Nigerian President Bola Tinubu is introducing a one-time 50% tax on banks’ windfall profits due to significant currency gains following last year’s naira devaluation. This tax follows directives from Nigeria’s central bank, which had instructed banks to retain substantial gains as a buffer after Tinubu relaxed FX rules, causing the naira to plummet by about 70% against the USD from its level before June 2023.