Economy
Nigeria’s Forex Inflow Grows 121% in 5 Months, Hits 14.5b
By Modupe Gbadeyanka
Data released by the Central Bank of Nigeria (CBN) has revealed that the foreign exchange inflow into the country from January to May 2017 rose to $14.53 billion.
This, it said, represents 121 percent increase when compared with $6.57 billion recorded from January to May in 2016.
Vanguard analysis of the monthly economic reports of the apex bank revealed that foreign exchange outflow through the CBN, however, increased marginally by 5.8 percent to $9.09 billion within same period this year, compared to the $8.59 billion recorded as outflow same period last year.
Consequently, the apex bank recorded net foreign exchange inflow of $5.4 billion in the first five months of this year, up by 367 percent from net outflow of $2.02 billion recorded in the corresponding period of 2016.
Further details, however, revealed that foreign exchange inflow into the CBN has been fluctuating since February when it peaked at $5.1 billion.
In March it dropped to $1.63 billion, rose to $2.87 billion in April but dropped again to $2.26 billion in May.
On the other hand, foreign exchange outflow from the apex bank has been on the upward trend since the beginning of the year.
In January 2017 foreign exchange outflow from the apex bank rose to $1.18 billion, in February, $1.67 billion in March, $2.16 billion in April, and $3.02 billion in May.
Consequently CBN recorded the first net foreign exchange outflow of $761 million in May.
This, according to the CBN, was due to decline on crude oil prices. Also it indicated the bullish interventions in the supply side of the interbank foreign exchange market since March this year was taking a toll on the forex resources.
Providing details of foreign exchange inflow and outflow in May, CBN said, “The external sector weakened in May 2017 due to the decline in crude oil prices from an average of $52.90 per barrel in April 2017 to $51.04 per barrel.
Increased shale oil production in the United States and supply by non-members of the Organisation of Petroleum Exporting Countries (OPEC) both contributed to the fall in crude oil prices.
Consequently, foreign exchange inflow through the CBN, at $2.26 billion, declined by 21.4 percent below the level in the preceding month, but was 27.0 per cent above the level in the corresponding period of 2016.
The decline relative to the level in the preceding month was driven by fall in both oil and non-oil proceeds.
“Aggregate outflow of foreign exchange through the bank at $3.02 billion, increased by 39.6 percent and 78.7 percent above $2.16 billion and $1.69 billion in the preceding month and the corresponding period of 2016 respectively.
“The development was driven by outflow through foreign exchange special payment, drawings on letters of credit, inter-bank utilization and external debt service. Overall, the net outflow through the bank in the month of May 2017 was $0.76 billion, in contrast to a net inflow of US$0.71 billion and $0.09 billion recorded in the preceding month and the corresponding period of 2016, respectively.”
http://www.vanguardngr.com/2017/07/forex-inflow-sharp-rise-cbn-records-14-5bn-5-months/
The three awards were presented for the following submissions:
1. Best Use of Content – Gold Award
This campaign showcased CDC’s 25-year journey through a collaboration with neurodivergent artist Danial Khushairi. His artwork brought CDC’s transformation from pioneering Malaysia’s ePerolehan system to being a technological leader to life. By leveraging Danial’s art across branded merchandise, a microsite, and social media platforms, the campaign embodied CDC’s commitment to inclusivity and sustainability while capturing the essence of its growth and achievements.
2. Employee Communications- Gold Award
CDC breaks the stereotype of IT workers by instilling values that foster camaraderie, health, and a spur of adventure. Through their company values, CDC has nurtured an active workforce, engaging in events like ‘CDC Strides and an expedition to Kilimanjaro. Employees connected beyond the office, supporting communities, and living out values di collaboration and integrity. These efforts have not only strengthened CDC’s culture but also enhanced its brand visibility, making its 25th-anniversary celebration a milestone of unity, health, and appreciation for the outdoors.
3. Public Affairs – Gold Award
Aimed at addressing procurement challenges and promoting ethical practices, CDC’s Strong Ethics Nurture Integrity campaign featured the National Procurement Conference (NPC) 2024. Organized in collaboration with MICG and supported by MACC, the event brought together over 400 procurement professionals to discuss integrity and governance. Internally, CDC reinforced its message through sustained communication efforts, ensuring both staff and external stakeholders embraced the campaign’s core values.
These recognitions follow CDC’s long-standing commitment to championing ethical practices, aligning with its vision of fostering transparency and accountability across the procurement landscape.
“Our success at MPRA 2024 reflects the incredible dedication and creativity of our CCM team,” said Hafidz Bin Ahmad Zehnun, Vice President of Corporate Planning & CCM. “To win three golds in one night is an extraordinary achievement and reflects CDC’s commitment to excellence and integrity at every level. This recognition inspires us to continue raising the bar as we lead with purpose and innovation.”
As CDC celebrates its 25th anniversary, these accolades reaffirm the company’s enduring mission to lead with integrity and innovation, setting new benchmarks for excellence in corporate communications and public affairs.
Hashtag: #business #corporate #cdc #integrity #transparency #campaign #commercedotcom #cdc #publicaffairs #employeecommunications
https://www.commercedc.com.my
https://www.linkedin.com/company/commercedotcom/mycompany/
https://www.facebook.com/profile.php?id=61558998332392
https://www.instagram.com/commercedotcomm/
The issuer is solely responsible for the content of this announcement.
