For a business entity to commence exporting in Nigeria, certain requisite licenses are needed, which are provided by a recognized regulatory authority, the Nigerian Export Promotion Council. They are saddled with registering an entity interested in exportation activities. Below are the criteria to be satisfied before starting exportation activities in Nigeria. Business Registration: Any business…
The national currency of a country is the country’s legal tender, which is used as a medium of exchange, store of value, and unit of account. The performance of these functions is to the exclusion of other currencies within the country’s territorial boundaries. Nigeria, as a foreign State by virtue of the preamble to the…
The Central Bank of Nigeria’s (CBN) circular has created chaos and uncertainty within the Nigerian community especially with those who deal in cryptocurrency in their day-to-day business activities. It is pertinent to note that from this circular, the CBN has only prohibited the dealings and/or facilitations of payment with cryptocurrency through regulated institutions such as…
Generally, for a foreign company to carry on business in Nigeria, such foreign company is required to incorporate a separate entity for that purpose in Nigeria, and except a foreign company incorporates a separate entity in that regard such foreign company shall not carry on business in Nigeria or exercise any of the powers of…
On Tuesday, 5th March, 2024, Binance Holdings Limited, colloquially known simply as “Binance” made the unequivocal announcement of their intention to exit from the Nigerian financial market.1 This announcement comes against the backdrop of what is perceived by crypto-pundits as an uneasy relationship between cryptocurrency’s operation in Nigeria, (particularly with Binance as we will come…
There are directives from the Central Bank of Nigeria (CBN) and the Corporate Affairs Commission requiring operators of the Point of Sale (PoS) business to register with the CAC before July 4, 2024. There is also a directive from the CAC mandating all Skit makers with large followers on the social media platforms to register…
The recent closure of Microsoft’s Africa Development Centre (ADC) in Lagos, Nigeria, has sparked debate about Central Bank of Nigeria (CBN) policies’ role in shaping foreign companies’ business climate. While a definitive reason for the closure remains unclear, some speculate it’s linked to an unfavourable business environment potentially influenced by CBN policies. This article examines…