TOP STORIES YOU MAY HAVE MISSED FROM LAST WEEK
CBN UNVEILS FX PRICE VERIFICATION SYSTEM PORTAL
The Central Bank of Nigeria has introduced a foreign exchange price verification system designed for importers to have access to forex.
The apex bank in a statement from its Trade and Exchange Department on Thursday night, said a price verification report from the portal is now mandatory for all Form M requests while it takes effect from August 31, 2023.
US TO IMPOSE TARIFFS ON TIN MILL STEEL FROM CANADA, CHINA, GERMANY
The U.S. Commerce Department on Thursday said it will impose preliminary anti-dumping duties on tin-plated steel imports from Canada, Germany and China, sparing five other countries in a decision that drew some relief from food can manufacturers that had feared higher tariffs.
The department said the highest preliminary anti-dumping duties of 122.5% will be imposed on tin mill steel imported from China, including the country’s largest producer, Baoshan Iron and Steel.
EURO ZONE SWINGS INTO TRADE SURPLUS IN JUNE AS RUSSIA IMPORTS PLUMMET
The euro zone swung back into a large trade surplus in June from a similar size deficit 12 months earlier, as imports from both Russia and China fell sharply, data showed on Thursday.
The European Union’s statistics office, Eurostat, said the unadjusted external trade surplus of the 20 countries sharing the euro was 23.0 billion euros ($25.01 billion) in June, compared with a 27.1 billion-deficit in June 2022.
CHINA ‘S EVERGRANDE FILES FOR BANKRUPTCY
China’s Evergrande Group — once the country’s second-largest property developer — filed for bankruptcy in New York on Thursday.
The beleaguered firm borrowed heavily and defaulted on its debt in 2021, sparking a massive property crisis in China’s economy, which continues to feel the effects.
BITCOIN BREAKS BELOW $26,000, POST WORST WEEK SINCE MAY
Bitcoin ended the day lower by about 6% at $26,038.41, according to Coin Metrics. It wavered over $26,000 throughout the day Friday, following a stunning fall that began late Thursday.
The move pulled the rest of the crypto market lower. Ether and Binance coin each fell about 4%, while Cardano’s ada lost more than 3% Friday. Ripple’s XRP slid 13% and the Solana token lost 7%.
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