Category: Trade

CBN Grants Banks Authority to Trade Foreign Exchange Freely

14Jun

By adminNo Comments

Economy, Finance, News, Nigeria, Trade

CBN Grants Banks Authority to Trade Foreign Exchange Freely

In a significant development, the Central Bank of Nigeria (CBN) has issued authorization to commercial banks, allowing them to engage in the unrestricted trading of foreign exchange at market-determined rates. This move effectively empowers banks to sell forex based on prevailing market rates, marking a departure from the previous tightly controlled exchange rate system. Notably, some banks have already set the USD to Naira rate within the range of N699 to N750, indicating that Nigeria is transitioning towards a freely floating exchange rate regime, aligning with President Bola Ahmed Tinubu's commitment to unifying the country's exchange rates. In response to this development, Dr. Andrew Nevin, the Advisory Partner & Chief Economist of PricewaterhouseCoopers (PwC), shared his in...

We’ll Tell Dangote to Provide Forex to Nigeria at Good Rates – Emefiele

25May

By adminNo Comments

Economy, Finance, Lagos News, News, Nigeria, Petroleum, Trade

We’ll Tell Dangote to Provide Forex to Nigeria at Good Rates – Emefiele

The Central Bank of Nigeria (CBN) Governor, Mr Godwin Emefiele, has disclosed that the Dangote Refinery will be encouraged to sell foreign exchange earnings to banks at a good rate. Speaking after the 291st Monetary Policy Committee (MPC) meeting in Abuja, Emefiele stated that his team would engage with Alhaji Aliko Dangote, the promoter of the refinery, to ensure that Nigerians benefit from the venture. He noted that the CBN, the Federal Government, and the country had helped Dangote set up the refinery, adding that with local refining, the country would save about 20 per cent of the total cost of importing petroleum products, thereby reducing prices in the long run. Emefiele expressed optimism that the refinery would ease foreign exchange scarcity in Nigeria, adding that by the time ...

Ibikunle Amosun Denies Allegations Over Dangote Refinery Relocation

25May

By adminNo Comments

Economy, Employment, Labour, News, Nigeria, Petroleum, Trade

Ibikunle Amosun Denies Allegations Over Dangote Refinery Relocation

The former Governor of Ogun State, Senator Ibikunle Amosun, has refuted claims by his successor, Dapo Abiodun, that he was responsible for the relocation of the $19bn Dangote refinery from Ogun to Lagos State. In a statement issued through his media aide, Bola Adeyemi, Amosun labelled Abiodun's allegations as "lies." He argued that the decision to move the refinery was made by Alhaji Aliko Dangote himself according to his business strategy and risk assessment. Amosun also clarified that the Olokola Free Trade Zone project was a Joint Venture between the Federal Government of Nigeria (which owned the majority 51%), Ondo State Government (14.5%), Ogun State Government (14.5%), strategic core investors (20%), and Alhaji Aliko Dangote who subsequently bought and took over the 20% equity...

‘Sole Legal Tender is Cedi’ Ghana Bans Spending in Foreign Currencies

11Apr

By Guest ContributorNo Comments

African Development, Economy, Ghana, News, Trade

‘Sole Legal Tender is Cedi’ Ghana Bans Spending in Foreign Currencies

The Ghanaian government has banned spending and transaction of businesses in foreign currencies in the country. The Central Bank of Ghana, which disclosed this in a statement Thursday, warned citizens and companies to stop transacting business, pricing goods and services and advertising in foreign currencies. According to the country’s apex bank, it is illegal for individuals, companies, institutions, and others to engage in foreign exchange business without an appropriate licence from the regulator. Dr. Ernest Addison Governor Bank of Ghana “Engaging in foreign exchange business without a licence issued by Bank of Ghana; or pricing, advertising, receipting or making payments for goods and services in foreign currency in Ghana, without written authorisation from Bank of G...

Naira slides ahead of Yuletide, exchange for 570/dollar

15Dec

By Obiajulu Joel NwoluNo Comments

Economy, Finance, News, Nigeria, Trade

Naira slides ahead of Yuletide, exchange for 570/dollar

The naira continued its downward trend as the dollar was sold for N570 in the parallel market on Tuesday. Operators, who spoke to our correspondent, said the dollar was bought and sold for N567 and N570 respectively on Tuesday, compared to N550 and N555 three weeks earlier. Some Bureau de Change Operators attributed the further fall in the value of the naira to an increase in the demand for the greenback. Read Also: Power Generation Drops By 1,119.6MW, Sector’s Growth Falls By 45% The British pound sterling was also bought and sold for N740 and N745. The CBN had in July this year stopped foreign exchange sales to the licensed BDCs, leaving the operators to source for their forex on their own. Prior to the stoppage of the forex sales, the CBN was supplying $10,000 to e...

