The central parity rate of the Chinese currency renminbi, or the Yuan, weakened 22 pips to 7.1870 against the dollar on Monday.This is according to the China Foreign Exchange Trade System.In China’s spot foreign exchange market, the Yuan is allowed to rise or fall by two per cent from the central parity rate each trading day.

The central parity rate of the Yuan against the dollar is based on a weighted average of prices offered by market makers before the opening of the interbank market each business day. (Xinhua/NAN)

The Oyo State Stakeholder Forum says Chairman of Federal Inland Revenue, Mr  Zeech Adedeji, will revamp Oyo State Internally Generated Revenue (IGR) if contests and wins the 2027 governorship election.

Mr Jelili Akande, the convener of the Forum, said this at a news conference in Abuja on Tuesday.

According to him, as Governor, Adedeji will modernise Oyo State’s tax administration system, making it more inclusive, transparent, and technology-driven.

“His strategy will involve the deployment of innovative tools to identify untapped revenue streams, expand the tax base, and ensure that every taxable entity contributes fairly to the state’s development’’, he told newsmen.

He said central to the transformation would be a shift from the traditional reliance on federal allocations to a robust IGR framework.

According to him, by leveraging data analytics and automation, Adedeji would aim to reduce leakages, improve compliance, and make the tax process seamless for individuals and businesses alike.

Akande urged the state government to embrace the template of FIRS chairman to improve the IGR.

He said Adedeji’s tenure at FIRS was marked by strategic reforms that had improved efficiency and transparency.

“Key among these achievements is the introduction of a digital tax filing system, which has streamlined tax processes and minimised leakages.

“This technological transformation has made compliance easier for businesses and individuals alike, leading to a significant increase in tax revenues,’’ he said.

According to him, Adedeji championed public-private-partnerships to create awareness about tax compliance, ensuring that more businesses became part of the formal economy.

He said the FIRS boss’s efforts had not only widened the tax net but had also restored public confidence in how tax revenues are utilised. (NAN)

The Nigerian equity market on Friday closed the week on a negative note, recording N168 billion loss for investors.

Losses in Seplat, Guaranty Trust Holding Company, Oando Plc, among other declined stocks dragged the market performance down.

Specifically, the market capitalisation which opened at N59.

275 trillion, lost N168 billion or 0. 28 per cent, to close at N59.107 trillion.

The All-Share Index also shed 0.

28 per cent or 277 points,to close at 97,506.87, against 97,783.81 recorded on Thursday.

As a result, the Year-To-Date return decreased to 30.40 per cent.

Market breadth also closed negative with 26 losers and 22 gainers.

Regency Alliance Insurance led the losers table by 5k to close at 46k per share, while Haldane McCall led the losers’ table by 54k to close at N6.

20.per share.

Analysis of the market activities showed trade turnover settled higher relative to the previous session, with the value of transactions up by 39.51 per cent.

A total of 515.49 million shares valued at N15.08 billion were exchanged in 7,554 deals, compared with 632.74 million shares valued at N10.81 billion traded in 8,404 deals, posted in the previous session.

Meanwhile, FBN Holdings led the activity chart in volume with 126.02 million shares, while Seplat led in value of deals worth N7.74 billion.(NAN)