Nigeria forex news

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Government should legislate that all cabotage transactions are denominated in local currency so that these people who are doing oil and gas trading will not need to be going to buying money from the parallel market. It means those bringing PMS and others will have to source for dollars and if you go to the banks, you will not get these dollars, so the government will either legislate so that all such payments are now done in the local currency to avoid these demand that will go to the parallel market and shoot up the exchange rate.

Femi Awoyemi shares similar optimism on the ability of the parallel market rate to stability very quickly. Basic microeconomic frameworks suggest that policymakers can either control price interest rates or quantity money supply but not both simultaneously. The invisible trade transactions which the BDCs are meant to take care of will be well serviced through the banks thus reducing pressure on foreign reserves and the black market. So those imports may fall back entirely in the black market thus pushing their prices up.

However, the same players have an opportunity if they consider producing locally. The banks and their executives have a lot more to lose than sundry BDCs with no offices and no substantial prime movers behind them or the many licenses obtained by politicians and all sorts of powerful people.

Compliance, control, operators, and even executives have to come together for such to happen, and even then there is a high chance for whistle-blowing. I also believe that customers can and will put the banks under pressure and hold their feet to fire to prevent cheating. Banks that are. Bismarck Rewane described the bureau de change operators as financial intermediaries between the apex bank, the market, and the retail end.

He explained that what has happened in the past is that these guys were to sell foreign exchange principally to people traveling out of the country, but from tourists coming into the country, noting, however, that along the line, they derailed. What has happened was that these guys will buy the dollar at N and an hour later, sell it at N By , it had increased 27 folds, in other words, we had operators from By , the figure has gone up to The reality is that what has happened is like a daytime robbery.

The question now is what are the steps to be taken? Can the Banks Cope? People are going to be inconvenient. I agree with the CBN Governor, but you and I know that walking into a bank and coming out in five minutes is something else.

That was why he called for close monitoring. So, people will suffer. The ultimate solution, which I will like to recommend, is that the CBN should encourage everyone to go to the bank but it should sell to bureau de change at the parallel market rate by five percent, in other words, if the parallel market is N, you can sell to the bureau de change at N The N10 margin is way lower than the N margin.

It registered its biggest monthly rise in more than a decade in July even though prospects of a breakthrough in Brexit negotiations with Europe before a December deadline remain elusive. Signs that dollar weakness have been the major driver of pound gains can be seen from the performance of the British currency versus the euro and the Japanese yen. The pound also faces headwinds from domestic factors as well as global forces. British Prime Minister Boris Johnson said last week he would postpone the next stage of lockdown easing for at least two weeks due to a pick-up in COVID infection rates.

In the United States, Democrats in the U. Congress and White House negotiators are in talks on a new coronavirus relief bill after a deadline was missed on Friday to extend enhanced unemployment payments during the pandemic. Any delay in unveiling more stimulus measures would fuel another round of selling in risky assets and drag the pound lower. Reporting by Maiya Keidan and Saikat Chatterjee. Recall that the Minister of Aviation, Sen.

Hadi Sirika, had said that no resumption date was announced for international flight operations. He urged Nigerians to be patient and await the real date for resumption of international flights as no date has been fixed yet. Graphic: Dollar's performance in - here U. In afternoon trading, the dollar index was down 0. The index is down 1. The dollar briefly strengthened after U. Treasury Secretary Steven Mnuchin said the U. White House officials and U. Senate Republican leaders also continued to work towards a proposal for a new round of aid to buttress the economy.

Against the Japanese yen, the dollar was down 0. The U. Earlier it dropped to a more than four-month low. Elsewhere, China's offshore yuan recovered losses somewhat from an earlier slide against the U. China said the U. Apparently the instant EOs would not be the first to be issued in Nigeria examples would be presidential powers exercised pursuant to delegated legislation , but have attracted attention because of their significance and also given our 21st century realities that have basically democratised news media access.

They also signal intent to more actively use EOs by the Buhari administration going forward, as a veritable means of championing and instilling reform, short of legislative process which typically takes longer time frames. Irrespective of views whether Nigerian Presidents should use EOs in directing the policy of the Federal Government, such acts are constitutionally sanctioned - as exercise of inherent executive powers conferred on the President.

