The issue of training of exited N-Power beneficiaries has dragged for too long and this time, the Ministry of Humanitarian Affairs, Disaster Management, and Social Development promised that the empowerment of the former batches A and B would commence in October 2021.
Since the Central Bank of Nigeria came into full operation on July 1, 1959, the Director of Currency has always been male until August 30, 2018, when the energetic female banker Priscilla Ekwere Eleje broke that dominance.
As the domino effect at the foreign exchange market which is spearheaded by “Lieutenant-General” Godwin Emefiele continues, the apex bank says its boss would not resign.
The depreciation of the Nigerian currency lately calls for worry, from N199/$1 at the time President Muhammadu Buhari and his APC-led government took over to N576/$1 at the time of publication, it would not be economically palatable for Godwin Emefiele, a successful GMD at Zenith Bank and a former finance lecturer, to leave behind a bitter legacy at Nigeria’s apex bank.
Two days after Abokifx suspended black market rate on its foreign exchange tracking website, Naira has depreciated further.
On Monday, September 20, 2021, $1 was N575 in some parts of Lagos, even as Abokifx removed all the updates on its website, following a threat from the Central Bank of Nigeria (CBN) on Friday, September 17, 2021, to shut down the website.
The payment of five months backlogs owed 9,066 former N-Power beneficiaries in batch A and B amounting to N1,359,900,000 has begun, the Ministry of Humanitarian Affairs, Disaster Management, and Social Development has said.
One of the major non-oil exports that contributed largely to Nigeria’s GDP in the last 10 years is sesame seeds. Its cultivation is popular among Northern farmers in Jigawa, Benue, and more than 20 other growing states.
The latest forex middleweight wrestling between the Central Bank of Nigeria (CBN) and abokifx.com isn’t just dramatic but also shows how the inconsistent foreign exchange policies of Nigeria have created a system that benefited some people to the detriment of the Nigerian economy.
The ban of cryptocurrency by the Central Bank of Nigeria (CBN) on February 5, 2021, gave millions of Nigerians the push to further explore the financial possibilities of digital currencies.
The worst is yet to be heard about the value of Naira going by the recent depreciation from NGN521 on September 1 to NGN570 Thursday, September 16, 2021.
Clearing and forwarding companies can’t be neglected in the supply chain of goods across the border. As such exporters and importers can’t do without them.
A few weeks ago, specifically May 06, 2021, the Central Bank of Nigeria (CBN) insisted that it will continue to block the importation of maize into the country by denying importers access to foreign exchange.
The Cabinet of the United Arab Emirate (UAE) revealed a damning list of sponsors of Boko Haram in Nigeria, a terror group that has killed close to 50,000 Nigerians and displaced more than half of the population in most part of the North-East states, most especially Borno State since it began its operation close to two decades.
The parallel market exchange rate of the US dollar to Naira was N560/N570 at the time of this report.
The market is still trying to adjust to the policy of the Central Bank of Nigeria on fx sales to BDC operators in Nigeria which took place on Tuesday, July 27, 2021.
When the Naira traded at NGN545/$1 on Friday, September 10, 2021, we thought that was the worst for the Nigerian currency.
But NGN/USD has depreciated even further at the close of trading Tuesday, September 14, 2021, it ended the day at NGN557, corroborating our earlier analysis that the NGN was heading to NGN600/USD.
It’s a hard time, most especially for the average people around the World. The trying moment has forced millions of people around the world to seek soft loans to augment the situation.
Export prohibition items are products and goods that are legally banned from being transported outside the country of jurisdiction.
In international trade, a supplier or seller must be guided by trade and export laws in their country of residence and the destination country of goods.
The Godwin Emefiele-led apex bank announced Tuesday, September 14, 2021, that Nigerian International Financial Centre (NIFC) will be established as a measure to boost Foreign Direct Investments (FDI)
In international trade, some items cannot be imported from the producing country to another, Nigeria is no exception. There are some goods that are on the list of the Nigeria Customs Service, a security agency of the government that monitors the movement of goods into and out of the country, which is popularly called contraband.
The movement of products across the border isn’t the same as inter-state trade. The seller can personally deliver an order from Ibadan to Lagos where his customers are based, it isn’t like that in international trade. Because of this, an exporter has to understand the export market before diving in.