Nigeria's headline inflation maintained its uptrend, as it expanded by 40bps in August 2020 to 13.22% y/y (July: 12.82%), the twelfth consecutive month of increase and the highest reading in 28 months. The outturn was 13bps higher than Cordros' estimate (13.09% y/y)
In Chief J.W. Ellah " Sons Company Ltd v FIRS and Essay Holdings Ltd v. FIRS decided by the Tax Appeal Tribunal (TAT) in Benin and Lagos Zones respectively, the TAT delivered conflicting decisions on whether commercial leases are subject to Value Added Tax (VAT).
It's been a busy month for oil markets, with a build-up of bearish news sending oil prices crashing at the start of the month, only for prices to rally again this week.