Electronic FX system, new withholding tax law... business stories to track this week

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Here are the seven top business stories you need to track this week — October 07 to October FG COMMENCES CRUDE OIL SALE IN NAIRA

October 7, 2024 8:39 amFG COMMENCES CRUDE OIL SALE IN NAIRAit has officially commenced the sale of crude oil and refined petroleum products in naira.

In a circular on October 3, Omolara Duke, CBN’s director of financial markets department, said the system is for FX transactions and would be implemented no later than December 1.‘OVER 40% OF NIGERIANS NOW ENJOY 20 HOURS OF DAILY ELECTRICITY SUPPLY’The milestone was disclosed during a review of the ministry’s achievements over the past year as part of the country’s Independence Day celebrations.

OPEC had, on June 2, extended Nigeria’s production quota of 1.5 million barrels of crude per day to 2025.The oil cartel had increased Nigeria’s production level to 1.5 million bpd for 2024 at its ministerial meeting on November 30, 2023.gazetted withholding taxTaiwo Oyedele, chairman of the presidential committee on fiscal policy and tax reforms, spoke in a post on X on October 2.

 

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