Naira Under Pressure, Falls to N363.31/$ at I&E

Image

By Adedapo Adesanya 

Thursday was a different ball game at the Investors window for the Naira as it depreciated by 48 Kobo against the US Dollar to trade at N363.31 from N362.83/$ it was traded on Wednesday.

This was caused by the huge pressure the local came under at the segment as reflected in the daily market turnover yesterday, which continued to rise.

Data gathered by Business Post from the FMDQ indicated that the investors window recorded a total turnover of $334 million during the session as against the $302 million worth of transactions recorded on Wednesday.

At another segment of the foreign exchange market yesterday, specifically the Central Bank of Nigeria (CBN)’s interbank window, the Naira/US Dollar rate saw no movement, closing on Thursday at $306.90/$, the same rate it did the previous day.

In addition, the Naira was flat at the parallel market on Thursday as it continued to trade at N360 against the American Dollar, the same rate it has been exchanged for some days now.

At the same market segment, the British Pound followed this same path as the Dollar, with the local currency trading against the British currency like it did yesterday at N450/£.

However, the Naira appreciated against the Euro at the black market yesterday by N4 to trade at N396 to a single Euro on Thursday from N400/€ in the previous session.

Business Post observed that during Thursday’s trading session at the parallel market, the Naira recorded changes at different time of the day. An analysis of the price movement showed that in the morning, the local currency traded against the Euro at N400, but by afternoon, it was exchanged at N398/€ before finally closing at N396/€ in the evening.

Share
Related Stories
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
03-March-2024

Abuja Residents Loot NEMA Warehouse as Hardship Bites Harder

By Adedapo Adesanya As hardships spurred by the rising cost of food, fuel, and other basic needs bite harder, some residents of the Nigerian capital, Abuja, broke into a government warehouse in the city to loot food items on Sunday morning. According to reports, the incident, which involved a warehouse belonging to the National Emergency Management Agency of Nigeria (NEMA), happened around 7 am and continued for about two hours. Amid the current economic realities in the country, there has been a spate of breaks in and looting of both private and public storage units by residents. The warehouse looted

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
01-March-2024

CBN Revokes Operational Licences of 4,173 BDC Operators [FULL LIST]

By Aduragbemi Omiyale The operational licences of 4,173 Bureaux De Change (BDC) operators have been revoked by the Central Bank of Nigeria (CBN). A statement signed by the acting Director of the Corporate Communications Department of the apex bank, Mrs Hakama Sidi Ali, on Friday disclosed that the action was taken because the affected BDCs did not adhere to regulatory provisions. The central bank said the BDCs did not pay all necessary fees, including licence renewal, within the stipulated period in line with guidelines. It also said they failed to give account of returns in line with the guidelines, and

More Stories
Image
21-November-2017

FCMB Gets Regulatory Approvals to Raise Stake in Legacy Pension to 88.2%

By Modupe Gbadeyanka The acquisition of additional 60 percent stake in Legacy Pension Managers Limited by First City Monument Bank (FCMB) Plc has been approved by the relevant regulatory authorities. The increase in the stake of Legacy pension Managers Limited will leave FCMB controlling 88.20 percent of the firm, making it a subsidiary of the lender. In a statement jointly signed today by the Chief Financial Officer of FCMB, Mr Kayode Adewuyi; and the Group Chief Executive, Mr Ladi Balogun, it was explained that the acquisition will help FCMB enhance the diversification of service offerings within the group and further

Image
05-June-2018

Gwarzo in Court to Challenge Suspension as SEC DG

By Modupe Gbadeyanka Federal Government has been dragged to the National Industrial Court sitting in Abuja by the suspended Director-General of Securities and Exchange Commission (SEC), Mr Mounir Gwarzo. Joined in the suit filed by Mr Gwarzo are the SEC, Minister of Finance, Mrs Kemi Adeosun; and Attorney-General of the Federation, Mr Abubakar Malami. Mr Gwarzo wants the court to declare his suspension from office by Mrs Adeosun in November 2017 as illegal. Apart from that, he wants the court to order his reinstatement as the Director General of the nation’s apex capital market regulatory chief. According to his counsel,

Image
29-May-2017

NIBOR Moves in Mixed Directions

By Cowry Assets Last week, 282-day bills worth N7 billion matured, however, interbank rates moved in mixed directions across the tenor buckets. NIBOR for overnight funds and 1 month fell to 14.63 percent (from 38.46 percent) and 20.74 percent (from 20.77 percent) respectively. However, the 3 months and 6 months rose week-on-week to 22.39 percent (from 21.24 percent) and 24.73 percent (from 23.21 percent) respectively. Elsewhere, NITTY increased across most of the maturities amid sell pressure – yields on 1 month, 3 months and 6 months maturities rose week-on-week to 20.18 percent (from 19.32 percent), 19.39 percent (from 19.23 percent)

