Naira To Dollar Exchange Rate Hits New Value At Parallel Market

Nigeria’s currency, the Naira, has recorded a new low value against the US Dollar at the parallel market.

Reports obtained by Naija News showed that the Naira was exchanged yesterday at ₦1,510 per dollar in the parallel market.

The previous day, the Naira was exchanged for ₦1,485 per dollar.

However, according to data from FMDQ, the Nigerian Foreign Exchange Market (NAFEM) witnessed a positive development as the Naira strengthened to ₦1,499.07 per dollar.

This represents a significant appreciation of N35.32 compared to the previous rate of ₦1,534.39 per dollar on Monday.

As a result, the gap between the official and parallel market exchange rates narrowed to N10.93 per dollar, a considerable improvement from the N49.39 per dollar recorded on Monday.

Social Media Influencers, Content Creators Must Register, Pay Taxes – CAC

Meanwhile, in compliance with the Company and Allied Matters Act 2020, the Corporate Affairs Commission (CAC) has called on social media content creators, Instagram users, and TikTok users with a sizable following to register their enterprises with the commission.

This comes in the wake of reports that the Federal Inland Revenue Services is preparing to integrate influencers and media content creators into its tax system.

Naija News reports that the CAC registrar made this call while receiving the Managing Director, Opay, Dauda Gotring, and his team in Abuja.

According to the CAC head, social media and content creators are making a lot of money without making any tax payments to the federal government.

Magaji said, “Ignorance of the law is not an excuse. It is stated in the Company and Allied Matters 2020 that for any business to take place in Nigeria, whether you are doing business with your name or another name, you must surrender your business for registration.

“If you are a content creator on the internet and you have a large followership and you are gaining or making money from it, you must register and that’s the provision of the law.

“And we are all out to enforce the provision of the law with its penalties. This cannot go on, these groups of people are under mandate to register as a business considering the amount they make from the content creation. The government is all out to ensure every business in Nigeria, no matter what or how, is registered with the CAC.”