On Wednesday, July 24, the Nigerian Senate approved an amendment to the 2023 Finance Act, which imposes a 70% tax on local banks on exchange gains made since the unification of the exchange rates of naira in June 2023 until the end of 2025 to replenish the state coffers

Les délibérations diffusées sur la chaîne YouTube Of the Senate mention that the chairman of the Senate Finance Committee, Mohammed Sani Musa proposed an initial tax rate on gains from foreign exchange transactions of 50%, but the Upper House of Parliament approved increasing this rate to 70%. For the president, “the levy will be 70% on all profits made on bank transactions linked to the exchange rate”. According to him, “banques they have enjoyed exceptional profits thanks to the federal government's policy of unifying exchange rates and the allocation of foreign currency to banques selected commercial companies”. The Banque Nigerian power plant relaxed exchange controls in June 2023 and again in January 2024, which caused the naira to fall by more than 70% against the dollar, allowing several