Business
IMO to Host Extreme Weather Symposium in September
The International Maritime Organisation (IMO) has decided to host its 2nd WMO-IMO Symposium on Extreme Maritime Weather.
Ohibaba.com reports that the symposium with the theme , `Bridging the Knowledge Gap Towards Safer Shipping,’ will hold in London 23-26 September 2024.
IMO, in a statement on Friday, noted that despite decades of investments in weather forecasting that have substantially improved the predictability of such events, ships still transit into hazardous conditions, resulting in damage and, often, loss of cargo, personnel injuries or deaths, and environmental damage.
“Incidents of ships encountering extreme weather in recent years underscore the urgent need for action by the shipping and metocean.”
The event is aimed at finding possible solutions to minimize the risks created by extreme maritime weather events – those which are dangerous to any ship at sea and are a threat to life, property, and the marine environment, besides the economic impacts to the global blue economy.
The Symposium will also provide an update on developments, building upon the first Joint Symposium in 2019.
The Symposium links to the World Maritime Theme 2024 ʺNavigating the future: safety first!.ʺ
It will contribute to the UN Decade on Ocean Science for Sustainable Development and the UN Early Warnings for All initiatives.
Business
NPA initiate trucks movement code to ease traffic at Lagos ports
The initiative is designed to ensure that each truck is matched exclusively to its designated empty container, eliminate multiple allocations, improve traffic management and enhance operational efficiency within the port corridor.
The Nigerian Ports Authority (NPA) has introduced a movement code to streamline the movement of empty containers into seaport terminals and reduce traffic congestion caused by container trucks along the Apapa and Tin Can Island port corridors.
The Guardian reported that under the new policy, the movement code will serve as a unique identifier generated by a holding bay for every empty container uploaded to the Electronic Call-Up (ETO) platform.
The code must correspond with the details captured on the ETO system before trucks are granted access to port terminals.
In a notice issued to stakeholders, the NPA said the movement code has become a mandatory requirement for completing the truck-container matching process.
Truck drivers are required to obtain the code from designated holding bays before proceeding to the ports.
According to the authority, the initiative is designed to ensure that each truck is matched exclusively to its designated empty container, eliminate multiple allocations, improve traffic management and enhance operational efficiency within the port corridor.
Business
Okonjo-Iweala lauds Cardoso for stabilising Nigeria’s monetary environment
Okonjo-Iweala, gave the commendation on Thursday at the 7th Africa Emerging Markets Forum held in Abuja, with the theme: “Building Resilience Amidst Geo-economic Uncertainties.”
The Director-General of the World Trade Organisation (WTO), Dr Ngozi Okonjo-Iweala, has commended the Governor of the Central Bank of Nigeria (CBN), Mr Olayemi Cardoso, for stabilising Nigeria’s monetary environment.
Okonjo-Iweala, gave the commendation on Thursday at the 7th Africa Emerging Markets Forum held in Abuja, with the theme: “Building Resilience Amidst Geo-economic Uncertainties.”
Speaking at the forum, Okonjo-Iweala commended Cardoso on the work that he and his team have done on currency and monetary policy stabilisation.
However, she emphasised that Nigeria must sustain broader macroeconomic reforms.
“Nigerians have to feel the dividends of reform in the real economy,” she added.
The forum brought together policymakers, business leaders and development partners to discuss strategies for strengthening Africa’s resilience amid growing global economic uncertainty.
Business
Naira Exchange Rates Thursday, July 30 : Black Market, CBN, Commercial Bank
Sterling Bank publishes both a buy rate and a sell rate for USD, GBP, EUR, and ZAR. The buy rate is what Sterling Bank will pay you when you exchange foreign currency for Naira. The sell rate is what you will pay when buying foreign currency from Sterling Bank at its branches.
BLACK MARKET RATES
US DOLLAR (USD) Buy ₦1,407 Sell ₦1,415
GREAT BRITISH POUND (GBP) Buy ₦1,900 Sell: ₦1,925
EURO (EUR) Buy ₦1,590 Sell ₦1,610
CANADIAN DOLLAR (CAD) Buy ₦1,020 Sell ₦1,080
SOUTH AFRICAN RAND (ZAR) Buy ₦75 Sell ₦90
UAE DIRHAM Buy ₦350 Sell ₦370 CHINESE YUAN Buy ₦190 Sell ₦205
GHANA CEDI (GHS) Buy ₦95 Sell ₦110
WEST AFRICAN CFA Buy ₦2, 300 Sell ₦2, 400
CENTRAL AFRICAN CFA Buy ₦2,150 Sell 2,250
AUSTRALIAN DOLLAR Buy ₦800 Sell ₦900
Commercial Bank Exchange Rates
Sterling Bank
Currency Buy Sell
USD / NGN ₦1350.00 ₦1385.00
GBP / NGN ₦1775.23 ₦1862.81
EUR / NGN ₦1518.76 ₦1599.69
ZAR / NGN ₦80.66 ₦85.12
CBN Exchange Rates
US DOLLAR (USD) ₦1,366.71
GREAT BRITISH POUND (GBP) ₦1,815.82
EURO (EUR) ₦1,555.32
SWISS FRANC (CHF) ₦1,666.72
JAPANESE YEN (JPN) ₦8.34
CHINESE YUAN (CNY) ₦201. 99
WEST AFRICAN CFA (XOF) ₦2. 37
WEST AFRICAN UNIT ACCOUNT (WAUA) ₦1,849.04
SAUDI RIYAL (SAR) ₦364.02
SOUTH AFRICAN RAND (ZAR) ₦81.46
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