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Nigeria - Benin: blame game over smuggling

Business Africa

Nigeria and Benin have divergent views on how to combat the smuggling phenomenon that affects them and hinders trade at their borders.

Do you recall the statement of the Nigerian businessman Aliko Dangote at the Central Bank of Nigeria’s Consultative Round Table on Growth on June 8 in Lagos, Nigeria?

“No country can survive with a neighbour like Benin,” refering to smuggling, adding that Benin is partly responsible for the African giant’s poor economic performance.

Benin reacted to these remarks through Romuald Wadagni, its Minister of Industry and Trade, who did not exempt his neighbour from the same acts of smuggling.

The BEAC to regulate money transfer rates

The BEAC refocuses on banks while tightening conditions for remittances in the Central African sub-region

People in Central Africa have been experiencing real ‘headaches’ for some time now when it comes to remittances.

A situation that is unlikely to improve any time soon due to the new measures taken by the Bank of Central African States, which wants to set the maximum rate of the transfer fee and thus circumvent the phenomenon of capital flight.