The Nation Newspaper

Tag: Naira

  • Naira loses marginally against dollar at investors’ window

    The Naira on Wednesday lost marginally against the dollar at the investors’ window.

    It exchanged at N363.58, weaker than N363.54 traded on Tuesday.

    Investors settled for 228.8million dollars at the close of trading at the investors’ window.

    At the official Central Bank of Nigeria (CBN) window, the Naira closed at N306.65 to the dollar.

    The Naira remained stable at the parallel market closing at N360.5 to the dollar, while the Pound Sterling and the Euro exchanged at N480 and N418, respectively.

    Trading at the Bureau de Change (BDC) segment saw the Naira close at N360 to the dollar, while the Pound Sterling and the Euro exchanged at N480 and N418, respectively.

    NAN reports that the efforts of the CBN’ intervention had made the exchange rate stable and also lead to the stability of goods and services in the country.

    Also remittances from Nigerians living abroad had helped in improving inflows to the country.

  • Naira loses marginally against dollar at parallel market

    The Naira on Monday lost 50 kobo to close at N360.5 to the dollar, weaker than N360 posted on Friday at the parallel market in Lagos.

    The Pound Sterling and the Euro closed at N480 and N417, respectively.

    At the Bureau De Change (BDC) window, the Naira was sold at N360 to the dollar, while the Pound Sterling and the Euro closed at N480 and N417, respectively.

    Trading at the investors’ window saw the Naira closed at N364. 09, while the market turnover stood at 168.96 million dollars.

    Currency traders opined that the build up to the 2019 general elections made the market vibrant due to increase in patronage. (NAN)

  • When the almighty dollar ruled

    SIR: It appears the Nigeria political landscape will never fall short of innovation and surprise. In the current nationwide exercise at arriving at 2019, new innovations have emerged which constantly enlivens the political process. In the past, the naira was the medium of exchange, even at party fora. But because of the dynamic nature of the Nigerian political process, new innovations have suddenly come up to make Nigeria always ahead of other countries in Africa if not in the whole of the developing world.

    The never to be forgotten Port Harcourt presidential primaries is the most innovative in selling and buying of votes, much ahead of the real balloting. That process also revealed the information that in Nigeria today, our naira is not worth much. That was why the major contestants in the do or die contest were ‘sensible’ enough to employ the modern and realistic method of getting elected.

    The summation of the above is that what we saw and complained of in Osun for example was a child’s play when compared with the innovative process that was introduced at the presidential primaries at Port Harcourt.

    To many Nigerians, it does not matter where the politicians got their dollar, whether it was replacing the naira as medium of exchange in Nigeria or whether the process was legal at all. The beneficiaries – thousands of electorates went home happily; many equipped to start a small or medium size business using their ‘hard’ earned income for work done or support given in just 48 hours. Indeed some got so enthused that they openly prayed for the whole exercise to be cancelled to enable them earn a second harvest.

    Can anybody imagine the disbursers of the dollar pointing accusing fingers at the dispensers of the lowly naira which allegedly happened earlier in some states? That is Nigeria, where the man carrying the mole in his eyes constantly points to the other with a mere speck in his brow. In all cases, the media went blank temporarily thereby ignoring the rain of dollars soaking everybody around.

    The shame of it all is that these political processes and gymnastics are seen and observed elsewhere in the world. The label of Nigeria being one of the most corrupt countries in the world continues to exist as the Nigerian political manipulators, aided by the local press continue to rule the waves. In the long run, the Nigerian nation will carry the tag while individual politicians will continue to feel unruffled.

    But there are fundamental issues involved here when you buy your way with dollars to be candidates of political parties and perhaps inadvertently you reached the position of governor or president. You would not be a judge between good and bad; you would not fight in any shape or form and would certainly end up administering a corrupt government.

    Obviously, you can only give what you have. Since your climb to the top was clumsy if not outright dishonest, it is most unlikely you will be equipped to run a clean administration. This is a foreboding situation which may likely happen in Nigeria.

     

    • Asiwaju Deji Fasuan; MON JP

    Ado-Ekiti.

  • Naira stable at N360 to dollar at parallel market

    The naira remained stable against the dollar at the parallel market in Lagos on Friday, still exchanging at N360 to the dollar.

    The naira was, however, traded against Pound Sterling and the Euro at N478 and N417, respectively.

    At the Bureau De Change (BDC), the naira was sold at N360 to the dollar, while its rates against the Pound Sterling and the Euro were N478 and N417, respectively.

    At the investors’ window, the naira closed at N364.12 against the dollar where a market turnover of 295.08 million dollars was achieved.

