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Nigeria Comfortable With Exchange Rate –Sanusi

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15 years ago

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Nigeria is comfortable with the current exchange rate of the naira in relation to the US dollar and believes the naira is unlikely to come under pressure, with foreign reserves capable of funding 17 months of imports, Central Bank of Nigeria governor, Sanusi Lamido Sanusi, has said.

Sanusi who spoke in an interview in London, Friday said the stable exchange rate has helped to keep Nigeria’s inflation between 10.4 percent and 12.5 percent since June last year.

“The system will only come under strain when foreign reserves fall to less than 12 months of imports,” he said.

The naira appreciated to the strongest level in more than three months versus the dollar, strengthening 0.1 percent to N149.7 by the close of yesterday in Lagos, the commercial hub.

Nigeria’s foreign reserves, the source of funding for the Central Bank’s twice-weekly auction of currencies to banks, stood at $37.2 billion as of June 29, compared with a high of $58.3 billion in March 2008.

CBN has supplied $10.8 billion to lenders seeking $9.7 billion at foreign-exchange auctions since the start of the year and sold $250 million at yesterday’s sale at rates of between 148.5 to 148.65 naira per dollar.

Nigeria, which depends on oil exports for more than 95 percent of her foreign-exchange income, experienced a decline in reserves as oil prices plunged following the global financial crisis. Oil is now trading 49 percent below its high of $145.29 reached in July 2008.

Foreign exchange supply by the Central Bank has kept pace with demand since the naira traded at a six-month low against the dollar on May 18.

“The fall in Nigeria’s reserves reflects the authorities’ attempts to defend the currency amid a more general global trend, which has seen other emerging-market currencies and reserve positions come under similar pressure,” Stuart Culverhouse, the London-based chief economist of Exotix Ltd. said in a note to clients on June 23.

Nigeria can afford to spend $12.5 billion to sustain the exchange rate at current levels for the next three months, with at least $26 billion remaining in reserves, Culverhouse said.

Nigeria should be able to meet its foreign exchange demand for many months to come, Ayo Teriba of Lagos- based Economic Associates Ltd. said in an interview last week. “There will be no reason to significantly deplete the foreign reserves,” he added.

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NPA Assures On Staff Welfare 

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7 days ago

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June 27, 2025

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The Managing Director, Nigerian Ports Authority (NPA), Dr. Abubakar Dantsoho, has said the management will continue to accompany its port infrastructure  and equipment  modernization drive  with the development of the welfare of its personnel.
Dantsoho made the disclosure recently while responding to the commendation by the Maritime Workers Union (MWUN) and the senior Staff Association of Statutory Corporations and Government-Owned Companies (SSASGOC) on the  clearing  of the age-long problem of employee stagnation, when the union paid him a courtesy visit at the Authority’s headquarters in Lagos.
A Statement by NPA’s General Manager Corporate & Strategic Communications, Mr. Ikechukwu Onyemekara, quoted Dantsoho as saying,  “our Port infrastructure and equipment modernization drive will go hand-in-hand with continuous staff welfare improvement”.
The NPA MD disclosed that human capital development constitutes the key strategy for creating and sustaining superior performance under his watch, adding that “talent development constitutes a critical success factor for the actualization of the big hairy audacious goals we have set for ourselves especially in the area of Port competitiveness.
“The only way we can meet and indeed exceed stakeholders’ expectations is to deepen the competencies of our human resources assets and boosting their morale.”
Speaking further, Dantsoho commended the Honourable Minister of Marine & Blue Economy, Adegboyega Oyetola, for approving the strategic proposal of the Dantsoho-led Management team that solved the over a decade-long problem of lack of promotion that had fuelled industrial disharmony.
“I must specially appreciate our amiable Minister for graciously approving the multi-pronged stratagem we deployed that cleared all outstanding cases of employee stagnation by conducting examinations in one fell swoop and instituted timelines to forestall a recurrence of such anomaly”, he sad.
Speaking on behalf of the joint maritime labour unions, the President  of Senior Staff Association of Statutory Corporations & Government-Owned Companies (SSASCGOC), Comrade Bodunde stated, “In addition to clearance of the backlog of stagnated promotions, we also wish to express our appreciation for the increase in productivity bonuses, provision of end-of-year welfare packages for staff, and the revision of the Financial Guide to the Condition of Service, which now addresses our members’ concerns about inflationary pressures.”
Nkpemenyie Mcdominic, Lagos
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ANLCA Chieftain Emerges FELCBA’s VP

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7 days ago

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June 27, 2025

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National Secretary of the Association of Nigerian Licensed Customs Agents (ANLCA), Elder Olumide Fakanlu, has been elected Vice President of the Federation of ECOWAS Licensed Customs Brokers Association (FELCBA).
The election took place during the FELCBA Congress, held from Tuesday, June 17th to Thursday, June 19th, 2025, in Freetown, Sierra Leone.
Fakanlu’s emergence as Vice President marks a significant achievement for Nigeria within the regional customs brokerage community.
Apart from Fakanlu, Secretary of the Seme Chapter of ANLCA, Austin Nwosu, was also elected, securing the role of Secretary of Relations with Institutions.
The Nigerian delegation played an active role in the congress, with Michael Ebeatu nominated as a member of the electoral officer team, ensuring a fair and transparent election process.
The three-day congress concluded with delegates undertaking a visit to the Sierra Leone Port, offering insights into the host nation’s maritime operations, followed by a recreational trip to the Tokeh Beach.
The newly elected executives are expected to lead FELCBA in its efforts to harmonize customs brokerage practices, promote trade facilitation, and advocate for the interests of licensed customs brokers across the ECOWAS sub-region.
Nkpemenyie Mcdominic, Lagos
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NSC, Police Boost Partnership On Port Enforcement 

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7 days ago

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June 27, 2025

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In a bid to enhance more enforcement in the nation’s Port, the Nigerian Shippers’ Council (NSC) has reaffirmed its commitment to stronger inter-agency collaboration with the Nigeria Police Force (NPF).
The Council said the collaboration is aimed at enhancing stronger enforcement, compliance and improve operational efficiency across Nigeria’s ports.
Executive Secretary/Chief Executive Officer of  NSC, Dr. Pius Akutah, made this known during a visit to the  Inspector-General of Police, Dr. Kayode Adeolu Egbetokun, at the Force Headquarters, Abuja.
The visit, which he said, focused on strengthening institutional synergy, comes in the wake of growing responsibilities for the NSC under the newly created Ministry of Marine and Blue Economy.
Akutah emphasized the critical role of security agencies in supporting port operations and ensuring regulatory compliance.
He called for the posting of police officers to assist the Council’s monitoring and enforcement teams at key port locations including Lagos, Warri, Onne, Port Harcourt, and Calabar.
“The posting will complement the activities of our revived task teams and enhance our ability to enforce standards across the maritime logistics chain”, he said.
Earlier, the Inspector-General of Police, Dr. Egbetokun, assured the Council of the Force’s readiness to continue supporting the growth of the maritime sector.
The IGP acknowledged that compliance enforcement is essential to the successful implementation of Nigeria’s Blue Economy objectives.
“The NSC and NPF are expected to deepen collaboration in the months ahead, with a shared focus on building a secure, efficient, and competitive port environment”, to the IGP emphasized.
Chinedu Wosu
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