27
SepProfessor Benedict Oramah, President of the African Export-Import Bank, has recommended African countries to use less US dollars in their transactions in order to improve their development. Entrepreneurs and countries should instead use the Pan African Payment Settlement System, which the bank has previously established for intra-continental trade, according to Professor Oramah. Oramah, who criticized the excessive reliance on foreign money, particularly the US dollar, said that this dependence increases commodity inflationary pressures, exposing African trade to global volatility. The president also emphasized the African Continental Free Trade Area’s (AfCFTA) benefits to the Kaduna State Government and businesspeople in general. […]
09
SepOn Wednesday, the Nigerian currency continued to fall against the dollar, hitting a fresh all-time low on the parallel market in Lagos. Despite rising forex reserves, the naira has been steadily declining since the beginning of this month, owing to the country’s ongoing foreign exchange scarcity. On Wednesday, the naira lost value versus the US dollar in both the parallel market and the Investors’ and Exporters’ FX window. The local currency, which was 526/$1 at the end of last month, dropped to 535/$1 on Wednesday in the parallel market, down from 532/$1 on Tuesday. Since August 4, when it ended[…]
02
SepThe total value of dollar remittances from Nigerians working abroad has risen to $34 billion, comfortably surpassing the previous high of $25 billion. Despite the spike, a major chunk of the funds does not appear to be entering the already constricted domestic FX markets. The surge, credited to the Central Bank of Nigeria’s (CBN) “naira for dollar” incentive plan, underscores the growing importance of diaspora remittances to Africa’s most populous country. Mr. Biodun Adedipe, an economist at Adedipe Associates Limited, is quoted as saying that the CBN’s incentive plan could be the reason why the $34 billion in annual diaspora[…]