Economy
Naira Trades Flat at Official Market as FX Matching System Commences
By Adedapo Adesanya
The Naira traded flat against the Dollar at N1,672.69/$1 in the Nigerian Autonomous Foreign Exchange Market (NAFEX) on Monday, December 2, when the first foreign exchange (FX) trading day held on the Electronic Foreign Exchange Matching System (EFEMS) via the Bloomberg BMatch System.
The Central Bank of Nigeria (CBN) issued a directive last week mandating all banks in the interbank foreign exchange market to move to the Bloomberg BMatch system for FX trading.
The implementation, which went live on Monday, is designed to boost the operational efficiency and transparency of the nation’s FX market.
Equally, the Naira closed flat against the Pound Sterling and the Euro in the spot market yesterday to wrap the session at N2,111.48/£1 and N1,757.57/€1, respectively.
In the parallel market, the Nigerian Naira appreciated against the US Dollar during the session by N5 to settle at N1,730/$1, in contrast to the preceding day’s N1,735/$1.
In the cryptocurrency market, Ripple (XRP) continued on a tear as Bitcoin (BTC) struggles to approach $100,000 amid talk of a large “sell wall” near the six-digit price mark.
XRP, the payments-focused cryptocurrency, has skyrocketed 375 per cent in the last 30 days, replacing the leading dollar-pegged stablecoin, Tether’s USDT, as the world’s third-largest digital asset.
Market analysts say the possibility of an XRP exchange-traded fund (ETF) is contributing to the rise.
Generally, since Donald Trump’s victory in the US election held on November 5, the crypto price surge has sparked a strong belief among traders that this upward trend will continue unabated.
XRP recorded a 14.6 per cent appreciation to settle at $2.73, Cardano (ADA) rose by 14.4 per cent to trade at $1.30, Litecoin (LTC) went up by 9.2 per cent to $132.09, Binance Coin (BNB) added 1.8 per cent to close at $659.24, and Solana (SOL) gained 1.0 per cent to quote at $229.25.
On the flip side, Dogecoin (DOGE) slumped by 2.3 per cent to sell at $0.4241, Ethereum (ETH) slid by 0.4 per cent to $3,333.84, and BTC waned by 0.2 per cent to $96,219.70, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) traded flat at $1.00 apiece.
By Adedapo Adesanya
The Naira appreciated on the US Dollar at the Nigerian Autonomous Foreign Exchange Market (NAFEM) by 1.8 per cent or N29.54 on Tuesday, December 3.
At the official market yesterday, the exchange rate stood at N1,643.15/$1, in contrast to Monday’s closing price of N1,672.69/$1, according to data obtained by Business Post from the Central Bank of Nigeria (CBN).
Also, the Nigerian currency traded flat against the greenback during the session at N1,730/$1.
This development followed the launch of the apex bank-backed Electronic Foreign Exchange Matching System (EFEMS), which began operations this week.
The implementation of the forex system comes with diverse implications for all segments of the financial markets that deal with FX, including an expected rebound in the value of the Naira across markets.
The system is expected to instantly reflect data on all FX transactions conducted in the interbank market and approved by the CBN.
The central bank also said it would publish real-time prices and buy-sell orders data from this system.
Meanwhile, Nigeria has successfully raised $2.2 billion in Eurobonds maturing in 2031 and 2034 in the international capital markets to finance deficits from the 2024 budget.
The Debt Management Office (DMO) said that the two Eurobonds, with 6.5 years and ten years tenors, have $700 million placed in the 2031 maturity, and $1.5 billion placed in the 2034 maturity.
It said that the notes were priced at a coupon and re-offer yield of 9.625 per cent and 10.375 per cent, respectively.
Meanwhile, the cryptocurrency market was majorly positive, with Binance Coin (BNB) growing by 18.1 per cent to an all-time high (ATH) price of $774.92 amid a mix of technical signs and bullish market sentiment.
Further, Solana (SOL) jumped by 4.2 per cent to trade at $236.64, Ethereum (ETH) gained 2.8 per cent to settle at $3,716.76, Litecoin (LTC) expanded by 2.5 per cent to finish at $132.16, Bitcoin (BTC) appreciated by 1.0 per cent to $96,567.61, Dogecoin (DOGE) increased by 0.9 per cent to $0.4208, and Ripple (XRP) rose by 0.2 per cent to $2.63.