Image
02-August-2018

LCCI Charges CBN to Support Sectors Outside Manufacturing, Agric

By Taiwo Omilani The Lagos Chamber of Commerce and Industry (LCCI) has stressed the need for the Central Bank of Nigeria (CBN) to have a broader view of the economy, supporting sectors outside the manufacturing and agriculture. President of the LCCI, Mr Babatunde Ruwase, gave this charge on Thursday at a press conference held in Lagos to address state of the nation. According to him, the apex bank should have a broader view of the economy as sectors other than the real sector also have tremendous impact on the economy, and in fact complements the real sector, which is why

Image
12-September-2020

CSCS Stocks Depreciate for Second Straight Session

By Adedapo Adesanya Equities extended their invitation to the bears for the second straight day at the NASD Over-the-Counter (OTC) Securities Exchange on Friday, September 11, declining by 0.27 per cent. The slide can be attributed to another day of loss made by the Central Securities Clearing Systems (CSCS) Plc. The share price of CSCS reduced by 28 kobo or 2.02 per cent to trade at N13.57 per share compared to N13.85 per share it closed the day before. This brought down the NASD Unlisted Securities Index (NSI) by 1.9 points yesterday to 712.54 points from 714.44 points of the

Image
21-December-2020

Nigeria Releases 18 High-Yielding Crop Varieties

By Adedapo Adesanya In order to boost agricultural productivity in Nigeria in line with the President Muhammadu Buhari 9-point agenda, the National Varieties Release Committee (NVRC) has released 18 high-yielding crop varieties. The unveiling of these new crop varieties is expected to favour farmers in the country, who will now experience bountiful harvest going forward and in turn, make food cheaper. During the announcement, the Chairman of NVRC, Mr Oladosu Awoyemi, said the 18 crops were taken from the 25 submitted by researchers. While speaking during the 29th meeting at the National Centre for Genetic Resources and Biotechnology (NACGRAB) in

Image
24-September-2019

Wall Street Opens Higher on Treasury Secretary Comments

By Investors Hub The major U.S. index futures are pointing to a higher opening on Tuesday following the lackluster performance seen in the previous session. Stocks may benefit from renewed optimism about U.S.-China trade talks after Treasury Secretary Steven Mnuchin said negotiations between the two economic superpowers would resume in two weeks in Washington. Mnuchin said during an interview with Fox Business Network on Monday that he and U.S. Trade Representative Robert Lighthizer would meet with Chinese Vice Premier Liu He. The Treasury Secretary also revealed during a meeting at the United Nations that the U.S. had called off a

Image
05-February-2018

European Stocks Slump for 6th Session Amidst Higher Interest Rates Fret

By Investors Hub European stocks are falling for a sixth consecutive session on Monday as investors fret about higher interest rates and coalition negotiations between German Chancellor Angela Merkel’s conservative party and the Social Democrats broke down over the weekend. French President Emmanuel Macron’s party lost two by-elections for parliamentary seats on Sunday and the dollar paused after recovering somewhat on Friday on the back of robust U.S. employment data, further weighing on markets. While the German DAX Index is down by 0.9 percent, the U.K.’s FTSE 100 Index and the French CAC 40 Index are down by 1.3 percent

Ad
Ad
Recent Stories
Image
04-March-2024

UK Announces £37.3m to Boost Livelihoods in Nigeria, Others

By Adedapo Adesanya The United Kingdom has announced new funding for the Mobile for Development Programme to help more people access mobile and digital technologies to find new opportunities and boost their livelihoods in Nigeria and other developing countries. UK’s Minister for Development and Africa, Mr Andrew Mitchell MP, during a speech at Mobile World Congress last week, announced that the UK is providing £37.3 million of new support for the Mobile for Development Programme. The new UK funding for innovative mobile phone technology will help change lives in developing countries around the world by harnessing AI technology to provide

Image
04-March-2024

Newly-Listed Transcorp Power Targets N500bn Revenue by 2031

By Adedapo Adesanya The latest company to join the Nigerian Exchange (NGX) Limited, Transcorp Power Plc, has announced a revenue target of N500 billion by 2031, tapping opportunities in the capital market and sustainable energy. This was disclosed by the Managing Director of the firm, Mr Peter Ikenga, during the Facts Behind the Listing held at bourse on Monday. The firm, owned by businessman and Chairman of UBA Plc, Mr Tony Elumelu, listed its stocks on the Main Board of the nation’s flagship exchange by introduction. It listed 7,500,000,000 ordinary shares of 50 Kobo each at N240.00 per share. Speaking

Image
04-March-2024

DisCos Must Promptly Respond to Customers’ Complaints—FCCPC

By Aduragbemi Omiyale Electricity distribution companies (DisCos) in the country have been charged to respond to customers’ complaints quickly for better service delivery. This task was given to the energy firms by the Federal Competition and Consumer Protection Commission (FCCPC), which said the companies must design a quick response mechanism to address issues from their customers. Speaking last Saturday at a four-day one-stop-shop for addressing billing, metering, transformer, connection, disconnection, customer service and other electricity consumer issues in Ikeja Electric coverage areas, the acting executive chairman of FCCPC, Mr Adamu Abdullahi, said the highest number of complaints received by the

