Connect with us
iubh
Advertisement
Alpha
Advertisement
Hotflex
Advertisement
Investment One
Advertisement
Advertisement
UBA
Advertisement
Patricia
Advertisement
app

Business News

LCCI calls for economy reform

The Lagos Chamber of Commerce and Industry, LCCI, has called on the Federal Government to reform the economy as some of its policy portend more danger for the economy than benefit.

Published

on

LCCI, economy, reforms

The Lagos Chamber of Commerce and Industry, LCCI, has called on the Federal Government to reform the economy as some of its policy portend more danger for the economy than benefit.

The President, LCCI, Mr Babatunde Ruwase, said, “We need the right mix of policies to achieve the desired outcomes.  I am aware that some policy choices have been made by the present administration to promote economic diversification, stabilise the foreign exchange market and promote small businesses.

“Evidently, there are still some works to be done.  There is a need for regular engagements and communication on policy issues to ensure quality feedback and enrich the policymaking process.”

Ruwase said there should be engagement on macroeconomic policies, and sectoral policies, which would include foreign exchange, trade, tax, energy, transport, industrial, agricultural, and ICT among others.

[READ ALSO: Stock Market: 52.5% of firms failed to pay dividend in 2019 (Opens in a new browser tab)]

“The slow pace of reforms in the oil and gas sector, especially the fact that the Petroleum Industry Bill could not make it through the eighth National Assembly is a cause for worry. And the part that was passed was not signed by the President,” he added.

According to him, the indefinite closure of the country’s borders with its neighbouring African neighbours will ultimately hurt the economy and cross-border economic activities.

He said, “Nigeria’s economy had strong fundamentals, as the resources were enormous. The closure of the land borders has enormous implications for cross border economic activities around the country.

“The indications are now that the closure is indefinite.  While we share the concern of government on issues of security and smuggling, we believe that the indefinite closure of land borders is not the solution to the problem.”

[READ MORE: CBN’s Godwin Emefiele, foreign investors meet amidst weak naira(Opens in a new browser tab)]

British airways

Ruwase, who acknowledge that the government had introduced some economic reforms to take the economy out of the woods, said a lot still needed to be done.

However, Minister of Industry, Trade and Investment, Otunba Niyi Adebayo, said that President Muhammadu Buhari’s administration was committed to creating an enabling environment for businesses to thrive.

Adebayo said, “The relevant government agencies were working assiduously on initiatives and programmes to solve key areas of concerns, ranging from infrastructure, power supply to good road networks across the country.”

Stanbic 728 x 90

0

Abiola has spent about 14 years in journalism. His career has covered some top local print media like TELL Magazine, Broad Street Journal, The Point Newspaper.The Bloomberg MEI alumni has interviewed some of the most influential figures of the IMF, G-20 Summit, Pre-G20 Central Bank Governors and Finance Ministers, Critical Communication World Conference.The multiple award winner is variously trained in business and markets journalism at Lagos Business School, and Pan-Atlantic University. You may contact him via email - [email protected]

Click to comment

Leave a Reply

Your email address will not be published.

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Business News

Paypal’s Venmo now permits cryptocurrency trading

Venmo will support four different cryptocurrencies: Bitcoin, Ethereum, Bitcoin Cash, and Litecoin.

Published

on

Venmo, a mobile payment service owned by PayPal has announced that it has started allowing users to buy, hold and sell cryptocurrencies on its app. Just like PayPal, Venmo will support four different cryptocurrencies: Bitcoin, Ethereum, Bitcoin Cash, and Litecoin, and users can carry out transactions with as little as $1 on the app

Founded in 2009, Venmo has over 70 million users and it is one of the most popular payment channels in the US. The payment platform processed around $159 billion in payments last year.

Since the app functions like a social network, adding cryptocurrency will offer a more user-friendly feel for people who love buying and selling crypto.

READ: 28 million merchants to be granted crypto usage on PayPal

As bigger companies show more interest in cryptocurrency, there will be wider adoption of virtual currencies in future. Venmo is the latest payment app that is offering support for cryptocurrency on its platform.

