Tackle Forex crisis, maritime workers urge the federal government
Maritime operators have urged the Federal Government to address the issue of fluctuating exchange rates to boost importation as the country marks its 64th anniversary today. The operators who spoke in Lagos on Monday, however, admitted that the maritime sector had recorded significant growth in the past few years. The Youth Leader of the Tincan Island Chapter of the Association of Nigerian Licensed Customs Agents, Sikiru Remilekun, stated that despite the recorded growth, fiscal policies still pose a big challenge to the sector. “The maritime sector, especially in import and export, has experienced significant growth over the past few years. However, the major challenge remains the fiscal policies on the fluctuating dollar,” Remilekun said. He mentioned that setting the exchange rate for cargo clearance at less than N1,000/$ would cause the sector to grow by over 200 percent. “The policy has slowed down the inflow and outflow in the port business, which we have been urging the government to address by pegging the dollar rate to less than N1,000. I believe this will play a significant role and ensure a growth of about 200 percent.” “However, another challenge is the lack of capacity building and excessive bureaucracy and payments, which are affecting the maritime sector,” he stated. Also speaking, a ship captain, and South-West Director of the Merchant Seafarers Association of Nigeria, Williams Ogunshakin, called on the government to assist MARPOL in the area of cleaning the waterways by creating something similar to the Lagos Waste Management Authority in the waterways across the country. “The only way we need to assist MARPOL is to create a kind of Lagos Waste Management Authority in the waterways of the country. Let us stop dirt from coming into the waterways,” he said. According to him, most of the accidents are caused by rags and used items that were dumped carelessly into water bodies. He maintained that MARPOL could be assisted with either a policy or any other way. “They have been able to control and minimize accidents on our waterways. They also need to do more in the area of accident prevention, let us do more. Let us operate with zero tolerance for accidents. “In the past six years, maritime security has been terrible, when we are sailing we are no longer at rest. But due to the effort of our stakeholders and in conjunction with the military we are now getting a recipe in our coast and that is an improvement,” he stated.
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FIRS To Introduce e-invoice platform
GBP: UK inflation remains in line with expectations – Commerzbank
Wednesday’s UK inflation figures did not come as any major surprise. CPI inflation was in line with the median of analyst estimates. The subcomponents did not surprise either. Nevertheless, the currency market took the release as an opportunity to trade the Pound Sterling (GBP) stronger, Commerzbank’s Head of FX and Commodity Research Ulrich Leuchtmann notes. Visible price movements in GBP are expected “The initial market reaction shows very clearly that the Pound Sterling (GBP) is currently benefiting particularly from the fact that the Bank of England (BoE) appears to be lagging behind. While the ECB has already cut its key rate twice and the Fed started with a big move, the market expects the BoE to make rather more leisurely interest rate cuts. That is what makes the pound so attractive.” “Of course, this would quickly come to an end if inflation in the United Kingdom were to fall very rapidly (as is expected for the euro area and the US). Therefore, UK inflation figures are always a cause for nervousness for those who hold long GBP positions.” “But the flip side of this previous nervousness is that if the figures do not give cause to question the BoE’s positive outlook on GBP, relief will prevail. Relief does not mean massive GBP strength, but it does mean visible price movements.”
Gold hovers close to new high of $2,600 after Fed meeting
Gold (XAU/USD) edges higher and trades back in the $2,580s on Thursday after falling to the $2,540s following the US State Reserve (Fed) decision on interest rates the prior day. The yellow metal popped to a new record high of $2,600 on Wednesday before quickly falling back following the much-anticipated Fed meeting, at which they decided to implement a 50 basis point (0.50%) cut to the fed funds rate. This lowers the Fed’s base rate to a range of 4.75%-5.25% from 5.25%-5.50% previously. Gold peaks after Fed meets Gold hit a record high of $2,600 after the Fed went ahead with a 50 bps rate cut on Wednesday, although the yellow metal failed to sustain its new highs. Several analysts explained the lack of volatility (financial asset prices changed only modestly after the announcement) due to the Fed’s easing cycle having already been priced in by financial markets ahead of the event. Gold hit a record high of $2,600 s the easing cycle already priced in?” opined Thomas Mathews, Head of Markets, Asia Pacific for Capital Economics in a note on Thursday. “Markets barely reacted to the Fed’s 50 bps rate cut, on balance, and our base case is that further cuts won’t move the needle too much either.” Gold upside may have been capped by the basically clean bill of health assigned to the US economy by the Fed. Gross Domestic Product (GDP) growth forecasts were only slightly revised down to 2.0% in 2024 from 2.1% previously and is expected to remain at that level until the end of 2027.
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