As Nigeria’s population hits 216 million by November, this year, making the country the sixth most populous country in the world, experts have warned that the current population growth rate has dire consequences if not speedily addressed. They say there is a need for the government and all stakeholders to take urgent measures to address […]
Naira s free fall continues as Nigerians rush to hoard dollars dailytrust.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from dailytrust.com Daily Mail and Mail on Sunday newspapers.
Checks done by this paper while interviewing a cross section of patrons of quick loans in Abuja, Lagos and other parts of the country, revealed that the trend became popular since 2018 and gained higher fame in 2020 with the economic crisis created by the COVID-19 pandemic.
Quick loan firms everywhere
There are a handful of them who offer enticing loans with low interest rates with little to no paperwork. While some offer from N20,000 to N5m, there are those whose thresholds reach tens of millions.
Their tenors are between one and 12 months (one year), with some up to a maximum of 24 months (two years).
A
s the African Continental Free Trade Areas Agreement (AfCFTA) among the 54 participating countries commences today, January 1, 2021, the Central Bank of Nigeria (CBN) has insisted that it will sustain its foreign exchange (forex) restriction for 42 import items it had prohibited earlier.
The commencement of the pact is coming barely two weeks after the federal government reopened the land borders shut for over one year.
The AfCTA agreement allows participating countries to trade about 90 per cent of goods without any duty payment. However, each African country reserves the right to restrict importation of 10 per cent of goods that it has local capacity to produce.