Naira Stays Stable After CBN Holds Rates

Image

By Modupe Gbadeyanka

The Naira stayed relatively stable on Tuesday after the Central Bank of Nigeria (CBN)’s Monetary Policy Committee (MPC) announced it was leaving the rates unchanged.

The local currency was exchange at N497 to the Dollar on the parallel market, while it was sold at N305.5 to the Dollar on the official market.

In line with analysts’ forecast, the MPC held the benchmark interest rate at 14 percent like it did at its last two previous meetings.

Commenting on the MPC decision, a Lagos-based Bureaux De Change (BDC) operator, Mr Martin Okonkwo, said it did not come as a surprise, adding that forex dealers did not expect the CBN to announce a policy that will significantly affect activities in the forex market.

He said: “Being its first meeting this year, the MPC was not expected to announce a major policy that will affect forex trading. From all indications the naira will continue to trade at current levels in the short to medium term.”

Also, in her comments, Head of Africa macro research at Standard Chartered Plc, Mr Razia Khan, said: “For now, the only clear takeaway is that there are no imminent plans for further FX liberalisation. FX will continue to be rationed.”

For the first two weeks of this year, the Naira struggled on the parallel market, falling to nearly N500/$, owing to acute forex shortage as the CBN and the major international money transfer organisation, Travelex, did not sell dollars to BDCs.

As part of efforts to close the wide gap between the naira’s exchange rate on the official and the parallel markets, the Association of Bureau De Change Operators of Nigeria (ABCON), last week launched a portal that will publish a reference forex rate for members of the association every Monday.

ABCON President, Mr Aminu Gwadabe, appealed to Nigerians with legitimate needs for foreign exchange to visit any CBN registered BDC to purchase dollars with relevant documents at N399 to the dollar, being the reference rate for last week.

Share
Related Stories
Image
01-March-2024

Lokpobiri Charges New NCDMB Council on Growth of Nigeria’s Energy Sector

By Adedapo Adesanya  The Minister of State for Petroleum Resources (Oil), Mr Heineken Lokpobiri, has charged the newly inaugurated fourth Governing Council of the Nigerian Content Development and Monitoring Board (NCDMB) to continue advancing the country’s oil and gas industry. The NCDMB Governing Council is set up under the Nigerian Oil and Gas Industry Content Development (NOGICD) Act and draws membership from representatives of select institutions connected with the energy sector. The fourth NCDMB Governing Council would be chaired by Mr Lokpobiri, while the Executive Secretary of NCDMB, Mr Felix Omatsola Ogbe, would serve as the Secretary. Others are the

Image
03-March-2024

Dangote Cement’s African Subsidiaries Contribute 41.2% to FY 2023 Sales

By Dipo Olowookere Dangote Cement Plc has revealed that sales from its factories outside Nigeria, its base, improved in the 2023 fiscal year by 12.7 per cent, contributing about 41.2 per cent to its total volume for the period under review, with its Nigerian operations accounting for the rest. In its audited financial statements for the year ended December 31, 2023, filed to the Nigerian Exchange (NGX) Limited, the cement maker said revenue generated from its pan-African operations increased by a record 123.2 percent to N925.9 billion, while EBITDA surged by over four-fold to N263.7 billion. Business Post reports that

Image
29-February-2024

Navigating the Complex World of Investing: What Novices Need to Know

Have you finally decided to take the leap into the exciting arena of investing? Not only is this an excellent way to secure a lucrative nest egg for the future, but many have begun to use these opportunities as a springboard for their businesses. However, appreciating the intricacies of online trading is no easy task. A great deal of preparation will be required and mistakes can occur on occasion. This is why knowing where to begin is one of the best ways to establish strong foundations. Let us therefore cut through a fair amount of “fluff” and examine a handful

More Stories
Image
24-April-2023

World Bank Tasks Nigeria, Others to Boost Logistics for Economic Growth

By Adedapo Adesanya Nigeria has been tasked to boost its logistics industry as part of measures to boost its economic growth. This was made by the World Bank in its 2023 Logistics Performance Index (LPI) report, which showed countries’ ability to move goods across borders with speed and reliability. In Nigeria’s case, the country has a score of 2.6, which is slightly above the mid-point. In the report, the World Bank urged developing economies to boost their economic growth through improvements in logistics for goods transportation. The LPI report came after three years of unprecedented supply chain disruptions during the

Image
12-January-2017

Abuja Runway Repairs to Take 6 Months, Not 6 Weeks—Minister

By Dipo Olowookere Minister of State for Aviation, Mr Hadi Sirika, has explained that work on the runway of the Nnamdi Azikiwe International Airport in Abuja will take six months to complete, but stressed that the airport would only be closed for six weeks. Mr Sirika made this clarification while addressing the Senate on Thursday. The Minister explained that the Abuja runway was constructed in 1982 and has only a lifespan of 14 years, indicating that it has already exceeded its usage. He warned that to continue to operate the airport would be unsafe and unreasonable as there is a