Paypal, the parent company of Venmo is one of the most active companies in the crypto space as it allows users to buy, sell and hold cryptocurrencies in their digital wallets. Paypal users can also spend their coins at millions of merchants globally.

Crypto on Venmo is enabled through PayPal’s partnership with Paxos Trust Company, a regulated provider of cryptocurrency products and services.

What they are saying

Darrell Esch, Venmo’s Senior Vice President and general manager said “Our goal is to provide our customers with an easy-to-use platform that simplifies the process of buying and selling cryptocurrencies and demystifies some of the common questions and misconceptions that consumers may have.”

+1
Continue Reading

Business News

ABCON asks CBN to check impact of cryptocurrencies on diaspora remittances

The association also noted that the apex bank needs to address other issues driving the patronage of cryptocurrency exchanges for remittance transfers.

Published

on

ABCON disagrees with those calling for naira devaluation

The Association of Bureau De Change Operators of Nigeria (ABCON) has asked the Central Bank of Nigeria (CBN) to introduce measures that will neutralize the positive effects of cryptocurrencies as a channel for diaspora remittances.

This is to redirect diaspora remittances away from cryptocurrency exchanges to official channels and also protect such against potential disruptions.

This call was made by ABCON during its Quarterly Economic Review for the first quarter of 2021 where it commended the CBN for the N5/$ rebate scheme introduced to encourage diaspora Nigerians to use official channels to remit their funds.

However, the association noted that the apex bank needs to address other issues driving the patronage of cryptocurrency exchanges for remittance transfers.

READ: Nigeria among worst countries to start a career, and they all don’t accept crypto

What ABCON is saying in their statement

The association in its statement said, “It is noteworthy that public acceptability for cryptocurrency exchanges are rising which could be quite accountable for the wide drop in diaspora inflows to Nigeria. Insecurity in the country is giving it greater prominence as investors and citizens are finding Cryptocurrency a safe haven for their wealth in case of any eventuality.

In most Emerging Markets Bitcoin transfers surged last year, as the pandemic exposed the cheaper and more efficient digital remittance services. Migrants sending money across borders to their families prefer the minimal transaction costs of cryptocurrency exchanges against the exorbitant costs of traditional money transfer companies like Western Union.”

READ: Atsu Davoh is building ways for Africans to easily acquire and spend cryptocurrency

According to ABCON, “Cryptocurrency transactions are faster than the conventional transfers, which require passing through banks reliant SWIFT, the sluggish, half-century-old interbank messaging system that handles cross-border payments.

These exchanges override the political complications of official channels. The global reach of cryptocurrencies avoids the inflation risk inherent to official currencies, especially in politically unstable countries reliant on fickle foreign investors.

British airways

Thus, while we commend the efforts of CBN in introducing the package of Five Naira for One Dollar transfer, it can be seen from the analysis above that the challenges exceed just non-payment of foreign currency by the IMTCs and the exchange rate. Strategies that satisfy the most sensitive of these advantages of Cryptocurrency exchanges must be introduced to redirect flows to the official channel.”

ABCON also expressed concerns over the country’s huge unemployment rate, urging the government to apply radical approaches with the use of both conventional and unconventional economic and political tools to redress the trend.

READ: Afreximbank President reveals ways Nigeria can boost diaspora participation in economy

Stanbic 728 x 90

What you should know

  • It can be recalled that the apex bank had about 2 months ago, warned the Deposit Money Banks, Non-Financial Institutions and other Financial Institutions against doing business in crypto and other digital assets.
  • The CBN directed financial institutions to immediately close the accounts of persons or entities transacting in or operating cryptocurrency exchanges, warning of severe regulatory sanctions in the event of any breach of the directive.
  • The Securities and Exchange Commission (SEC) had a few days ago, revealed that it is working with the CBN for a better understanding and regulation of cryptocurrencies in the country.

+1
Continue Reading

  





Nairametrics | Company Earnings

Access our Live Feed portal for the latest company earnings as they drop.