The Nation Newspaper

Tag: dollars

  • CBN pumps $210m into Forex market, dollar exchanges for N361

    CBN pumps $210m into Forex market, dollar exchanges for N361

    The Central Bank of Nigeria ( CBN ) has opened the foreign exchange market with the injection of another $210,000,000 to sustain liquidity. 

    Disclosing this to news men in Abuja on  Tuesday, the Acting Director, Corporate Communications Department, CBN, Mr. Isaac Okorafor the sum of $100m was offered to the wholesale segment, while the Small and Medium Enterprises (SMEs) segment got an allocation of $55 million. 

    The invisible segment (i.e. tuition fees, medical payments and Basic Travel Allowance (BTA), among others) was also allocated $55 million.”

    The Acting Director noted that the releases to successful bidders which have since been concluded are part of effort aimed at further enhancing ease of doing business in Nigeria.

    According to him, beside boosting liquidity in the forex market, facilitating trade and remittances for legitimate personal commitments are also expected to improve tremendously.

    Speaking on market conduct, Mr Okorafor enjoined authorized dealers to abide by the extant rules of the forex market as CBN would continue intensify monitoring of the market. 

    Meanwhile, the naira maintained its steady rate against the United States Dollar, exchanging for N361/$1 in the BDC segment of the market on Tuesday, December 5, 2017.

  • Naira sells at N364/$ as MPC holds rate

    Naira sells at N364/$ as MPC holds rate

    The Naira on Tuesday exchanged at N364 to the dollar at the parallel market as the Monetary Policy Committee (MPC) meeting of the CBN holds benchmark interest rate at 14 per cent.

    The News Agency of Nigeria (NAN) reports that the MPC left the benchmark interest rate unchanged at 14 per cent, alongside other monetary policy parameters.

    The CBN Governor, Mr Godwin Emefiele, said reducing interest rates may reverse the gains achieved in exchange rate stability and inflation rate reduction.

    The Pound Sterling and the Euro traded at N492 and N436.

    At the Bureau De Change (BDC) window, the Naira was sold at N362 to the dollar, while the Pound Sterling and the Euro traded at N492 and N436.

    Trading at the investor’s window saw the Naira closed at N306.05 and sold at N305.8 at the CBN official window.

    Traders said the consolidation of the gains recorded in the economy would lead to more stable
    Naira.

    CBN resolved to consolidate on the gains made in post recession economy. (NAN)

  • PSquare’s Paul Okoye loses in $300 gamble

    PSquare’s Paul Okoye loses in $300 gamble

    Paul Okoye of Nigeria’s music group Psquare, suffered a loss after gambling with 300 U.S dollars (N107, 522) at the Aria Resort and Casino, Las Vegas in the United State.

    Paul,who “won’’ $0.25 only (89.61Kobo) from the gamble on Tuesday, took to his instagram handle @rudeboypsquare to express his displeasure about the loss.

    He said, “after spending $300 on #gambling…I won 25cents ndioshi !!! Oloshi !!! Barawo !!! #yahoomachine #scam #yahooplus more.’’

    The Aria Resort and Casino is a luxury resort and Casino, part of the City Centre complex on the Las Vegas Strip in Paradise, Nevada is known for gambling of all sorts.

    However, while some of his fans and followers on instagram were not happy about the development stressing it was an unnecessary waste of resources; others sympathised with him on the lost.

    @luchitricia10 said “So you go there to gamble to win millions of dollars upon the one you have?ok na kontinu there is god in everything your doing @rudeboypsquaremore.’’

    Another , @preshzarah_, “U would have given me that money to do better things with it @rudeboypsquare wah a waste.’’

    @nature_amy wrote, “In my country that’s about 30k. These celebrities are so stupid, u can spend that much on gambling but can’t use it to change someone’s life out there… Son of a …’’

    While @temmybehi said, “No vex. If I say dash me now you no go gree. Kpele’’, @desperateisaac wrote, “Nah good for you @rudeboypsquare How I wish I beg u nah nkor?.’’

    Also, @ange_gabrielfr wrote, “Aria casino is dangerous for your money’’, @theoranking7065 said “Na ur desriny’’ and @see_babazi expressed sympathy with the star saying “I feel your pains.’’

    @slimsharon added, “This got me shaa.’’

    Another follower @richybobo1 advise peter to, “Use ur Igbo brain next time.’’