Image
28-November-2017

7 Bootstrapping Tricks For First-time Entrepreneurs

By Adeniyi Ogunfowoke Not all startups have the luxury of getting investors from the very beginning. So, you have to fund your business out of your own pocket. This is what is called bootstrapping. While this is a good way to start a business, bootstrapping is more difficult than it might seem especially for first-time entrepreneurs. Accordingly, Jumia Travel, the leading online travel agency shares bootstrapping tricks to make funding your own business easier. Carefully pick your co-founder When bootstrapping, the majority of the work is done internally, so co-founders need to complement each other’s skill sets. If you’re good

Image
01-December-2022

CBN Injects $11.24bn into FX Market in Seven Months

By Adedapo Adesanya The Central Bank of Nigeria (CBN) injected a sum of $11.24 billion into the foreign exchange (forex) market as part of efforts to stabilise the value of the Naira to the United States Dollar between January and July 2022. In the apex bank’s monthly economic report on the FX market development, it was revealed that $7.6 billion was used to stabilise the local currency in the first five months of the year, while $3.64 million was pushed into the market in the next two months. It stated that total foreign exchange sales to authorised dealers by the

Image
02-August-2018

NHGSFP to Overtake S/Africa as Largest School Feeding Scheme in Africa

By Dipo Olowookere Nigeria’s National Home-Grown School Feeding Programme (NHGSF) is set to overtake South Africa’s as the largest school feeding programme in Africa. The scheme was launched in 2016 by the President Muhammadu Buhari administration and it currently feeds a total of 8,596,340 pupils daily in 46,247 public primary schools in 24 states of the federation. In South Africa, where a similar programme, National School Nutrition Programme, was launched 24 years ago (1994), it caters for an estimated 9.2 million learners, going by a 2017 report by the South Africa’s Department of Planning, Monitoring and Evaluation. Addressing newsmen on

Image
28-November-2020

Nigeria’s Unlisted Securities Market Closes Flat Friday

By Adedapo Adesanya The week ended in the flat territory at the NASD Over-the-Counter (OTC) Securities Exchange on Friday, November 27 and this was because the major performance indicators remained unchanged. For instance, the market capitalisation of the exchange closed at N547.06 billion, while the NASD unlisted securities index (NSI) finished at 735.99 points. Yesterday’s outcome indicated a third straight session where the market closed flat with the bears and bulls absent. However, the activity chart continues to record a movement and on Friday, a total of 449,600 units of shares were transacted during the session, 48.4 per cent lower

Image
15-September-2019

The Inspiring Growth of FBNQuest Trustees in 40 Years

For the past 40 years, FBNQuest Trustees Limited, an FBN Holdings company, has been in the business of providing world-class trust and estate planning services in Nigeria. Last Friday, FBNQuest Trustees, to celebrate its milestone anniversary, hosted its esteemed stakeholders at an event themed A Legacy that Preserves Legacies held at The Landmark Event Centre in Lagos. The event presented an opportunity for FBNQuest Trustees to share key insights on the importance of Corporate Trust Management, Estate Planning, and Wealth Transfer, which were crucial elements to ensuring the preservation of legacies. Speaking about the milestone celebration, Managing Director and Chief

Image
27-November-2023

NCC Chief Charges Nokia on Research, Development in Nigeria

By Adedapo Adesanya The Executive Vice Chairman and Chief Executive Officer (EVC/CEO) of the Nigerian Communications Commission (NCC), Mr Aminu Maida, has charged Nokia Networks to increase its investments in Research and Development (R&D) to support the growth of Information and Communication Technology (ICT) in Nigeria. Mr Maida spoke when a delegation from Nokia Networks of Finland led by the Deputy Minister, Under-Secretary of State for International Trade from the Ministry for Foreign Affairs of Finland, Mr Jarno Syrjala, visited the commission recently to explore further opportunities for mutually beneficial relationships. He told the delegation that the Nigerian government is

Ad
Ad
Recent Stories
Image
03-March-2024

Dangote Cement’s African Subsidiaries Contribute 41.2% to FY 2023 Sales

By Dipo Olowookere Dangote Cement Plc has revealed that sales from its factories outside Nigeria, its base, improved in the 2023 fiscal year by 12.7 per cent, contributing about 41.2 per cent to its total volume for the period under review, with its Nigerian operations accounting for the rest. In its audited financial statements for the year ended December 31, 2023, filed to the Nigerian Exchange (NGX) Limited, the cement maker said revenue generated from its pan-African operations increased by a record 123.2 percent to N925.9 billion, while EBITDA surged by over four-fold to N263.7 billion. Business Post reports that

Image
03-March-2024

Nigeria Pays N1trn Monthly Subsidy to Keep Petrol at N650/Litre

By Aduragbemi Omiyale Despite the federal government claiming it has stopped the payment of subsidies on premium motor spirit (PMS), well-known as petrol, more people are countering this. Recall that a few weeks ago, the International Monetary Fund (IMF) said the government had returned fuel subsidies through the backdoor and kept Nigerians in the dark about this. It then advised the government of President Bola Tinubu, which announced an end to it on May 29, 2023, to completely stop the payment as it was increasing his administration’s fiscal deficit. The global lender, in a report released last month, said the

