Naira Falls at I&E Segment as CBN Injects $210m into Forex Market

Image

By Dipo Olowookere

The local currency on Monday started the week on a negative note at the Investors and Exporters (I&E) forex window.

At the close of business yesterday, the Naira marginally fell by 0.04 percent, finishing at N360.47 per Dollar against N360.32 per Dollar it traded in the previous session.

This depreciation occurred as the Central Bank of Nigeria (CBN) injected another $210 million into the interbank segment of the foreign exchange market.

According to a statement issued by the apex bank yesterday, the sum of $100 million was allotted to the wholesale market, while $55 million was given to the small businesses and individuals, and $55 million sent to the invisibles sector to cater for school fees, medical bills, travels and others.

The central bank explained that the injection was to support the local currency and make Dollar available to genuine customers.

At the CBN Spot on Monday, the Naira slumped to N305.75 to the Dollar from N305.80 per Dollar last Friday.

However, at the SMIS forex window, the local currency remained unchanged at N330 against the Dollar.

At the parallel market, the Naira traded flat against the Dollar and Pound Sterling at N362 and N502 respectively.

But the local currency depreciated against the Euro at the black market, trading at N444 compared with N442 it went for in the last trading session.

Share
Related Stories
Image
22-February-2024

Lagos Plans Daily Free Meal for Residents, Markets for Cheap Food Items

By Modupe Gbadeyanka About 1,500 residents of Lagos State will have access to one free meal per day to cushion the effect of the economic hardship in the country, Governor Babajide Sanwo-Olu has declared. Mr Sanwo-Olu, while answering questions from journalists during a media chat on Thursday, said his administration would establish at least 42 Sunday Markets across the metropolis for cheap food items, though the commencement of this initiative is yet to be revealed. There has been a pocket of demonstrations across the country over the rising hunger in Nigeria as a result of high inflation and the devaluation

Image
22-February-2024

Naira Appreciates at Official Market, Falls at Black Market

By Adedapo Adesanya The Naira appreciated against the United States Dollar in the official market and the and the peer-to-peer (P2P) windows of the foreign exchange (FX) market but depreciated in the parallel market on Wednesday, February 21 as several scare tactics to ease the weakening local currency continues. In the Nigerian Autonomous Foreign Exchange Market (NAFEM), the domestic currency gained 0.6 per cent or N8.66 on the greenback to close at N1,542.58/$1 compared with the previous day’s N1,551.24/$1. However, the Naira maintained stability against the Pound Sterling and the Euro in the spot market in the midweek session at

Image
22-February-2024

Crude Oil Jumps as Geopolitical Tensions Persist

By Adedapo Adesanya Crude oil appreciated on Wednesday as geopolitical tensions continued in the Middle East and traders assessed signs of near-term supply tightness. Brent crude was up by 69 cents or 0.8 per cent to $83.03 a barrel while the US West Texas Intermediate (WTI) crude jumped by 87 cents or 1.1 per cent to settle at $77.91 per barrel. Houthi attacks on commercial vessels in the Red Sea and Bab al-Mandab strait have continued to stoke concerns over freight flows through the critical waterway. The Iran-aligned Yemeni Houthis have carried out repeated drone and missile strikes since November in

Image
23-February-2024

Oil Prices Up as Houthis Intensify Attacks in Trading Sea Routes

By Adedapo Adesanya  Oil prices went up on Thursday as Iran-aligned Houthis stepped up attacks in the Red Sea near Yemen while the market faced a large build in crude inventories in the world’s largest producer, the United States. During the session, Brent crude futures increased by 66 cents to $83.69 per barrel and the US West Texas Intermediate (WTI) crude futures surged by 76 cents to $78.67 a barrel. Worries came as the Houthis said they would escalate their attacks on ships in the Red Sea and other waters, adding they have introduced “submarine weapons” to reach their goals.

More Stories
Image
16-February-2024

I Won’t Establish Price Control Board—Tinubu

By Modupe Gbadeyanka President Bola Tinubu has emphasised that he would not set a board to control the prices of food items in the market, saying his administration would rather go after those sabotaging the nation’s economy through hoarding. Mr Tinubu said this when he held a meeting with the 36 state governors and security operatives, whom he directed to inspect the warehouses discovered in Kano and other areas with “large-scale hoarding of food.” He declared that Nigeria would not “allow speculators, hoarders, and rent seekers to undermine our efforts in ensuring that food is widely available to all Nigerians,”

Image
28-September-2022

Co-founder of Bukka Hut Laolu Martins Dies After Battle With Depression

By Module Gbadeyanka An investment banker and co-founder of Bukka Hut, Mr Laolu Martins, has died. He was said to have kicked the bucket in the early hours of Wednesday. According to reports, Mr Martins has allegedly been battling depression and had made efforts to overcome it. His family, which confirmed his demise in a statement on Wednesday, asked for understanding and privacy as they mourn him. “We hereby solicit the support and understanding of everyone as the family grieves the loss of our beloved Laolu in our privacy. “Our kind request is that you support the family – wife,

