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Forex manipulations: CBN vows clampdown on AbokiFX, operator, patrons

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The Central Bank of Nigeria has said that it will track the owner of Aboki FX, an online platform that gathers and displays parallel market rates in Nigeria, and stop the operations of the website in the country.

The Governor of CBN, Godwin Emefiele, made this known after the two-day Monetary Policy Committee meeting in Abuja on Friday.

The apex bank governor said the owner of the website, a London-based Nigerian, Oniwinde Adedotun, has to explain how he obtains his rates.

This is based on the rate of the rise of the naira on the parallel market which is currently trading at N570/dollar.

He said, “On Aboki FX, yes unfortunately the Central Bank wrote a memo to banks and asked those banks to provide information about AbokiFX. We have been studying the activities of AbokiFX in the last two and half years.

“There was a particular time I called our colleagues to call the so-called owner of AbokiFX. We want to understand his model and the basis of how he came about advertising those rates.

“We found him as a Nigerian who lives in England and produces this nefarious and criminal activity on our economy. It is an economic sabotage and we will pursue him wherever he is.

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Business

Dangote Cement, MTN paid highest taxes in 2020 – Report

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A report by Next Money has disclosed that Dangote Cement Plc and MTN Nigeria Plc paid the highest corporate income taxes to the Federal Government in 2020.

Dangote Cement paid N97.24bn in CIT to FG making it the highest remitter of taxes for the year while MTN came second with a N93.6bn payout.

Guaranty Trust Holding Company Plc was third with a CIT of N36.66bn.

A statement from Dangote Industries Limited quoted the report as ranking Dangote Cement as the most capitalised in the country at M4.17tn and also the largest corporate employer with 16,199 employees.

The publisher of Next Money, Mr Ray Echebiri, was quoted as saying that the performance index analysis of companies listed on the Nigerian Exchange Limited established the best performers.

According to him, the exercise was done to provide existing and potential investors with reliable information before making investment decisions.

Dangote Cement awards scholarships to 115 students
He was quoted as saying, “The first step we take in the analyses is to extract the total assets of each of the listed companies from their audited accounts.

“We sorted the total assets of the companies from the largest to the smallest and cut off at the 100th. We tagged a hundred companies that emerged from this exercise ‘Nigeria’s Top 100 Companies.”

Echebiri added that any company that made it to the corporate elite club of Nigeria’s Top 100 Companies was automatically a candidate for further ranking by revenues, profits, market capitalization, number of employees and tax payment.

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Tax on carbonated drinks to increase in 2022, says finance minister

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The Minister of Finance, Budget and National Planning, Zainab Ahmed has announced a possible increase in the taxation on carbonated drinks, which would lead to a price increase.

She said this at the Public Presentation and Breakdown of the Highlights of the 2022 Appropriation Bill on Friday in Abuja, stating that it will be part of the additions in the 2021 Finance Act which will take effect from January 2022.

She said, “To further enhance independent revenue generation, government aims to optimise the operational efficiencies and revenue generation focus of the government-owned enterprises.

“The introduction of new and further increases in existing pro-health taxes for example exercise duties on carbonated drinks- this is work in progress but it will happen in the 2021 Finance Act.”

Zainab Ahmed: Nigeria’s featherweight finance minister
In 2019 Ahmed said the government was insistent on implementing the initiative at a World Bank/International Monetary Fund meetings in Washington DC, United States.

Ahmed also noted that there would be penalties for government-owned enterprises that fail to meet the set target in achieving the government’s revenue generation drive.

She said, “Government’s revenue performance and remittances will become enhanced through effective implementation of the performance Management Framework including possible sanctions should there be default on targets that are set for government-owned enterprises.

“The Finance Bill 2021 will contain measures that will further advance the implementation of the Strategic Revenue Growth Initiative (SRGI).

(PUNCH)

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Bitcoin Breaks $50K for First Time in a Month

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Bitcoin, the largest cryptocurrency by market value, broke above the crucial psychological threshold of $50,000 on Tuesday for the first time since Sept. 7.

“It’s too early to say whether this will turn into a new support level in the short term, but it is clear that the overriding market view is bullish,” said Jason Deane, an analyst at Quantum Economics.

At press time, bitcoin was trading about $50,250, up 5.4% over the last 24 hours.

Given the difficult environment across all other asset classes, bitcoin’s long-term holders are the backbone in this rally above the $50,000 level, said Edward Moya, senior analyst at Oanda, in an interview with CoinDesk.

“If momentum buying continues and the price rallies above $52,000, we could confirm the end of this consolidation pattern,” said Moya. (A consolidation pattern is a pause in a stock’s trend that allows the trend to continue further.)

Wall Street is in for a choppy period of dealing with market risks, such as the prospect of the Federal Reserve tapering its $120 billion-a-month of monetary stimulus, an energy crunch and rising bond yields, according to Moya.

This should only help cryptos over the short term,” he said.

“Bitcoin breaking $50,000 is a confirmation of the bull market being back,” said Lucas Outumuro, head of research at IntoTheBlock.

According to the firm, more than 800,000 BTC were previously acquired around $48,000. Sometimes buyers and sellers will target these entry levels for key trading decisions.

“Such high concentration of volume translates into resistance in price action,” Outumuro said. “Now that we’ve surpassed that level, there doesn’t seem to be meaningful resistance up to $56,000.”

The latest surge in bitcoin appeared to lead a broad rally in cryptocurrency prices. The Ethereum blockchain’s native cryptocurrency, ether, was up 3%, while Polygon’s MATIC rose 4.8% and Binance’s BNB coin gained 4%.

CoinDesk.

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