Image
04-March-2024

Omokungbe Wants Implementation of Initiatives on Women’s Entrepreneurship

By Aduragbemi Omiyale A former Rector of Yaba College of Technology (YabaTech), Lagos, Mr Obafemi Omokungbe, has called for the implementation of programmes and initiatives designed to promote women’s entrepreneurship in Africa. Speaking at the just-concluded 10th anniversary of the African Women Foundation for Nation Building (WINBAFRICA) in Lagos, Mr Omokungbe, a fellow of the Nigerian Society of Engineers (NSE), also appealed to African countries to renew their commitment to women’s empowerment, saying it is a crucial step towards nation-building. According to him, the journey toward women’s empowerment in Africa involves a comprehensive approach that spans various sectors, including education,

Image
04-March-2024

NGX Group Declares 75 Kobo Final Dividend Amid 57.4% Surge in FY’23 Earnings

By Aduragbemi Omiyale A final dividend of N1.5 billion, amounting to 75 Kobo per share has been declared by the board of the Nigerian Exchange (NGX) Group Plc for the 2023 financial year. This brings to N1 the total dividend to be paid by the company after paying 25 Kobo (N495.5 million) as interim dividend at mid-year. In its audited financial statements for the year ended December 31, 2023, the NGX Group said its gross earnings increased by 57.4 per cent to N11.8 billion in FY 2023 from N7.5 billion in FY 2022 because its performances in core revenue and

Image
04-March-2024

Red Line Rail: Labour Party Demands Value for Money

By Aduragbemi Omiyale The Lagos State chapter of the Labour Party has tasked Governor Babajide Sanwo-Olu to ensure the recently commissioned Red Line Rail does not turn out to be another failure due to poor maintenance culture. In a statement by its Publicity Secretary, Mrs Olubunmi Odesanya, the opposition party appealed to the state government to ensure its sustainability. While greeting residents of the metropolis on the project, which was commissioned last Tuesday by President Bola Tinubu, the Labour Party faulted the timing of its completion, saying the ruling All Progressives Congress (APC) ought to have put the initiative in

Image
04-March-2024

Access Bank to Give 700,000 MSMEs Access to N50bn Via YouThrive

By Modupe Gbadeyanka An initiative known as YouThrive designed to give entrepreneurs in the micro, small and medium enterprises (MSMEs) access to a N50 billion credit facility has been introduced by Access Bank Plc. The lender disclosed at a media briefing in Lagos that about 700,000 MSMEs would benefit from this programme, which is open to business owners between the ages of 21 and 40 years. YouThrive is a transformative initiative designed by Access Bank to empower, uplift, and accelerate the next generation of MSMEs. According to the Deputy Managing Director of Access Bank, Mr Victor Etuokwu, who addressed journalists

Image
04-March-2024

Peter Obi Laments Nigeria’s Dependence on War-Torn Ukraine for Food

By Adedapo Adesanya The presidential candidate of the Labour Party in the 2023 polls, Mr Peter Obi, has lamented Nigeria’s dependence on Ukraine, a country ravaged by war, for food aid. Mr Obi, in a statement on Monday, expressed dissatisfaction at the current economic realities and recounted times when the Nigerian economy was faring better than that of Ukraine in 2015. “Ukraine cultivates over 60 per cent of its arable land, whereas Nigeria has over 60 per cent uncultivated arable land. “Despite the conflict, Ukraine feeds itself, and exports agricultural products worth over $25 billion which is about the same

Image
04-March-2024

AfDb Injects $134m Into Rice, Maize, Cassava, Soybean Production in Nigeria

By Adedapo Adesanya The African Development Bank (AfDB) is supporting Nigeria in the cultivation of rice, maize, cassava and soybean to boost food production with the provision of $134 million to achieve this. The president of the multilateral lender, Mr Akinwunmi Adesina, said on Saturday after visiting the Centre for Dryland Agriculture (CDA) at Bayero University, Kano, that the bank would support Nigeria to cultivate 300,000 hectares each of rice and maize, 150,000 hectares of cassava and 50,000 hectares of soybeans during the 2024 planting season. The CDA is a World Bank-supported centre established to serve as a regional training

Image
04-March-2024

Salesforce Unveils Conversational AI Assistant Einstein Copilot

By Modupe Gbadeyanka A new customisable, conversational, and generative AI assistant for CRM, Einstein Copilot, has been launched by Salesforce. The system was unveiled at the Mobile World Congress in Barcelona, Spain, and it will use adequate company data to generate useful responses. The Einstein Copilot enables Salesforce customers to generate responses using their private and trusted data, while maintaining strict data governance and without requiring expensive AI model training. As a result, Einstein Copilot can answer questions, summarise content, create new content, interpret complex conversations, and dynamically automate tasks on behalf of a user, all from a single, consistent