Nigerian BuisnessNews

29 ships to arrive Lagos

Twenty-nine ships are to arrive in Lagos ports with foods, petroleum products and other goods from January 20 to February 7. The Nigerian Ports Authority (NPA) disclosed this in its daily publication, the ‘Shipping Position,’ made available to the News Agency of Nigeria (NAN) in Lagos on Tuesday.

The document stated 14 of the expected ships would arrive in the ports with containers, while eight others would sail in with food items. It reported that three ships were expected to sail in with petroleum products like kerosene and petrol, while four other ships would come in with general cargo.

CBN rules out further devaluation of naira

The Monetary Policy Committee of the Central Bank of Nigeria on Tuesday ruled out further devaluation of the naira and warned against speculative trading in the currency, vowing that it would do everything within its power to protect it from further depreciation. The Governor of the CBN, Mr. Godwin Emefiele, stated this while addressing journalists shortly after the two-day MPC meeting held at the central bank’s headquarters in Abuja ended. Emefiele said while the CBN would continue to provide foreign exchange for Nigerians engaged in legitimate business, it would not allow the nation’s currency to come under speculative attacks.

The governor, however, admitted that significant pressure persisted in the foreign exchange market during 2014, resulting in further weakening of the naira across the three segments of the markets. For instance, he said the exchange rate at the Retail Dutch Auction System-Spot opened at N157.34 to the dollar (including one per cent commission) and closed at N164.08, representing a depreciation of N12.34 or 4.28 per cent.

Nigerian BuisnessNews

29 ships to arrive Lagos

Twenty-nine ships are to arrive in Lagos ports with foods, petroleum products and other goods from January 20 to February 7. The Nigerian Ports Authority (NPA) disclosed this in its daily publication, the ‘Shipping Position,’ made available to the News Agency of Nigeria (NAN) in Lagos on Tuesday.

The document stated 14 of the expected ships would arrive in the ports with containers, while eight others would sail in with food items. It reported that three ships were expected to sail in with petroleum products like kerosene and petrol, while four other ships would come in with general cargo.

CBN rules out further devaluation of naira

The Monetary Policy Committee of the Central Bank of Nigeria on Tuesday ruled out further devaluation of the naira and warned against speculative trading in the currency, vowing that it would do everything within its power to protect it from further depreciation. The Governor of the CBN, Mr. Godwin Emefiele, stated this while addressing journalists shortly after the two-day MPC meeting held at the central bank’s headquarters in Abuja ended. Emefiele said while the CBN would continue to provide foreign exchange for Nigerians engaged in legitimate business, it would not allow the nation’s currency to come under speculative attacks.

The governor, however, admitted that significant pressure persisted in the foreign exchange market during 2014, resulting in further weakening of the naira across the three segments of the markets. For instance, he said the exchange rate at the Retail Dutch Auction System-Spot opened at N157.34 to the dollar (including one per cent commission) and closed at N164.08, representing a depreciation of N12.34 or 4.28 per cent.

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