FG Urges UK to Ease Restrictions, Tariffs on Nigerian Businesses
Published Tweet By Sodeinde Temidayo David The Minister of Industry, Trade and Investment, Mr Adeniyi Adebayo, has called on the United Kingdom to address the challenges faced by Nigerian businesses, especially with regard to restrictions and tariffs.This was revealed at the 6th ministerial meeting of the UK to Nigeria Economic Development Forum (EDF) held virtually on Friday, October 15.The minister in his words stated, “Inasmuch as we are flexible and committed to facilitating UK business concerns, we also request that the UK should continue to reciprocate and address the challenges faced by Nigerian businesses, especially with regard to restrictions and tariffs.” Mr Adebayo also expressed optimism that as the impact of the COVID-19 pandemic eases on economies, efforts towards building the capacity of Small and Medium Enterprises to attain relevant certifications for export to the UK and the European Union (EU) markets will be prioritised.He stressed the importance of the trade policy relationship between the two countries and pointed out that work was in progress towards reviewing Nigeria’s trade policy document to reflect the current realities.He further commended the Minister of Finance, Budget and National Planning, Mrs Zainab Ahmed and the Comptroller-General of Customs, Mr Hameed Ibrahim Ali for being proactive in improving trade facilitation for UK businesses in Nigeria.“It is my hope that the UK remains committed to facilitating deliberations for the purpose of addressing issues raised at the 4th Business Dialogue,” he added.Following the agreements resulted in the forum, the minister noted the need to revive the workstreams with timelines, which had been adopted in the past, as a means of keeping track of the country’s deliberations and commitments.
“I also encourage periodic stock-taking of our progress, to ensure that we are on course with committing to timelines and most importantly to ensure compliance with agreed decisions,” he said.
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Adedapo Adesanya is a journalist, polymath, and connoisseur of everything art.When he is not writing, he has his nose buried in one of the many books or articles he has bookmarked or simply listening to good music with a bottle of beer or wine.He supports the greatest club in the world, Manchester United F.C.You may like Naira Gains 1.7% at Official FX Window as Devaluation Fears Quell
Published Adedapo Adesanya By Adedapo Adesanya The Naira appreciated against the US Dollar at the Investors and Exporters (I&E) window of the foreign exchange (FX) market by 1.7 per cent or N7 on Friday, assuaging fears that the currency will be devalued again.The local currency sold for N415.07/$1 at the official FX window yesterday in contrast to N422.07/$1 it traded on Thursday, according to data obtained from FMDQ Securities Exchange.The Nigerian currency had suffered a significant loss a day earlier after investors feared that the Central Bank of Nigeria (CBN) may be forced to devalue the Naira again.Speaking at the Economic Sustainability Plan (ESP) earlier this week, Vice President Yemi Osinbajo had said there was a “need to move our rates to [be] as reflective of the market as possible.This, in my own respective view, is the only way to improve supply,” which was indicative of devaluation.
He progressed by saying that, “We can’t get new dollars into the system, where the exchange rate is artificially low.And everyone knows how much our reserves can grow.I’m convinced that the demand management strategy currently being adopted by the CBN needs a rethink, and that is just my view.” He also lamented the lack of access to forex for the importation of systems and raw materials as one of the contributory factors of the current economic situation.Although the Vice President has come out to say he did not call for a devaluation, the market had spurred to action but has now rebalanced.
At the final session of the week, a turnover worth $337.28 million was recorded as against $141.94 million published at the preceding session.This indicated a $195.34 million or 137.6 per cent surge in the daily turnover of the specialised market that caters to the country’s investors and exporters.However, the domestic currency closed flat against the American Dollar at N410.91/$1 at the interbank segment of the forex market on Friday.Meanwhile, Bitcoin (BTC) continued a surge at the cryptocurrency market, trading at N34,900,200.01 after a 6.1 per cent gain as hopes grew that regulators in the United States would allow a futures-based exchange-traded fund (ETF), a move likely to open the path to wider investment in digital assets.It largely spurred a boost in the most popular digital currency and also robbed off on some others.
Tron (TRX) added 2.9 per cent to trade at N55.58, Dash (DASH) rose by 2.5 per cent to sell for N107,420.17, Binance Coin (BNB) made a 1.2 per cent appreciation to trade at N194,938.27, Litecoin (LTC) sold for N101,102.04 after rising by 0.4 per cent, while Ethereum (ETH) gained 0.3 per cent to trade at N2,174,753.84.On the losing side, Dogecoin (DOGE) was 1.3 per cent down to sell at N133.66, Cardano (ADA) fell by 0.8 per cent to N1,254.12, the US Dollar Tether (USDT) moved downwards by 0.6 per cent to sell for N568.38, while Ripple (XRP) lost 0.3 per cent to trade at N644.01.Share this: .