However, Cardano (ADA) depreciated by 2.7 per cent to sell at $1.23, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) remained unchanged at $1.00 each.
Economy
Zurich Resilience Solutions and GoImpact Capital Partners forge strategic alliance to bolster climate resilience across Asia Pacific
This collaboration integrates ZRS’ advanced physical climate risk analysis, proprietary climate and financial loss data, and specialized tools with GoImpact’s sustainability education expertise, delivering a comprehensive solution to help businesses identify, assess, and adapt to climate risks.
Enhancing climate resilience with ready-to-go solutions
The partnership offers a ready-to-go suite of solutions that address the urgent need for actionable climate adaptation strategies. Businesses can benefit from:
- Data-driven climate risk assessments: ZRS’ proprietary tools to evaluate exposures to physical climate risks like extreme weather and supply chain disruptions.
- Climate resilience guidance and training: Support for organisations to build resilience in their assets, operations, and people.
- ESG knowledge upskilling: GoImpact’s structured sustainability learning programmes to keep companies informed about market trends and regulatory requirements.
- Regulatory reporting support: Assistance in meeting disclosure and reporting requirements related to physical climate risks.
By combining ZRS’ technical expertise with GoImpact’s practical learning resources, the alliance delivers a robust toolkit for businesses to enhance resilience and seize opportunities in the sustainability landscape.
Driving climate resilience and sustainability in business
Initially targeting businesses in Hong Kong, Singapore, and Malaysia, the strategic alliance aims to address key climate risks such as extreme weather events, supply chain disruptions, and operational vulnerabilities. Leveraging ZRS’ deep knowledge in climate resilience and GoImpact’s strong regional presence in sustainability advocacy, the alliance is well-positioned to empower companies to implement effective climate adaptation solutions.
Commenting on the partnership, Dr Amar Rahman, Global Head Climate & Sustainability Solutions, Zurich Resilience Solutions said: “Zurich Resilience Solutions’ partnership with GoImpact highlights the critical role of education in fostering climate resilience. The appetite for implementing effective solutions hinges on understanding the challenges at hand and the potential impact of inaction on business operations.”
“Through this collaboration, we aim to elevate awareness and empower public and private sector entities to take meaningful steps toward sustainability, developing solutions that protect their operations and strengthen their resilience against climate change.”
With better knowledge of the latest ESG trends, organizations can be better positioned to take advantage of market conditions and build a sustainable future for themselves and increase the resilience of the communities in which they operate.
“We are excited about this timely partnership between Zurich Resilience Solutions and GoImpact. Our combined strengths are complementary and form a holistic toolkit of offering on risk assessment, learning and advocacy that bridges a significant market gap, for large corporations and small medium enterprises alike,” said Helene Li, CEO and Co-Founder of GoImpact.
Hashtag: #ZurichResilienceSolutions
The issuer is solely responsible for the content of this announcement.
Zurich Resilience Solutions
Zurich Resilience Solutions, the risk advisory business of Zurich Insurance Group, leverages 150 years of industry experience and 75 years of risk engineering expertise to address the risk management needs of both existing and new customers. The unit offers specialized insights, tools, and solutions to help businesses tackle traditional and evolving risks, such as climate change and cybersecurity.
As a global entity, Zurich Resilience Solutions has over 950 risk experts stationed in 40 countries, bringing local expertise and industry specializations to clients worldwide. Its capabilities and solutions are available to any organization seeking a proactive approach to risk management and long-term resilience.
GoImpact Capital Partners
Bridging the great divide between the talk and action, accelerating the Sustainable Development agenda from intention to implementation – GoImpact means impact made easy and actionable.
GoImpact has established significant market footprint on its mission to drive the sustainability agenda forward, bridging the knowledge gap between talk and action. We offer the best ESG learning experience in the market, providing case-based, experiential learning courses which are crafted and delivered by a group of world-class experts in sustainable finance and ESG.