As mentioned previously, it is desirable that the President from time to time issue EOs to steer economic policies which promotes investment in Nigeria. Pursuant to the EO, every MDA must ensure that its fees, timelines and other deliverables it owes applicants are published within its premises and regularly updated on their websites. This is a welcome departure from common situations where applicants faced uphill task accessing information on regulatory processes and requirements for permits, licenses and approvals.

The EO puts added pressure on regulators - especially business facing ones needing to approve new products, or transactions and whose enabling law actually prescribes timeline for granting approvals, but who observe same in breach, rather than in compliance.

It also sends a signal that such historic defaults will no longer be tolerated. One of its key elements is resolving any conflict on fees or procedure in favour of the application where an applicant has relied on published requirements by the MDAs — per paragraph 2 of the EO. Another area that the government could look at is the duration of permits and licenses. Extending their validity to say ten 10 years for example, means there would be less pressure with dealing with incessant renewal applications.

The EO is however silent on the procedure for making such application and its supporting documentation. It is however safe to assume that no reasonable applicant that had invested resources in making the regulatory application will fail to take the next step to obtain ministerial approval to regularise the default approval. Can the Minister refuse to issue a certificate to evidence the deemed grant?

The answer would appear to be in the negative, unless the application is patently unmeritorious, given the presumptive intent of the EO. Another critical issue is the status of regulatory applications predating issuance of the EO. Do they also enjoy the benefit of default approval? Regrettably, applications made prior the issuance of the EO would not enjoy the benefit of a deemed grant — otherwise the EO could become objectionable for being retroactive.

However, same is unlikely to be challenged — not by public servants being enjoined to deliver improved services or applicants who are meant to be beneficiaries of the EO. Nonetheless, given that the EO itself has an effective date of 18th May , it would have been helpful to have transitional provisions to deal with prior regulatory applications. Thus, where an application to any MDA requires a supporting documentation issued or to be issued by another MDA, the onus of verification or certification lies with the MDA processing the application: a photocopy or any other prima facie proof would suffice for such application.

Such inter-MDA interface will likely speed up approval processes and also reduce the applicant bearing the burden of regulatory delay of an MDA to jeopardise the prospect or timeliness of its current application before another MDA. Furthermore, MDAs can - unless put on their enquiry by any untoward occurrence rely on the presumption of regularity - rely on documents purportedly issued by sister MDAs. These SLAs are particularly important as they stipulate the timeline for application and issuance of licence, certificates, waivers, business registration or permits.

Arguably, where no response is received from the issuing Embassy or High Commission within 48 hours, such visa application shall be deemed granted pursuant to paragraph 3. Alternatively, applicants may seek to obtain their visas at any port of entry under the visa on arrival policy and must be issued with a valid visa upon meeting all the published requirements for a grant as stipulated under paragraphs 15 and 16 of the EO.

No doubt, this is a revolutionary shift from what was obtainable previously, as it would further make Nigeria an attractive travel destination for tourists and investors. Users of the ports have faced various challenges in the past ranging from congestion, delayed cargo clearance, touting, uncoordinated actions of duplicative agencies, amongst others. To ameliorate these challenges faced by users, the EO prohibits any form of touting by official or unofficial persons while allowing only on-duty staff, and except with the permission of the head of the agency, an off-duty staff at the ports.

This is to enhance proper identification of officials on duty and any form of solicitation could be reported to appropriate authority. By implication, time spent undergoing numerous checks at the ports would be significantly reduced. Prior the issuance of the EO, the MITI had amended the Companies Regulations so that CAC can decide on name reservation applications within 12 hours of submission, whilst registration of companies, business name and incorporated trustees shall be within 24 hours from submission of completed forms.

Previously cumbersome incorporation forms were replaced with a single form CAC 1. In the same vein, under Regulation 11, options for submission of forms to the CAC have now been expanded to include online submission through its website. These innovations should fast track the incorporation process, by obviating hitherto incessant queries. The CAC however, must build its capacity to attend to numerous applications filed on a daily basis.

Premium should also be placed on security of its system and routine vulnerability checks. And this is not to say that some States have not been a purveyor of reforms. Lagos also made provision for limited partnerships and limited liability partnerships to widen the options for business vehicles, exemplifying a healthy regulatory competition amongst States in Nigeria.