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Page 2 - Iju Nwabunike News Today : Breaking News, Live Updates & Top Stories | Vimarsana

External Reserves Dip By $730 53m In Five Weeks

The reserves, which stood at $35.656bn as of November 4, fell to $34.925bn on December 12. According to the figures, the reserves, which had continued to fluctuate, ended the month of October at $35.68bn. Recently, the CBN Governor, Godwin Emefiele, said restriction on global travel by land and air, along with the slowdown in commercial activities, led to a significant reduction in the demand for crude oil, which contributed to a 65 per cent decline in crude oil prices between January and May 2020. “The drop in crude prices, along with OPEC reduction of Nigeria’s production quota, led to a significant decline in our foreign exchange earnings, along with a more than 60 per cent decline in revenues due to the federation account,” he said.

ANLCA, NAGAFF Partner For Growth Of Maritime Industry

The Association of Nigeria Licensed Customs Agents (ANLCA) and the National Association of Government Approved Freight Forwarders (NAGAFF), have resolved to tackle some of the challenges in the maritime sector. The two foremost association of freight forwarding and customs brokerage noted that the maritime sector had suffered setbacks in the last two years, and promised to address the challenges. Speaking during a working visit by the National Executive Committee of ANLCA to NAGAFF headquarters, ANLCA President, Mr Tony Iju Nwabunike, said the leadership of the association had come to partner with NAGAFF for the growth of the maritime industry. Nwabunike assured stakeholders that the two associations would come up with a communique to itemize some of the challenges in the sector, with a view to nipping them in the bud.

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