The Nation Newspaper

Tag: Naira

  • Make every Naira count, FG urges agencies

    Make every Naira count, FG urges agencies

    The federal government has urged Government Agencies to recognize the current financial priorities of the nation and cut their costs, eliminate wastages and block revenue leakages.

    Minister of Finance, Mrs. Kemi Adeosun made the appeal at a one day workshop on “Compliance with Fiscal Responsibility Act 2007 (As Amended) and Presidential Executive Order No.002 of 18th May, 2017 held at the Federal Ministry of Finance Auditorium Tuesday for heads of Public Revenue Generating Agencies (PRGA).

    The finance Minister warned agency heads that “under the President Muhammadu Buhari led administration, ‘Every Naira Counts’ and that “whether funds were generated from oil or from fees” the same standard of accountability for public money would apply.”

    Adeosun explained that many agencies were engaged in quasi commercial activities on behalf of government and were therefore expected to manage those organisations in a manner that maximized operating surplus.

    She noted that in other countries like United Kingdom and United States of America, government functions such as VISA processing, Passport issuance, Company Registration and regulation were major revenue earners.

    However, in Nigeria many agencies were operating in such a manner that returned minimal funds to Government.

    Adeosun said the cause of these dwindling revenue include wastage, illegal recruitments, bloated expenses, loans to staff and use of expensive consultants.

    The Minister reminded Agencies that a Circular had been issued which restricted allowable expenses in line with reforms occurring across Government businesses.

    She further informed agencies that compliance checks would be undertaken regularly to ensure that all agencies adhere to the new requirements.

    Adeosun also commended a number of agencies that have improved considerably in their revenue remittance to the Consolidated Revenue Fund (CRF), these include the Joint Admission and Matriculation Board (JAMB) which had remitted over N5 billion and the Nigerian Maritime Administration and Safety Agency (NIMASA) which has significantly improved its remittances.

    She encouraged other agencies to urgently review their operational cost and revenue with a view to increase remittances to Government coffers.

    Adeosun informed the participants that the Ministry of Finance planned to publish the performance of agencies.

    In his address, the Accountant General of the Federation, Ahmed Idris, also advised the Agencies to use Professional Treasury Officers in accounting proceedings to ensure efficiency in line with International Public Sector Accounting.

    Former Accountant General of the Federation, Chief Kayode Naiyeju encouraged heads of agencies to look inward and be more creative in generating revenue for the government.

     

  • CBN lifts naira with $250m forex

    CBN lifts naira with $250m forex

    The Central Bank of Nigeria (CBN) yesterday boosted the naira’s value against other world currencies with its injection of another $250 million into various segments of the inter-bank foreign exchange market.

    Figures obtained from the CBN on Tuesday indicate that the Retail Secondary Market Intervention Sales (SMIS) segment of the market received the highest intervention with a total of $100 million, Small and Medium Enterprises (SMEs) window received a boost of $80 million while the invisibles segment, comprising Business/Personal Travel Allowances, school tuition, medicals, etc. was allocated the sum of $70 million to meet the demands of customers.

    Confirming the figures, the Bank’s spokesman, Isaac Okorafor, noted with delight the recent Quarter 2, 2017 Report by the National Bureau of Statistics (NBS) which indicated that Nigeria has gotten out of recession and hinged part of this success to the regular intervention of the Bank in the forex market, to boost liquidity in the market, ensuring timely execution and settlement for eligible transactions and also make forex available to the real sector and industrial capacities, critical to the Nigerian economy.

    The spokesman also reminded the public of the Governor’s prediction few months ago that the Nigerian economy will be out of recession at the end of the third quarter, 2017, which is largely due to the monetary policy stance of the CBN. This has been confirmed by the NBS Report.

    It will be recalled that last week, the Naira was given a boost as the CBN injected $297m into the Retail Secondary Market Intervention Sales (SMIS) segment, raising the total intervention for the week to the sum of $547 million.

  • Naira appreciates against dollar

    Naira appreciates against dollar

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

    The Nigerian currency gained N1 to exchange at N364 to the dollar, stronger than N365 posted on Friday, while the Pound Sterling and the Euro closed at N470 and N430.