Image
25-May-2018

European Equities Rebound as Investors Take Trade Concerns in Stride

By Investors Hub European stocks have rebounded from losses in the previous session on Friday as investors took trade concerns and higher Italian bond yields in stride. While the German DAX Index has climbed by 0.7 percent, the French CAC 40 Index and the U.K.?s FTSE 100 Index are up by 0.2 percent and 0.1 percent, respectively. The euro slipped and was on track for its sixth consecutive week of losses. The pound also traded lower amid growing Brexit uncertainty and after the release of first quarter GDP data. The U.K. economy expanded at a weaker pace, as estimated, in

Image
31-October-2023

Conditional Cash Transfer: Reps Summon Edu Over Lack of Transparency

By Adedapo Adesanya The House of Representatives has summoned the Minister of Humanitarian Affairs and Poverty Alleviation, Mrs Betta Edu, on the status of the Conditional Cash Transfer programme of the federal government to 15 million households. The House, in a motion of urgent public importance on Tuesday, expressed worry over the handling of the programme, questioning the lack of transparency in the scheme. The Minister is to give details on the collation of data and distribution of the funds. Business Post reported a few weeks ago that President Bola Tinubu launched the Renewed Hope Conditional Cash Transfer for 15

Image
21-September-2019

Oil Prices Drop as Leaders Gather for UN General Assembly 

By Adedapo Adesanya Oil prices dropped on Friday as President Donald Trump on Friday said he has ordered sanctions on Iran’s central bank at the highest level. The president made the remarks to reporters in the Oval Office, where he and Australian Prime Minister Scott Morrison were scheduled to hold a bilateral meeting before his United Nations address next week. The president’s remarks at the White House came two days after he announced via Twitter that he had instructed that US substantially increase sanctions on the country of Iran. This arose as a result of attacks that brought down more

Image
24-October-2020

TVC Back on Air After Attack by Hoodlums

By Dipo Olowookere Less than 72 hours after it was attacked by some hoodlums, Lagos-based television station, Television Continental (TVC), is back on air. On Wednesday morning, the broadcast media platform was attacked by some thugs who believed that the company is owned by a chieftain of the ruling All Progressives Congress (APC), Mr Bola Ahmed Tinubu. The attack followed the shooting of some unarmed #EndSARS protesters at the Lekki Toll Gate on Tuesday night by people believed to be soldiers from the Nigerian Army. Some youths in the country had been protesting against police brutality and on Tuesday, Governor

Image
14-December-2022

Telecoming Partners MTN to Boost Sportech Offering in Nigeria, Others

By Adedapo Adesanya Telecoming, an international company specializing in sport and entertainment monetization technologies, has signed a partnership with MTN Group to monetize digital services in 21 African countries. The scope of the agreement is to provide access to an audience of more than 280 million users in the region as Telecoming consolidates its connections in Africa and boosts its Sportech project. The impact of the deal opens up a potential market of more than 280 million African users. This is the second major global agreement that Telecoming has signed with a telco group, following the one reached in 2019,

Image
15-March-2020

Lagos Gives Haulage Vehicles Ultimatum to Meet VIS Standard

By Adedapo Adesanya  The Lagos State government has issued a six weeks ultimatum to trucks and other haulage vehicles to get necessary documents and ensure that they are road worthy condition to avoid punishment. The decision was reached at a stakeholder’s meeting with owners of trucks and articulated vehicles in Lagos on Friday. The Director, Vehicle Inspection Service, (VIS), Mr Akin George Fashola, said that there was an agreement among participants that a period of six weeks be given all stakeholders involved in haulage movement to revalidate their documentation and put their vehicles in a proper working condition, and that

Ad
Ad
Recent Stories
Image
23-February-2024

Applications Open for AIG Public Leaders Programme

By Aduragbemi Omiyale Eligible African public servants have been urged to submit their applications for the AIG Public Leaders Programme Cohort 4 before Tuesday, April 30, 2024. This call for entries was made by Aig-Imoukhuede Foundation and the applications are to be filed through www.aigimoukhuedefoundation.org/leaders-programme, a statement disclosed. Applicants must be working in the public sector in Africa, with a minimum of seven years of active service, at grade levels 12-17, and aged between 35-50 years at the time of application. The AIG Public Leaders Programme is tailored for senior public leaders and delivered in partnership with the Blavatnik School

Image
23-February-2024

Okpe Leaders Want Completion of Sapele Polytechnic, University in Orerokpe

By Henry Ovie The Delta State Governor, Mr Sheriff Oborevwori, has been tasked to make efforts to complete the Sapele Polytechnic, which was started by the administration of Mr Emmanuel Uduaghan. This call was made by some prominent leaders from the Okpe kingdom, who said the completion of the school and the establishment of a university in Orerokpe would assuage, “to some extent,” the people of the areas, who they said have been “historically neglected.” On Thursday, the leaders held a crucial meeting of the National Executive Council (NEC) of the Okpe Union worldwide. They commended Mr Oborevwori for responding

