Saturday, February 27

Tag: Exporters

Naira Slumps Further, Exchanges For 473/$
Business

Naira Slumps Further, Exchanges For 473/$

The naira suffered further setback at the parallel market and Investors and Exporters forex window on Tuesday. According to figures obtained from Bureau De Change operators, the naira exchanged to the dollar for 473/$ at the parallel market. It had earlier gained in recent times after it closed the year 2020 at 467/$. At the I&E window, the naira fell by 0.17 per cent to close at 394/$ on Tuesday. It reached a low of 401 at the I&E window at the close of 2020. The Central Bank of Nigeria however maintained the official exchange rate at N379/$ on its website. The Association of Bureaux De Change Operators of Nigeria recently appealed to the CBN to make BDCs payout agents for diaspora remittances. The President, ABCON, Alhaji Aminu Gwadabe, said the apex bank...
Border Closure: ECOWAS Countries Reject Nigerian Goods
News

Border Closure: ECOWAS Countries Reject Nigerian Goods

Notwithstanding the revenue increase the Nigerian Customs Service, NCS, said it has achieved with the on-going partial border closure, exporters are counting their losses as countries within the Economic Community of West African States, ECOWAS, sub-region have started rejecting Nigerian cargoes, apparently, as a form of retaliation against the land border closure. This latest development, according to the exporters, is gradually crippling their businesses. In a chat with Vanguard Maritime Report, Chief Executive Officer, Multi-mix Academy, an export oriented institution, Dr. Obiora Madu, disclosed that Nigerian exports within the ECOWAS region is decreasing due to the border closure, but he failed to give figures. He stated: “It is definitely impacting negatively on the econo...
Naira Climbs To N360.55/$ As CBN Injects $210 Million
News

Naira Climbs To N360.55/$ As CBN Injects $210 Million

The naira yesterday appreciated to N360.55 per dollar in the Investors and Exporters (I&E) window even as the Central Bank of Nigeria (CBN) injected N210 million into the inter-bank foreign exchange market. Figures obtained from the CBN yesterday showed that authorized dealers in the wholesale segment of the market received $100 million, while the Small and Medium Enterprises (SMEs) segment and customers requiring foreign exchange for invisibles were allocated $55 million each. A statement by the apex bank’s spokesman, Mr. Isaac Okorafor reiterated the CBN’s commitment to continue to boost interbank foreign exchange market to ensure liquidity and stability in the market. Data from FMDQ showed that the indicative exchange rate for the I&E window dropped to N360.55 per doll...
Naira Stable At N364 In Parallel Market
News

Naira Stable At N364 In Parallel Market

The Naira, yesterday, was stable at N364 per dollar in the parallel market. Meanwhile, the naira yesterday appreciated by seven kobo in the  Investors and Exporters (I&E) window due to a 189 percent increase in the volume of dollars traded. Data from FMDQ showed that the indicative exchange rate for the window dropped to N364.15 per dollar yesterday from N364.22 per dollar on Tuesday, translating to seven kobo appreciation of the naira. The volume of dollars (turnover) traded yesterday in the window rose by 189 percent to $390.15million from $134.90 million on Tuesday.
Minister Tasks Agricultural Produce Exporters On Highest World Standards
News

Minister Tasks Agricultural Produce Exporters On Highest World Standards

The Minister of Agriculture and Rural Development, Mr Audu Ogbeh, on Thursday urged exporters to ensure that all agricultural produce for export met the highest global standards. Ogbeh gave the advice at the Flag-0ff of the Nigeria Yam Export organised by the Technical Committee on Nigeria Yam Export and the Federal Ministry of Agriculture and Rural Development in Lagos. According to him, the Federal Government will not condone the embarrassment if yams exported to the UK and US are rejected. “To ensure quality control at every point of the yam production is, therefore, essential. “As a farmer, l will implore my colleagues to check the infidelity among trusted staff and ensure that a bad yam is not added to the consignments for export. “The Federal Government is set to achie...
Weekly Dollar Inflow Into Investors’ FX Window Hits $1bn – Fitch
News

Weekly Dollar Inflow Into Investors’ FX Window Hits $1bn – Fitch

Dollar inflow into the newly created Investors and Exporters, I&E, foreign exchange window has reached $1 billion per week. Fitch Rating agency disclosed this, yesterday, saying its discussions with Nigerian banks revealed that volume of dollar inflow into the I&E window has reached $1 billion per week. The company stated this in a statement entitled: “Foreign-Currency Liquidity Improving for Nigerian Banks.” The rating agency noted that “Nigerian banks’ ability to access foreign currency, FC, has improved considerably since the Central Bank of Nigeria, CBN, introduced a foreign exchange ‘window’ at the end of April aimed at investors and exporters. “The Nigerian Autonomous Foreign Exchange Rate Fixing, NAFEX, mechanism, commonly referred to as the “Investors’ and Expor...