    Trading at the Bureau De change (BDC) window saw the Naira closing at N362 to the dollar, while the Pound Sterling and the Euro traded at N470 and N430.

    At the investors’ window, the Naira was sold at N360.39 to the dollar, while it exchanged at N305.8 to the dollar at the interbank market.

    Traders said that activities at the market was yet to resume fully as most traders were yet to come come back from the Sallah break.

  • 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 rebounds against dollar

    Naira rebounds against dollar

    The Naira on Tuesday, appreciated against the dollar at the parallel market.

    The Nigerian currency gained N2 to exchange at N365 to the dollar, stronger than N367 posted on Monday while the Pound Sterling and the Euro closed at N475 and N433.

    Trading at the Bureau De change (BDC) window saw the Naira closing at N362 to the dollar, while the Pound Sterling and the Euro traded at N473 and N433, respectively.

    At the investors’ window, the Naira was sold at N359.67 to the dollar, while it exchanged at N305.8 to the dollar at the interbank market.

    Traders said patronage was low at the parallel market.

    The News Agency of Nigeria (NAN) reports BDCs got the weekly foreign exchange auction from the CBN.

  • 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)

  • Forex: Naira loses against dollar

    Forex: Naira loses against dollar

    The naira on Thursday continued to fall against the dollar at the parallel market, the News Agency of Nigeria (NAN) reports.

    The Nigerian currency lost one point to exchange at N368, weaker than N367 posted on Wednesday, while the Pound Sterling and the Euro closed at N478 and N432.

    At the Bureau De Change (BDC) window, the naira was sold at N363 to the dollar, while the Pound Sterling and the Euro closed at N478 and N432.

    However, the naira appreciated at the investors’ window, exchanging at N361.17 stronger than N362.39.

    Traders at the market told NAN that in spite of the weekly auction of foreign exchange by the Central Bank of Nigeria (CBN) to BDC, the naira continued to depreciate.

  • Naira records further gains against dollar

    Naira records further gains against dollar

    The Naira on Thursday recorded further gains against the dollar at the parallel market, the News Agency of Nigeria (NAN) reports.

    The Nigerian currency gained 0.5 points to close at N366.5 to a dollar, stronger than N367 recorded on Wednesday, while the pound sterling and the Euro traded at N472 and N420 respectively.

    At the Bureau De Change Window (BDC), the Naira exchanged at N363 to the dollar, while the pound sterling and the Euro was sold at N417 and N415 respectively.

    Trading at the interbank market saw the Naira closed at N306, while the Naira traded at N362.8 to the dollar at the investors’ window.

    Traders at the market said that the nation’s currency would witness greater stability as the Central Bank of Nigeria (CBN) continued its intervention.

    Meanwhile, CBN continued its intervention at the foreign exchange market as it sold FOREX to about 3, 130 BDCs nationwide.

    NAN reports that the apex bank had continued aggressive intervention at the FOREX market, selling an excess of 7.8 billion dollars since February.

    The apex bank hoped to completely crush currency speculators with its interventions to bring back the glory of Naira. (NAN)

  • 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)

  • Naira rebounds, exchanges for N366 to a dollar

    Naira rebounds, exchanges for N366 to a dollar

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

    NAN reports that the Nigerian currency rebounded barely 24 hours after the Central Bank of Nigeria (CBN) injected 195 million dollars into the foreign exchange market.

    The Naira closed at N366 to the dollar at the end of trading on Thursday afternoon at the parallel market, three points stronger than N370 it closed on Wednesday.

    The pound sterling and the Euro traded at N465 and N410 respectively.

    At the Bureau De Change window, the Naira closed at N363 to the dollar, while the pound sterling and the Euro closed at N463 and N410, respectively.

    Trading at the interbank market saw the naira closed at N305.90 to the dollar, while the import and export rates closed at N368 to the dollar.

    Traders at the market said that the naira got a boost as the CBN intervened at the FOREX market.

    NAN further reports that the continued injection of liquidity into the FOREX market had sustained the naira from further depreciation.

    However, financial experts are divided on the sustenance of the CBN’s effort in salvaging the naira. (NAN)