Naira weakens slightly against dollar at parallel market

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The naira weakened slightly against the dollar at the parallel market on Friday as it exchanged at N321 to the dollar.

The News Agency of Nigeria (NAN) reports that the Nigerian currency lost N1 to the dollar from N320 rate on Wednesday.

The naira also fell against the pound sterling and the Euro on Friday to N452 and N362, respectively from their previous rates of N450 and N360.

The naira still maintained N197 to the dollar at the official CBN segment of the market.

Traders said that activities in the market were still low due to late implementation of the 2016 budget.

They said that the budget would indicate the direction of the economy in 2016.

Meanwhile, NAN also reported that Mr Kolawole Opadeji, Chairman, National Association of Technologists in Engineering (NATE), Lagos State branch, on Friday, called on government and non-governmental organisations to aid technologists to achieve the desired success in technological innovations.

Opadeji made the call in an interview with the News Agency of Nigeria (NAN) in Lagos.

He identified finance as a major challenge limiting the effort of technologists in attaining the desired growth in innovative technology in the country.

“The major challenge facing technologists to embark on a couple of innovations that will be relevant to the economy and the agro-allied sector is finance.

“With the diversification process in the country, technologists have a great role to play with the agro-processing equipment fabrications that they have achieved.

“This can be achieved with maximum support from government and Non-Governmental Organisations, ‘’Opadeji said.

He added that the association had identified agro-business as one area that would bring the country out of the woods at the same time creates employment for the teeming youths.

Opadeji said this had motivated members of the association to look for equipment that would be useful in the agricultural chain.

Opadeji said that for now, NATE usually levy themselves for any project they chose to embark on, adding that such project always turn out to be functional and not prototype.

He cited an example with the Automatic Operated 360-Egg Incubator which e said the association exhibited during the 2013 NATEWEEK, adding that the project was solely financed by donations from members.

He added that members of the association could also carry out the fabrication, adapt and localise the equipment for the cottage industries, given the availability of funds.

He said that the association was poised to take its rightful place in the technological growth of the country, if given the opportunity.

“Japan technologists did it for Japan, Chinese technologists did it for China, likewise Indian technologists, and NATE will do it for Nigeria, if given the where with all.

“If Nigerians excel in every field outside our shores, government can also make this country conducive for professionals to thrive,’’ Opadeji said.

 

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