News

BREAKING: CBN bows to pressure, resumes sale of dollars to BDC operators

Published

9 months ago

February 27, 2024

Naijablitznews

By Francesca Hamgeior

The Central Bank of Nigeria (CBN) has commenced the sale of dollars to Bureau De Change (BDC).

This was announced in a statement signed by Dr Hassan Mahmud, CBN’s Director of Trade & Exchange Department, on Tuesday, February 27.

The apex bank said $20,000 will be available to each eligible Bureau De Change (BDC) operator across the country.

The amount, according to the apex bank, is to be sold to each BDC at the rate of N1,301 per dollar, representing the lower band rate of executed spot transactions at the Nigerian Autonomous Foreign Exchange Market (NAFEM) as of the previous trading day.

Mahmud said all BDCs are allowed to sell to end-users at a margin not more than one percent above the purchase rate from CBN.

The statement reads: “Following the ongoing reforms in the foreign exchange market, aimed at achieving an appropriate market-determined exchange rate for the Naira, the Central Bank of Nigeria (CBN) has observed the continued price distortions at the retail end of the market, which is feeding into the parallel market and further widening the exchange rate premium.

“To this end, the CBN has approved the sale of foreign exchange to eligible Bureau De Change (BDCs) to meet the demand for invisible transactions. The sum of $20,000 is to be sold to each BDC at the rate of N1,301/$- (representing the lower band rate of executed spot transactions at NAFEM for the previous trading day, as at today, 27th February 2024).

“All BDCs are allowed to sell to end-users at a margin NOT MORE THAN one percent (1%) above the purchase rate from CBN.

“All eligible BDCs are directed to make the Naira payment to the designated CBN Foreign Currency Deposit Naira Accounts and submit confirmation of payment, with other necessary documentation, for disbursement at the appropriate CBN Branches ABUJA, AWKA, LAGOS and KANO).”

News

Shipping firm offer US citizens four- year trip to avoid Trump’s 2nd term

Published

4 minutes ago

November 18, 2024

Austin Ojomah

A Florida-based cruise company, Villa Vie Residences, is offering Americans an unconventional way to “escape” from Donald Trump’s second term as United States President.

The Independent reported on Monday that the company has unveiled its Tour La Vie programme, allowing passengers to embark on a global adventure spanning four years, visiting over 140 countries without stepping foot in the US.

The Villa Vie Odyssey offers several package options, including a one-year “Escape from Reality” cruise, a two-year “Mid-Term Selection” voyage, a three-year “Everywhere but Home” option, and the four-year “Skip Forward” trip.

The founder and CEO of Villa Vie Residences, Mikael Petterson, explained that the program was not politically motivated but aimed at providing an escape for those feeling unsettled.

“We came up with this marketing campaign before we even knew who would win. Regardless of who would have won, you would have half of the population upset,” Petterson told Newsweek.

He added, “Quite frankly, we don’t have a political view one way or the other. We just wanted to give people who feel threatened to have a way to get out.”

Sky News quoted the founder as saying, “If you’re looking for an escape… there is no better place than on a ship, right, where you can wake up every day to a new backyard and get everything you need taken care of.”

Passengers will enjoy amenities including food, drinks, WiFi, medical visits, weekly housekeeping, and bi-weekly laundry services.

Prices start at just under $40,000 per year, with a full four-year journey costing up to $320,000 for a double-occupancy cabin. Alcohol is included at dinner, though other drinks incur extra charges.

Sky News reports that the ship, which accommodates up to 600 residents, is already sailing and allows guests to join at various ports.

It was also reported that recently, the Villa Vie Odyssey faced a four-month delay in Belfast due to necessary repairs.

News

Nigeria Struggles With 6% Tax GDP Ratio – Speaker Abbas

Published

1 hour ago

November 18, 2024

Gloria Ikibah

…say Reps has not take any definitive position on tax reform bills

….as presidency say bills not designed against any region

By Gloria Ikibah

The Speaker of the House of Representatives, Rep. Abbas Tajudeen, has expressed concerns over Nigeria’s tax-to-GDP ratio, which currently stands at a mere 6 per cent.

The Speaker noted that this figure was significantly below the global average and the World Bank’s recommended minimum benchmark of 15 per cent necessary for sustainable development, despite Nigeria being Africa’s largest economy.

Abbas stated this at an interactive session on Tax Reform Bills at the National Assembly Complex on Monday in Abuja.

