One of the first major policies of President Bola Ahmed Tinubus regime was the floating of the Naira to unify foreign exchange rates and save Nigeria the billions of dollars previously used to defend ‘Naira Devaluation: Recovery Strategies in a Challenging Economy’ Samuel Inikori, the Chief Executive Officer of SPASS Management Consult Limited, who presented a paper on the topic, noted that the
The Nigerian government has proposed a 70% tax on foreign exchange earnings by commercial banks in Nigeria following the devaluation of the naira With its oil wealth, Nigeria should to key parts of the economy, but had the opposite effect, fanning a thriving unofficial currency market that made the naira even more volatile by Nigeria’s high headline inflation in June 2024 is expected to moderate in July based on a number of factors such as the high base PricewaterhouseCoopers (PwC) says high energy costs, interest rates and excessive tax, are major challenges faced by micro, small and medium enterprises in Nigeria
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