Business
CBN Stops FX Price Verification System Portal for Importers from July 1
The Central Bank of Nigeria (CBN) has announced that it will discontinue the use of the foreign exchange price verification system portal for importers starting from July 1. The Price Verification Report will no longer be required for the completion of a Form ‘M’, which is a declaration of intention to import physical goods into Nigeria.
The decision was disclosed in a circular on the CBN’s website, signed by the Acting Director of the Trade and Exchange Department, W. J. Kanya. The notice, addressed to all authorized dealer banks and the general public, cited recent developments in the Nigerian Foreign Exchange Market as the reason for this change.
In August 2023, the CBN had mandated price verification from the portal for all Form ‘M’ requests effective from August 31, 2023. The portal was introduced during the tenure of former acting governor Folashodun Shonubi as an extension of the e-evaluator and e-invoice systems launched in 2022. These systems were designed to replace hard copy final invoices in FX documentation processes and to monitor imported goods and collect import duties where applicable.
The circular stated:
“We refer to the circular dated August 17, 2023, referenced TED/FEM/PUB/FPC/001/008 and titled ‘Go-Live Of The Central Bank Of Nigeria Price Verification System Portal’ on the deployment of the Price Verification System.
Given recent developments in the Nigerian Foreign Exchange Market, the CBN hereby discontinues the Price Verification System.
Consequently, with effect from July 01, 2024, all applications for Form ‘M’ shall be validated without the Price Verification Report generated from the Price Verification Portal.
For the avoidance of doubt, by this circular, the Price Verification Report is no longer a requirement for the completion of a Form ‘M’. Please note and be guided accordingly.”
This move indicates a shift in CBN’s approach to foreign exchange regulation and import documentation, potentially easing the process for importers.
Business
Iceland Demands Supermarket Rivals Stop Selling Prawn Rings
Supermarket chain Iceland has filed a trademark application for its well-known “King Prawn Rings,” urging rival supermarkets to stop selling similar products. Iceland, headquartered in Flintshire, claims it has faced increasing imitation since introducing its prawn rings in 1991.
In a bold open letter shared on social media platform X (formerly Twitter), Iceland called out major competitors Aldi, Tesco, Lidl, and Asda, accusing them of selling “copy crustaceans.” The letter cheekily asserted, “The King Prawn Ring is ours, and we won’t be letting you off the hook.”
Lidl humorously responded, “Here was us thinking it was a classic 1970s party dish.”
Iceland’s letter, signed by “Iceland Foods,” warned other retailers to cease selling prawn rings, especially ahead of Christmas. The chain emphasized its intent to pursue legal action if competitors don’t comply, declaring, “Our lawyers are more than ready to dive into legal waters.”
The prawn ring battle has sparked social media buzz, with consumers eagerly watching how rival supermarkets will respond to Iceland’s trademark claim.
Business
Boeing Workers Reject Latest Pay Offer Despite 30% Rise, Union Says
The union representing striking Boeing workers has stated that its members are not interested in the company’s latest pay proposal, which includes a 30% raise over four years. According to the International Association of Machinists and Aerospace Workers (IAM), a survey revealed overwhelming dissatisfaction with the offer, labeling it as “inadequate.”
This rejection follows Boeing’s new “best and final” offer, which also included a performance bonus reinstatement, improved retirement benefits, and a one-time $6,000 signing bonus. The company set a deadline for the deal to be ratified by union members by midnight on September 27.
However, IAM criticized Boeing for sending the offer directly to workers and the media without consulting union leaders and stated that the time frame was insufficient to organize a proper vote. Boeing has denied the union’s claims and said it would allow more time and provide support to facilitate the vote.
Business
China Unveils Bold Measures to Revive Economy Amid Growth Concerns
China’s central bank, the People’s Bank of China (PBOC), has launched a significant package of measures aimed at revitalizing its struggling economy. PBOC Governor Pan Gongsheng announced plans to lower borrowing costs and allow banks to expand lending to stimulate economic activity.
With recent economic data raising concerns that China may miss its 5% growth target this year, the central bank will cut the reserve requirement ratio (RRR)—the amount of cash banks must hold in reserve—by half a percentage point, releasing around 1 trillion yuan ($142 billion) into the economy. Additional cuts may follow later in the year.
The package also addresses China’s property market crisis by cutting interest rates for existing mortgages and reducing minimum down payments for all homes to 15%.
Asian stock markets responded positively to the news, seeing a boost after Mr. Pan’s announcement, which came during a rare joint press conference with officials from two other financial regulators.
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