Nigeria to impose travel ban on visitors from India, Brazil – Newstrends
Connect with us

Business

Nigeria to impose travel ban on visitors from India, Brazil

Published

on

The Federal Government has announced plans to issue a travel advisory within the next two days on inbound flights from India, Brazil and Turkey.

This followed the escalation of new variants of COVID-19 virus in those countries.

Head, Technical Secretariat of the Presidential Steering Committee (PSC) on COVID-19, Dr Mukhtar Muhammad, said this at a news conference in Abuja.

He expressed concern over the situation in India, which is a popular destination for medical tourists from Nigeria.

The PSC also urged Nigerians to keep observing all the regulations and instructions already provided to keep safe from the infection of COVID-19.

He warned that the third wave of the pandemic sweeping through other parts of the world was lurking around to enter Nigeria, especially as the nation had already reopened its economy to the world.

His statement read in part, “While we continue to reopen the economy, we must also be aware of the happenings around the globe. Mr. Chairman and Minister of Health have made reference to specific incidences in India, Turkey, Brazil and also South Africa.

“These were taken with serious concern and we continue to monitor what is going on in these countries. We sympathise with the people of these countries because it is really a very trying time particularly for India that is recording over 300,000 cases a day and over 2,000 deaths.

“It is not easy. India is a prime destination for medical tourism for Nigeria. We know that many Nigerians like to travel to go to India, but now we see the situation that the country has found itself in. While we urge Nigerians to limit all travellers to only essential travel, particularly to these affected countries.

“We will continue to urge Nigerians to also comply with public health measures that are put in place to continue to ensure that we comply with the regulation.

“We actually empathise with those countries and what is happening in those climes. However, on our part, we are looking seriously into this issue. We are looking at other considerations that we need to provide.

“The health of Nigerians is of prime importance and whatever we need to do to protect Nigeria and to protect Nigerians from going into escalation of this current situation, the PSC will do that as necessarily.

“We will be providing some travel advice in the next 48 to 72 hours with particular reference to both Nigerians and those coming into the country to help advise us.”

Business

Naira drops further to N1,421.06 per dollar

Published

on

Naira drops further to N1,421.06 per dollar

The declining fortunes of the Naira persisted yesterday with further depreciation in the parallel and official markets due to the re-emergence of speculation and hoarding, even as some Bureaux De Change, BDCs withdrew from the Central Bank of Nigeria, CBN’s, dollar sales program.

Vanguard also learnt that despite the sustained nationwide raids and arrest of street currency hawkers, the Naira further depreciated yesterday to N1,435 per dollar in the parallel market, from N1,415 per dollar on Tuesday, and also depreciated to N1,421.06 per dollar in the Nigerian Foreign Exchange Market, NAFEM.

Data from FMDQ showed that the indicative exchange rate for NAFEM fell to N1,421.06 per dollar from N1,416.57 per dollar on Tuesday, indicating N4.49 depreciation for the naira.

Consequently, the margin between the parallel market and NAFEM rates widened to N13.94 per dollar from N1.57 per dollar on Tuesday.

Dollar sales to BDCs

In a bid to intervene in the retail segment of the forex market, the CBN in February resumed dollar sales to BDCs. Since then the apex bank has held three editions of the dollar. At the last edition, the CBN offered to sell $10,000 per BDCs at directing them to sell at the maximum margin of 1.5 per cent.

READ ALSO:

BDC operators however complained dollar disbursement from CBN is too slow that and takes three to four weeks between when they make payment and when the dollars are disbursed to them.

Vanguard reliably gathered that as a result of this delay and the uncertainty in the forex market, some BDCs, have asked the CBN to refund their Naira payment.

Top BDC operators who confirmed this development to Vanguard under the condition of anonymity said that some of the BDCs that asked for refunds have gotten their money.

Speaking to Vanguard on condition of anonymity, the Chief Executive of a BDC said, “I think the CBN is overwhelmed. You pay money and it takes one month for you to collect $10,000. It is over a month now since they intervened and they have not intervened again.

Continue Reading

Business

Naira trades at N1,415/$ on parallel market

Published

on

Naira trades at N1,415/$ on parallel market

The Naira yesterday depreciated to N1,415 per dollar in the parallel market, from N1,410 per dollar on Monday.

Similarly, the Naira depreciated in the Nigerian Foreign Exchange Market, NAFEM, to N1,416.57 per dollar.

READ ALSO:

Data from FMDQ showed that the indicative exchange rate for NAFEM fell to N1,416.57 per dollar from N1,354.21 per dollar on Monday, indicating N62.36 depreciation for the naira.

Consequently, the margin between the parallel market and NAFEM rates narrowed to N1.57 per dollar from N55.79 per dollar on Monday.

Naira trades at N1,415/$ on parallel market

Continue Reading

Business

CBN extends suspension of cash deposit charges by bank customers

Published

on

CBN extends suspension of cash deposit charges by bank customers

The Central Bank of Nigeria (CBN) has directed commercial banks to extend suspension of charges on cash deposit until September 30 this year.
This directive was conveyed through a circular dated May 6, signed by Adetona Adedeji, the Director of Banking Supervision at the apex bank.
The banks had reintroduced fees for deposits exceeding N500,000 for individuals and corporate account holders on May 1.

Following the banks’ decision, individuals were set to incur a two per cent charge on deposits exceeding N500,000, while corporate account holders faced the same levy on deposits surpassing N3 million.
The new circular read, “Please refer to our letter dated December 11, 2023, referenced BSD/DIR/PUB/LAB/016/023 on the above subject, suspending processing charges imposed on cash deposits above N500,000 for individuals and N3,000,000 for corporates as contained in the ‘Guide to Charges by Banks, Other Financial Institutions and Non-Bank Financial Institutions’ issued on December 20, 2019.
“The Central Bank of Nigeria hereby extends the suspension of the processing fees of two per cent and three per cent previously charged on all cash deposits above these thresholds until September 30, 2024.”

Continue Reading

Trending

Skip to content