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Amaechi: We Have Repaid $150m Out of $2bn Chinese Loan

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Minister of Transportation, Rotimi Amaechi, has claimed that the Federal Government has repaid up to $150m out of the $2bn loan borrowed from China to construct rails.

Amaechi stated this while answering questions on Channels Television’s ‘Politics Today’ programme on Wednesday.

The minister noted that the President Muhammadu Buhari administration only borrowed for the Kaduna-Abuja and the Lagos-Ibadan railways.

When asked how much of the Chinese loans obtained that the Federal Government has repaid, Amaechi said, “The right ministry to respond to that question is the Ministry of Finance; they borrow and they repay but I think the last I heard about it, it was between a $100m to $150m repayment that we have done so far in the Kaduna-Abuja.

“Don’t forget that we’ve not borrowed any money yet, the only money we borrowed is in Kaduna-Abuja and Lagos-Ibadan.

“Lagos-Ibadan, what we borrowed is about $1.5bn though it is not matured for repayment, what has matured for repayment is the Kaduna-Abuja which is being repaid.

“Nigerians think we borrow so much but the only projects we have borrowed so far is the Kaduna-Abuja where we borrowed $500m and Lagos-Ibadan where we borrowed $1.5bn. So, that brings the total loan exposure for us in the Ministry of Transport to about $2bn as far as the railway is concerned.”

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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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