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Naija News Update

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www naija news com seeks budget support

CBN says forex limitation policy already paying off

From Washington, the headquarters of the Breton Woods multilateral associations the International Monetary Fund (IMF) and the World Bank in America came compliments for Nigerias economic recovery programme, according to the Finance Minister, Mrs. Kemi Adeosun.

The commendation is even as the Central Bank of Nigeria (CBN) Governor, Mr. Godwin Emefiele, said yesterday that the countrys foreign exchange limitation policy has started to pay off with some manufacturers of some imported goods suggesting interest to begin manufacturing in www. naija news instead of overseas activities because of the high price of imported products occasioned by the policy.

We got many endorsements and the direction in which we seek to take the Nigerian market. Particularly, we held bilateral meetings with particular bilateral agencies, including the Islamic Development Bank where we have agreed to work together on a micro-finance scheme for women; the Japanese development agency where we've agreed to work collectively on electricity projects and they've consented to make sizeable investments in the area of power which I think will be really advantageous for Nigeria and the IFC. Likewise, we had a meeting with them this morning (yesterday), again referring to investment in power plus some of our banks to shore up their positions and likewise the ADfB on arrangements for investments in agriculture and collaborations in a variety of initiatives that would help us to diversify the economy.

Similarly, we'd talks with the World Bank around our budget support request and we happen to be able to have quite productive meetings to comprehend what the next steps are in the procedure and we are very favorable of a good result.

In his remarks, the CBN Governor, Godwin Emefiele, spoke on the various monetary policy measures of the government to boost productivity at all levels of the market, including that both in the medium and long terms, the various policies, such as the foreign currency policy regime, are bound to spark the economy.

Both key government officials made the revelations in Washington DC, United States (U.S.) at a press briefing as part of activities of this years Spring Assembly.

The minister spoke on the gains of this years Spring Assembly and the several bilateral meetings held between Nigeria and her associates.

Her words: The gains are various and significant for the www naija news com search government. At least, we were able to network with our coworkers, other ministers of finance of the G 7 countries and the G 24 states and compared notes and their experiences. I think this reinforces the validation that the class we've decided to restructure Nigeria is the appropriate one.

According to him, in furtherance of its statutory mandate, the apex bank can also be concentrating more to expand giving to essential sectors such as agriculture, mining and production, adding that some of the immediate gains of the fiscal and monetary policies are the increasing foreign investments in the economy.

Separated stakeholders say policy may ease business, stifle local firms

For diverse stakeholders in the economy, the Federal Governments recent currency swap deal with China holds both glowing prospects and serious consequences for Nigeria even as the naira inched up against the dollar at the weekend at the parallel market.

During his official trip to the worlds second biggest market, President Muhammadu Buhari struck a naira and yuan swap deal, scripted to facilitate trade transactions between both countries, devoid of present exchange challenges with the United State dollar.

Moreover, the deal, based on Presidency sources, has the potenrial of shoring up the worth of the nations currency, in the foreign exchange market, through a concomitant emergent command scheme, with strategic reduced demand for dollar and other major currencies, other than the yuan.

The currency swap deal consists of an arrangement between two central banks, one or more of which must be an international currency issuer, to swap their monies. The central banks party to the swap transaction can give the proceeds of the swap, against collaterals they deem sufficient, to the commercial banks within their authority, to provide them with temporary liquidity in a foreign currency.

But pessimists pointed out that the swap deal was not consummated between both states apex banks but between Central Bank of Nigeria (CBN) and Chinas ICBC- the worlds biggest lender by total assets and market capitalisation. While this may not change the goals of the swap deal at all, it raises some essential sovereign dilemmas, according to an analyst who spoke on condition of anonymity.

The Managing Director/Chief Executive Officer of Cowrie Investment Limited, Johnson Chukwu clarified that the currency swap scheme would address , on a short-term basis, the present liquidity challenge in the states foreign exchange market.

He said: I think that Nigerias overriding objective for the currency swap would be to address short term foreign currency liquidity challenges which has led to CBNs inability to fulfill foreign currency demands. With the currency swap, depending on the value, a significant portion of Nigerias import bills from China would now be denominated and settled in yuan, thus reducing the demand for dollar by Nigerias importers.

However, he pointed out the major draw back to the currency swap policy is an unrestricted access to yuan, at an overvalued naira exchange rate, if the N30/RMB is the contracted exchange rate, will definitely encourage importation and stifle local production of goods.

