EU committed to Nigeria for developmental projects
The Head of the European Union (EU) Delegation to Nigeria and the Economic Community of West African States (ECOWAS), Ambassador Ketil Karlsen, said EU would work with their Nigerian counterparts and the government as trusted partners to redouble efforts to bring about enhanced developmental strides.
He gave the assurance during the celebration of European Day by the European Business Chamber (EuroCham) Nigeria.
“The European Union is a trusted partner not only in Nigeria but across the African continent and they are committed to engage to end security threats across Nigeria and the regions to consolidate democracy gains,” Karlsen said.
He noted that the EU as the largest trading partner with Nigeria is committed to promoting environmental and security conditions.
Minister of Industry, Trade & Investment, Otunba Adeniyi Adebayo commended EuroCham Nigeria for maintaining cordial relationships with Nigerian businesses and reiterated the commitment of the federal government to invest in initiatives that will promote and foster social investment.
He specifically thanked the European Union for supporting the emergence of Dr. Ngozi Okonjo-Iweala as the Director General of the World Trade Organisation.
President of EuroCham Nigeria, Mr. Adefolu Majekodunmi, who unveiled the new brand identity from European Business Oganisation (EBO) to European Business Chamber (EuroCham) Nigeria, stressed the need for concerted efforts to expand business opportunities between the EU and Nigeria.
He noted the need to reflect on the heritage of the European Union as well as to further establish the profile of the organization as a credible resource platform for healthy collaboration between European and Nigeria key business stakeholders.
“The EuroCham Nigeria identity will put the organisation at a vantage position in nurturing the existing healthy business collaborations under his leadership to ensure that the organization provides a constant link between the European Union Delegation to Nigeria and ECOWAS and the European business community in Nigeria as well as to help local investors to have access to the global market opportunities,” Majekodunmi said.
EuroCham Nigeria, hitherto known as EBO Nigeria, was founded by 18 European companies in October 2018 at the 7th EU-Nigeria Business. It is a member of the EBO Worldwide Network representing European business interests in markets outside the European Union that seeks to further promote trade, investments and exchanges with European business, as well as advocating European quality standards, best practices and corporate social responsibility and opening access to an active network channel in over 45 key markets that serves European multinationals.
CBN warns banks over foreign exchange malpractices
The Central Bank of Nigeria, CBN, has insisted that the FX operating license of any bank or banks that are found guilty of ongoing investigations in foreign exchange malpractices would be suspended for at least a year.
The circular signed today by the Director Trade and Exchange Department, CBN, Ozoemena Nnaji stated: “In line with the continuing close surveillance of our financial markets in general and the FX market in particular, the CBN wishes to remind all banks that it is their responsibility to not only Know their Customers (KYC requirements) but also Know their customers’ business (KYCB requirements).
“Given these responsibilities and in view of recent occurrences in the market, the CBN would like to remind banks to desist from all and any forms of FX malpractices.
“We wish to reiterate that the FX operating license of any bank or banks that are found culpable with ongoing investigations would be suspended for at least one year. Please note and ensure compliance.”
Naira hits historic low of 543 against dollar
The naira has continued to depreciate on the parallel market, selling for N543 to the dollar on Thursday.
The bureau de change operators in Abuja bought dollar at N540, then it was sold for N543.
The British Pound was also sold for £1/N740.
This comes 44 days after the Central Bank of Nigeria barred sale of Forex to all bureau de change operators across the country.
On June 27, 2021, the CBN ended the sales of Forex to BDCs saying the parallel market had become a conduit for illicit Forex flows and graft.
The CBN said it would also no longer process applications for BDC licences in the country.