Business

Nigeria formally Accepts WTO’s Agreement on Fisheries Subsidies

Published

3 years ago

June 13, 2023

461 Views

Nigeria has deposited its instrument of acceptance for the World Trade Organisation’s ((WTO) Agreement on Fisheries Subsidies.

The Agreement prohibits support for illegal, unreported and unregulated (IUU) fishing, bans support for fishing overfished stocks, and ends subsidies for fishing on the unregulated high seas.

Ambassador Adamu Mohammed Abdulhamid presented Nigeria’s instrument of acceptance to WTO Director-General, Ngozi Okonjo-Iweala in Geneva, Switzerland, yesterday.

Ambassador Abdulhamid said: “The Agreement on Fisheries Subsidies presents a unique opportunity for Nigeria to promote sustainable use of ocean resources for economic growth and the improvement of livelihoods while preserving the health of ocean ecosystem, believing that the Agreement shall put a stop to all harmful fisheries subsidies such as illegal, unreported, and unregulated fishing activities by all WTO members.”

“By this instrument of acceptance, Nigeria reassures its commitment to a rule-based multilateral trading system by guaranteeing its compliance with the Agreement as well as refraining from introducing any new subsidies that harm the marine environment while recognizing the need for appropriate and effective special and differential treatment for developing and least developed countries which can be achieved through adequate policy space to develop its fisheries sector and technical assistance and capacity building in order to implement the discipline.

Nigeria calls on other WTO members who are yet to ratify this agreement to do so as soon as possible so as to contribute to our global effort of preservation of the global fish stocks,” he said.

DG Okonjo-Iweala said: “I am profoundly grateful to Nigeria for formally accepting the WTO Agreement on Fisheries Subsidies.
I am proud to see the country’s continued commitment to sustainable development and its vote of confidence in the work of the WTO.
Nigeria’s acceptance adds to our growing tally of members that have accepted the Agreement — we have received about one-third of the total that we need for the Agreement to enter into force.

I hope that Nigeria’s action serves as an inspiration to other governments in Africa and the rest of the world to move swiftly to implement the Agreement and foster global cooperation for the benefit of our shared future.”

Nigeria is the fifth-largest African fishing nation and is estimated to lose about USD70 million each year to illegal, unreported, and unregulated fishing.
The sector accounts for as much as 5 per cent of Nigeria’s GDP and supports the livelihood of about 24 million people.

Business

CBN Urges Public, Businesses Not To Reject N100 Bank Note

The CBN strongly cautions individuals, businesses, financial institutions, and other economic agents against rejecting the standard N100 banknote. Such rejection constitutes a violation of the provisions of the CBN Act and undermines confidence in the national currency.

Published

6 hours ago

July 9, 2026

OCHEFA

20 Views

The Central Bank of Nigeria (CBN) has stated that the Standard N100 note is still a legal tender and must be accepted for all transactions.

The apex bank made the appeal in a statement by its Ag. Director, Corporate Communications, Mrs. Hakama Sidi-Ali, clarifying that it became necessary, following reports that some members of the public were rejecting the note.

“For the avoidance of doubt, the CBN hereby reiterates that both the commemorative N100 banknote and the standard N100 banknote remain legal tender in Nigeria and must be accepted for all transactions nationwide,” she said.

“The commemorative N100 banknote, which was introduced to mark Nigeria’s centenary, did not replace the existing standard N100 banknote.

Business

Naira Exchange Rates Today Thursday, July 9

Published

9 hours ago

July 9, 2026

Charles Flames

20 Views

BLACK MARKET RATES
US DOLLAR (USD) Buy ₦1, 410 Sell ₦1,415
GREAT BRITISH POUND (GBP) Buy ₦1,870 Sell: ₦1,890
EURO (EUR) Buy ₦1, 575 Sell ₦1,595
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

Official CBN Exchange Rates

US DOLLAR (USD) ₦1,379.07
GREAT BRITISH POUND (GBP) ₦1,840.64
EURO (EUR) ₦1,572.00
SWISS FRANC (CHF) ₦1,704.45
JAPANESE YEN (JPN) ₦8. 48
CHINESE YUAN (CNY) ₦202.76
WEST AFRICAN CFA (XOF) ₦2.38
WEST AFRICAN UNIT ACCOUNT (WAUA) ₦1,859. 53
SAUDI RIYAL (SAR) ₦367.24
SOUTH AFRICAN RAND (ZAR) ₦84. 08

Business

JUST IN:, Naira Depreciates to N1,405/$ in Parallel Market

Published

1 day ago

July 8, 2026

Charles Flames

27 Views

The Nigerian naira continued its recent slide against the US dollar, hitting N1,405 per dollar in the parallel (black) market amid ongoing demand pressures and supply constraints in the foreign exchange market.

According to traders and market sources, the local currency weakened from around N1,400–N1,410 levels in recent sessions, reflecting persistent challenges in the forex ecosystem. In contrast, the official Nigerian Foreign Exchange Market (NFEM) rate, managed by the Central Bank of Nigeria (CBN), stood firmer at approximately N1,368–N1,370 per dollar.

This development widens the gap between the official and parallel markets, raising concerns among analysts about liquidity, speculative activities, and the impact on importers and businesses reliant on dollar transactions.

The depreciation comes as Nigeria grapples with balancing foreign exchange inflows, including remittances and oil revenues, against high demand for imports, debt servicing, and other obligations. Market watchers attribute the pressure partly to seasonal factors and limited dollar availability at official windows, pushing more transactions toward the parallel market.

The CBN has been intervening through various measures to stabilize the naira, including boosting liquidity and tightening monetary policy. However, the parallel market remains sensitive to real-time supply and demand dynamics.

Economists warn that sustained volatility could fuel inflation and affect consumer prices, particularly for imported goods. Stakeholders are calling for stronger policy coordination to narrow the official-parallel rate disparity and restore greater confidence in the forex regime.

Further updates will depend on upcoming CBN interventions and inflows in the days ahead.