Friday, January 15

Tag: Persists

Dollar Sells For N445 As Forex Scarcity Persists
Business

Dollar Sells For N445 As Forex Scarcity Persists

The dollar exchanged for N445 in the parallel market on Monday due to scarcity and shrinking liquidity in the forex market. The extension of the ban placed on flights in the country by the Federal Government, as part of efforts to curtail the spread of coronavirus, further affected the access to forex by the bureau de change operators. The President, Association of Bureax De Change Operators of Nigeria, Alhaji Aminu Gwadabe, said, “The extension of airport lockdown as well as sale of forex to the BDCs pending when air travels resume has impacted the naira negatively from N425/$ to $445/$ in the parallel market. “However, the assurances of the CBN governor to foreign investors on ease of exit have helped to flatten the curve at N445/$ without any sign of further depreciation at...
UK-GCC Free-Trade Talks Put On Hold As Gulf Rift Persists
News

UK-GCC Free-Trade Talks Put On Hold As Gulf Rift Persists

Talks about establishing a free-trade agreement between the UK and the GCC have been put on hold as the GCC rift persists, The Guardian reported. British Prime Minister Theresa May had plans to host the first meeting for GCC nations in London this December. This event would proclaim the UK’s strengthening trade and security with the GCC. Due to the on-going rift, the summit has been put on hold. According to Gulf nation sources, Qatar may be suspended from the GCC if matters aren’t resolved, said the report. The situation will potentially hinder deals with very strong economies, especially post Brexit, it added. The GCC free-trade deal would supplement for the loss of the EU trade upon departing the Union. While talks about a free-trade deal between the GCC and the EU have been...