Access Bank PLC is set to host its first-ever Africa Trade Conference (ATC), a landmark event focused on advancing Africa’s economic transformation under the theme, ‘Empowering Africa Through Trade, Innovation, and Sustainable Growth’.

A statement said the conference scheduled for March 12 in Cape Town, South Africa, is poised to bring together the most influential voices in trade, finance, and policy to address the future of commerce across the continent.

Noting that with Africa’s trade finance gap estimated at $81 billion annually, the statement said the conference aims to tackle the systemic challenges hindering trade, particularly for SMEs and domestic firms.

It also said by fostering collaboration among key stakeholders, the Conference will explore innovative solutions, sustainable trade practices, and strategies for expanding African economies into global value chains.

Group Managing Director/Chief Executive Officer, Access Bank PLC, Roosevelt Ogbonna, emphasised the importance of the Africa Trade Conference, in addressing these pressing issues. “The Africa Trade Conference represents a crucial step in redefining Africa’s trade potential. By creating platforms for dialogue, innovation, and actionable solutions, Access Bank is enabling African businesses to connect and thrive in the global economy,” Ogbonna said.

Access Bank’s presence across 24 countries globally, including 16 in Africa, provides a unique advantage in facilitating inter- and intra-African trade. The Bank’s growing network positions it as a key player in addressing trade complexities and promoting inclusive growth across the continent.

Director, African Subsidiaries, Access Bank, Seyi Kumapayi, Executive, highlighted the broader vision of the forum, saying, “The Africa Trade Conference is a platform to not only address Africa’s trade challenges, but to champion the continent’s opportunities. Through strategic partnerships, tailored financial solutions, built on the ethos of sustainability, we are paving the way for Africa’s businesses to take their place on the global stage.”

According to the statement, this flagship event will convene a distinguished line-up of seasoned speakers, and top executives from leading international banks, Development Finance Institutions (DFIs), and captains of industry in Africa.

The ATC will also shine a spotlight on the transformative potential of the Africa Continental Free Trade Area (AfCFTA), which aims to reduce trade barriers, enhance infrastructure, and integrate African economies into global trade networks. Furthermore, the event will explore critical themes shaping the continent’s economic future, including the transformative role of digitisation and innovation in global trade, solutions for overcoming trade barriers to enhance market access, as well as sustainable trade practices and innovative financing models, thereby providing a comprehensive roadmap for advancing Africa’s position in global commerce.

The emergence of the DeepSeek chatbot has sent Silicon Valley into a frenzy, with calls to go faster on advancing artificial intelligence and beat communist-led China before it is too late.

California tech investors have usually kept their involvement in politics low key, generally supporting centrist politicians who don’t get in the way of their innovations and business plans.

But the AI revolution, and the potential ability of China to pose a direct threat to US dominance, has unnerved tech investors, who are now calling on the Donald Trump-led US government to help them take the battle to their Chinese rivals.

“It’s a huge geopolitical competition, and China’s running at it super hard,” warned Facebook titan Mark Zuckerberg on the Joe Rogan podcast.

He noted that DeepSeek is “a very advanced model” and that it censors historical events like Tiananmen Square, arguing that “we should want the American model to win.”

Google, though not specifically mentioning DeepSeek, on Wednesday said the United States must take urgent action to maintain its narrow lead in artificial intelligence technology or risk losing its strategic advantage.

“America holds the lead in the AI race — but our advantage may not last,” it warned, calling for government help in AI chip production, streamlining regulations and beefing up cybersecurity against national adversaries.

The emergence of DeepSeek’s lower cost breakthrough particularly threatens US-based AI leaders like OpenAI and Anthropic, which have invested billions in developing leading AI models.

OpenAI raised alarms Tuesday about Chinese companies attempting to copy their advanced AI models through distillation techniques, announcing plans to deepen collaboration with US authorities.

OpenAI investor Josh Kushner criticized so-called “pro-America technologists” who praise what he claims is Chinese AI built with misappropriated US technology.

