Economy

BCAN Urges CBN to Sustain Naira Appreciation Reforms

Published

1 year ago

October 11, 2025

Naira appreciation continues as BCAN urges the CBN to sustain its reforms and calls for fiscal policies to boost productivity and economic stability

Naira appreciation has continued to lift confidence in Nigeria’s foreign exchange market as the Bank Customers Association of Nigeria (BCAN) called on the Central Bank of Nigeria (CBN) to maintain its current monetary reforms.

Also read: Nigerian Naira Falls After Week of Gains

BCAN President, Dr Uju Ogubunka, gave the advice in an interview with the News Agency of Nigeria (NAN) on Saturday in Lagos, following the Naira’s steady recovery at the official market.

According to data from the CBN, the Naira appreciated to N1,455.17 against the dollar on Friday, gaining N11.48 or 0.78 per cent from Thursday’s closing rate of N1,466.65.

The week had seen mixed trading, with a slight dip to N1,471.08 on Tuesday and N1,470.26 on Monday.

Dr Ogubunka commended the CBN for implementing policies that are stabilising the market and strengthening the local currency. “Let the CBN keep doing whatever it has been doing that made the Naira appreciate.

Let them do more of it. They should sustain the reforms,” he said.

The Naira appreciation, he explained, is largely driven by effective monetary controls regulating money supply. Such measures, he added, are vital in fostering economic growth and reducing volatility in the forex market.

However, Ogubunka urged the government to complement the CBN’s efforts with robust fiscal measures that enhance local manufacturing, improve productivity, and attract foreign investment.

“People are still suffering due to low purchasing power. We should increase productivity, tackle insecurity, and attract more investors to bring funds into the system so that more people can be employed,” he said.

He warned that unchecked liquidity could undermine the Naira appreciation trend. “If there is too much money in circulation, the Naira will not appreciate as expected,” he noted.

Also read: Naira Strengthens to N1,480 Amid Forex Market Reforms

The BCAN president expressed optimism that with sustained reforms, policy coordination, and improved economic output, the Naira could achieve greater stability and restore investor confidence in Nigeria’s financial system.

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Economy

NRS Assures Taxpayers VAT Remains at 7.5% Amid Tax Reform Concerns

Published

12 hours ago

October 27, 2026

Peculiar Adirika

NRS VAT rate remains 7.5%, the agency says, while addressing concerns over bank deductions, loans and the implementation of Nigeria’s tax reforms

The Nigeria Revenue Service (NRS) has assured taxpayers that Nigeria’s standard Value Added Tax (VAT) rate remains 7.5 per cent, while addressing concerns over the implementation of the country’s new tax reforms.

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The assurance was given by the Tax Administrator responsible for Kano, Jigawa and Katsina states, Samaila Abdullahi, during an NRS stakeholders’ engagement and tax reform sensitisation programme in Kano.

Abdullahi said concerns raised by individuals, traders, business owners and other stakeholders about the new tax laws were understandable, particularly questions relating to bank transactions, loans, family transfers, business income and the potential impact on small businesses.

He urged taxpayers to understand the reforms through the provisions of the law rather than rely on assumptions or misinformation.

According to him, the tax laws do not automatically authorise deductions from personal bank accounts.

He stressed that tax collection and recovery must follow the applicable legal provisions and procedures.

Abdullahi also clarified that money received as a loan should not automatically be classified as business income or profit, explaining that proper documentation is essential to establish the nature of a transaction.

“For instance, when a trader receives a loan of N500,000, the amount should not automatically be treated as N500,000 in sales or profit, provided the transaction is properly documented,” he said.

The NRS official’s comments were aimed at addressing public concerns about how the new tax framework would affect personal finances and business transactions.

He emphasised the importance of distinguishing between taxable business receipts and other funds, such as documented loans, when determining a taxpayer’s obligations.

The clarification comes amid heightened public interest in Nigeria’s tax reforms and questions about their implications for individuals, traders and small businesses.