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Nigeria Records N3trn Negative Foreign Trade Balance In Q3 – NBS

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National Bureau of Statistics(NBS) has revealed that Nigeria recorded N3 trillion negative foreign trade balance in the Third Quarter(Q3) of 2021 as total import hits N8.2 trillion against N5.1 tillion in the period under review.

The Statistician General of the Federation and Chief Executive Officer of National Bureau of Statistics, Dr. Simon Harry made this disclosure during a press briefing in Abuja on Monday.

He disclosed that Nigerian export trade was mainly dominated by Crude Oil, which amounted to N4 trillion Naira.

Meanwhile, Premium Motor Spirit (PMS) valued at N1.05 trillion topped Nigerian import trade.

According to Dr Harry, “In terms of exports, Nigerian Export trade was mainly dominated by Crude Oil which amounted to N4trillion(78.47%) of total export in the Third Quarter. This was followed by Natural gas, liquefied with 487.49billion(9.50℅), floating of submersible drilling platforms with N163.70billion(3.19%) and Urea, whether or not in aqueous solution with 107.17billion(2.08%).

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“On the other hand, imports were mainly motor spirit valued at N1.1trillion(12.91%), Dur wheat valued at 315.17billiom(3.87%), Gas Oil with N225.63billion(2.77%), Used Vehicles N185.41billion(2.27%).

“In terms of trading partners, the top five major trading partners in export trade during the 3rd Quarter, 2021 were India with N758.1billion, Spain with N627.01 billion, Italy with N446.04 billion, France with N363.23 billion and Netherlands with N242.49 billion. Similarly, the top import trading partners in the period under review were China with N2,441.79billion, India with 710.35billion, United States with 599.12billion, Netherlands with N554 billion and Belgium with N434.12 billion”, the statistician general stated.

International trade is an exchange or trade of goods between different nations which cut across imternational borders or territories.

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NBS stated that collection of data is majorly from secondary data sources such as the Nigeria Customs Service(NSC), Nigeria National Petroleum Corporation(NNPC), Nigerian Midstream and Downstream Petroleum Regulatory Authority(NPRA), Central Bank of Nigeria(CBN)

Others are Nigerian Export Procession Zone Agency(NEPZA), Nigeria Liquified Natural Gas Limited(NLNG), Nereli Technology Limited, Gojopal Nigeria Limited, Anglia International Limited, Oil and Gas Free Zone Agency(OGFZE), Nigeria Electricity Regulatory Commission(NERC), Federal Airports Authority of Nigeria(FAAN), Nigeria Civil Aviation(NCAA), Nigeria Port Authority, among others

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JUST IN: CBN Increases Interest Rate To 24.75%

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The Monetary Policy Committee of the Central Bank of Nigeria has today concluded its two-day meeting for March 2024.

This meeting marks the second MPC meeting for the year 2024 and also the 294th meeting of the CBN.

The MPC at the end of today’s meeting elected to hike the MPR by 200 basis points.

The Committee voted as follows: Raise the MPR by 200bps to 24.75 from 22.75 per cent
Increase the asymmetric corridor to +100bps/-300 basic points.

READ ALSO: JUST IN: CBN Sells Forex To BDCs At N1,251/$1

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Retain the Cash Reserve Ratio of Deposit Money Banks at 45 per cent and Adjust the CRR of Merchant banks from 10 per cent to 14 per cent.

The CBN retains a liquidity ratio of 13 per cent.

Details later…

 

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JUST IN: CBN Sells Forex To BDCs At N1,251/$1

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The Central Bank of Nigeria (CBN) has issued a circular to Bureau De Change (BDC) operators informing them that they sold $10,000 to each BDC at a rate of N1,251 per US dollar.

Nairametrics reports that the CBN, in a circular, instructed each BDC to sell the dollars to eligible customers at a rate not exceeding 1.5% above the purchase price.

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It reads: “We refer to our letter to you referenced TED/DIR/CON/GOM/001/071 in respect of the above subject wherein the CB approved a second tranche of sale of FX to eligible BDCs.

“We write to inform you of the sale of $10,000 to each BDC at the rate of N1,251/$1. The BDCs are to sell to eligible end users at a spread of NOT MORE THAN 1.5 per cent above the purchase price.”

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Financial Institution Launches Indigenous Micro Insurance Software To Boost Customers Confidence

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The acting Managing Director, Prudent Choice Micro Insurance, Mrs. Gloria Onosolease, has said that the launch of its indigenous micro insurance software, named Insuretech, will help boost customers confidence and ensure accountability in the sector.

She disclosed this during the official launch of its Insuretech software in Benin.

Mrs. Onosolease said the achievement will significantly shape the nascent micro insurance landscape in Nigeria and indeed, across the African continent.

Onosolease said the newly developed software heralds a pivotal advancement in enhancing customer interaction and satisfaction, while concurrently optimizing their internal operations to foster efficiency.

She added that in a fiercely competitive industry such as insurance, embracing technology is indispensable to their continuous success and sustainability.

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READ ALSO: Tips For Online Registration Of Prospective Corps Members

She said that the micro insurance sector in Nigeria, particularly in Edo State, is undergoing a phase of unprecedented growth with a population exceeding five million people where a substantial portion of which is engaged in low income and medium sized enterprises spanning rural, urban and semi-urban areas.

She said due to this, there exists an urgent demand for accessible and inclusive insurance solutions but regrettably, this demographic has long been underserved and marginalized in terms of insurance protection.

She further said that with the launch of Insuretech, it will help mitigate the financial risks encountered by low income earners and small to medium scale enterprises.

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