Palmer Luckey, a Trump-supporting tech entrepreneur, suggested DeepSeek’s success was being amplified to undermine Trump’s policies.

– ‘Fall behind’ –

Despite US government efforts to maintain AI supremacy through export controls on advanced chips, DeepSeek has found ways to achieve comparable results using authorized, less sophisticated Nvidia semiconductors.

The app’s popularity has soared, topping Apple’s download charts, with US companies already incorporating its programming interface into their services.

Perplexity, an AI-assisted search engine startup, has begun using the technology while claiming that it keeps user data within the US.

The tech community can count on Washington, where concern about China has achieved rare bipartisan consensus.

Last year, Republicans and Democrats passed a law ordering the divestment of TikTok, a subsidiary of the Chinese group ByteDance.

“If America falls behind China on AI, we will fall behind everywhere: economically, militarily, scientifically, educationally, everywhere,” the US Senate’s top Democrat Chuck Schumer said Tuesday.

“China’s innovation with DeepSeek is jarring, but it’s nothing compared to what will happen if China beats the US on the ultimate goal of AGI, artificial general intelligence. We cannot, we must not allow that to happen.”

Representative Mark Green, a senior Republican said “let’s set the record straight — DeepSeek R1 is another digital arm of the Chinese Communist Party.”

However, some argue this aggressive approach may backfire, given Silicon Valley’s reliance on Chinese talent.

Nvidia researcher Zhiding Yu highlighted this concern on X, noting how a Chinese intern from his team joined DeepSeek in 2023.

“If we keep cooking up geo-political agendas and creating hostile opinions to Chinese researchers, we will shoot ourselves in the foot and lose even more competitiveness.”

The value of the Nigerian Naira against the U.S. Dollar continues to fluctuate, with significant variations between the official exchange rate and the black market rate.
Below is an update on the current exchange rates for today.

Black Market (Parallel Market) Exchange Rate
According to information obtained from Bureau De Change (BDC) operators in Lagos and other major trading hubs, the exchange rate for the U.S. dollar on the black market is as follows:

Buying Rate: ₦1,620 per $1
Selling Rate: ₦1,630 per $1
It is important to note that the Central Bank of Nigeria (CBN) does not recognize transactions carried out in the parallel market. The regulatory body has consistently warned individuals and businesses against trading forex outside the official channels, emphasizing that all foreign exchange transactions should be conducted through authorized financial institutions, such as commercial banks.

CBN Official Exchange Rate
The official exchange rate set by the Central Bank of Nigeria (CBN) is significantly lower than what is obtainable in the parallel market. As of today, the official exchange rate is:

Highest Rate: ₦1,538 per $1
Lowest Rate: ₦1,520 per $1
While the official exchange rate reflects CBN’s efforts to stabilize the forex market, limited dollar supply at commercial banks has driven many individuals and businesses toward the black market, where rates are determined by demand and supply.

Factors Influencing the Exchange Rate
Several factors contribute to the continuous depreciation of the Naira, including:

Forex Scarcity: Limited availability of U.S. dollars in the official market forces businesses and individuals to rely on the black market.

Inflation: Rising inflation weakens the purchasing power of the Naira, making foreign currencies more expensive.
Foreign Investment Levels: Low foreign direct investment (FDI) and portfolio investment inflows reduce forex reserves, impacting exchange rates.

Economic Policies: Government policies, including restrictions on forex access and trade regulations, influence the exchange rate movement.

Global Economic Trends: International market conditions, oil price fluctuations, and global monetary policies affect Nigeria’s forex reserves and exchange rate stability.
Advice for Forex Traders and Businesses
If you require forex for international transactions, always check with your bank first before turning to the black market.
Be cautious when dealing in the parallel market, as rates fluctuate frequently, and the risks of scams and counterfeit currency exist.

Consider alternative financial strategies, such as diversifying assets, to hedge against forex instability.

Exchange rates are highly volatile, and the figures quoted today may change within hours. Always verify rates from multiple sources before proceeding with forex transactions.