Tag: Trade

Naira slides ahead of Yuletide, exchange for 570/dollar
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
Business, Ghana, News, Nigeria, Politics, 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
Business, Ghana, News, Nigeria, Politics, 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
Africa, Economy, Trade, United Nations, Women Empowerment, World

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...
SEC Gives Reasons for Crypto Assets Regulation
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
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
Business, 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...
President Buhari To Reopen Borders Soon
Africa, Breaking News, Business, Economy, News, Nigeria, Politics, 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...