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Forex: Naira Rises As CBN Injects dollar

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The Naira grew against the dollar at the interbank market last week, after the Central Bank of Nigeria (CBN) raise the supply of the dollar by 50 per cent. The apex bank sold $300 million to end-users at N150 per dollar at the wholesale Dutch Auction System (WDAS) representing about $ 100 million increase over dollar sales in the past two months but short of $322.46 million demanded at the action.
The foreign exchange (forex) traders believed that the fact that CBN was able to meet the bulk of dollar demanded at its auction on Wednesday helped the naira to regain some ground at the interbank. They demand that dollars remained stronger, but expected some increase in supply of dollar by the CBN early this week.
The managing director and chief executive officer Digare BDC Limited, Mr Jelili Ajibola said that naira may further weaken if federal government implements the deregulation of the downstream petroleum sector of the economy.
His words: Nigerians should forget about deregulation of the oil sector as it will worsen our economy and devalue the naira more.
He said there are lots of interests in this campaign adding that the same politicians that are calling for deregulation would hoard petroleum products to increase prices in order to make abnormal profit when deregulation is finally implemented.
He also pointed out that with the relative stability in the Niger Delta, there is every tendency that oil production would increase thereby boosting the nation’s reserves.
He insisted that deregulation would further worsen the standard of living of the economically changed Nigerians.
Managing director and chief executive officer, Yomade BDC Limited, Usmand Suleiman said that deregulation would encourage inflation and that the poor would suffer the most. He stated that, even when workers salaries are increased, their pay would still not be able to cater for their needs. He added that, the prices of food stuff would skyrocket because fuel prices would definitely increase thereby affecting transportation fare.
He advised government to resuscitate the refineries and build new ones, provided social amenities such as stable power to encourage small and medium enterprise (SMEs) in the country.
Also speaking Adeboye Adenuga, managing director and chief executive officer, Dambis BDC Limited said that the reason for the appreciation of the naira over the dollar was due to falling demand for foreign exchange by the operator as they now find it difficult to access loan from banks.
Equally he added, that currency traders who used to sorrow from banks have started recalling facilities.
According to him, “The situation is affecting those with genuine business, as many of them no longer have access to naira to purchase foreign exchange for importation. This recent appreciation of the naira is due to the result of the CBN reform programmes in the banking sector.
He further wished that government should find a way of employing law enforcement agencies that would take charge in controlling the activities of the black marketers till sanity is restored in the forex business.
Mr Adeboye Adenuga added that the economy is not moving but people can no longer buy forex as much as before to import finished goods, noting that even those who travel to Dubai for trading purposes no longer do so, as many banks now find it difficult to support such trades. He advised that government should be able to develop local industries by improving infrastructure. Adenuga argued the aggregate supply for forex to the market is not enough also that there are lots of loopholes in the market which must be blocked to move the economy forward.

Aluka Anita O

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USTR Criticises Nigeria’s Import Ban On Agriculture, Others

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The United States Trade Representative (USTR) has criticised Nigeria’s import ban on 25 categories of goods, claiming that the restrictions limit market access for American exporters.
This is the effect of President Donald Trump’s tariffs introduction on goods entering the United States, with Nigeria facing a 14 per cent duty.
The USTR highlighted the impact of Nigeria’s import ban on various sectors, particularly agriculture, pharmaceuticals, beverages, and consumer goods.
The restrictions affect items such as beef, pork, poultry, fruit juices, medicaments, and alcoholic beverages, which the United States sees as significant barriers to trade.
The agency argues that these limitations reduce export opportunities for United States businesses and lead to lost revenue.
“Nigeria’s import ban on 25 different product categories impacts United States exporters, particularly in agriculture, pharmaceuticals, beverages, and consumer goods.
“Restrictions on items like beef, pork, poultry, fruit juices, medicaments, and spirits limit United States market access and reduce export opportunities.
“These policies create significant trade barriers that lead to lost revenue for United States businesses looking to expand in the Nigerian market”, the agency said .
In 2016, Nigeria implemented the ban on these 25 items as part of efforts to control imports and stimulate local production.
Some of the banned items include poultry, pork, refined vegetable oil, sugar, cocoa products, spaghetti, beer, and certain medicines.
On March 26, 2025, the  Federal Government also announced plans to halt solar panel imports to encourage local manufacturing as part of its push for clean energy.

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Expert Seeks Cooperative-Driven Investments In Agriculture 

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A leading agribusiness strategist and digital agriculture expert, Ayo Oluwa Okediji, has sought cooperative-driven investments in sustaining growth of poultry industry in Nigeria.
He said the poultry industry was at a defining moment and requires urgent structural reforms to secure its future and ensure long-term sustainability.
Speaking on the theme, “Strengthening Poultry Farming Through Cooperative Synergy and Strategic Investments”, at the recently concluded Oyo Mega Poultry Workshop 2025 in Ibadan, Okediji called on poultry farmers, cooperative leaders, financial institutions and policy makers to rethink the existing structure of the poultry sector.
He stressed the need to transition from fragmented, individually-driven operations to well-structured, cooperative-led enterprises capable of attracting sustainable financing and securing long-term viability.
He said, “Our poultry sector cannot thrive on individual effort alone. We need to organise ourselves into cooperative clusters, build strong governance systems and position ourselves to attract the level of investment needed to sustain this industry beyond this generation.”
Drawing on lessons from successful global cooperative models such as Rabobank in the Netherlands and Landus Cooperative in the United States, Okediji introduced the FarmClusters Poultry Model, a locally adapted solution developed by Agribusiness Dynamics Technology Limited (AgDyna), a subsidiary of AgroInfoTech Africa.
According to him, the model is currently being piloted in Oyo State in partnership with PANOY Agribusiness Limited and local poultry cooperatives.

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NACCIMA Proposes Hybrid Oil Palm Seedlings For Farmers

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The Rivers State Representative of the Nigeria Chambers of Commerce, Mines, Industries and Agriculture (NACCIMA), Mr. Erasmus Chukwundah, has urged palm oil farmers to consider hybrid seedlings for planting, if they must break even in palm oil business.
Chukwundah said this recently at the Free Oil Palm Business Climate Smart Best Management Practice/Assistance Training organized by Partnership Initiative In Niger Delta (PIND) for Palm Oil Farmers in Elele, Ikwerre Local Government Area.
The Rivers representative said until palm oil farmers begin to consider such hybrid oil palm seedlings, they may not meet up with the daily increasing demand of palm oil in the market.
According to him, the seedlings produce up to 30 bunches at once that ripen same time.
He said PIND decided to partner with Oil Palm Growers Association of Nigeria (OPGAN) to ensure that the message was received by the targeted audience.
According to him, palm oil remained a popular choice of industry operators as it could be converted to many other products such as vegetable cooking oil.
He also noted that products such as motor tyers, marine ropes and others are now gotten from the palm tree.
Chukwundah, who is the immediate past Director-General of Port Harcourt Chamber of Commerce, Mines, Industries, and Agriculture (PHCCIMA), further warned against use of unrecommended fertilisers in growing oil palms.
He noted that such practices could limit its export value or chances as the foreign marketers have a way of detecting such .
He reiterated the need for organic fertilizers, including poultry droppings, to enable them have a natural palm oil.
“People must reduce physical contact with palm oil production. That is why we are campaigning for hydrolic oil mills. The foreign markets are no longer interested in crude method of palm oil production”, he said.
Meanwhile, one of the farmers, Sonny Didia, who appreciated Chukwundah’s commitment towards the concern of farmers, appealed for an urgent need for loan opportunity with low interest rate in order to enable them beat the target.

King Onunwor

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