Business

CBN Should Drive Floating Exchange Rate System – Expert

Published

10 years ago

July 31, 2015

: Governor Nyesom Wike of Rivers State (2nd left), exchanging pleasantries with the Project Manager of Abonnema-Obonoma Bridge, Engr. Fadeen (right) while the CTC Chairman, Akuku-Toru LGA, Hon. Odimabo (left), watches, during the inspection of Abonnema-Obonoma bridge, by the governor, yesterday.

The Managing Director, Citibank Nigeria Limited, Mr Akinsowon Dawodu, has urged the Central Bank of Nigeria (CBN) to allow the country’s exchange rate to be determined by trading in the forex market in contrast to a fixed rate.
Dawodu, who was represented by Citibank’s Head of Strategy, Mr Sharaf Muhammed, gave the advice on Wednesday in Calabar at CBN’s 20th Seminar for Finance Correspondents and Business Editors.
Dawodu presented a paper on the implications of closure of Retail Dutch Auction System (RDAS) and Wholesale Dutch Auction System (WDAS) segment of the Foreign Exchange Market in Nigeria.
He explained that at the moment, Nigeria was practising an Intermediate Exchange Rate regime which was characterised by inconsistency problem and exchange rate volatility.
He said that once the transition had been done, it would eliminate the requirement to hold large reserves, hence free funds for necessary infrastructure development.
Dawodu said that the closure of RDAS and WDAs by the CBN was also the right step to stabilise the nation’s currency.
“The closure of RDAS and WDAS will unify the market. And when it is unified, the naira will be at good price. So the closure is a good step in the right direction.
“What we need to do now is to gradually move towards the free float system. It is better if the market takes over and determines the price of the currency, and the CBN comes in once in a while to intervene.
“And when our fiscal policy is in harmony with our monetary policy, the economic transformation has been completed and then the FX (Forex) margin can be completely liberalised, “ he said.
Dawodu said that economic transformation and fiscal discipline were prerequisite for Nigeria to be ready for a free floated economy.
He said the progress in economic areas such as Agriculture, Manufacturing, Oil and Gas was a step in the right direction.
Dawodu also recommended that the CBN should reduce intervention in the FX market and be frugal with the use of the nation’s reserve, to further stabilise the economy.
Meanwhile, the Director, Corporate Communications Department, CBN, Mr Ibrahim Muazu, said the seminar aimed at educating the media on the impact of oil crude prices on external reserves and exchange rate management in Nigeria.
“At the end of the seminar, participants would have been exposed to fundamental issues and challenges of oil price volatility on external reserves and exchange rate management in Nigeria.
“The management of CBN believes that as media practitioners, you have great roles to play in disseminating accurate information on financial and economic policy issues.
“I have no doubt that the enlightenment which this seminar will bring will contribute to your understanding of the topical issues that are crucial to the nation’s financial system and economic development.

Business

NPA Assures On Staff Welfare

Published

2 days ago

June 27, 2025

The Tide

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

Business

ANLCA Chieftain Emerges FELCBA’s VP

Published

2 days ago

June 27, 2025

The Tide

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

Business

NSC, Police Boost Partnership On Port Enforcement

Published

2 days ago

June 27, 2025

The Tide

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