Connect with us

Business

Nigeria targets non-oil exporters to boost FX as recession looms

Published

on

images 2020 08 28T135735.789 Nigeria targets non-oil exporters to boost FX as recession looms

As part of its effort to increase foreign exchange liquidity in the country, the Central Bank of Nigeria (CBN) has directed all non-oil exporters to process dollar proceeds through domestic lenders.

This is even as the apex bank said that exporters who fail to remit dollar proceeds through the lenders will be denied access to official currency markets.

The statement signed by the Bank’s Director of Trade and Exchange, Dr. Ozoemena Nnaji, had also explained that the directive was aimed at ensuring prudent use of Nigeria’s foreign exchange resources and the elimination of incidences of over-invoicing, transfer pricing, double handling charges and avoidable costs that are ultimately passed to the average Nigerian consumer.

The CBN, had in the past, warned exporters conducting export activity against diverting foreign exchange from the export proceeds, instead of repatriating the same home.

Exporters have cited the value of the currency on the official market, where the naira is trading at a discount of around 20 per cent to the black market, as a reason for hoarding dollars or bypassing banks to take advantage of black market rates due to the fact they sometimes conduct trade via offshore accounts.

Nigeria, which for months has sought to shore up its dwindling reserves, posted an economic contraction of 6.1 per cent in the second quarter and expects further contractions in the third and fourth quarters, the presidency said on Wednesday.

The news did further damage to transactional activities at the Nigerian Stock Exchange (NSE) as investors took profit in 19 stocks while 11 others appreciated in value. According to data obtained from the NSE’s website, the market’s All Share Index (ASI) which is a measurement to judge the overall direction of the market and the scope of its movements, fell by 0.10 per cent to close Thursday’s session at 25,304.25 points.

Continue Reading
Comments

Business

FG Adds Emirates To List Of Banned Airlines

Published

on

images 9 2 FG Adds Emirates To List Of Banned Airlines

The federal government has withdrawn the approval granted to Emirates to conduct international flight operations in the country.
Hadi Sirika, minister of aviation, disclosed this via a post on his Twitter handle on Friday.
The ban will take effect on September 21, 2020.
The Nigerian Civil Aviation Authority (NCAA) had, in a memo earlier in September, included Emirates in the list of approved airlines for international flights for both Abuja and Lagos airports.
But the minister said the decision to reverse the approval was taken after a meeting of the presidential task force (PTF) on COVID-19 with European Union ambassadors on Friday.
Sirika also said there were discussions on the ban on Lufthansa and Air France-KLM.
“The PTF sub committee met today with EU Ambassadors to discuss Lufthansa, Air France/KLM ban. The meeting progressed well. Emirates Airlines’s situation was reviewed & they are consequently included in the list of those not approved, with effect from Monday the 21st Sept. 2020,” the minister wrote.

Continue Reading

Business

Union Bank supports 10 NGOs with N1.7m through UnionBetta donations

Published

on

images 1 1 Union Bank supports 10 NGOs with N1.7m through UnionBetta donations

Union Bank, a leading financial institutions, has again delivered on its promise to support charitable organisations with a portion of proceeds from the UnionBetta savings product.  

Launched in 2016, UnionBetta is a sub-account which allows Union Bank customers earn attractive interest rates for saving for as little as N5000 monthly. In return, the bank donates a percentage of the interest earned to select Non-Governmental Organisations (NGOs) on behalf of its customers.

In selecting the recipients, priority was given to NGOs making impact in areas such as gender equality, education, talent development and agriculture which are key pillars of Union Bank’s citizenship efforts that align with Sustainable Development Goals (SDGs) 1,2,4, 5 and

This year, a total of One million, Seven Hundred Thousand Naira (N1.7m) was donated to 10 different charitable organisations to help support their activities. Some of the recipients include United Methodist Church of Nigeria Orphanage, Jalingo; Zinnok Initiative for Women & Children, Abia; Teens Dream Initiative, Kwara and Lagos Food Bank Initiative. Others include Uduak Charles Diaries, Akwa-Ibom; Flexisaf Foundation, Abuja and Adolescent Friendly Research Initiative & Care, Ekiti.

Continue Reading

Business

Leadership crisis rocks Airline Operators of Nigeria

Published

on

images 2020 09 18T102156.435 Leadership crisis rocks Airline Operators of Nigeria

Cracks have emerged in the ranks of the Airline Operators of Nigeria (AON) following allegations that the choice of its new leaders was frought with anomalies after and disenfranchisement of several members.

At the Annual General Meeting of the Association held at the Murtala Muhammed Airport terminal two (MMA2) Conference Hall on September 16, the Chairman of Azman Air, Abdulmunaf Yunusa Sarina, was elected President, taking over from Captain Nogie Meggison, while the Chairman of Air Peace, Allen Onyema, emerged the Vice President.

Other newly elected executive members are Shehu Wada of Max Air, while the Chief Executive Officer of Med-View Airline, Muneer Bankole, his counterpart at Overland Airways, Captain Edward Boyo, among others were elected as members of the Board of Trustees. The AGM also approved the change of leadership nomenclature from Executive Chairman to President.

In his acceptance speech, Yunusa expressed gratitude to the Association and pledged to work hard and ensure that the challenges airlines are facing like multiple taxation, VAT, duty waiver and forex constraints would be addressed.“As an active member of AON, I am fully aware of all the pending matters and problems facing our Association such as the issue of multiple taxation, VAT and Federal Government’s intervention to airline operators, duty waiver and forex. I will like to assure you that I will continue from where the former chairman stopped to take the matter up with all relevant authorities until we achieve our goals.

“Although it is difficult for an association like AON to solve its problems, we shall do our very best. I am therefore requesting the cooperation and support from each and every one of you to achieve that. I will like to thank the former Chairman for the success recorded during his tenure and hope that he will always be available to advise and guide us,” Yunusa said.

Continue Reading

Trending