About Commerce Dot Com Sdn Bhd
Established in 1999 as a procurement solutions provider, Commerce Dot Com Sdn. Bhd. (CDC) is a government-linked company under the Ministry of Finance whereby the ministry’s corporate arm, Ministry of Finance (Incorporated), holds a golden share in the company. With over 20 years of experience under its belt, CDC has established itself as among the leading procurement solutions providers in Malaysia and has a well-earned reputation for providing exceptional services through its innovative solutions.
The three awards were presented for the following submissions:
1. Best Use of Content – Gold Award
This campaign showcased CDC’s 25-year journey through a collaboration with neurodivergent artist Danial Khushairi. His artwork brought CDC’s transformation from pioneering Malaysia’s ePerolehan system to being a technological leader to life. By leveraging Danial’s art across branded merchandise, a microsite, and social media platforms, the campaign embodied CDC’s commitment to inclusivity and sustainability while capturing the essence of its growth and achievements.
2. Employee Communications- Gold Award
CDC breaks the stereotype of IT workers by instilling values that foster camaraderie, health, and a spur of adventure. Through their company values, CDC has nurtured an active workforce, engaging in events like ‘CDC Strides and an expedition to Kilimanjaro. Employees connected beyond the office, supporting communities, and living out values di collaboration and integrity. These efforts have not only strengthened CDC’s culture but also enhanced its brand visibility, making its 25th-anniversary celebration a milestone of unity, health, and appreciation for the outdoors.
3. Public Affairs – Gold Award
Aimed at addressing procurement challenges and promoting ethical practices, CDC’s Strong Ethics Nurture Integrity campaign featured the National Procurement Conference (NPC) 2024. Organized in collaboration with MICG and supported by MACC, the event brought together over 400 procurement professionals to discuss integrity and governance. Internally, CDC reinforced its message through sustained communication efforts, ensuring both staff and external stakeholders embraced the campaign’s core values.
These recognitions follow CDC’s long-standing commitment to championing ethical practices, aligning with its vision of fostering transparency and accountability across the procurement landscape.
“Our success at MPRA 2024 reflects the incredible dedication and creativity of our CCM team,” said Hafidz Bin Ahmad Zehnun, Vice President of Corporate Planning & CCM. “To win three golds in one night is an extraordinary achievement and reflects CDC’s commitment to excellence and integrity at every level. This recognition inspires us to continue raising the bar as we lead with purpose and innovation.”
As CDC celebrates its 25th anniversary, these accolades reaffirm the company’s enduring mission to lead with integrity and innovation, setting new benchmarks for excellence in corporate communications and public affairs.
Hashtag: #business #corporate #cdc #integrity #transparency #campaign #commercedotcom #cdc #publicaffairs #employeecommunications
https://www.commercedc.com.my
https://www.linkedin.com/company/commercedotcom/mycompany/
https://www.facebook.com/profile.php?id=61558998332392
https://www.instagram.com/commercedotcomm/
The issuer is solely responsible for the content of this announcement.
About Commerce Dot Com Sdn Bhd
Established in 1999 as a procurement solutions provider, Commerce Dot Com Sdn. Bhd. (CDC) is a government-linked company under the Ministry of Finance whereby the ministry’s corporate arm, Ministry of Finance (Incorporated), holds a golden share in the company. With over 20 years of experience under its belt, CDC has established itself as among the leading procurement solutions providers in Malaysia and has a well-earned reputation for providing exceptional services through its innovative solutions.
In the Large Companies category (over 1,000 employees), Roshn secured the top position for its commitment to fostering an inclusive and engaging work culture. It was followed by the Royal Commission for AlUla, dedicated to preserving Saudi Arabia’s cultural heritage, and International Maritime Industries, a leader in the maritime sector. Other companies in the top 10 include Panda, Saudi Air Navigation Services, Extra, Jana MS, Bindawood, Gasco, and Saudia Technic.
In the Mid-Sized Companies category (101–1,000 employees), First Milling Company led the rankings, recognized for its role in Saudi Arabia’s food sector. Pfizer Saudi, a leading biopharmaceutical company, and Matarat Holding, focused on aviation and airport operations, took second and third places, respectively. Xerox Saudi and Al Rugaib Holding rounded out the top five, with additional companies like the Islamic Development Bank, Bidaya Finance, and Saudia Cargo included in the top 18.
For Small Companies (fewer than 100 employees), Alnahdi Family Office ranked first, followed by Saudi Downtown Company and Al Ramz. Falak Investment Hub, supporting entrepreneurs and startups, and AXS, a leader in IT consulting, completed the top five. Other recognized companies include Emkan Education, Madar, and Aseer Investment.
Special awards were given to organizations demonstrating excellence in areas like diversity, employee well-being, and HR practices. Resal was honored for its well-being initiatives, while Modern Building Leaders received recognition for exceptional HR practices.
This year’s survey revealed that 80% of employees at certified organizations feel pride in their work, inspired by leadership, and positive about their company’s community contributions. The study also highlighted that the new generation of Saudi talent values growth opportunities, equity, diversity, inclusion, and individuality.
For more information, visit: www.bestplacestoworkfor.org.
Hashtag: #BestPlacestoWork
The issuer is solely responsible for the content of this announcement.
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