SPECIAL REPORT: Jigawa villagers link declining farming output, urban drift to abandonment of damSPECIAL REPORT: Katsina farmers lament impact of climate changeNigeria: Two popular protests, thirty-five years apart, same demands, By Ahmed Aminu-Ramatu YusufThe symbolism of many colours as President Tinubu addressed Nigerians, By Babafemi A.
In February, the CBN announced that a Deloitte audit found $2.4 billion of the $7 billion in FX claims, which have pressured the naira and unsettled the currency market, to be invalid. It’s essential to acknowledge that news production incurs expenses, and we take pride in never placing our stories behind a prohibitive paywall.The NACCIMA boss noted that the contracts involve exchanging a specific amount of foreign currency at a pre-agreed rate on a future date, but despite the maturity of these contracts, the CBN has yet to settle them.
According to him, the affected companies could face an estimated loss of about N2.4 trillion, which would reduce corporate income tax revenues for the next two to three years, thus threatening federal government revenue. The NACCIMA boss criticised the CBN’s approach, arguing that it lacked procedural fairness since the affected companies were not given the opportunity to respond to the audit findings before the conclusions were made.
At Premium Times, we firmly believe in the importance of high-quality journalism. Recognizing that not everyone can afford costly news subscriptions, we are dedicated to delivering meticulously researched, fact-checked news that remains freely accessible to all.
Ireland Ireland Latest News, Ireland Ireland Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Source: thecableng - 🏆 2. / 80 Read more »