I recommend the Federal Government should attempt to incorporate a strategy similar to that of the cement industry policy, which would require some of the imports from China to be produced locally after a defined timeline, particularly if Nigeria has relative fabricating advantage for such products. Examples that can easily come to mind include fabrics, plastics, ceramics, among others.

He described the increase of inclusion of Chinese Yuan within Nigerian reserve currency was done about five years ago by the immediate past CBN governor, mostly to diversify the reservation and reduce the currency risk connected with the U.S. dollar.

That action was taken at a period when the U.S. market was especially vulnerable due to the weakness of their market after the global financial crises activated by sub-prime mortgage.

In his reaction, the National President, National Palm Produce Association of Nigeria (NPPAN), Henry Olatujoye, welcomed the currency swap deal, describing it as an excellent measure that would significantly reduce the increasing pressure on the U.S. dollar, which has gone haywire in the foreign exchange market.

Based on Olatujoye , the conclusion has the ability of bringing double investment to the country from China on one hand and from the U.S. on the other.

According to him, with the anticipated ease on the pressure on the dollar, it'd bring down the value of the dollar in relation to the naira, which he said would now help it become possible for American investors to put money into the Nigerian market again.

In his perspective, the current high rate of the dollar in Nigeria had in recent months deterred American and Western investors in the Nigerian economy.

The NPPAN president allayed any concern the determination could cause the higher importation of Chinese goods into Nigeria, mentioning the economic rivalry or money war between China and America.

He, nevertheless, expressed the concern that European countries may not be well disposed to it because it's with the capacity of adversely impacting their trade balance with naija today's news, warning that their stakeholders could frustrate the move.

The Chairman, Mobile Software Solution, Chris Uwaje, believed the naira to yuan swap agreement should reduce the pressure on the naira if properly executed.

According to him, the arrangement if it becomes a reality, means the de facto currency, dollar , will no further hold on the import and export deals between Nigeria and China.

Uwaje continued: We dont have to use dollar to pay because its going to be more expensive, we pay with yuan. By so doing we avoid every form of round tripping.

Uwaje encouraged Buharis economical team to see how a country can truly leverage on the technology art of China for Nigeria to attain a sustainable market.

In accordance with Gbade Buraimoh, a Lagos-based financial expert, the quest for dollar through banks will definitely reduce, as all transactions between naija news today latest and China will be in yuan instead of dollar.

He observed that oil sales from Nigeria to China would be settled in Chinese money, stressing that accessibility to yuan would also be simpler.

The swap will remove challenges arising from transactions with the dollar and encourage business flexibility between Nigerian and Chinese, Buraimoh explained.

The Director-General of Lagos Chamber of Commerce and Industry, Muda Yusuf concurred that the swap deal would smoothen the payment system in the bilateral trade between both countries but stressed that it might not necessarily reinforce the naira in the foreign exchange marketplace, as the nation would need to improve its productive base to realize that.

An Abuja-based international affairs and diplomacy expert, Kadiri Abdulrahman, viewed the currency swap deal as a positive move towards enhancing the value of the naira, thereby improving accessibility to cheaper foreign exchange, in favour of members of the business community.

The Director- General of the African Affairs Department of Chinas Foreign Ministry, Lin Songtian told reporters in Beijing after the arrangement was signed by the Governors of Nigerias Central bank and the Industrial and Commercial Bank of China Ltd. (ICBC) that the Renminbi (yuan) is free to flow among different banks in Nigeria and has been included in the foreign exchange reserves of Nigeria.

Nigeria is not the first state that China would enter into this kind of agreement with. The Asian powerhouse has multiple year currency swap agreements of the Renminbi with Argentina, Belarus, Brazil, Hong Kong, Iceland, Indonesia, wwnaija Malaysia,Singapore, South Korea, United Kingdom and Uzbekistan.

In accordance with the Peoples Bank of China (PBoC), those swap arrangements were intended not only to stabilise the international financial market, but also to facilitate bilateral trade and investment.

Meanwhile, the good thing about the currency swap deal and other understandings reached in Beijing during Buharis excursion to the Far East Asia nation has rubbed off on the air travel sector, as a Nigerian carrier, Air Peace announced that it would shortly commence scheduled flight to China from Enugu.

Chairman of Air Peace, Allen Onyema shown at the Enugu Economic Summit the airline was made Nigerias official flag carrier for the route.

The authorities and the flying people created a yearning gap, all the arrangements in this state are leaned to one side, the foreign airlines, but this government of Muhammadu Buhari has began to do things differently recognising the local airlines and seeing that in Air Peace there is a lot of quality, so that they determined to give us when we implemented it didnt take time before they gave it to us, said Onyema.

