By Emma Ujah,  Abuja Bureau Chief
ABUJA—Necessary steps are being taken to protect the economy under the African Continental Free Trade Agreement, AfcFTA,  Nigeria’s Chief Trade Negotiator and Director-General, Nigerian Office for Trade Negotiations (NOTIN), Amb. Chiedu Osakwe, has assured.

Chiedu Osakwe

He told journalists in Abuja, yesterday, that the agreement has provisions for remedies against dumping and other unfair trade practices to protect economies of member countries.

President Muhammadu Buhari suspended the signing of the agreement when the government came under heavy criticism from Nigerian manufacturers and other stakeholders who argued that the nation’s economy would suffer from the implementation of the agreement.

Amb. Osakwe said: “Let me say this at the level of facts, in the agreement establishing the AfCFTA which Nigeria has not signed, we have a provision on trade remedies. We have a provision against dumping, we have a provision that is on the basis of which a party can apply for certain duties for products that have been sold below market price from a producer or importer into Nigeria.

“So, we have anti-dumping clause as a trade remedy in AfCFTA. Secondly we have a provision on countervailing measures on subsidies. If the importer from another country has used illegal and trade distorting subsidies like export grants, export subsidies, like loans that some countries give to their businesses which they never ask back, to give them an unfair advantage, these are examples of illegal subsidies.

“So, in the agreement we have a clause on countervailing duties to products that have enjoyed or benefited from illegal trade distorting subsidies. Three, as part of the troika of the trade remedies infrastructure clauses in the AfCFTA deal we have the preferential safeguard.”

Naira depreciates to N361.4/$

By Babajide Komolafe

The Naira, yesterday, depreciated marginally   to N361.4 per dollar in the Investors and Exporters (I&E) window in spite of 193 percent upsurge in volume of dollars traded.

Data from FMDQ showed that the indicative exchange rate for the window rose slightly to N361.4 per dollar yesterday from N361.32 per dollar last week Friday, indicating 8 kobo depreciation of the naira.

The naira however remained stable at N360 per dollar at the parallel market.

On the other hand, volume of dollars traded in the window rose to $198.3 million yesterday from $67.68 million on Friday, indicating 193 percent increase.