Daily Business Reporter

The Nigeria Revenue Service (NRS) has directed Virtual Asset Service Providers (VASPs) and peer-to-peer (P2P) escrow operators to make a valid Tax Identification Number (Tax ID) a mandatory requirement for account activation, significantly tightening tax compliance across Nigeria’s cryptocurrency ecosystem. The requirement is contained in the Guidelines on the Taxation of Virtual Assets, released on […]

  Medium and large companies in Nigeria that generate profits from cryptocurrency and other virtual asset transactions will now be subject to a 30% Corporate Income Tax (CIT) on those gains under new guidelines issued by the Nigeria Revenue Service (NRS). The Guidelines on the Taxation of Virtual Assets, released on Monday through a public

  Quidax, the first digital assets exchange to receive a provisional licence from Nigeria’s Securities and Exchange Commission (SEC), has expanded its stablecoin infrastructure to support transactions across 21 countries and 14 currencies, strengthening its cross-border payment capabilities for startups, fintechs and global enterprises. The company said the expansion is aimed at simplifying the movement

  Nigeria has set itself an ambitious economic target. President Bola Ahmed Tinubu has outlined a vision of building a $1 trillion economy. For investors, businesses and policymakers, this is more than a political aspiration. It is a statement about the future size, competitiveness and investment potential of Africa’s largest economy. Understanding where Nigeria stands

  Nigeria’s digital financial ecosystem now processes more than ₦1.07 quadrillion in electronic payment transactions annually, reflecting the rapid expansion of digital finance across the country. However, this growth has not been matched by a corresponding increase in public confidence. According to a new policy report titled Trust Architecture in Platform-Led Finance: Structural Governance Imperatives

The National Information Technology Development Agency (NITDA) is set to begin licensing technology firms for software testing as part of efforts to standardise IT project implementation across government institutions and regulated private sector organisations. The initiative follows the launch of the National Software Quality Assurance (SQA) Framework, which will require all Federal Government software projects

Royal Exchange Plc has reported a sharp decline in profitability for the first half of 2026, with profit before tax (PBT) falling 94.2% as lower investment income and weaker operating earnings weighed on the financial services group’s performance. According to the company’s H1 2026 unaudited financial statement filed with the Nigerian Exchange (NGX) on Wednesday,

  Nigeria’s foreign exchange market recorded its strongest weekly performance of 2026, with total transactions in the FX Spot and Derivatives markets rising above the $4 billion mark for the first time this year. According to the latest weekly FX market turnover report, total turnover climbed to $4.375 billion in the week ended July 24,

  Former National Coordinator and Chief Executive Officer of the National Social Investment Programme Agency (NSIPA), Halima Shehu, has alleged that ₦3 billion in unspent COVID-19 intervention funds was paid into 11 different accounts without her authorisation or approval. Shehu made the allegation during an interview on Arise Television’s The Morning Show on Monday, July