foreign

Navy Nabs Suspected Foreign Rice Smugglers In Akwa Ibom

October 13, 2019 3:33 pm

The Nigerian Navy, Forward Operating Base (FOB) Ibaka, Mbo Local Government Area in Akwa Ibom has nabbed four suspected smugglers in connection with the smuggling of 220 bags of 50kg rice.

The Commanding Officer, FOB, Capt. Peter Yilme said this in Ibaka during the hand-over of the suspects and items to the Nigeria Customs Service (NCS).

He said that the Navy was committed to making sure that perpetrators of the illegal trade were made to face the full wrath of the law.

Yilme said that the suspects were caught with a wooden boat carrying the smuggled rice, adding that Navy …

Zimbabwe bans use of US dollar and other foreign currencies

June 25, 2019 6:45 am

In a bid to defend its fledgeling new currency against black market speculation, Zimbabwe‘s Finance Minister Mthuli Ncube on Monday outlawed the use of the US dollar and a host of other foreign currencies in local transactions.

In 2009, Zimbabwe allowed the US dollar and other foreign currencies to be used as legal tender in the country after hyperinflation decimated the value of the Zimbabwean dollar.

Earlier this year, to pave the way towards ending so-called “dollarisation”, the country laid the foundations for a new Zimbabwean dollar by introducing an interim currency, the Real Time Gross Settlement dollar (RTGS) …

NIS begins issuance of 10-year e-passport at Ikoyi office

NIS to issue resident permit to foreign citizens

June 17, 2019 12:13 am

The Comptroller General of Nigerian Immigration Service (NIS), Muhammad Babban Dede, has said issuance of resident permit to emigrants would soon commence.

Dede revealed that the new development would enable the Nigerian government to fish out illegal immigrants residing in the country, insisting whoever failed to conform to the directive risked deportation.

He said this during the graduation ceremony of 396 Immigration Officers that undertook the 44th Superintendent Basic Course at Kano Immigration Training School, adding that the renewed issuance became pertinent due to insecurity confronting the nation.

The …

Nigeria records ₦27b foreign portfolio deficit in Q1

May 5, 2019 10:18 pm

Nigeria suffered a net deficit of N26.6 billion in foreign portfolio transactions in the first quarter (Q!) of this year amidst fears of political and macroeconomic uncertainties.

A report on foreign portfolio investments (FPIs) obtained over the weekend indicated that the country recorded a negative balance of N26.6 billion in inflow and outflow transactions by foreign portfolio investors in Q1 as against a positive balance of N30.88 billion recorded same period last year.

The report also showed that foreign portfolio transactions dropped by N159.95 billion in Q1, representing a decrease of 41.89 per cent from the turnover in Q1 of …

Foreign Investors leaving en masse from Nigeria

February 10, 2019 10:17 am

A sizable chunk of investment capital belonging to foreign investors found its way out of the shores of Nigeria through the equities market in 2018 compared to 2017. But the Central Bank of Nigeria has expressed the hope that the trend would soon be reversed with renewed efforts to put the economy in proper shape, reports Bamidele Famoofo

In the last three years, the rate of outflow of foreign portfolio investment from the equities trading segment of the Nigerian Stock Exchange has maintained a sustainable increase. Data churned out by the NSE in January which captured the activities in …