• Home
  • News
    4G base stations in Nigeria hit 39,006, data crashes from N1200 to N350 – Pantami

    4G base stations in Nigeria hit 39,006, data crashes from N1200 to N350 – Pantami

    PANDEF hails Buhari over Arase’s appointment as PSC Chairman

    PANDEF hails Buhari over Arase’s appointment as PSC Chairman

    Abia PDP guber candidate, Ikonne dead

    FG engages Yoruba royal fathers on COVID-19 vaccination

    BREAKING: ALL travellers arriving Nigeria must provide evidence of COVID vaccination, says FG

    President Buhari’s new year message 

    Buhari inaugurates $1.5bn 1st deep sea port in Lagos

    Nigeria begins bid to overturn $11bn P&ID debt — trial to last eight weeks

    Nigeria begins bid to overturn $11bn P&ID debt — trial to last eight weeks

    Passengers stranded as Warri-Itakpe train derails in Kogi forest

  • Politics
  • Security
  • Opinion
  • Sports
  • Technology
  • About Us
  • Contact Us
No Result
View All Result
9jaYarn
  • Home
  • News
    4G base stations in Nigeria hit 39,006, data crashes from N1200 to N350 – Pantami

    4G base stations in Nigeria hit 39,006, data crashes from N1200 to N350 – Pantami

    PANDEF hails Buhari over Arase’s appointment as PSC Chairman

    PANDEF hails Buhari over Arase’s appointment as PSC Chairman

    Abia PDP guber candidate, Ikonne dead

    FG engages Yoruba royal fathers on COVID-19 vaccination

    BREAKING: ALL travellers arriving Nigeria must provide evidence of COVID vaccination, says FG

    President Buhari’s new year message 

    Buhari inaugurates $1.5bn 1st deep sea port in Lagos

    Nigeria begins bid to overturn $11bn P&ID debt — trial to last eight weeks

    Nigeria begins bid to overturn $11bn P&ID debt — trial to last eight weeks

    Passengers stranded as Warri-Itakpe train derails in Kogi forest

  • Politics
  • Security
  • Opinion
  • Sports
  • Technology
  • About Us
  • Contact Us
No Result
View All Result
9jaYarn
No Result
View All Result

CBN should step back as FX intermediator, allow banks to control dollar rates – IMF

November 21, 2022

The International Monetary Fund (IMF) has asked the Central Bank of Nigeria (CBN) to step back and allow commercial banks to determine dollar buy-sale rates to boost foreign capital flows to the economy. IMF said this in its 2022 Article IV Consultation concluding statement after an official staff visit to Nigeria. The Bretton Wood institution reiterated that a unified and market-clearing exchange rate remains critical to enhancing the confidence of foreign investors in the economy.

It added that administrative restrictions on current transactions fuel devaluation speculations and discourage capital inflow. “Continued FX shortages, a stabilised exchange rate regime, rising inflation, limited debt servicing capacity, and administrative restrictions on current transactions fuel devaluation speculations,” IMF said.

“These factors hinder much-needed capital inflows, encourage outflows and constrain private sector investment. “The mission reiterated its past recommendations to move towards a unified and market-clearing exchange rate by dismantling the various exchange rate windows at the CBN accompanied by clarity on exchange rate policy and supportive fiscal and monetary policies.

In the medium term, the CBN should step back from its role as main FX intermediator, limiting interventions to smoothing market volatility and allowing banks to freely determine FX buy-sell rates.” ADOPT TAX REFORMS The IMF team advised Nigerian authorities to consider adjusting tax rates to levels comparable to the average in the Economic Community of West African States (ECOWAS) as compliance improves.

“This includes further increasing the VAT rate to 15 percent by 2027 in steps while streamlining numerous VAT exemptions based on systemic reviews, increasing excise rates on alcoholic and tobacco products while broadening the base, and rationalising tax incentives by streamlining tax expenditures based on comprehensive periodic reviews,” it added.

