Economy

How Brexit will favour Nigerians – UK

Published

5 years ago

August 2, 2019

Eric

The British Government has said Nigerians will gain from Brexit as it was an opportunity of opening its relationship with the rest of the world.

The British Deputy High Commissioner to Nigeria, Ms Gill Atkinson gave the advice when she paid a courtesy visit to the Deputy Speaker of the House of Representatives, Rep. Idris Wase in Abuja on Thursday.

Brexit, an abbreviation for British Exiting, refers to the UK’s decision to leave the EU following a referendum held on June 23, 2016 which 51.9 per cent of its citizens voted in support of leaving the EU.

The UK government invoked Article 50 of the Treaty on EU, starting a two-year process which was due to conclude with the UK’s exit on March 29, but has since been extended to Oct. 31.

“If I were Nigerians, I would see Brexit as an opportunity for Nigerians”, NAN quoted her as saying.

“This is something where our Prime Minister and our Foreign Secretary are very clear that they want their relationships with the world open up and no longer just focused on Europe.

“So if I were a Nigerian businessman or an artist, I will be seeing this as an opportunity,” Atkinson said.

She said that she was visiting the deputy speaker to discuss on ways to build relationships between the parliaments of both countries to promote “parliamentary democracy”.

“We have talked about the relationship between our parliaments, the Deputy Speaker’s role and the Commonwealth Parliamentarians Association and how we can develop relationship between our two parliaments.

“It is through parliamentary democracy that countries develop stability, prosperity and human rights, so making sure our parliamentarians have the opportunity to share their experiences and understanding will help us all to move forward.”

The deputy high commissioner also condoled with Nigeria on the Boko Haram attack that reportedly claimed at least 65 lives and injured 10 other at a funeral in Borno, according to authorities on July 28.

Economy

Naira Makes More Recovery, Sells at N1,453/$1

Published

4 weeks ago

March 22, 2024

Eric

The Naira continued its appreciation at the official market on Thursday, March 21, 2024 to close at N1,453.28/$1, according to data from the Nigerian Autonomous Foreign Exchange Market (NAFEM).

This represents an appreciation of N39.33 when compared to the N1,492.61/$1 it closed on Wednesday, March 20, 2024.

The intraday high was N1,598/$1, while the intraday low was N1,300/$1, representing a wide spread of N298/$1.

Similarly, the Naira appreciated against the dollar at the parallel window to trade at N1,500/$1, this represents an appreciation of N20.00 as against the N1,520 /$1 it traded the previous day.

The Naira also appreciated slightly against the British Pound to trade at N2,000/£1 as against the previous trading day’s price of N2,020/£1 representing a gain of N20 for the local currency.

The Canadian dollar, however, closed flat against the naira to trade at N1,270/CA$1 same as the N1,270/CA$1 it traded the previous day representing a decline of N20 in the local currency.

The Naira gained N30 against the Euro to trade at N1,670/€1 as against the previous closing price of N1,700/€1.

Economy

Naira Gains Against Dollar, Trades at N1,603/$1

Published

1 month ago

March 13, 2024

Eric

The Naira, Tuesday continued its recovery against the American dollar as it traded at N1,603.38/$1, data from the Nigerian Autonomous Foreign Exchange Market (NAFEM) window has shown.

This represents a gain of N15.48 when compared to the N1,617.96/$1 it closed on, on Monday, March 11, 2024.

The intraday high was N1,637/$1, while the intraday low was N1,425.35/$1, representing a lean spread of N211.65/$1.

Meanwhile, the Naira gained N12 against the dollar at the parallel market as the local currency appreciated to N1,603/$1 as against the N1,615 /$1 it traded the previous day. As it stands, the naira is trading at the same rate at both official and parallel windows.

The Naira, however, slumped against the British Pound to trade at N2,050/£1 as against the previous trading day’s price of N2,030/£1 representing a loss of N20 for the local currency.

After about two weeks of closing flat against the Canadian dollar, the naira slumped massively to trade at N1,300/CA$1 on Tuesday, representing a decline of N150 when compared to the N1,150/CA$1 it traded the previous day.

The Naira lost N35 against the Euro to trade at N1,740/€1 as against the previous closing price of N1,705/€1 representing a loss of N35 for the local currency.

Economy

Binance to Close Shop in Nigeria, Stops Transaction, Trading in Naira

Published

1 month ago

March 5, 2024

Eric

By Reuters – Binance will stop all transactions and trading in Nigeria’s local currency after March 8 amid a country-wide crackdown on crypto exchanges that have been blamed by authorities for feeding a black market for foreign exchange.

It will stop supporting withdrawals after Friday and any remaining balances in Nigerian Naira will be automatically converted into Tether – a stablecoin whose value is pegged to the U.S. dollar.

Last week, Nigerian authorities detained two Binance senior executives on undisclosed charges as part of the crackdown.

They were still in custody, their local lawyer said before a parliamentary committee on Monday.

Source: Reuters