Monday, May 17Inside Business Africa
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Tag: Central Bank Of Nigeria

Preserving forex reserves, raising local capacity through import substitution

Preserving forex reserves, raising local capacity through import substitution

Finance
For decades, successive governments in Nigerian resorted to protective measures, including import restrictions and exchange rate control, to manage its foreign exchange (forex) market, and deal with the problems of import and oil dependency. This import substitution policy is usually heralded by an economic crisis, often triggered by the collapse of the oil market, and a significant drop in Nigeria’s oil revenues, which account for 70% of the country’s total revenues. Expectedly, the Central Bank of Nigeria (CBN), followed this well-trodden path in efforts to ensure that Nigeria embraces import substitution and reduces the demand pressure on foreign exchange by importers, and ultimately conserves the nation’s hard-earned reserves. For instance, in June 2015, it ban...
Experts seek review, sustainability measures as airports reopen Friday

Experts seek review, sustainability measures as airports reopen Friday

Aviation
Aviation stakeholders have urged the Federal Government to constitute a committee to review the aviation sector and its sustainability in the coronavirus era. The experts, under the aegis of the Aviation Safety Round Table Initiative (ASRTI), said the call aligns with the need to chart a path to a new financial and safety demands in the sector, especially as the international airports may reopen Friday. The Federal Government’s March 21 closure and another two weeks extension placed on Murtala Muhammed International Airport, Lagos (DNMM), Nnamdi Azikwe International Airport, Abuja (DNAA), Mallam Aminu Kano International Airport, Kano ( DNKN), Port Harcourt International Airport, Omagwa, Port Harcourt (DNPO) and Akanu Ibiam International Airport, Enugu (DNEN), will elapse Thursday, Ma...
CACOVID-19 steps up private sector mobilisation against pandemic

CACOVID-19 steps up private sector mobilisation against pandemic

Business
The private sector-led Coalition Against Covid-19 (CACOVID-19) has stepped up its complementary efforts towards freeing the nation from the Coronavirus pandemic. Due to the devastating impact of the pandemic and the limited resources available to the government to tackle the health crisis, the private sector in the Nigeria decided to form the CACOVID-19 to assist the government to fight the virus. The body, which is led by Aliko Dangote, through the Aliko Dangote Foundation(ADF) and Herbert Wigwe of Access Bank, is also backed by Zenith Bank, Guaranty Trust Bank, Central Bank of Nigeria (CBN) among others. The mission is to mobilise private sector leadership and resources to support health facilities to respond to the crisis and also to use their reach to increase awareness throu...