Assessing Nigeria’s strategy to curb foreign exchange abuse
03 September 2020 |
7:00 am
In a circular, the Central Bank of Nigeria directed that Form M for Letters of Credit, Bills for Collection and other forms of payment should only be opened in favour of the ultimate supplier of the product or service. Reacting to this directive, the Lagos Chamber of Commerce and Industry says while the policy attempts to curb abuses in the foreign exchange market, it would create more problems than it would solve. Muda Yusuf, Director-General of the LCCI joins CNBC Africa’s Christy Cole for this conversation.
Related
Related
1 day ago
The devaluation of the naira against the dollar has plunged Nigerians into a deep socio-economic depression. The price of basic foodstuffs can double or even triple in the same day.
1 day ago
The US Federal Reserve has decided to keep its benchmark interest rate steady at 5.25 to 5.50 percent. Fed Chairman Jerome Powell said while inflation has eased significantly over the past year, it's still too high, and that while wage growth has slowed down, the labour market remains tight.
50 mins ago
The devaluation of the naira against the dollar has plunged Nigerians into a deep socio-economic depression. The price of basic foodstuffs can double or even triple in the same day.
1 day ago
The number of foreign direct investment projects in Europe fell 4 percent in 2023 compared to the previous year, the first decline since the pandemic.
1 day ago
China's minister of commerce is in Europe for a week-long trip, with a focus on pushing back against accusations of unfair state subsidies in the Chinese electric vehicle sector.
1 day ago
Find these stories and much more when you grab a copy of The Guardian on Friday.
Latest
47 mins ago
Investigators teamed up with colleagues from the Balkans and Lebanon in raids set up by months of intense surveillance. Authorities say the operation thwarted over €10 million in damages and led to 21 arrests.
52 mins ago
Georgians continue to take to the streets to demonstrate against draft legislation that they say would infringe on their rights and lessen the chances of Georgia being able to join the EU.
1 day ago
The number of births and weddings in Germany has fallen to its lowest level in a decade, especially in the eastern part of the country.
1 day ago
A team of experts commissioned by the French president warned against screen and social media use for children. Children under three years old should not have any screen time and up to age six it should be “strongly limited,” according to an expert panel commissioned by French President Emmanuel Macron.
1 day ago
Georgia's Interior Ministry said 63 people were detained and six police officers injured in the latest night of protests against a controversial draft law.
1 day ago
Legislators have been scrambling to repeal the law, which predates Arizona's statehood, since a 2022 Supreme Court ruling paved the way for its return. The vote was 16-14 and the state's governor will likely sign off.
×
Get the latest news delivered straight to your inbox every day of the week. Stay informed with the Guardian’s leading coverage of Nigerian and world news, business, technology and sports.
0 Comments
We will review and take appropriate action.