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FG Bans Emirates Flights Operations in Nigeria

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The Federal Government of Nigeria has retaliated Emirates’ new COVID-19 protocol against Nigerian passengers by banning the airline from Nigeria airspace.

In a circular, dated February 4, and sited by The Boss, the Nigeria Civil Aviation Authority (NCAA) accused Emirates Airlines of violating guidelines put in place by the presidential taskforce on COVID-19.

The circular, signed by NCAA Director-General, Musa Nuhu, the airline has been airlifting passengers from Nigeria using rapid antigen tests conducted by laboratories not approved by regulatory authorities.

It would be recalled that Emirates Airlines had earlier announced additional COVID-19 test requirement for passengers and also banned transit flights operated by other airlines with Nigerians on them.

The NCAA said a February 2, 2021, letter sent to the airline had clearly stated that: “Based on the foregoing and to enable the Nigerian government to put in place the needed infrastructure and logistics for COVID-19 RDT testing for departing passengers, the PTF has directed that Emirates Airlines should either accept passengers without RDT pending when the infrastructure and logistics are put in place or suspend its flights to and from Nigeria until such a time when the required infrastructure and logistics are fully established and implemented”.

“Emirates Airlines has not been in compliance with the two options given by the PTF as records obtained from Nigerian Airspace Management Agency (NAMA) indicates that Emirates Airlines operated the flights from both Murtala Mohammed International Airport, Lagos and Nnamdi Azikwe International Airport, Abuja” the circular read.

“Emirates should suspend its operations to Nigeria (Lagos and Abuja) effective 72 hours from midnight on Thursday, February 4, 2021.

“During the 72-hour leeway, Emirates Airlines is only authorised to bring passengers into Nigeria. Outbound passengers are not authorised.”

The NCAA said additional sanctions would be imposed on Emirates Airlines for the violations of COVID-19 protocols and the airline will be informed as to when to resume operations.

The ban is expected to take effect 72hours from midnight of Thursday, February 4, 2021.

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Economy

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

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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.

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Economy

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

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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.

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Economy

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

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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

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