  • Naira closes at N362 as CBN injects $547m

    Naira closes at N362 as CBN injects $547m

    In anticipation of Sallah holiday, the Central Bank of Nigeria (CBN) on Thursday raised the total intervention for the week to 547 million dollars as against 195 million dollars offred the previous week.

    The CBN spokesman, Mr Isaac Okorafor in a statement in Abuja, said that the intervention would uplift the Naira exchange rate, boost liquidity in the forex market and ensure timely execution and settlement of eligible transactions.

    Okorafor, also expressed confidence that the interventions would continue to guarantee stability in the market and ensure availability to individuals and business concerns with genuine demand for Forex transactions.

    Meanwhile, the Naira on Thursday closed at N362 to a dollar as supply by CBN improves. This is a far improvement over the N370 it was selling earlier in the week.

    Also, the Pound Sterling and the Euro have maintained their strength against the Naira, exchanging at N462 and N428 respectively. (NAN)

  • Naira maintains N367/$ at parallel market

    Naira maintains N367/$ at parallel market

    The Naira on Monday remained stable at the parallel market, exchanging at N367 to a dollar, the News Agency of Nigeria (NAN) reports.
    The Nigerian currency maintained its Friday rate, while the Pound Sterling and the Euro traded at N478 and N433 respectively.
    Trading at the Bureau De Change segment saw the Naira closing at N363 to the dollar, while the Pound Sterling and the Euro traded at N478 and N433, respectively.
    The Naira appreciated at the investors’ window closing at N359.58, stronger than N361.13, its opening rate.
    Traders at the market expressed the hope that the Naira would remain stable in the days ahead.
    NAN reports that the Naira made a comeback last week after demand forces caused it to depreciate for almost a week.
    Industry watchers believe that though a liquidity boost by the CBN was necessary to shore up the value of the Naira, efforts should be directed toward reviving the manufacturing sector. (NAN)

  • CBN boosts foreign exchange supply with $195m

    CBN boosts foreign exchange supply with $195m

    The Central Bank of Nigeria (CBN) on Monday, intervened in inter-bank Foreign Exchange Market with the supply of 195 million dollars as part of effort to stabilise the market.

    The acting Director, Corporate Communications of the apex bank, Mr Isaac Okorafor, in a statement, said 100 million dollars was offered through the wholesale segment.

    He said that Small and Medium Enterprises (SMEs) segment received 50 million dollars, while tuition fees, medical payments and Basic Travel Allowance (BTA), among others, got 45 million dollars.

    Okorafor said that the CBN was pleased with the state of the market, and assured that the bank would continue to intervene in order to sustain liquidity in the market and guarantee international value of the naira.

    He said the apex bank remained determined to achieve its objective of rates convergence, “hence the unrelenting injection of intervention funds into the foreign exchange market’’.

    Okorafor expressed optimism that the naira would sustain its run against the dollar and other major currencies around the world, considering the level of transparency in the market.

    He, therefore, advised stakeholders to abide by the guidelines to ensure transparency in the market.

    Last week, the CBN intervened in the various segments of the foreign exchange market with the injection of 396.8 million dollars.

    Meanwhile, the naira continued to maintain its stability in the market, exchanging at an average of N364 to a dollar in the Bureau de Change segment of the market.

     

  • Naira appreciates against dollar

    Naira appreciates against dollar

    The Naira on Monday appreciated against the dollar at the parallel market, the New Agency of Nigeria (NAN) reports.
    The Nigerian currency gained two points to exchange at N365 to the dollar, stronger than N367 it traded on Friday, while the pound sterling and the Euro closed at N465 and N410, respectively.
    At the Bureau De Change (BDC) segment, the Naira exchanged at N363 to the dollar, while the pound sterling and the Euro traded at N465 and N412, respectively.
    Trading at the interbank market saw the Naira closed officially at N305.95 to the dollar, while the pound sterling and the Euro closed at N397.12 and N349.22, respectively.
    At the investors’ window, the Naira closed at N359 to the dollar.
    Meanwhile Alhaji Aminu Gwadabe, the President, Association of Bureau De Change Operators of Nigeria (ABCON) said that the outlook of the Naira remained positive.
    Gwadabe noted that speculations in some quarters that the Naira would depreciate in the weeks ahead should be disregarded.
    The ABCON chief noted that such speculations were the handwork of the enemies of the nation’s currency.
    He added that the CBN had remained committed in boosting liquidity in the foreign exchange market to take care of demands for foreign exchange. (NAN)

  • ‘I have kidnapped ten persons, collected ransom in dollars’

    ‘I have kidnapped ten persons, collected ransom in dollars’

    A suspected kidnap kingpin, Chukwudi Dumeme Onuamadike , also known as Evans, who was arrested by police in Lagos said on Sunday that he chose to collect ransom in American dollars to be different from other kidnappers.