    Read Also: Fayose hands over to HOS, presides over last cabinet meeting

    The naira closed at N306.45 to the dollar at the official CBN window.

    Traders said that the market had remained active as political activities had begun gradually across the country.

  • Naira weakens against dollar at investors’ window

    The Naira on Monday weakened against the dollar at the investor’s (I&E) window, exchanging at N364.28, weaker than N363.68 traded on Friday.

    Market turnover at the I &E window stood at 191.92 million dollars.

    At the official CBN window, the naira closed at N306.35 to the dollar.

    It remained stable at the parallel market, exchanging at N359 to the dollar, while the Pound Sterling and the Euro closed at N477 and N420, respectively.

    Trading at the Bureau De Change (BDC) window saw the naira close at N360 to the dollar, while the Pound Sterling and the Euro closed at N477 and N420.

    Read Also: We’re used to dirty naira notes, say Lagosians

    Meanwhile, the Economist Intelligence Unit (EIU), a member of the Economist Group, had forecast low economic growth cycle ahead of the 2019 elections.

    It specifically said that investors and local business would remain perturbed by the authorities often intervention stance, especially in the foreign exchange market.

    It noted that additional factors hitting investors confidence would be the general election in 2019 coupled with global economic slowdown in 2020.

    NAN

  • Naira depreciates against dollar at investor’s window

    Naira on Friday depreciated marginally against the US dollar at the investors’ window, exchanging at N362.64 compared to N362.32 posted on Thursday.

    The Nigerian currency, however, remained stable at the parallel market in Lagos, closing at N360 to one US dollar.

    It also closed at N469 and N418 to one British Pound Sterling and the Euro, respectively at the parallel market.

    At the Bureau De Change, the Naira traded at N360 to one US dollar, while the Pound Sterling and the Euro closed at N469 and N418, respectively.

    Naira was exchanging for 306.15 to one dollar at the official window of the Central Bank of Nigeria (CBN).

    Meanwhile, the Manufacturing Purchasing Managers Index (PMI) has stood at 57 index points, indicating expansion in the manufacturing sector for the successive 17 months.

    Data from the CBN showed that the index grew at a faster rate when compared to the index in the previous month.

    Given the feat recorded above, sustaining liquidity at the nation’s Foreign Exchange market would contribute greatly to local manufacturing. (NAN)

  • Tackle inflated contracts, budgets – Presidential aspirant tells Buhari

    A presidential aspirant under the platform of the Peoples Democratic Party (PDP), Dr. Datti Baba-Ahmed has identified the bogus annual budgets and inflation of government contracts by civil servants and politicians as the main bane of the unbridled corruption ravaging the country’s economy.

    Datti who stated this while speaking to reporters in Kano on how he intended to rule the country, said if elected, his administration would utilize billions of Naira saved from blockages to increase salary of workers, particularly teachers.

    According to him, “if this trend is not checked, the issue of fighting corruption by the Buhari administration will be a nullity because most of the people in this government are reaping tremendously from such anomalies.

     “This is what a responsible leader should be able to do. The President should announce to the world that he has banned the practice of inflating government contracts. I must emphasize that inflating government contracts give rise to poverty and laziness.”

    If elected Senator Datti said he would use, “the excess money generated from blocking inflated government contracts to double minimum wage of lowest paid civil servants such as teachers and security personnel

    “Any society in which the minimum wage of junior staff will not take him to the last day of the month, that society has a problem.”

    He also regretted that, “ninety nine per cent of Nigeria’s budgets are expended on inflated government contracts, as we are only getting about ten percent out of it, adding that, “most of the vices of insecurity, bad governance and poverty was as a result of the over five decades of inflating government contracts.”

    He also faulted Buhari’s government policy on foreign exchange, noting that, “if there is anything that is capable of tearing Nigeria apart, it is non-stability of the Naira. Every Naira that falls against the dollar is a threat to our living standard.

    “It is so unfortunate that we have have seen Naira falls from one hundred and eighty five to one dollar during Jonathan’s regime to five hundred and twenty in the beginning of this administration.

    “Because only family and friends of those in power recieve FOREX from CBN, and they are making two hundred Naira per every dollar sold. My fear is if Buhari return in 2019 the Naira may likely fall to seven hundred and fifty to a Dollar.”

    Senator Baba-Ahmed said he is aspiring to become president to save Nigeria from catastrophe, pledging that, “if elected, I will stabilize Naira through liberalizing foreign exchange and develop a strategic policy that will attract investors and Nigerians in Diaspora to send and invest more money into the Nigeria’s economy.”

