Newsletter NEW Current - 3Timpex

May 3, 2017 - Email: [email protected] Website: ... Crocodile; Elephant, Lizard, Eagle, Monkey, Zebra, Lion etc. 8. All goods imported In January ...
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3T IMPEX TRADE ACADEMY RA

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....Promoting International Trade Education

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3T ...ENHANCING EXPORT TRADE EDUCATION

CBN's Policy on 41 Items Remains in Place and many more PG1-2

VOLUME 2 ISSUE 20

Handling the Export Boot Export Critical 5Ps of Camp and Business Export Business Import-Export Success-Part-5 Master Series on DVD Help Line. (The Payment) (Vol. I – III) PG 3

PG 3

PG 4

Export Trade Leads, Export Commodities Prices, Export Trade Terms PG 4

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he Nigeria Agricultural Quarantine Service said it has secured an order for 100 billion dollars' worth of pigeon pea from India.

Dr. Vincent Isegbe, the Coordinating Director, Nigeria Agricultural Quarantine Service, told News Agency of Nigeria (NAN) that we have just exposed our pigeon pea to the Indian market making the Government of India to place an export order for 100 billion dollars' worth of pigeon pea.

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he Central Bank of Nigeria (CBN) has been drawn to media reports to the effect that the CBN has reversed part of its policy on some import items ineligible for forex.

According to Isaac Okorafor (Ag. Director, Corporate Communications), in a press release said that the CBN has not reversed its policy on the 41 items ineligible for forex through the Nigerian forex market. The release further added that the reports appear to be a misinterpretation of CBN earlier circular titled: REVISED DOCUMENTATION REQUIREMENTS FOR ALLOCATION OF FOREIGN EXCHANGE FOR SMALL-SCALE IMPORTATION dated May 03, 2017, stating that this provision does not refer to the 41 Items that remain ineligible for FOREX sale in the Nigerian Forex Market. (Excerpt from www.cbn.gov.ng)

Isegbe said that the agency would continue to explore its mandate to fast track more commodities for export for foreign exchange earnings, while encouraging exporters to go to specialist areas to export, bearing in mind the processes and standards that must be met. In light of this, he called for the review of the agricultural export laws to ensure safety, enhance export and the mandate of the quarantine service. (Excerpt from www.dailytrust.com.ng)

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he Nigeria Customs Service (NCS) has announced that some goods are banned for exportation. Banned exported goods are prohibited by the government and any attempt to smuggle them across the border will be deemed illegal.

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oreign investors and exporters are warming to the foreign-exchange window that Nigeria opened last week to ease a severe shortage of dollars, according to the head of the trading platform overseeing it. According to Bola Onadele, the CEO of Lagos-based FMDQ OTC Securities Exchange, the naira's depreciation in the window to almost the same level as the black-market rate means the new market is already “nearing equilibrium.” “There's already been interest from portfolio investors because they can see that the new window will have buyers and sellers determining the rate.” The so-called Investors' and Exporters' FX Window, which started on April 24, is the central bank's latest attempt to lure back investors who fled in the past two years, exacerbating a crisis that caused Nigeria's economy to shrink in 2016 for the first time in a quarter century. To this end, banks are talking to portfolio investors and Volumes will build up, Onadele said.The idea is that by creating a market for some types of investment transactions, policy makers can satisfy calls to float the currency without risking an inflationary spiral that may come from a formal devaluation. (Excerpt from www.bloomberg.com)

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The ban on the items was put in place by the government in 2016, as part of yearly efforts to control import, but is still in place as no ne