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Food and fertiliser importers will have to source foreign exchange independently of the central bank as part of efforts to stem forex outflows and narrow Nigeria’s trade deficit. The country’s trade deficit widened to NGN 178.2 billion in June 2020, the largest in over 15 years. Nigeria spent 16 percent of its total import bill
Questions over the CFA franc’s peg to the euro; and XAF/XOF parity A Franctrade survey suggests that the CFA franc’s peg to the euro will remain a major theme for business and industry leaders in the region in 2019 with many participants taking the view that a devaluation of the currency is now
World Cotton contract…what world cotton contract? The US Intercontinental Exchange (ICE) has delisted its world cotton contract (effective June 12) which it introduced in 2015 as an alternative to the US cotton no. 2 contract and in a bid to inject greater dynamism into its cotton futures market heavily biased towards US cotton/deliveries. The rationale
Reducing high sulphur content Nigeria, Benin, Togo, Ghana, and Cote d’Ivoire are stopping the imports of high-sulphur diesel fuels, a move agreed upon in Abuja on December 1 . In September, Franctrade.com referenced a UK Financial Times report highlighting the sale of diesel with high sulphur content in Africa, known as ‘dirty diesel’ based on
A Bloomberg survey of traders expects shipments this month to Asia from Angola, Nigeria, Equatorial Guinea, Republic of Congo, Ghana, Cameroon, Gabon and the Democratic Republic of Congo to rise by 8 to 60 cargoes. This is equivalent to 1.9 million barrels per day (mbpd), up from 1.6mbpd in October. Asian demand is being boosted by the
Cocoa prices may have further to fall Franctrade view: Cocoa prices could drop significantly in the second half of 2016-17 year on account of a bumper ‘small season’ crop in Cote d’Ivoire. Production forecasts on the ground indicate that the main season crop (October to March) will be on par with last season’s at between 1.2 to