Image
02-March-2024

JUST IN: Nollywood Star Mr Ibu Dies

By Modupe Gbadeyanka Information just reaching Business Post indicates that popular Nigerian actor, Mr John Okafor, otherwise known as Mr Ibu, is dead. It was gathered that the Nollywood star breathed his last on Saturday in a hospital in Lagos. His demise comes a day after the Nigeria film industry lost an actor, Mr Tolani Quadri Oyebamiji, well-known as Sisi Quadri. Mr Ibu underwent a surgery, which led to the amputation of one of his legs. He was later discharged from the hospital, but was reportedly taken back. Until his death, he acted in several movies. He was well known

Image
02-March-2024

African Bishops Seek Overhaul of Financial System as Debt Burden Worsens

African Catholic Bishops called for an overhaul of the financial system to address health, climate, food and other challenges the region faces. Ahead of a gathering of African Finance Ministers in Victoria Falls, Zimbabwe, the Justice, Peace and Development Commission of the Catholic Symposium of Episcopal Conferences of Africa and Madagascar (SECAM) outlined reforms for debt relief, development resources and governance. “In Sub-Saharan Africa the number of people facing food insecurity stress or crisis has more than doubled since 2019, reaching 420 million people last year,” noted the bishops in a statement. A delegation representing the African Bishops and religious

Image
02-March-2024

MTF Class of 2023 to Premiere Her Dark Past, Grown

By Modupe Gbadeyanka Two feature films will be premiered this weekend exclusively on the Africa Magic Showcase channel 151 and Africa Magic Urban channel 153 by the students of the MultiChoice Talent Factory (MTF). The two pieces of art titled Grown and Her Dark Past are the final projects of the MTF Class of 2023 students, a statement from the organisation said. The MTF is a leading film school in West Africa for young, talented and passionate filmmakers. It was established by the media platform to grow the region’s creative industry. Grown premieres on Africa Magic Showcase at 8.30 pm

Image
02-March-2024

Mandela’s Heirs Lose Power in South Africa

By Alexander Braterskiy South African authorities warn that if the opposition wins the parliamentary elections, the country may change course and leave the informal BRICS economic bloc, which includes Russia. The position of the African National Congress party, which has been in power since the collapse of apartheid, is indeed not the best, as shown by the municipal elections held earlier in the country. The opposition accuses the president of corruption and abuse of power, as well as an inability to cope with the country’s energy crisis. The ANC crisis occurred on the 30th anniversary of the first free elections

Image
02-March-2024

CAA Reaffirms Commitment to Climate Innovation for Sustainable Future

By Modupe Gbadeyanka A leading social enterprise focused on environmental sustainability, Climate Action Africa (CAA), has reaffirmed its commitment to being at the forefront of driving climate innovation for a sustainable future. The organization, which is a key participant at the four-day Omniverse Summit 2024 in Lagos, emphasised the need to integrate environmental sustainability models, technology, and community-driven innovation to address climate change challenges. It promised to foster an inclusive climate action ecosystem through innovation, which it said can be used to identify and scale solutions to address the imminent climate crisis in Nigeria and Africa as a whole, The

Image
02-March-2024

Endosurvivors Foundation Set For Another Endometriosis Awareness

By Adedapo Adesanya EndoSurvivors International Foundation (ESIF), an NGO championing endometriosis awareness in Nigeria, has announced its upcoming events in commemoration of the Global Endometriosis Advocacy Month in March, fondly tagged March4Endo by advocates all over the world.  Endometriosis is a chronic and inflammatory condition that affects approximately 1 in 10 girls and women in Nigeria and on a global scale. This sums up to about 190 million affected girls/women around the world, about the population of Nigeria in 2018.  The World Health Organisation (WHO) recognizes that endometriosis has significant social, public health, and economic implications leading to a decrease

Image
02-March-2024

CSCS, FrieslandCampina Lift NASD OTC Bourse by 0.31%

By Adedapo Adesanya The NASD Over-the-Counter (OTC) Securities Exchange returned to the positive territory after it gained 0.31 per cent on Friday, March 1, thanks to the duo of Central Securities Clearing System (CSCS) Plc and FrieslandCampina Wamco Nigeria Plc. CSCS Plc added 81 Kobo to its value to sell for N19.46 per unit compared with the preceding day’s N18.65 per unit, and FrieslandCampina improved by N1.15 to settle at N71.4o per share, in contrast to Thursday’s closing price of N70.25 per share. However, Aradel Holdings Plc continued its price depreciation yesterday as it shed N6.75 to sell at N2,395.00

Image
02-March-2024

Naira Now N1,548.25 at Official Market, N1,560/$1 at Black Market

By Adedapo Adesanya The Naira sustained its gradual recovery against the US Dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEM) on Friday, March 1, appreciating by 2.94 per cent or N46.86 to sell at N1,548.25/$1, in contrast to the N1,595.11/$1 it was traded on Thursday. Also, in the spot market, the Nigerian currency improved its value against the Pound Sterling during the trading day by N90.13 to close at N1,956.06/£1 versus the previous day’s N2,046.19/£1 and against the Euro, it gained N76.39 to trade at N1,675.25/€1, in contrast to the N1,751.64/€1 it closed a day earlier. The supply of