Category: Business

The Naira’s depreciation over recent months has led to significant setbacks in the West African market, with trans-border traders increasingly rejecting the Nigerian currency in favor of the CFA or other local currencies of non-francophone countries.

Investigations by Vanguard at the Seme border reveal a shift in currency preference among traders, marking a departure from the era when the Naira dominated the sub-regional economy.

Historically, the Naira was the preferred medium of exchange due to Nigeria’s substantial trade volume with neighboring countries.

However, the currency’s status has been in decline since February, culminating in its outright rejection by March 2024.

Traders, including Nigerians, express concerns over the Naira’s falling value, with the worst depreciation rates recorded in the recent months.

Official figures show a steep decline in the Naira’s value against the CFA, dropping from N1/1.5CFA in early 2023 to N1/0.37595CFA recently.

Despite a slight improvement, the Naira remains far from its former strength, impacting the cost of goods imported into Nigeria and slowing business activity in border towns of Nigeria and the Benin Republic.

On-ground reports from Benin-Nigeria border markets indicate a dwindling presence of the Nigerian currency, with money changers and transport operators opting for the CFA to avoid losses due to the Naira’s instability.

Ibrahim Yakubu, a bike rider, and Taiye Ekiti, a money changer, voiced their preference for the CFA over the Naira, attributing the shift to the dollar’s influence on the Naira’s depreciation.

Traders like Mr. Achi Collins, dealing in second-hand clothing, note the reluctance of their counterparts to accept the Naira, forcing customers to exchange their money to CFA.

Although a few traders in Seme may still accept Naira, the exchange rate’s impact is reflected in higher prices for goods.

The rejection of the Naira in major cities of the Benin Republic further underscores the currency’s diminished value, with traders insisting on CFA for transactions.

Before now, Naira was accepted on the west coast, up to Ivory Coast and Senegal. Traders freely spent Naira in many countries of West Africa.

Nigerian sports journalists who covered sports events in Benin Republic, Togo, Ghana, Senegal and Ivory Coast spent Naira in the markets of these countries.

Naira was stronger than CFA then. Those days are gone. The naira is now rejected in these countries.

The post Depreciation: Trans-Border Traders Reject Naira, Ask For CFA appeared first on Naija News.

The cost of cement varies significantly across the world due to factors like production costs, availability of raw materials, labour costs, and government policies.

It’s important to note that cement prices are subject to change due to global economic conditions, fluctuations in demand and supply, changes in raw material costs, and other economic factors.

The figures can vary within each country based on specific market conditions at any given time.

Here’s a look at some of the countries with the cheapest and most expensive cement prices based on available data and reports:

Countries with the Cheapest Cement Prices

1. India: Cement in India is relatively cheap due to efficient production processes, vast limestone deposits, and intense market competition. The average price can be around $60 to $100 per metric ton.

2. Indonesia: Due to large domestic production and efficient manufacturing processes, Indonesia has some of the lowest cement prices, approximately $30 to $60 per metric ton.

3. China: As the world’s largest producer of cement, China benefits from economies of scale, with prices ranging between $35 and $75 per metric ton.

4. Iran: Sanctions and a focus on domestic consumption have kept Iranian cement prices low, around $35 to $55 per metric ton.

5. Pakistan: Competitive local production and large limestone reserves contribute to Pakistan’s low cement prices, typically between $55 and $70 per metric ton.

Countries with the Most Expensive Cement Prices

1. Switzerland: High labor and production costs make Switzerland one of the countries with the most expensive cement, costing upwards of $160 per metric ton.

2. Norway: Similar to Switzerland, Norway has high production costs, leading to cement prices that can exceed $150 per metric ton.

3. Denmark: With limited domestic production and high labor costs, Denmark sees cement prices around $120 to $180 per metric ton.

4. Iceland: The island’s remote location and import reliance drive up cement prices, often surpassing $150 per metric ton.

5. Australia: Despite significant domestic production, operational costs in Australia are high, resulting in cement prices of about $100 to $130 per metric ton.

The post List Of Countries With Cheapest And Most Expensive Price Of Cement In The World appeared first on Naija News.

Zimbabwe’s new currency ZiG’s introductory exchange rate is set at 13.56 per dollar.

The post Zimbabwe Introduces New Gold Backed Currency ‘ZiG’ Amidst Economic Crisis appeared first on Arise News.

The AEDC has been given an April 11 deadline by NERC to reimburse customers who were charged a wrong tariff.

The post ‘Flagrant Breach’: NERC Imposes ₦200m Fine On AEDC For Tariff Violations, Orders Customer Refunds appeared first on Arise News.

The FIRS says it wasn’t able to charge Tigran Gambaryan because it couldn’t access him in custody.

The post Arraignment of Binance Executive in Nigeria Stalled appeared first on Arise News.

As skiers glide down the slopes of British Columbia’s Whistler Mountain and ice fishers drop their lines into frozen lakes