  • Naira gains marginally against dollar at parallel market

    The Naira on Wednesday gained marginally against the dollar at the parallel market in Lagos, the News Agency of Nigeria  reports.

    The Nigerian currency gained 50 kobo to close at N358, stronger than N358.5 traded on Tuesday, while the Pound Sterling and the Euro closed at N480 and N418.5 respectively.

    At the Bureau De Change (BDC) window, the naira closed at N360 to the dollar, while the Pound Sterling and the Euro closed at N480 and N418.5 respectively.

    The naira, however, appreciated at the investors’ window, closing at N361.45, stronger than N361.68 traded on Tuesday, while it was sold at N305.90 at the Central Bank of Nigeria official window.

    Meanwhile, Mr Godwin Emefiele, CBN Governor, said that Nigeria performed very well among emerging markets in Africa.

    Emefiele in an interaction with newsmen at the end of the Monetary Policy Committee (MPC) meeting in Abuja, added that the foreign exchange market had remained stable.

    According to him, the apex bank had enough buffers to defend the naira.

  • Naira appreciates marginally against dollar at parallel market

    The Naira appreciated marginally on Thursday at the parallel market in Lagos, exchanging at N358 to the dollar against N358.5 on Wednesday, gaining 50kobo.

    It exchanged at N478 and N418 against the Pound Sterling and the Euro, respectively.

    At the Bureau De Change (BDC) window, the naira closed at N360 to the dollar, while the Pound Sterling and the Euro exchanged at N478 and N418, respectively.

    Read Also: Naira ‘to exchange at N356/$ by year-end’

    Trading at the investors’ window saw the naira close at N362.25, recording a turnover of 364.96 million dollars, while it closed at N305.80 at the CBN official window.

    Turnover at the investors’ window stood at 168.74 million dollars on Wednesday, 54 per cent increase over the figure posted on Wednesday.

    NAN

  • Naira ‘to exchange at N356/$ by year-end’

    Naira is projected to close this year at N356 to dollar, a report by Renaissance Capital (RenCap), an investment and research firm, has shown.

    The local currency exchanges at N360 to dollar at the parallel market and will gain N4 against the dollar by year-end according to the  report.

    The report titled: ‘Nigeria: First Quarter 2018 Current Account – Surplus Swells’ ,  said Nigeria’s current account (CA) surplus increased to 4.6 per cent of Gross Domestic Product -GDP (annualized) in first quarter against 3.3 per cent in first quarter of last year.

    “This was in part due to strong export growth of 44 per cent year-on-year in first quarter against 31 per cent in first quarter of last year. That said, imports are also recovering; they grew by the fastest rate since 2014. A one-third increase in current transfers (remittances) helped mitigate a strong increase in income outflows and payments to foreign service providers. We revise our 2018 CA/GDP forecast up slightly to 3.4 per cent, from 3.3 per cent previously. This supports naira stability and our year forecast is N356/$1,” it said.

    It said Nigeria’s exports – of which 93 per cent were due to oil and gas – increased by 44 per cent year-on-year to $14.4 billion in first quarter. This is the highest exports have been since 2014. This expansion comes on the back of an 11 per cent year-on-year increase in oil production to 1.95mn b/d and a 36 per cent year-on-year increase in the oil price to $68/ barrel, on average, in first quarter.

    RenCap said imports are recovering after nine-consecutive quarters of negative year-on-year growth, they started growing again in third quarter in 2017.

    It said export earnings improve, on the back of higher prices and output, we saw a corresponding increase in payments to foreign service providers. “This is typical in commodity exporting countries, particularly oil exporters. Nigeria’s net services payments increased more than threefold YoY to $4.4bn in first quarter of this year. Net income payments increased by 44 per cent year-on-year, to $3.3 billion, implying that dividend and interest payments to foreign investors rose compared with a year earlier. These outflows were mitigated by a one-third increase in current transfers to $6.4 billion in first quarter,” it said.

    Portfolio investment inflows saw a 12-fold increase year-on-year to $5.1 billion in first quarter; this is the highest quarterly inflow since 2013.

     

    “This reflects the equity market rally in early 2018 driven by offshore investors attracted by valuations that looked cheap as against peers, continued confidence in the Investors & Exporters forex window, and the oil price rally. FDI remains subdued (flat year-on-year at $800 million in first quarter. Higher US Treasury yields and a strengthening dollar, plus uncertainty that typically precedes polls imply the slowdown in net portfolio inflows that started in May is likely to continue in second half of this year,” it said.