Clearing and forwarding companies can’t be neglected in the supply chain of goods across the border. As such exporters and importers can’t do without them.
The Cabinet of the United Arab Emirate (UAE) revealed a damning list of sponsors of Boko Haram in Nigeria, a terror group that has killed close to 50,000 Nigerians and displaced more than half of the population in most part of the North-East states, most especially Borno State since it began its operation close to two decades.
When the Naira traded at NGN545/$1 on Friday, September 10, 2021, we thought that was the worst for the Nigerian currency.
But NGN/USD has depreciated even further at the close of trading Tuesday, September 14, 2021, it ended the day at NGN557, corroborating our earlier analysis that the NGN was heading to NGN600/USD.
In international trade, some items cannot be imported from the producing country to another, Nigeria is no exception. There are some goods that are on the list of the Nigeria Customs Service, a security agency of the government that monitors the movement of goods into and out of the country, which is popularly called contraband.
The movement of products across the border isn’t the same as inter-state trade. The seller can personally deliver an order from Ibadan to Lagos where his customers are based, it isn’t like that in international trade. Because of this, an exporter has to understand the export market before diving in.
The Central Bank of Nigeria (CBN) has vowed to revoke for a year the foreign exchange operating licence of any bank that engage FX malpractices
The apex stated this in a circular entitled, “Observance of due diligence in the processing of foreign exchange transactions” which was signed by its Director of Trade and Exchanges Dr. O.S Nnaji.
Nigeria’s economy dependence on crude oil export is an indication that hundreds of business opportunities are untapped and the only way to rake in millions of naira in revenue from exporting business in Nigeria is: 1) to know the process involved, 2) the required documentation, 3) agricultural products with the highest demand from other countries around the world.
It foreign exchange market at the parallel market isn’t palatable for businesses who can not access forex through financial institutions.
At the opening of trading Wednesday it was N532 against one US dollar, but a few minutes later it dropped again to an all-time low, trading at N535 to $1, that’s the lowest value of naira ever.