Nigerian banks are in a tango with the Federal Inland Revenue Service (FIRS) over how much should be paid in a one-off foreign exchange windfall tax, two weeks after an initial deadline elapsed.
President Bola Tinubu last July sought lawmakers’ approval for a 50 percent tax on banks’ realised foreign exchange gains following the naira devaluation in 2023.
Both chambers of parliament passed the bill seeking the one-off tax, with the Senate raising the rate to 70 percent. The banks were to be debited by the CBN on December 31 2024.
The b
