Tune in to get the latest insights, updates and information on the Foreign Exchange market. Although bitcoin has been in existence for five years, most countries still do not have consistent laws regulating the cryptocurrency. However, a few countries have. Forex trading and binary trading are quite different and it is important to understand these differences in order to become a successful trader. In finance, a foreign exchange option (commonly shortened to just FX option or currency option) is a derivative financial instrument that gives the right but not the. FX News | Forex Updates.Nigeria’s bogus auto policy pushes car prices up 2. . BUSINESSDAYAUGUST 1. Prices of brand new vehicles sold in Nigeria have risen by more than 2. The significant rise in the prices of brand new vehicles has been blamed largely on the bogus auto policy, which raised import duty on cars to 3. Analysts say the policy automatically raises the prices of cars by 7. Added to this, is the weaker exchange rate of the naira that is compounded by the increase in duties and levies on imported new vehicles. According to industry watchers, the 7. N1. 96 to the dollar, to relative stability at N3. Many individuals who can no longer afford the new cars have resorted to maintaining their old cars for extended periods of time, even as prospects of workable financing schemes remain unavailable. Many banks accustomed to changing cars for top executives every four years, have suspended the practice, due to high cost of procuring the new vehicles. The impact has been seen in a sharp drop in the sale of new vehicles in the country, resulting in the closure of many car dealerships and the consequent loss of jobs. The Federal Government had in 2. National Automotive Industrial Development Plan (NAIDP) as supervised by the National Automotive Design and Development Council (NADDC). A sample list of car prices from the Koreans, Japanese and German manufacturers, which come in various engine capacities across model ranges, exclusively obtained by Business. Day, showed that prices have more than doubled between 2. In 2. 01. 4, a brand new Kia Cerato 1. N3. 9. 6 million but now costs N9. Kia Picanto 1- liter engine capacity, which cost N2. N4. 9. 5 million in 2. Toyota Corolla 1. GLI automatic transmission fabric sold for N4. N1. 8. 9 million. In the same period, a Mercedes- Benz C2. N1. 0. 5 million, costs N2. Mercedes G6. 3AMG model which previously sold at N5. N7. 8 million. This shows a price jump of over 1. Korea, Japan or Germany. According to Kunle Ade- Ojo, Managing Director/CEO, Toyota Nigeria Limited, the rise in vehicle prices is majorly due to the unfavourable exchange rate of the naira. Ade- Ojo explained that as the dollar is scarce, so also is the naira pretty much scarce and that bank’s interest rates have gone up.“Even though the exchange rate has moderated from a high of about N5. N3. 66 to the dollar and below, from the end of 2. Ade- Ojo estimated that the country’s auto industry is expected to import and sell between 8,0. The forecast, Ade- Ojo said, was based on the industry’s performance in the first quarter of 2. He said with this statistics, “imports dropped by about 9. In terms of retail sales, we are estimating, based on the information we have, that the auto market did about 2,0. Passenger cars reduced more than commercial cars and of course, when you look at the duties on passenger cars also at 7. Retail sales went from about 3. While giving the status of the implementation report of the NAIDP between October 2. June 2. 01. 7 at a recent stakeholders meeting involving local auto assemblers and other stakeholders in Lagos recently, Luqman Mamudu, Director of Policy & Planning, National Automotive Design & Development Council (NADDC) revealed that the automotive policy is seeing tremendous progress, despite doubts in some quarters and that soon, Nigerians will begin to see positive result. He disclosed that at the inception of the automotive policy in 2. NADDC was 1. 1 companies and grew to 5. Production capacity rose from 1. Actual production size increased from 1. Reacting on the astronomical jump in prices of new vehicles, Olawale Jimoh, Marketing Manager, Kia Motors Nigeria Limited, stated that for over two years now, the steady increase in the prices of cars in Nigeria has been misconstrued by some industry followers. He argued that the local assembly of cars will invariably bring a new dawn that will result in affordable “Made in Nigeria” cars. That expectation should ideally not be out of place, if Nigeria’s economy over the years has been stable. He lamented that with the fast depreciation in the value of the naira, prices of cars have increased by more than 1. Jimoh lamented that at this stage of the country’s auto development, assembly plants still import SKD kits to assemble, on account of the dearth of component manufacturers in the country, among the interplay of other factors. MIKE OCHONMANBS: Roughly N4. Bribes Given to Public Officials Annually - THISDAYAUGUST 1. Says bribery is an established part of administrative procedure in Nigeria. Police, judiciary identified as biggest bribe- takers. Ndubuisi Francis in Abuja. An estimated N4. 