The Naira further appreciated at the official market on Thursday trading at the N1,485.95 to a Dollar.

Data from the FMDQ Security Exchange official forex trading platform revealed that the Naira gained N24.77.

This represents a 1.6 per cent gain when compared to the previous day’s trading figure on Wednesday when Naira closed trading at N1,510.72 to the Dollar.

Trading on the Investors and Exporters (I&E) Forex window on Thursday recorded a high of N1,516.00 and a low of N1470.00.

The Naira has enjoyed relative stability against the US dollar since December 2024 when CBN introduced reforms ensuring transparency in the Foreign Exchange (FX) market.

The apex bank on Tuesday in Abuja introduced more measures, leading to additional health for the local currency.

CBN Governor, Olayemi Cardoso, on Wednesday also announced final verification process for the payment of remaining 2.4 billion Dollars FX backlog to their owners.

(NAN)

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.”