It also said the government should develop a compliance improvement programme and comprehensive customs modernisation programme, improve the effectiveness of the State Internal Revenue Service’s administration of the Pay-As-You-Earn (PAYE) system, and strengthen inter-agency coordination and data sharing. It welcomed the steady implementation of the tax automation system (TaxPro Max) by the Federal Inland Revenue Service (FIRS) and recommended stepping up efforts to further expand coverage under a well-designed roadmap and strengthen taxpayer segmentation centering on the Large Taxpayer Offices (LTOs).

REMOVE PETROL SUBSIDY PERMANENTLY

It also advised Nigeria to remove fuel subsidies and address oil theft as a major step to narrowing the fiscal gap. The fund advised that as a near-term priority, there is an urgent need to remove fuel subsidies fully and permanently, which disproportionately benefit the well-off, by mid-2023 as planned. “The government should also prioritise addressing oil thefts and governance issues in the oil sector to restore production to pre-pandemic levels. Step up implementation of tax administration reforms,” it said.

Share74Tweet46Send
Emem Unwana

Emem Unwana

Related Posts

Business

Old Naira notes: Nigerians will lose hard-earned money over CBN’s deadline – Experts

January 25, 2023

Economic experts have said Nigerians would lose their hard-earned money over the Central Bank of Nigeria’s refusal to extend the January 31 deadline for phasing out N200, N500 and N1000 notes. Recall that the Governor of CBN, Godwin Emefiele,...

CBN disbursed N75.9b loan to farmers in two months
Business

CBN injects $15.3bn to stabilise naira

January 17, 2023

The Central Bank of Nigeria injected $15.3bn into the economy to stabilise the value of the naira from January to October, 2022. This was obtained in the banking sector regulator’s monthly and quarterly economic reports on foreign exchange market...

Old naira notes: No extension, January 31 deadline stands — CBN
Business

Old naira notes: No extension, January 31 deadline stands — CBN

January 10, 2023

THE Central Bank of Nigeria (CBN) has reiterated that the deadline for exchange of the old Naira notes for new ones remains January 31, 2023. In its official twitter handle @cenbank, on Friday, the apex bank wrote, “The current...

We’ve been borrowing to fund petrol subsidy — Finance Minister
Business

We’ve been borrowing to fund petrol subsidy — Finance Minister

January 5, 2023

Minister of Finance, Budget and National Planning, Mrs. Zainab Ahmed, said yesterday that the Federal Government was borrowing money to fund petrol subsidies, insisting that the subsidy regime had become totally unsustainable. Ahmed, who disclosed this at the public...

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Categories

  • Business (63)
  • Career (31)
  • Entertainment (21)
  • Fashion (1)
  • Health (31)
  • Infographics (2)
  • International (17)
  • Lifestyle (23)
  • News (461)
  • Opinion (18)
  • Politics (88)
  • Security (110)
  • Sports (43)
  • Technology (18)
  • Travel (11)
  • Uncategorized (28)
  • Wazobia (1)

Popular

  • ADEBOWALE YEMI AND HIS HATCHET MAN’S JOB ON BICHI

    243 shares
    Share 97 Tweet 61
  • Anambra State Governor ‘Moves Against IPOB’, Declares Curfew in 7 LGAs

    185 shares
    Share 74 Tweet 46
  • Nigeria’s contract with Peseiro, new Super Eagles coach

    185 shares
    Share 74 Tweet 46
  • Socioeconomic Devt – Expert harps on activism hinged on discipline

    186 shares
    Share 74 Tweet 47
  • WILL AYU RESIGN AFTER THE EMERGENCE OF ATIKU ABUBAKAR AS THE PDP FLAG BEARER

    185 shares
    Share 74 Tweet 46
4
2
1
6

  • 9jayarn
  • Privacy Policy
  • Contact Us
  • About Us

© Copyright 2022 9jayarn

No Result
View All Result
  • Home
  • News
  • Politics
  • Security
  • Opinion
  • Sports
  • Technology
  • About Us
  • Contact Us