Shipping & Currency Report

31 Ships Carrying Petroleum Products, Cargoes Arrive Lagos Ports; Naira falls to a new low on the black market . . .

31 Ships Carrying Petroleum Products, Cargoes Arrive Lagos Ports

Thirty-one ships laden with petroleum products, food items and other goods are expected to arrive Apapa and Tin-Can Island Ports in Lagos between Tuesday and Jan. 1.

The Nigerian Ports Authority (NPA) made this known in its daily publication, Shipping Position, a copy of which was made available to newsmen on Tuesday in Lagos.

It said that the ships contained general cargoes, containers, steel products, buck wheat, rice, bulk sugar, bulk salt, base oil, crude palm olein, bulk charcoal, steel products, empty container and petrol.

Nine other ships, it said, had arrived the ports and waiting to berth with bulk rice, diesel, bulk gas, petrol, and base oil.

NAN reports that 19 other ships were already discharging buck wheat, frozen fish, general cargoes, crude palmolein and fresh fish.

Others were project cargo, bulk fertiliser, bulk charcoal, aviation fuel, bulk gas bulk sugar, containers, project cargo, petrol and diesel.

Naira falls to a new low on the black market

Nigeria’s currency the Naira fell 1.5% to a new low of N265 to the US dollar on the black (unofficial) market on Wednesday after the Central Bank of Nigeria (CBN) rationed dollar supplies this week, traders said.

The CBN cut the amount it sold to each of the 2,270 retail money exchange brokers that participated in Wednesday’s weekly sale to $10,000, down from the $30,000 each it sold last week, Aminu Gwadabe, the head of Nigeria’s bureaux de change (BDCs) association told Reuters.

In Nigeria right now, there is serious dollar scarcity and traders, importers and exporters are the hardest hit by the scarcity.

The central bank this month asked all bureaux de change operators to submit accounts showing their dollar usage at the start of each week before they can access future sales, a move traders say was aimed at curbing speculation on forex.

Nigeria’s dollar reserves shed 0.4% in a week to $29.46 billion as at December 15, 2015 the latest CBN data showed.

MBR

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Shipping & Currency Report