<div><img width="300" height="198" src="https://www.naijanews.com/wp-content/uploads/2021/11/Naira-hits-strong-against-dollar-300x198.jpg" class="attachment-medium size-medium wp-post-image" alt="" style="margin-bottom: 15px;" decoding="async" fetchpriority="high" srcset="https://www.naijanews.com/wp-content/uploads/2021/11/Naira-hits-strong-against-dollar-300x198.jpg 300w, https://www.naijanews.com/wp-content/uploads/2021/11/Naira-hits-strong-against-dollar.jpg 446w" sizes="(max-width: 300px) 100vw, 300px" /></div>
<p>The Nigerian currency, the Naira, experienced a significant depreciation yesterday, dropping to ₦1,365 per dollar in the parallel market from ₦1,320 per dollar on Tuesday. Naija News reports that the decline was mirrored in the Nigerian Foreign Exchange Market (NAFEM), where the Naira fell to ₦1,402.67 per dollar, according to data from the Financial Markets […]</p>
<p>The post <a href="https://www.naijanews.com/2024/05/03/naira-depreciates-to-%e2%82%a61365-in-parallel-market/">Naira Depreciates To ₦1,365/$ In Parallel Market</a> appeared first on <a href="https://www.naijanews.com">Naija News</a>.</p>
The Nigerian currency, the Naira, experienced a significant depreciation yesterday, dropping to ₦1,365 per dollar in the parallel market from ₦1,320 per dollar on Tuesday.
Naija News reports that the decline was mirrored in the Nigerian Foreign Exchange Market (NAFEM), where the Naira fell to ₦1,402.67 per dollar, according to data from the Financial Markets Dealers Quotations (FMDQ).
This latest depreciation marks a noticeable shift in the forex market dynamics.
The naira lost ₦11.71 in the official NAFEM rates, rising from ₦1,390.96 to ₦1,402.67 per dollar in just one day.
Such movements highlight ongoing volatility in Nigeria’s foreign exchange markets amidst various economic pressures.
The gap between the parallel market and the NAFEM rates has also seen a dramatic adjustment. On Tuesday, the margin stood at ₦70.96, but it narrowed down to ₦37.67 by Wednesday.
This reduction in the disparity between the two rates suggests a tightening in the forex market, possibly influenced by increased activities or interventions by financial authorities.
The continued depreciation of the Naira raises concerns among businesses and households already grappling with inflation and rising costs of living. It also poses challenges for the Central Bank of Nigeria (CBN) in its efforts to stabilize the currency and manage the broader economic implications.
<img src="https://www.mtlblog.com/media-library/canada-tax-return-concept-with-canada-revenue-agency-envelope-and-canadian-dollars.jpg?id=60028786&width=1200&height=800&coordinates=93%2C0%2C94%2C0"/><br/><br/><p>While most Canadians stick to the basics when filing their annual tax return, the <a href="https://www.mtlblog.com/tag/canada-revenue-agency" target="_blank">Canada Revenue Agency (CRA)</a> allows for a surprising number of unusual (but totally legal) deductions — if you know where to look.</p><p>After giving MTL Blog the lowdown on the most bizarre federal <a href="https://www.mtlblog.com/surprising-bizarre-federal-tax-deductions" target="_blank">tax deductions to claim on your personal income tax return in 2023</a>, H&R Block spokesperson Yannick Lemay has confirmed an updated list of this year's weirdest and most surprising deductions for the 2024 tax season.</p><p>So before you hit submit on your return (<a href="https://www.mtlblog.com/quebec-tax-deadline-missed" target="_blank">the deadline is April 30</a>), you might want to double-check if any of these 11 unexpected write-offs apply to you.</p><h3>Marijuana</h3><br/><p>No, your weekend stash doesn't count. But if you have a valid medical document from a healthcare professional and buy your cannabis from a licensed provider, it's eligible as a medical expense. You'll need to be registered with that provider, but the <a href="https://www.canada.ca/en/revenue-agency/services/tax/individuals/topics/about-your-tax-return/tax-return/completing-a-tax-return/deductions-credits-expenses/lines-33099-33199-eligible-medical-expenses-you-claim-on-your-tax-return/details-medical-expenses.html#mrjn" target="_blank">CRA has confirmed</a> this one is fair game.</p><h3>Spray tans and fake eyelashes</h3><br/><p>According to an <a href="https://www.hrblock.ca/en/blog/canadas-most-embarrassing-tax-questions-answered" target="_blank">H&R Block blog post</a> titled "Canada's most embarrassing tax questions, answered," you might be able to write off things like spray tans, bikini waxes, or even eyelash extensions — but only if they're essential to your job and not just for personal upkeep.</p><p> For example, if you're involved in professional modelling, acting, or promotional work that specifically requires those services for a shoot or appearance, the CRA may consider them valid expenses. That said, you'll need official confirmation from your employer. A <span style="box-sizing: border-box; margin: 0px; padding: 0px;">completed<a href="https://www.canada.ca/en/revenue-agency/services/forms-publications/forms/t2200.html" target="_blank"> T2200 form </a>is also</span> required to show that covering these costs is a condition of your employment.</p><h3>Sunglasses and swimming goggles</h3><br/><p>But only if they're prescription, in which case both are eligible for the medical expense tax credit.</p><p> This is a good one to keep in the back of your mind for the future. If you're thinking of getting a new pair of shades or swim goggles and you have a diagnosed vision impairment, you might as well make them prescription so you can claim them.