The United Kingdom is completely behind President Muhammadu Buhari in the on-going efforts by his administration to rid Nigeria of corruption, its Minister for International Development, Nick Hurd, has guaranteed.

Hurd told the www.naija breaking news Agency of Nigeria (NAN) in Abuja yesterday that fighting corruption was essential to transforming the countrys future.

We now have been very active in supporting President Muhammadu Buhari's effort against corruption in Nigeria and we think it truly is fundamental to transform the future of the state.

We entirely support priorities the President has given to tackling corruption in Naija.

We feel that corruption is certainly the right priority and we want to support him in that, he added.

The minister encouraged the Government to give attention to public sector reforms aimed at making corruption unattractive to workers and people.

Meanwhile, the son of former prime minister of old Western Region and erstwhile chieftain of the Peoples Democratic Party (PDP), Chief Niyi naija latest news Adegbenro, has backed the foreign excursions embarked upon by the President, saying such international involvement was needed to reposition the countries market.

Adegbenro, who has now cease partisan politics, told reporters at the weekend in Abeokuta, Ogun State that continuing moves by Buhari and the Central Bank of Nigeria (CBN) to restore the states economy need wholesale support.

He described as unwarranted the criticisms against the travels, remembering that former President Olusegun Obasanjo embarked on similar excursions in the early stage of his administration which resulted in the successful debt relief for the country.

Adegbenro said the Presidents international engagement was in Naijas best interest, including that he was optimistic that it would soon yield favorable outcomes.

Let us give Buhari the chance as far as I 'm concerned. I'm not saying he's a messiah, but he is a redeemer.

Bayero University Kano (BUK) law teacher, Professor Auwalu Yadudu, has said the passage of the budget needs the collaboration between the National Assembly and the Executive arm of government.

Speaking with The Guardian, Yadudu argued that although the National Assembly has the power to appropriate monies in the budget, it was incumbent on it to take cognizance of the interest of the executive.

According to him: "There is no doubt about the fact that the National Assembly has the power. And when they appropriate, naturally, they have to get it done in collaboration with the Executive arm.

"Whatever they proper will need to be in the form of the Appropriation Act. And as an Act of the National Assembly, it requires the assent of the President for this to become law. "So, it really is a collaborative effort between the Executive and the Legislative arms."

He added: "They do have the power to change it, but once they do it, they want the understanding of the President." It is not they merely shift it anyhow they want and just that he brought something; the President has the right to propose a budget, which should not be tampered with."

-SURE-P-INSPECTION-LIGHT-RAIL-PROJECT-IN-ABUJA.jpg" style="max-width:440px;float:right;padding:10px 0px 10px 10px;border:0px;">"But the significant idea is that if you can find things they wish to propose in the budget, they must get the comprehension of the Executive arm.

"The National Assembly does’t have to believe that because they have the power they can appropriate anyway." Yadudu, who was legal adviser to former military Head of State, the late Gen. Sani Abacha, noted that non-passage of the budget could send the wrong signal to Nigerians, who've been at the receiving end of economic meltdown in recent times.

He stated: "It is not easy to say thus if the issue of padding has to do with pursuit of selfish program of the National Assembly members."

"All I know is they have the power to proper and it is a collaborative effort between the Legislature and the Executive arms, but the initiative is that of the Executive.

"So, there must be a combined effort between the two arms of authorities."

"Non- passage of the budget can send a wrong sign, but this really is not the very first time the budget has gone up to the month of April or May without passage. If they pass it it sends the right sign and everything would follow what is found in the Appropriation Act."

Wali, who made this known while talking exclusively with The Guardian in Abuja, said that more Nigerians must adopt the production sector of the market. "Nigeria’s production sector has great potentials to lead to increased earnings for the nation, especially if trade is eased with good transportation system. Nigerians must adopt this sector he said.

Attesting to the dominance of made -in-Nigerian home commodities in neighboring West African countries and in Central African Republic, Wali said vast majority of crucial and household commodities sold in those regions are made in Nigeria. He said: "If you go to most nations in the West African area, even up to Central Africa, you may be amazed to learn a good amount of manufactured products sold in their own markets are products proudly made in Nigeria.

The bank chief stressed that production of supply, sale or goods in the nation and within the sub-region prevents capital flight. He added that it also promotes offer employment opportunities and regional trade to various degrees of skilled and unskilled workers.

I was lately for instance, and what I saw was so surprising. You name it, the indomie noodles, sugar,salt, plastics,even pharmaceuticals products that are made here in Nigeria were on sale everywhere in their marketplaces."


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Guest Sábado, 20 Enero 2018