He stated, “Nigeria, despite being Africa’s largest economy, struggles with a tax-to-GDP ratio of just 6 per cent, far below the global average and the World Bank’s minimum benchmark of 15 per cent for sustainable development. This is a challenge we must address if we are to reduce our reliance on debt financing, ensure fiscal stability, and secure our future as a nation.”

The Speaker highlighted the importance of the proposed tax reforms in diversifying Nigeria’s revenue base, ensuring equity, and fostering an environment conducive to investment and innovation.

“The proposed tax reform bills aim to diversify our revenue base, promote equity, and foster an enabling environment for investment and innovation. However, as representatives of the people, we must approach these reforms thoughtfully, understanding their potential implications for every segment of society.

Taxes should be fair, transparent, and justifiable, balancing the need for public revenue with the burdens they impose on individuals and businesses”, Abbas added.

Acknowledging public concerns and debates surrounding the bills, Speaker Abbas emphasized the need for thorough deliberation and clarification of contentious issues.

“The controversies surrounding these bills, whether in the media, civil society, or among governance stakeholders, are a reflection of their importance.

Such debates are healthy and necessary in a democracy, and this session aims to channel those discussions into productive outcomes. It is critical that we listen to diverse perspectives, ask probing questions, and seek clarity on any unclear provisions,” he stated.

He reassured Nigerians that the House has not yet adopted a position on the bills and is committed to ensuring that the final legislation serves the best interests of the nation. “The House has not yet taken a definitive position on these bills. Our role is to scrutinise them thoroughly, ensuring they align with the best interests of our constituents and the nation at large. We owe this duty to Nigerians,” he said.

The Speaker also stressed the importance of balancing national interests with the needs of citizens, reiterating that “Taxes should be fair, transparent, and justifiable, balancing the need for public revenue with the burdens they impose on individuals and businesses.”

Rep. Abbas underscored the significance of pre-legislative scrutiny as a vital parliamentary practice to resolve ambiguities and ensure alignment with constitutional provisions, and described the interactive session as an opportunity for lawmakers to engage with experts and stakeholders to better understand the potential implications of the proposed reforms.

Addressing the session, Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, Taiwo Oyedele, clarified that the proposed tax reform bills were not designed to undermine or marginalize any region.

Iyedele emphasized that the reforms aim to enhance efficiency and boost revenue allocation to states based on consumption patterns.

He explained, “Currently, under Section 40 of the VAT Act, VAT revenue is allocated 15 per cent to the Federal Government, 50 per cent to the States and FCT, and 35 per cent to Local Governments. There is no negative thinking about any region or anything.”

Oyedele outlined key aspects of the reforms, which include amendments to income tax laws to support remote work opportunities, particularly in the global business process outsourcing sector.

Other provisions include tax exemptions for small businesses with an annual turnover of N50 million or less, alongside initiatives aimed at boosting exports and promoting the digital economy to create more opportunities for Nigerian youths.

News

Galatasaray technical director opens up on nature of Osimhen’s contract

Published

2 hours ago

November 18, 2024

Naijablitznews

Galatasaray technical director Okan Buruk has confirmed the presence of a clause in Napoli’s Victor Osimhen loan deal.
Buruk explains that the January clause in Victor Osimhen’s contract allows the player to explore opportunities with various interested clubs during the January transfer window.

This statement came during an interview on the official website of the Turkish champions, where Buruk discussed various topics related to the team.

During the interview, Buruk explained that Osimhen would like to stay at Galatasaray until the end of the season.

He noted that although there is a transfer clause in force, the player has expressed his intention to stay at the club, which he reiterated from the beginning of his arrival.

He stated, “Osimhen wants to stay here until the season is over and he has said this consistently. Although there is a clause regarding January transfers, ultimately it is the player’s decision and he feels committed to staying.”

Reflecting on how the club secured Osimhen’s services, Buruk shared: “I traveled to Milan when I had the chance. Because I lived there for three years, I feel comfortable there. We didn’t talk about football during my visit; instead, we enjoyed dinner together for two days, which helped foster a good relationship. After a match against Adana Demirspor, we had a video call at the airport to discuss the options, and after careful consultation with our transfer committee and the president, we completed the transfer.”

Osimhen joined Galatasaray on the final day of the summer transfer window after negotiations with Chelsea and Al Ahly failed to materialize. He quickly adapted to his new surroundings and made significant contributions with eight goals and four assists in just nine appearances in all competitions.

Eaglespath