOIGUI
Okpebholo Attacked in Benin, One Dead as Edo Govt Warns Shaibu... Page 5