CIBN Advocates for Reduced Foreign Exchange Tax Rate in Nigeria

Sunday, 28 July 2024, 14:16

In a recent statement, the President of the Chartered Institute of Bankers of Nigeria (CIBN), Prof. Pius Olanrewaju, has urged the Nigerian government to lower the tax imposed on foreign exchange gains to 40%. This recommendation is aimed at improving the financial system and encouraging more robust participation in currency trading. The proposed reduction aims to stimulate the economy by fostering a more favorable environment for banks and investors engaged in foreign exchange dealings. Overall, this move could contribute significantly to the growth and stability of the financial market in Nigeria.

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CIBN Urges Government Action on Foreign Exchange Tax

The President of the Chartered Institute of Bankers of Nigeria (CIBN), Prof. Pius Olanrewaju, has called upon the Nigerian government to take action regarding the foreign exchange tax.

Proposal for Tax Reduction

He recommends reducing the foreign exchange tax rate to 40% in order to enhance the financial landscape.

Economic Implications

Encouraging Participation: A lower tax rate could incentivize banks and investors.
Stabilizing the Market: The proposal seeks to bolster currency trading dynamics.

Conclusion

Overall, the suggested tax reduction has the potential to positively impact the financial sector and stimulate economic growth.

This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.

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CIBN Urges Government Action on Foreign Exchange Tax

Proposal for Tax Reduction

Economic Implications

Conclusion

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