Respect the Sovereignty of Ghana, Ghana Traders Tell Buhari

14May

By Obiajulu Joel NwoluNo Comments

Ghana, News, Nigeria, Trade

Respect the Sovereignty of Ghana, Ghana Traders Tell Buhari

The Ghana Union of Traders Association has reacted to the ministerial delegation sent by President Muhammadu Buhari of Nigeria to Ghana in a bid to resolve the rift between Ghana and Nigeria traders, describing it as needless. Dr Joseph Obeng, the President of the Association said the country is only ensuring enforcement of its laws and would not soft pedal. Obeng disclosed this in an interview with GhanaWeb. He said, "Their coming here is needless. Their speaker came to Ghana and understood that Ghana is not doing anything badly against their citizens and only enforcing its laws. We will not relent on the pressure we are giving to the government to enforce the laws that are made for the people of Ghana." Obeng further accused the Nigerian government of not respecting the trade...

FG Sends Ministerial Delegation to Ghana to Address Nigeria/Ghanaian Traders Rift

11May

By Obiajulu Joel NwoluNo Comments

Ghana, News, Nigeria, Trade

FG Sends Ministerial Delegation to Ghana to Address Nigeria/Ghanaian Traders Rift

President Muhammadu Buhari has sent a ministerial delegation to Ghana to tackle the persistent rift between Nigerian traders and the Ghanaian authorities. Mr Ifedayo Sayo, the Special Assistant to the Minister of Industry, Trade and Investment, Otunba Adeniyi Adebayo, in a statement said issued on Monday said the minister will lead the delegation to Ghana. The statement said the delegation which compromised of eminent stakeholders would also engage in further dialogue with Ghanaian authorities to find a sustainable solution to the lingering clash, NAN reports. Sayo in the statement said the delegation would undertake the visit between May 31 and June 1, 2021. Recall that the Nigerian traders in Ghana had been having issues with Ghanaian Authorities for several years with record...

Okonjo-Iweala Accepts Apology from Swiss Newspaper over ‘grandmother’ Remarks

1Mar

By Chinedu IbeakanmaNo Comments

Africa, Economy, Trade, United Nations, Women Empowerment

Okonjo-Iweala Accepts Apology from Swiss Newspaper over ‘grandmother’ Remarks

The first woman and first African to lead the World Trade Organization on Monday welcomed an apology from a Swiss newspaper that had dismissed the seasoned international professional as a grandmother. “It is important & timely that they’ve apologised,” Ngozi Okonjo-Iweala said in a tweet. The development economist took over as the new WTO chief on Monday after a long, high-powered career serving as minister of finance and foreign affairs in her native Nigeria and 25 years at the World Bank. But when several Swiss newspapers announced her appointment last month, they decided the most noteworthy thing to mention about the new WTO chief was as a matriarch. “This grandmother will become the boss of the WTO,” read the headline of the article published by the Aargauer Zeitung and...

BREAKING: Midnight Fire guts Rivers Timber Market

25Feb

By Chinedu IbeakanmaNo Comments

Breaking News, Nigeria, Trade

BREAKING: Midnight Fire guts Rivers Timber Market

Shop owners and traders at the Timber Market in the Marine Base axis of Port Harcourt, Rivers State, woke up to see their merchandise all in flames following a midnight fire. It was learnt that the fire started from the casket section of the market about midnight breaking into Thursday, even as those affected said no firefighter has been seen at the sight as of the time of filing this report. Our correspondent, who visited the scene of the inferno about 7;30am, observed that the fire was still seen in some parts of the wood section. One of the victims, Chidi Ogbomma, who sells building materials said, “I was at home around 11:30pm to 12midnight when I was called that there was fire at market. “I don’t know where to start from,” Ogbomma lamented as machines, industrial woods and...

I Was Surprised Trump Opposed My Candidacy – Okonjo-Iweala

16Feb

By Chinedu IbeakanmaNo Comments

Economy, Finance, Interview, News, Nigeria, Trade, Women Empowerment

I Was Surprised Trump Opposed My Candidacy – Okonjo-Iweala

Ngozi Okonjo-Iweala, Nigeria's former Finance Minister, says she was surprised that President Donald Trump's administration could stand in her way of leading the World Trade Organisation (WTO). At a press briefing, the new Director-General of WTO said she did not see it coming. She said she felt she had a good understanding with the US government, which interviewed her about the job twice. "I think I was quite surprised when that came (opposition from Trump) because there was no indication that there was any problem with the US. "I had two good interviews with the authorities and with the administration, so it was a surprise. But that's the way life works. When things happen, you take them in your stride and you move on. "It was wonderful when the Biden/Harris administration b...