0 CBN ADJUSTS EXCHANGE RATE SLIGHTLY

The Central Bank of Nigeria on made a slight adjustment to its naira-dollar exchange rate peg, 

The bank adjusted the rate at which it sold the United States dollar from N197 to N196.95,Reuters reports.

Prior to This action, the rate had been oscillating between N197 and N199 for a few months.

The naira had traded on thin volumes at 198.95 to the dollar on the interbank market on, before two large sales totalling $36.4m were done at N196.95 towards the close of the forex market, foreign exchange dealers said.

0 1st QUARTER EARNINGS FROM TAXES FALLS TO N756.7 BILLION BELOW TARGET

A total sum of N756.7bn was earned by the country from taxes in the first three months of this year, figures obtained from the Federal Inland Revenue Service have revealed.

The tax income figures for the first quarter was prepared by the Planning, Reporting and Statistics Department of the FIRS and were obtained by our correspondent on Thursday.

The document stated that the N756.7bn was N264.8bn lower than the 2014 quarterly target of N1.02tn, which was set by the Federal Government.

A breakdown of the N756.7bn showed that N368.59bn, representing 48.71 per cent, was generated through Petroleum Profit Tax, while the balance of N388.11bn, representing 51.29 per cent, was earned from non-oil taxes.

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