    The suspect, while being paraded at the Lagos Police Command in Ikeja, told newsmen that he started kidnapping in 2015, after he left his spare parts business, a claim that contradicted the police statement that he was declared wanted in 2013.

    He claimed that he lost N20 million to Customs officers, which made him to leave his trade.

    The News Agency of Nigeria (NAN) reports that the suspect was arrested in his mansion in Magodo area of the state on Saturday.

    Evans, who wasn’t sure of how many people he had kidnapped, said the highest he had collected as ransom was one million dollars.

    “I can’t figure out how much I have collected so far or how many people I have kidnapped, but I have kidnapped up to 10 since 2015.

    “I chose to collect ransom in dollars to be different, and the maximum I have collected as ransom so far is 1 million dollars.

    “I work in two groups. A team moves with me to kidnap victims while we hand over to the other team that takes the victim to the hide out.

    “Kingsley introduced me to kidnapping, but I usually get my ammunition from one Chinedu and Ehis whom I met at Ago-Iwoye.

    “I also do drug business that enabled me to buy my property,” the suspect said.

    According to the police, Evans collected $1million from no fewer than four of his victims.

    Among them are:

    * James Uduji, who was kidnapped close to his house at 7th Avenue Festac late last year. The Evans gang held for six weeks. He paid $1million to regain his freedom.

    * Chief Raymond Okoye – Odu- Na –Ichida,, who was kidnapped in 2015. He also paid $1million as ransom. He was released after two months in captivity.

    * Uche Okoroafor, a trader at Alaba who was also kidnapped in 2015 for three months, also paid $1million.

    * Elias Ukachukwu kidnapped November 2015 similarly paid $1million. The police said the Evans gang demanded an additional $1million, claiming family members were rude to them during negotiation.

    The Force PPRO, Jimoh Moshood said that the suspect had collected billions of naira from his victims and had property in and outside the country.

    He said that Evans was declared wanted in 2013, following a kidnap attempt that was foiled by the police.

    “He is said to have masterminded several kidnap cases in Lagos, Ogun, Oyo, Osun and South-South states,’’ the police said.

    Moshood said further investigation into his activities were ongoing.

  • Naira strengthens against dollar

    Naira strengthens against dollar

    The naira on Thursday gained N2 against the dollar at the parallel market as it was traded at N386 to the dollar, stronger than the N388 it closed on Wednesday.

    At the same segment, the pound sterling and the Euro closed at N495 and N425, respectively.

    At the Bureau De Change (BDC), the naira was N362 to the dollar, while the pound sterling and the Euro exchanged for N492 and N423, respectively.

    The naira was exchanged at N305.6 to the dollar at the interbank.

    Currency traders said that the weekly offering of foreign exchange to BDCs by the CBN was paying off and restoring stability to the exchange rate.

    Alhaji Aminu Gwadabe, the President of Association of Bureau de Change Operators of Nigeria (ABCON), said that he expected the naira to continue to appreciate in the coming weeks.

    Gwadabe said that BDCs had taken measures to ensure that they would not run foul of the law in the foreign exchange market. (NAN)

  • Naira appreciates against dollar at parallel market

    Naira appreciates against dollar at parallel market

    The Naira on Monday appreciated against the dollar at the parallel market, the News Agency of Nigeria (NAN) reports.

    The Nigerian currency gained three points to exchange at N388 to the dollar, stronger than N391 it traded on Friday, while the pound sterling and the Euro closed at N495 and N425.

    At the Bureau De Change (BDC) window, the Naira was sold at N362 to the dollar, while the pound sterling and the Euro closed at N495 and N423.

    Trading at the interbank market showed that the Naira closed at N305.7, while the pound sterling and the Euro closed at N453.18 and N386.28.

    Currency traders said the liquidity boost at the FOREX market had forced the naira to appreciate.