Through its partners network across Asia Pacific which includes regulators, financial institutions and large corporations, delivering online-to-offline initiatives, GoImpact connects stakeholders across sectors and provide learning and advocacy opportunities to drive real change by example for everyone who is keen to understand more about the full spectrum of Sustainability and Resilience agenda.
As part of its contribution to the Fifth Review Conference, Prince Foundation designed ARMAC’s exhibition booth, which was widely praised as the “best in show” by attending delegates. The campaign also resulted in a notable boost to ARMAC’s social media presence and increased engagement across its platforms.
The immersive display effectively conveyed ARMAC’s mission through visually striking elements, compelling storytelling, and innovative presentations of key initiatives, including the groundbreaking SAFE (Saving All From EO) chatbot.
Prince Foundation also worked closely with ARMAC leadership to craft strategic messaging that spotlighted the organization’s victim assistance programs, particularly the ASEAN Regional Victim Assistance Network (VAN), which provides comprehensive care for survivors of explosive ordnance and their families.
“Our role was to ensure ARMAC’s vital work received the attention it deserves,” said Gabriel Tan, Chief Communications Officer of Prince Holding Group and Head of Prince Foundation. “Through strategic communications and innovative exhibition design, we have helped amplify ARMAC’s message of hope and action to a global audience.”
Creating Impact Through Strategic Communications
The Foundation’s communications strategy highlighted ARMAC’s technological innovations, including the SAFE chatbot, an artificial intelligence-powered platform that delivers critical safety information to at-risk communities through accessible messaging systems.
“Prince Foundation’s strategic communications expertise has been instrumental in helping us convey the urgency and importance of our mission,” said Rothna Buth, Executive Director of ARMAC. “Their innovative approach to exhibition design and messaging strategy enabled us to effectively showcase our work, particularly in victim assistance and technological solutions, to a global audience.”
“By crafting compelling narratives around ARMAC’s initiatives, we’re fostering broader understanding and support for mine action efforts,” Tan added. “Our goal was to make complex technical information accessible and engaging for all attendees through our exhibition design and communications strategy.”
Comprehensive Communications Support
Prince Foundation’s contributions to ARMAC’s success at the summit included:
- Design and Execution: Development of ARMAC’s flagship exhibition booth, ensuring a captivating and interactive experience for delegates.
- Strategic Messaging: Creation of key communications materials that effectively conveyed ARMAC’s mission and initiatives.
- Multimedia Content: Production of dynamic content showcasing ARMAC’s programs, including the SAFE chatbot and the VAN network.
Through its partnership with ARMAC, Prince Foundation has played a key role in advancing mine action efforts by delivering effective communications support and promoting collaboration among key stakeholders. By amplifying ARMAC’s initiatives and raising awareness of critical programs, the Foundation is contributing to tangible progress toward the shared goal of a mine-free world. This collaboration reflects Prince Foundation’s ongoing commitment to building safer communities and driving meaningful change in Cambodia and across the ASEAN region.Hashtag: #PrinceFoundation #ARMAC #PrinceHoldingGroup
The issuer is solely responsible for the content of this announcement.
About Prince Foundation
Prince Foundation, founded in 2015, is one of Cambodia’s leading philanthropic foundations. A member of Prince Holding Group, which is one of the largest business groups in Cambodia, the Foundation aims to work with local communities to build thriving living and working environments that elevate people’s well-being and livelihoods, following the vision: “Together, Building a Better Future for Cambodia.”
Focusing on education and youth development, healthcare, and community engagement and sports, and healthcare initiatives, Prince Foundation works with partners to deliver sustainable programs that enhance opportunities for Cambodia’s youths, build resilience in communities, and contribute to sustainable infrastructure.
The Foundation’s flagship projects are the Chen Zhi Scholarship, offering full scholarships, stipends, internships, and work opportunities to 400 Cambodian university students over a period of seven years, and Prince Horology, where aspiring Cambodian watchmakers learn the art of Swiss-style watchmaking in a state-of-the-art facility. Prince Foundation has launched more than 250 philanthropic initiatives, benefiting over 1.3 million people, with donations exceeding US$16 million
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