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Economy

Ghanaian Minister Laments Border closure, Says Ghana Goods Should Be Allowed to Enter Nigeria

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Ghana’s Foreign Minister and Regional Integration, Shirley Ayorkor Botchwey has appealed to the Nigerian government to let goods from Ghana enter Nigeria.

She said this in the light of the recent closure of Nigeria’s western borders in order to curb the illegal entry of banned items.

Botchwey also said that the Ghanaian government would make use of all diplomatic avenues to get Nigeria to reopen its western borders for the free flow of goods from Ghana to the subregion.

Botchwey issued the plea during a meeting with Nigeria’s High Commission to Ghana, Olufemi Michael Abikoye on Tuesday, reports Ghanaweb.

She said, “As we speak, Nigerian goods are entering Ghana without any problem and I think that we should find ways of isolating the issues and the countries that you have problems with so that Ghana’s exports can enter your market without being lumped up with all these issues that have emerged.”

It was reported that the border closure had affected the activities of the Ghana Union Traders Association, whose members were lamenting the huge losses they had incurred as a result of the border closure.

The Ghanaian minister said that truckloads of goods from Ghana have been detained at the Seme border between Benin and Nigeria for weeks and coming back to use the seaports would present a major problem as the traders have already lost millions within the last few weeks.

The Nigerian High Commissioner, Olufemi Abikoye said Abuja would be willing to collaborate with Ghana to find a lasting solution to the situation.

“At the end of it, we’re helping our economies”, he noted.

Abikoye, however, pointed out that Ghana wasn’t the target of the border closure.

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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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