Naira Exchange Rates To Foreign Currencies June 17
Black Market
US DOLLAR (USD) Buy ₦1,395 Sell ₦1,405
GREAT BRITISH POUND (GBP) Buy ₦1,870 Sell: ₦1,900
EURO (EUR) Buy ₦1,585 Sell ₦1, 610
CANADIAN DOLLAR (CAD) Buy ₦1,030 Sell ₦1,100
Manufacturing sector worst hit in unpaid $2.4bn FX backlogs by CBN -MAN
Worse still, the commercial banks have continued to charge dollar account along with other Naira bank charges such as 35% interest rate on the facilities that these companies have with their banks.
World merchandise trade volume in Q3: 2024
WTO’s Goods Trade Barometer has shown that world merchandise trade volume rose 1.1% quarter-on-quarter and 3.3% year-on-year, on a seasonally adjusted basis, in the third quarter of 2024. This marks the fourth consecutive quarter of moderate trade expansion. By comparison, merchandise trade in current US dollar terms was up 4.3% year-on-year in Q3. This represents…
Policymaker Seeks Periodic Reviews of Sugar Industry’s Targets
The Deputy Chairman, House of Representatives’ Committee on Finance, Honourable Saidu Abdul, has called for periodic assessments of progress being made in the development of Nigeria’s sugar industry targets under the Phase II of the Nigeria Sugar Master Plan (NSMP). Hon Abdul made the call in response to the declaration of 2025 as the Year…
PAMA Appoints Segun Ajayi-Kadir Co-Secretary General
The Pan-African Manufacturers Association (PAMA) has appointed Segun Ajayi-Kadir, as its Co-Secretary General. Segun Ajayi-Kadir is currently the Director-General of the Manufacturers Association of Nigeria. His appointment as the PAMA Co-Secretary General was announced at the recently concluded Intra-African Trade Fair (IATF2023) in Cairo, Egypt. PAMA, established as the voice of Africa’s manufacturing sector, is…
PUNCH Editorial:Nigeria’s industrialisation imperative
Nigeria’s manufacturing value per person is just $216, compared to $645 in South Africa and $524 in Egypt.
Zedcrest Strengthens Institutional Play with Expanded Offerings, New Leadership
Zedvance plans to disburse ₦250 billion in commercial funding in 2026 alone, following strong performance from its Commercial Solutions business, which has already deployed over ₦96 billion since 2025.
“In a country where 129 million are living below the poverty line amid harsh economic conditions, importers will inevitably pass this new fee of 4% FOB costs on to consumers, further straining the budgets of millions of struggling households. And industries that import their raw materials whose duties are only 5%, the customs agency will now charge importers an extra 80% of the duty amount as administrative fees.” – Bukola Saraki, former Senate President.
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Expatriates Levy Suspension Calms Investor’s Anxiety
▪︎Segun Ajayi-Kadir, the Director-General/Chief Executive Officer of MAN The Manufacturers Association of Nigeria (MAN) on Tuesday, said that the anxiety that enveloped the domestic and foreign investors, following the introduction of the government’s $10,000-$15,000 Expatriates Employment levy, has abated. Segun Ajayi-Kadir, the Director-General/Chief Executive Officer of MAN, stated this in a statement commending the Federal…
FCCPC Tasks Supermarket Operators to Maintain Price Transparency
To pay salaries on time, to make sure you pay your taxes, you pay your power energy bills, and you follow the rules is an expensive proposition.