Central Bank’s Naira float boosts Government revenue to N581.71 Billion in FX

Central Bank’s Naira float boosts Government revenue to N581.71 Billion in FX …C0NTINUE READING HERE >>>

The Nigerian government generated N581.710 billion in revenue from foreign exchange differences in July 2024, as per the Federation Account Allocation Committee’s July communique.

 

It was reported that federal, state, and local governments received a total allocation of N1.358 trillion for July 2024. This allocation is part of the N2.613 trillion total gross revenue for the period under review.

 

Foreign exchange differentials, which are the income accrued to the government or banks holding foreign currency reserves due to differences between the sale and purchase rates of foreign exchange, contributed N581.710 billion to the N1.358 trillion disbursed in July.

 

The revenue was also drawn from various sources, including statutory revenue of N161.593 billion, value-added tax revenue of N528.307 billion, N18.818 billion from the Electronic Money Transfer Levy (EMTL), and N13.647 billion.

 

It’s worth noting that on June 14, 2023, the Central Bank of Nigeria floated the naira, resulting in the currency’s value dropping from N477 per dollar to N1,579.89 by that Friday.

>