00 billion, or the equivalent of $4. PPP), representing 3. Nigeria annually, a new report released by the National Bureau of Statistics (NBS), in collaboration with the United Nations Office on Drugs and Crime (UNODC), has revealed. The National Corruption Report, which covered the period between June 2. May 2. 01. 6 also showed that almost a third of Nigerian adults (3. June 2. 01. 5 and May 2. According to the report, the magnitude of public sector bribes in Nigeria becomes even more palpable when factoring in the frequency of the payments, adding that the majority of those who paid bribes to public officials did so more than once over the course of the year. Bribe- payers, it added, pay an average of some six bribes in one year, or roughly one bribe every two months.“Roughly 4. Nigerian Naira is spent on bribes each year. Taking into account the fact that nine out of every ten bribes paid to public officials in Nigeria are paid in cash and the size of the payments made, it is estimated that the total amount of bribes paid to public officials in Nigeria in the 1. Nigerian Naira (NGN), the equivalent of $4. PPP). This sum is equivalent to 3. It equally revealed that bribe- payers spend an eighth of their salary on bribes, noting that the average sum paid as cash bribe in the country was approximately N5,3. PPP).“This means that every time a Nigerian pays a cash bribe, he or she spends an average of about 2. NGN1. 8,9. 00.“Since bribe- payers in Nigeria pay an average of 5.NGN 2. 8,2. 00 annually on cash bribes—equivalent to 1.The report, which is the first of its kind in the country in terms of scope, said Nigerians consider bribery the third most important problem facing their country.“The above findings could explain why, after the high cost of living and unemployment, Nigerians consider corruption to be the third most important problem facing their country, well ahead of the state of the country’s infrastructure and health services.“Public sector bribery is not the only form of corruption affecting Nigeria: the prevalence of bribery in relation to selected employees of private companies is 5.Nigeria.“However, the payment of bribes to public officials is the most familiar and widespread form of corruption directly experienced by the population and the one that most affects the lives of ordinary citizens,” it noted.Giving an insight into how bribery works in the country, the report said public officials in Nigeria show little hesitation in asking for a bribe, noting that the vast majority of bribery episodes are initiated either directly or indirectly by public officials (8. on this page. It stressed that with such a large portion of public officials initiating bribes, which are paid up- front, it seemed that many public officials show little hesitation in asking for a kickback to carry out their duty, adding that bribery is an established part of the administrative procedure in Nigeria.“While money is by far the most important form of bribe payment in Nigeria, the survey shows that other forms of bribe payment, such as the provision of food and drink, the handing over of valuables or the exchange of another service or favour, also exist.“Qualitative research shows that such exchanges may sometimes include sexual services, although the actual extent of that particular form of bribe payment is unknown,” the NBS report said.The survey showed that a large proportion of bribes in Nigeria (4. According to the report, the second largest proportion of bribes (1. Nigeria. On the categories of public servants indulging in bribery, the report said law enforcement and the judiciary were areas of particular concern.“Police officers are the type of public official to whom bribes are most commonly paid in Nigeria. Of all adult Nigerians who had direct contact with a police officer in the 1. Forex Trading News | Leap. Rate. Fill out the form below for more information. Leap. Rate's Forex Yellow Pages. Please enter the company name, email address to reach you and phone # (optional): Please fill out the message field to the right for any questions or special inquiry.
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