Naira Under Pressure Amid Selloffs by Foreign Portfolio Investors

Image

By Dipo Olowookere

The Naira came under pressure this week as selloffs by foreign portfolio investors created a huge demand of foreign exchange at the market during the week.

At the close of business on Friday, the local currency lost 0.14 percent week-on-week against the Dollar at the investors and exporters (I&E) forex window.

However, the Nigerian legal tender remained unchanged against the US Dollar at the Bureau De Change segment and the parallel market to close at N357/$ and N360/$ respectively as CBN sustained its special intervention.

Also, the Naira/Dollar rate closed flat at the interbank foreign exchange market at N330/$ amid weekly injections by CBN of $210 million into the foreign exchange market via the Secondary Market Intervention Sales (SMIS): of which $100 million was allocated to Wholesale (SMIS), $55 million was allocated to Small and Medium Scale Enterprises and $55 million was sold for invisibles, analysts at Cowry Asset said.

Meanwhile, all dated forward contracts at the interbank over-the-counter (OTC) segment depreciated – spot rate, 1 month, 2 months 3 months and 6 months contracts lost 0.03 percent, 0.20 percent, 0.22 percent, 0.20 percent and 0.47 percent to close N306.10/$, N365.46/$, N368.52/$, N371.69/$ and N383.64/$ respectively.

Cowry Asset is predicting that next week, it expects slight depreciation at the I&E FXW segments amid expected sell-offs by foreign portfolio investors.

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

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
22-February-2024

Investors Recover N165bn as FBN Holdings, BUA Cement, Others Gain

By Dipo Olowookere The bulls recaptured the Nigerian Exchange (NGX) Limited on Wednesday after the bears dominated for two straight days as a result of panic selling due to the macroeconomic environment, especially with the poor performance of the Naira in the foreign exchange (FX) market. During the midweek session, the local bourse finished higher by 0.30 per cent on renewed bargain-hunting activities by investors. This raised the market capitalisation of the domestic exchange by N165 billion to N55.464 trillion from N55.299 trillion, as the All-Share Index (ASI) grew by 301.71 points to 101,362.38 points from 101,060.67 points. Business Post

Image
22-February-2024

NPPAN Targets $10bn Contribution to Nigeria’s GDP via Palm Biomass

By Adedapo Adesanya The federal government will sign a Memorandum of Understanding (MoU) with the Malaysian government to develop palm biomass in the country as part of efforts to utilise one of the undertapped farm produces in the country. Mr Alphosus Inyang, President of the National Palm Produce Association of Nigeria (NPPAN), made this disclosure, saying palm biomass is a multi-billion dollar economy. “Biomass simply means agricultural waste and we are talking about turning waste into wealth,’’ he said in an interview with the News Agency of Nigeria (NAN) on Wednesday in Abuja. The president said NPPAN was working with

More Stories
Image
20-November-2023

Again, CBN Postpones MPC Meeting

By Adedapo Adesanya The Central Bank of Nigeria (CBN) has postponed the Monetary Policy Committee (MPC) meeting yet again after the same was done in September. This development indicates that the new Governor of the CBN, Mr Olayemi Cardoso, has yet to hold the crucial rates-setting meeting since he took over the post. The central bank postponed the meeting when Mr Cardoso was nominated to the post in September, signalling that when he takes over, this will be his first order of business. But with almost two months at the helm of affairs at the national lender, there seems to

Image
22-August-2018

NIRSAL Develops New Insurance Product for Farmers

By Dipo Olowookere A new insurance product aimed at safeguarding farmers against risks along the agricultural value chain has been created by the Nigeria Incentive-Based Risk Sharing System for Agricultural Lending (NIRSAL). A statement issued by the Head of Corporate Communications at NIRSAL, Anne Ihugba, disclosed that the new product, NIRSAL Comprehensive Index Insurance (NCII), is mainly targeted at small-holder farmers who are the most vulnerable segment in the agricultural sector. It was explained that NCII is an improvement on the agency’s pioneering Area Yield Index Insurance (AYII) mechanism introduced last year. NCII was developed by the corporation in conjunction

