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SEC Gives Reasons for Crypto Assets Regulation

12Feb

By Obiajulu Joel NwoluNo Comments

Finance, News, Nigeria, Safety, Trade

SEC Gives Reasons for Crypto Assets Regulation

The Securities and Exchange Commission, SEC, has defended its decision to regulate crypto assets saying it was informed by the growing volume of reported flows within the digital asset space. The chief regulator of the country’s capital market, had in September, 2020 designated digital assets, including crypto assets, as securities, noting it would regulate them. It was followed by the order of the Centra Bank of Nigeria, CBN, to banks and other financial institutions in the country last Friday to shut down all cryptocurrency accounts. SEC in a communique issued on Thursday said it had received several comments and inquiries from the public on a perceived policy conflict between its September 11, 2020 statement on digital assets and classification and treatment and the CBN circula...

Slash on Imported Vehicles’ Duties Commences Next Week – Customs

27Jan

By Obiajulu Joel NwoluNo Comments

Finance, News, Nigeria, Trade, Transportation

Slash on Imported Vehicles’ Duties Commences Next Week – Customs

The Nigeria Customs Service, NCS, has said the reduction in the duties on vehicles and tractors from 35 to about 10 per cent might begin next week. This was disclosed by the Comptroller-General of Customs, Hameed Ali, in a chat with reporters in Abuja, noting that service was anticipating an official communication from the finance ministry on the issue any moment from now. Ali said the vehicle tariff reduction, as contained in the 2020 Finance Act, was initiated by the NCS to ease the cost of transportation in Nigeria. He said, “We are the proponents of the new tariff. I’ve been torn apart by many people criticising it, saying I used my connection to get it done. But it is in the overall interest of Nigeria. “Now, it has become a law. We are now waiting for the finance minister...

CBN Predicts Further Depreciation of the Naira in January 2021

27Dec

By Obiajulu Joel NwoluNo Comments

Economy, Finance, News, Nigeria, Trade

CBN Predicts Further Depreciation of the Naira in January 2021

The Central Bank of Nigeria has said that a survey conducted by its Statistics Department showed that the naira is projected to further depreciate in January next year. According to the report titled, ‘December 2020 Business Expectations Survey Report’, there might also be a steady rise in the interest rate from December till the next six months, Punch reports. Nigeria’s currency fell to its lowest on November 30, 2020, when it exchanged for N500/$1. Since then, the dollar has been lingering between N460 and N470. As of Friday, however, one dollar exchanged for N465 in the parallel market. Recall that the Nigerian economy fell into its second recession in five years on November 21, 2020. Reports say the recession is the worst in 36 years, according to the data obtained from the Wo...

Diaspora Remittances: CBN Threatens Sanctions Against Operators Paying Local Currency

17Dec

By Obiajulu Joel NwoluNo Comments

Economy, News, Nigeria, Trade

Diaspora Remittances: CBN Threatens Sanctions Against Operators Paying Local Currency

The Central Bank of Nigeria has cautioned operators against paying recipients of diaspora remittances in the local currency rather than foreign currency. The apex bank threatened to strip violators of their operational licences if they failed to comply with its remittance guidelines. It disclosed this in a circular to International Money Transfer Operators and Payment Services on Wednesday signed by the director, trade and exchange department, and the director, payments system management department. According to the circular, all licensed institutions are required to comply with the guidelines on remittances as contraventions will attract stiff regulatory sanction including revocation of licence. The circular was titled, ‘Receipt of diaspora remittances: Additional operational ...

8Dec

By Chinedu IbeakanmaNo Comments

Africa, Breaking News, Economy, News, Nigeria, Press Statement, Trade

President Buhari To Reopen Borders Soon

President Muhammadu Buhari, on Tuesday, had a closed door meeting with the nation’s 36 state governors on the security challenges across the country. He explained that the closure of the nation’s land borders was partly an attempt to control the smuggling of weapons and drugs. African News Today had earlier reported that state governors did not speak with State House correspondents at the end of the meeting held at the Presidential Villa, Abuja. The Presidency has now issued a statement quoting Buhari as asking the state governors to work more with traditional rulers and community members to improve local intelligence gathering that will aid the work of security agencies. The statement issued by the Senior Special Assistant to the President on Media and Publicity, Garba Shehu, wa...

6Nov

By Chinedu IbeakanmaNo Comments

Breaking News, Communication, Economy, Finance, Nigeria, Trade, United States of America

WTO Postpones Meeting to Pick New DG

The World Trade Organisation on Friday postponed a meeting where members are expected to pick a new Director-General. The postponement is coming days after the United States declined to support the favored candidate, Ngozi Okonjo-Iweala. The organization earlier announced that the meeting would hold next week but a communication sited by AFP showed that the meeting has been postponed indefinitely. “It has come to my attention that for reasons including the health situation and current events, delegations will not be in a position to take a formal decision on 9 November,” the head of the selection committee told member states. “I am therefore postponing this meeting until further notice during which period I will continue to undertake consultations with delegations,” he added....

Opinion: 5 Reasons Why President Trump won’t Support Okonjo-Iweala as Next WTO Director General – Blessing Mene

31Oct

By adminNo Comments

Africa, China, Economy, Features, Finance, Nigeria, Trade, United States of America, Women Empowerment

Opinion: 5 Reasons Why President Trump won’t Support Okonjo-Iweala as Next WTO Director General – Blessing Mene

This is an opinion article by Blessing Mene. People who want Okonjo-Iweala to become the next WTO Director-General mostly are excited about the prospect of the first female & African to lead the WTO. But President Trump doesn't think that way, here are five secret reasons why President Trump won't support Okonjo-Iweala: 1. He thinks from the perspective of Nationalism and his biggest interest is to have a WTO leader who will stand up to China and other countries leveraging loopholes in the WTO to supposedly "take advantage" of America. Look at how Trump is reshaping to the US Supreme Court and Federal Courts. 2. President Trump's a radical conservative who is currently looking to end the influence of liberals and globalism. That's why he got elected in the first place. He doesn'...