Image
23-February-2024

HabariPay Take-on-Squad Hackathon 1.0 Produces Three Winners

By Modupe Gbadeyanka Three winners have emerged in the inaugural Take-on-Squad Hackathon 1.0 coding event organised by HabariPay Limited after intense collaboration, innovation, and problem-solving at the GTCO Training Complex, Tayo’s Plaza, Abeokuta, Ogun State, from January 18 to 20, 2024. Business Post reports that the three winning teams are Team Within, Team X, and Team Storepoint. Each team was selected based on real-world applicability, technical creativity, user experience, and teamwork. Team Storepoint, represented by Haruna Faruk and Ladipo Samuel from the University of Lagos, secured third position and a prize of N1 million. Their winning solution, Storepoint, facilitates quick

Image
23-February-2024

Group Mourns OAU’s Veterinary Technologist Olabode Olawuyi

By Modupe Gbadeyanka The Nigeria Biodiversity Conservation Alliance (NBCA) has expressed sadness over the death of the Veterinary Technologist of the Obafemi Awolowo University, Ile-Ife, Osun State, Mr Olabode Olawuyi, a few days ago. Mr Olawuyi was fatally mauled by a lion at the Zoological Garden of the institution. In a statement signed by the National President of the Nigerian Association of Zoological Gardens and Wildlife Parks (NAZAP), Mr Dipo Bali, the group said the deceased was a man who was dedicated to his job and the organisations he belonged to in his lifetime. Mr Olawuyi, apart from being a

Image
23-February-2024

NUPENG Seeks EFCC Support to Tackle Illegal Oil Bunkering

By Adedapo Adesanya Following its fight against foreign exchange speculators and hoarders, the National Union of Petroleum and Natural Gas Workers (NUPENG) has sought the collaboration of the Economic and Financial Crimes Commission (EFCC) in the fight against illegal oil bunkering in the country. The collaboration was sought when the National President of NUPENG, Mr Williams Akporeha, led members of his executive council to the corporate headquarters of the anti-graft agency on a courtesy visit. Mr Akporeha mentioned the challenges involved in the movement of petroleum products across the country and appealed to the EFCC to always come to the

Image
23-February-2024

SON Launches Facility to Test Quality of Generators, Transformers

By Adedapo Adesanya The Standards Organisation of Nigeria (SON) has inaugurated a facility to test generators and power transformers sold in the Nigerian electricity market. Speaking at the inauguration of SON Mobile Generators Testing Laboratory and Mobile Transformer Equipment on Thursday, the Director-General of the agency, Mr Ifeanyi Okeke, said it was no longer business as usual for assemblers and importers of these products. He said it was important for these products to meet the quality benchmarks, stressing that buyers must have value for their money. According to him, all information supplied on generators and transformers will be verified and

Image
23-February-2024

Port Harcourt Refinery to be Fully Operational Soon—FG

By Adedapo Adesanya  The federal government has disclosed that the Port Harcourt Refinery should become operational very soon as it has attained 80 per cent completion. The Minister of State for Labour and Employment, Mrs Nkeiruka Onyejeocha, during a tour of the facility, disclosed that the refinery would produce two million litres of Premium Motor Spirit, otherwise known as petrol, and 2.2 million litres of diesel per day upon resuming operations. In a statement by the Director of Press and Public Relations in the Federal Ministry, Mr Olajide Oshundun, it was further stated that the old plant should produce 54,000

Image
23-February-2024

Nigeria Moves to Crash Cooking Gas Price

 By Adedapo Adesanya Nigeria is considering taking a major step aimed at crashing the price of Liquefied Petroleum Gas (LPG), also known as cooking gas, to ease the sufferings of its citizens. The Minister of State Petroleum Resources (Gas), Mr Ekperikpe Ekpo, speaking at the opening of its Internal Stakeholders’ Workshop on Thursday in Abuja, disclosed that the government would most likely ban the exportation of the commodity to keep the price lower than its current level. Currently, prices range between N1,300 per kg to N1,400 per kg. “All LPG produced within the country will have to be domesticated and

Image
23-February-2024

How MultiChoice Empowers Nigerian Youth Through Creative Investment

As global populations age, Africa remains a bastion of youthful promise, with around 70% of the continent’s population below the age of 30. This youthful demographic can be an asset – but only if it is developed, by empowering young people through training, and by giving them a stake in the growth of their countries’ economies. Helping to develop young people’s abilities and expanding the pool of skills is also in the interests of industry and big business. Over the years, the Federal government of Nigeria embarked on youth empowerment initiatives to harness the skills and energy of Nigerian youths

Image
23-February-2024

Eva Adelaja Girls’ At 60: Old Students Donate to Orphanage, Thrill Students

By Adedapo Adesanya It has been an eventful celebration at the ongoing 6oth Anniversary of Eva Adelaja Girls’ Secondary Grammar School, Bariga, Lagos. The event was planned to celebrate the institution established by the late educator, Mrs Evangeline Adebayo Adelaja, in 1964. Particular resplendent in this celebration are the alumni of the school, the Eva Adelaja Girls’ Secondary Grammar School Old Girls’ Association, which have been on the ground to ensure that the planned activities go smoothly. The event, which kicked off with the Praise Day and Community Hymn Singing held at Chapel of Christ the Light in Alausa, Ikeja,