Image
21-April-2018

Losses by Tech Stocks Drift Asian Markets Lower

By Investors Hub Asian markets drifted lower on Friday, led by losses in technology stocks amid falling demand for smartphones and a downward revision in revenue target by the world’s largest contract chipmaker Taiwan Semiconductor. Japanese stocks ended slightly lower, with the benchmark Nikkei 225 Index edging down by 28.94 points or 0.1 percent to 22,162.24. In economic news, overall consumer prices in Japan were up 1.1 percent year-over-year in March, data from the Ministry of Internal Affairs and Communications showed. That was in line with expectations and down from 1.5 percent in February. Core CPI, which excludes volatile food

Image
07-April-2022

Firm Makes Investment in UK Properties Easier for Nigerians, Kenyans

By Adedapo Adesanya A platform to allow Nigerians and Kenyans to invest in properties in the United Kingdom has been created by Baron & Cabot, a United Kingdom property investment company. The firm said investing in UK properties is greatly considered to be one of the lowest risk investments in the world, with consistent long-term returns factored in by continuous growth within the country. Using its position as the fastest-growing UK property investment company in the world, Mr Mark Pearson, founder of Baron & Cabot said, “We aim to help Kenyans and Nigerians with the ability to provide mortgages and

Image
18-May-2022

Entries for Ecobank National Essay Competition Close Saturday

By Dipo Olowookere The national essay competition organised by Ecobank Nigeria Limited to commemorate Children’s Banking Month is gradually gaining momentum, especially as the window for the submission of entries draws closer. According to the financial institution, all entries are expected to be filed to [email protected], with the contact details of the parent/guardian on or before Saturday, May 21, 2022, at 12 noon. Results would be sent on all entries by Wednesday, May 25 at 12 noon and winners will be celebrated and given their gifts on May 28, 2022, as part of activities to mark the International Children’s Day.

Image
26-March-2017

714,000 Internet Subscribers Leave MTN Network

By Dipo Olowookere In the month of February 2017, a total of 714,700 internet subscribers exited MTN Nigeria, data from the Nigerian Communications Commission (NCC) reveals. A month earlier, MTN had a total of 31,015,405 internet subscribers on its network, but it declined to 30,300,705 in the month under review. This is the highest number of internet subscribers lost by a network in February 2017. Data from the telecoms regulator in Nigeria revealed that telecommunications networks lost a total of 1,275,573 internet users in February. The report showed that internet users on both Global System for Mobile communications (GSM) and

Image
03-May-2022

Ecobank Invites Experts to Discuss Investment Opportunities for Customers, Others

By Aduragbemi Omiyale On Friday, May 6, 2022, some experts will converge on a virtual seminal organised by Ecobank Nigeria to discuss several investment opportunities available to workers, entrepreneurs, staff, customers and non-customers of the financial institution. One of the speakers is the Head of Agusto Consulting, Mr Jimi Ogbobine as well as analysts at the bank’s Treasury and Consumer Products teams and the Ecobank Development Corporation (EDC), the bespoke investment arm of the Ecobank Group. The consumer-focused and investment-oriented webinar, which will kick off by 11 am, is themed Today’s Opportunities for Your Money; Making the Best of the

Image
20-April-2020

Nigerian Stocks Post 7.19% Weekly Growth

By Modupe Gbadeyanka Equities on the Nigerian Stock Exchange (NSE) appreciated by 7.19 percent last week amid bargain hunting by investors at the market. The All-Share Index (ASI) increased in the week 22,921.59 points, while the market capitalisation rose to N11.946 trillion. Except the ASem index, which closed flat, all other indices finished higher. In the four-day trading session, the transaction volume reduced to 1.5 billion equities from 2.4 billion shares, while the transaction value decreased to N12.9 billion from N19.9 billion, with the number of deals rising to 20,982 from 18,918. Business Post’s analysis of the trading activities showed

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,