On August 31, the Central Bank of Nigeria (CBN) said it discovered some Nigerians who bought forex for Personal Travel Allowance (PTA ) and Business Travel Allowance (BTA) with fake visas at designated banks, a practice that could lead to the blockage of account details of such defaulters or face prosecution. The apex bank immediately … Read more
As the CBN Governor, Godwin Emefiele operated 593 foreign bank accounts, consented to the withdrawal of over $6 million from the Forex vault of the CBN, and stashed over £543 million in one of his accounts domiciled in the United Kingdom among other financial malfeasance levelled against him by the special investigator of his reign … Read more
Since the Central Bank of Nigeria came into full operation on July 1, 1959, the Director of Currency has always been male until August 30, 2018, when the energetic female banker Priscilla Ekwere Eleje broke that dominance. Eleje, a graduate of Psychology, became the first Nigerian female to become the Director of Currency at Nigeria’s … Read more
The depreciation of the Nigerian currency lately calls for worry, from N199/$1 at the time President Muhammadu Buhari and his APC-led government took over to N576/$1 at the time of publication, it would not be economically palatable for Godwin Emefiele, a successful GMD at Zenith Bank and a former finance lecturer, to leave behind a … Read more
One of the major non-oil exports that contributed largely to Nigeria’s GDP in the last 10 years is sesame seeds. Its cultivation is popular among Northern farmers in Jigawa, Benue, and more than 20 other growing states. Quick Facts: Local name: Beni-seeds Botanical Name: Sesamum Indicum 2012 output: 994,800 tonnes yearly 2020 output: 500,000 tonnes per annum … Read more
The latest forex middleweight wrestling between the Central Bank of Nigeria (CBN) and abokifx.com isn’t just dramatic but also shows how the inconsistent foreign exchange policies of Nigeria have created a system that benefited some people to the detriment of the Nigerian economy. Abokifx is a website that tracks foreign exchange rates both at the … Read more
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. They play a critical role in the shipping industry. In Nigeria for instance, a clearing and forwarding company or agent must be registered by the Nigeria Ports Authority (NPA). In … Read more
On June 23, 2015, less than a month after Muhammadu Buhari took an oath of office as Nigeria’s president, the Central Bank of Nigeria (CBN) blocked some items from accessing foreign exchange at the official market. And on May 06, 2021, the CBN insisted that it would continue to block the importation of maize into … Read more
It’s a hard time, most especially for the average people around the World as inflation bites harder. The trying moment has forced millions of people to seek soft loans to augment the situation. Unfortunately, this is also the time you could lose the little you have while trying to get a credit facility. At a … Read more
Export prohibition items are products and goods that are legally banned from being transported outside the country of jurisdiction. In international trade, a supplier or seller must be guided by trade and export laws in their country of residence and the destination country of goods. In Nigeria for instance, some goods are banned from being … Read more
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. … Read more
Logistics is key to a successful export business that’s why it’s very important to understand the delivery process. You may have great orders from prospective buyers coming in every week from around the world, a poor delivery could hinder your effort. In the exporting process, you must understand the roles of the major players for the … Read more
There are in the export of products and goods from Nigeria, the way it is other countries, to another country. One, the exported products must not be on the prohibited list; 2) they must comply with international standards; 3) they must also comply with the specifications of the buyer. Having meant all the conditions above, … Read more
In 2019, ginger export brought in $10.4million for Nigeria. In this guide, we’ll show you at least 30 countries where you can find international buyers for ginger which is also known as chita in the North. Apart from its medicinal use, ginger is used for spices and the demand for it in the international continues … Read more
There are speculations that the Central Bank of Nigeria (CBN) might pounce on foreign currencies in domiciliary accounts and convert such to naira in order to stabilise the foreign market. The rumour first surfaced on social media that the apex would be converting to naira domiciliary account holdings How True Is This Report? The same … Read more