Wednesday, April 14African Business News
Shadow

Tag: Aminu Gwadabe

ABCON calls for suspension of taxes, tariff hike

ABCON calls for suspension of taxes, tariff hike

Business
Association of Bureaux De Change Operators of Nigeria (ABCON), has called on the Federal Government to suspend all increases in taxes and tariffs until the economy recovers from the impact of the COVID-19 pandemic. The Association made this call in its Quarterly Economic Review for the second quarter of the year (Q2 2020). While commending the recent decision to suspend the proposed hike in electricity tariff, ABCON urged that the same decision should be extended to the proposed increases in taxes, stressing that shortfalls in the budget as a result of the suspension should be covered with COVID-19-related donations. ABCON said: “Most importantly, the government should as a major policy during this COVID-19 recovery period suspend any imposition or increase in taxes. Instead, such...
Traders, speculators may suffer losses as BDCs resume operations

Traders, speculators may suffer losses as BDCs resume operations

Business
The Association of Bureaux De Change Operators of Nigeria (ABCON), has warned its members and forex speculators mounting pressure on the naira to stop such activities or risk losing their money. ABCON President, Aminu Gwadabe, who disclosed this yesterday, in Lagos, said the Central Bank of Nigeria, CBN-licenced Bureaux De Change (BDCs) will soon start full operations as the apex bank seeks to re-open dollar sales to operators. According to Gwadabe, with the CBN’s planned lifting of moratorium on dollar sales to BDCs, reopening of the airports for air travels, global ease on restriction of movement are positive indications that dollar flows to the economy will soon improve. He said the naira was yesterday evening exchanging at N461/$ at the parallel market, but...