The Nigerian Senate (upper house of parliament) approved the Finance (Amendment) Bill 2024 on 25 July 2024, which provides for the introduction of a windfall tax on profits realized from all foreign exchange transactions by banks in the financial year 2023. The bill was approved earlier by the National Assembly (lower house). The approved windfall tax is imposed at a rate of 70% on foreign exchange profits, up from the originally proposed 50%. Further details on the implementation of the windfall tax will be published once available.