</p><h3>Vitamins</h3><br/><p>Well, more specifically, Vitamin B12... and only if prescribed as "therapy for a person with pernicious anemia (either by injection, pills or other methods)," according to the <a href="https://www.canada.ca/en/revenue-agency/services/tax/individuals/topics/about-your-tax-return/tax-return/completing-a-tax-return/deductions-credits-expenses/lines-33099-33199-eligible-medical-expenses-you-claim-on-your-tax-return/details-medical-expenses.html#mrjn" target="_blank">Government of Canada</a>. </p><p>The weirdest part is that absolutely no other vitamins or supplements are eligible to be claimed as medical expenses, so it's a pretty niche benefit. If you have pernicious anemia, this one's for you.</p><h3>Condoms</h3><br/><p>As odd as it may sound, yes, in certain situations, even <a href="https://www.hrblock.ca/en/blog/canadas-most-embarrassing-tax-questions-answered" target="_blank">condoms can qualify as a legitimate business expense</a>. According to <a href="https://www.canada.ca/en/revenue-agency/services/tax/businesses/topics/sole-proprietorships-partnerships/business-expenses.html?utm_source=chatgpt.com" target="_blank">the CRA</a>, any purchase that's considered a reasonable cost directly tied to earning income may be tax-deductible, including the GST/HST you paid on it. </p><p>So, if you run an adult production company where such items are essential to your operations, they could very well make the list.</p><h3>Digital news subscriptions</h3><br/><p>You can claim a credit for digital news subscriptions, but only if the outlet is on the <a href="https://www.canada.ca/en/revenue-agency/services/tax/individuals/topics/about-your-tax-return/tax-return/completing-a-tax-return/deductions-credits-expenses/deductions-credits-expenses/digital-news-subscription/list-qualifying-digital-news-subscriptions.html#wb-auto-4" target="_blank">CRA's approved list</a>. </p><p>The credit covers 15% of what you spent, up to a maximum of $500. If you share the subscription with someone else, like a roommate or partner, you can split the credit between you, as long as the total doesn't go over the limit.</p><h3>Lingerie</h3><br/><p>Strippers are known for taking off their clothes, but buying those outfits could actually be a tax write-off.</p><p>Clothing usually doesn't qualify as a business expense, so the designer jeans you bought for your 9-to-5 likely won't make the cut. But if you're a performer and your outfits are strictly for work, like costumes used on stage or in production, they may be deductible. </p><p>The key is that they can't double as everyday wear.</p><h3>Firefighting</h3><br/><p>Being a firefighter will get you a tax deduction, but only if <a href="https://www.canada.ca/en/revenue-agency/services/tax/individuals/topics/about-your-tax-return/tax-return/completing-a-tax-return/deductions-credits-expenses/line-31220-volunteer-firefighters-amount-line-31240-search-rescue-volunteers-amount.html" rel="noopener noreferrer" target="_blank">you're a volunteer</a>. You can claim up to $6,000 (previously $3,000) for the volunteer firefighters' amount or search and rescue volunteers' amount, but not both. </p><p>Also, you must have completed 200 hours of eligible volunteering at either service.</p><h3>Food (but only if you're burning serious calories)</h3><br/><p>Claiming lunch as a business expense is usually a no-go, unless you're a bike or foot courier.</p><p>In a <a href="https://taxinterpretations.com/content/356370?utm_source=chatgpt.com" target="_blank">1998 case</a>, a bike courier convinced the Federal Court that the extra food he ate for energy was a legit business expense — like gas for a car. The CRA doesn't usually allow food write-offs, but this ruling set a rare precedent.</p><p>So, if you're burning a ton of calories at work, your snacks might be claimable. Just be ready to defend it.</p><h3>Crutches</h3><br/><p>While you'd probably only buy crutches if you really needed them, you can claim them without a doctor's note. That means even if you picked up a pair of crutches for a costume or to pull off a prank, they can still qualify as a medical expense under the <a href="https://www.canada.ca/en/revenue-agency/services/tax/individuals/topics/about-your-tax-return/tax-return/completing-a-tax-return/deductions-credits-expenses/lines-33099-33199-eligible-medical-expenses-you-claim-on-your-tax-return/details-medical-expenses.html#mrjn" target="_blank">CRA's guidelines</a>. Strange, but true.</p><h3>Living with your parents</h3><br/><p>This might not be exactly what you're thinking...</p><p>But if you've renovated your home to add a separate suite for a senior or adult with a disability — like an aging parent — you could qualify for the <a href="https://www.canada.ca/en/revenue-agency/services/tax/individuals/topics/about-your-tax-return/tax-return/completing-a-tax-return/deductions-credits-expenses/multigenerational-home-renovation.html" target="_blank">Multigenerational Home Renovation Tax Credit</a>. It's a refundable credit of up to $7,500 (15% of up to $50,000 in renovation costs). To be eligible, the space must be self-contained (with its own entrance, kitchen, bathroom, and bedroom), and the relative needs to live there within 12 months of the work being done.</p><p><em><br/></em></p><p><em><br/></em></p><p><em><br/></em></p><p><em><br/></em></p><p><em><br/></em></p><p><em><br/></em></p><p><em><br/></em></p>
Less than six months ago, after an inappropriate amount of research, I bought a new toaster for $30. My old toaster had died, as old toasters do, and I wanted to buy one cheap enough that I wouldn’t be mad when I had to replace it. If President Donald Trump’s current 145 percent tariff on […]
