Business

Naira Gains At Official Market

Naira gains at official market as CBN promises to close exchange rates gap

At the official Investors and Exporters window, the Naira gained 0.11 percent versus the US dollar on Tuesday, closing at N410.67/$1 compared to N411.13/$1 it closed on Monday.

Data from FMDQ securities showed the gain recorded by Naira was the second in a row after Monday closed also with an appreciation.

At the black market the exchange rate remained flat at the parallel market to close at N532/$1. This is the same rate recorded at the close of trade on Monday.

However, data from abokifx showed the Naira lost N4 against the Pound Sterling to sell at N727/£1 compared with N723/£1 of the preceding session and depreciated against the Euro by N1 to close at N626/€1 in contrast to the prior session’s N625/€1.

Meanwhile, the Central Bank of Nigeria has promised investors that the gap between the official and unofficial exchange rates will be closed.

The gap which has frustrated investors currently stands N121.33 at the end of Tuesday trading.

Hassan Mahmud – Director, Monetary Policy Department, CBN assured of the exchange rates convergence while speaking as a panelist at a virtual economic event titled; ‘Navigating an Economic Recovery amid a Pandemic’ held yesterday.

According to him, as CBN focuses more on boosting the dollar supply in the country and investors confidence, the exchange rates will take care of itself with time.

“Contrary to the market perception that the naira remains overvalued, Naira is now strongly determined by market fundamentals.

“We are not really bothered much about valuation. What we are worried about is the supply side and the confidence in the system.

“The naira is expected to adjust based on demand, that is why the country adopted a managed float regime,” he said.

Business

Customs exceeds 2024 target, rakes in N71.6bn

The Nigeria Customs Service, NCS, Murtala Muhammed International Airport Command, says it surpassed its revenue target for 2024, raking in a total of N71.6 billion.

The Customs Area Controller, CAC, Effiong Harrison, disclosed this in a statement on Friday, saying that its target for 2024 was N56.861 billion.

Harrison expressed delight over the record-breaking revenue achieved by the command.

The Customs Area Controller described the 2024 revenue as unprecedented, noting that it was the highest-ever generated in the history of the command.

“A detailed breakdown of the revenue underscores the remarkable achievement of the command in revenue generation.

“During a meeting with his management team, the area controller revealed that the command had exceeded its annual revenue target of N56,861,094,269.07 by generating N71,633,687,108.84.

“This represents a 20 per cent increase, amounting to N14,772,592,839.27,” he said.

According to him, July 2024, in particular, was a standout month, with the command recording its highest-ever monthly revenue of N12 billion.

Harrison, while comparing the command’s performance in 2023 and 2024, noted a significant revenue increase of N41.1 billion in 2024 when compared to the N30.5 billion generated in 2023, reflecting a 135 per cent growth.

He expressed profound gratitude to the Comptroller-General of Customs, Bashir Adeniyi, and his management team for their unwavering support to the command.

Harrison extended appreciation to critical stakeholders and other government agencies, acknowledging them as invaluable partners in the command’s success in 2024.

He expressed optimism that the command would achieve even greater milestones in fulfilling its core mandates in 2025.

Business

FCT-IRS announces deadline for tax returns

The Federal Capital Territory Internal Revenue Service (FCT-IRS) has urged private companies, government’s Ministries, Departments and Agencies (MDAs) and other employers of labour in the territory to file their employee annual tax returns for 2024.

The acting Executive Chairman, Mr Michael Ango, who made the call in a statement in Abuja on Sunday, said that the employers have up to Jan. 31 to comply.

In the statement, signed by the service’s Head of Corporate Communications, Mr Mustapha Sumaila, the FCT-IRS boss said that the returns should be filed using the prescribed forms provided by the service.

This, he said, was in compliance with Section 81 of the Personal Income Tax Act (PITA) 2011 (as amended) and the Pay As You Earn (PAYE) Regulations.

He explained that the PITA Act mandates all employers of labour in the FCT to file annual returns of all emoluments paid to their employees and the total taxes of the preceding year, not later than Jan. 31 of every year.

Ango had during the 2025 stakeholder’s engagement, emphasised that filing of employee annual returns by all employees was mandatory as provided by law.

He added that failure to file the returns would attract penalties and other sanctions, which the FCT-IRS would not hesitate to impose on any defaulters.

According to him, the best form of compliance is voluntary, which the FCT-IRS expects from all taxpayers in the FCT.

“I, therefore, enjoined all private organisations, MDAs, government owned enterprises, including sole proprietorships who are employers of labour in the FCT to comply with their tax obligations to avoid sanctions.

“More importantly, the support will contribute to the development of the FCT and the efforts of the Minister of FCT, Mr Nyesom Wike, to transform the territory into a modern city,” he said.