Naira Hits N215 To Dollar At BDC’s Segment

The Naira on Friday depreciated by N5 to the dollar as it traded N215 at the Bureau De Change (BDCs) segment of the official market. It also depreciated by N7 at the black market, selling at N217 to the dollar.

A dealer, who preferred anonymity, told the News Agency of Nigeria (NAN) in Lagos that the depreciation might be due to the closure of the Retail Dutch Auction System (RDAS) by the CBN.
It was closed by CBN on Feb. 18.

NAN reports that the RDAS is a foreign exchange window at CBN where the Bureau de Change and commercial banks buy forex.

The dealer said that the CBN’s decision, which was meant to control speculations, had made other currencies to be scarce.

FAAN to publish list of debtors

The Federal Airports Authority of Nigeria has said that it will publish the list of people and organisations indebted to it across the airports in the country.

The organisation said that it was being forced to take the step because to the huge amount it was being owed.

In a statement on Thursday, it said, “FAAN wishes to notify all its debtors, including airlines, concessionaires and other service providers at all Nigerian airports that the Authority will soon publish a list of such debtors in major Nigerian newspapers as a prelude to other measures designed to help the Authority recover all its outstanding debts.

The statement, signed by FAAN’s General Manager, Corporate Affairs, Mr. Yakubu Dati explained that the services being rendered by the organisation might be affected due to the amounts that it was owed, adding that it was essential for the debtors to clear their debts.

He frowned on the situation where most of the customers deliberately refused to pay their charges/fees long after FAAN had rendered them statutory services.

Nigeria's Economy ti grow by 5.54% - NBS

 

Nigeria’s economy is expected to grow by 5.54 per cent, while inflation is projected to remain at single digit in 2015 to 2017.

The National Bureau of Statistics (NBS) which made available these figures stated that the expansion in the economy would be supported by growth outside the oil sector.

According to its ‘Economic Review 2014 and Outlook 2015 – 2017’, the NBS stated that non-public investment decisions, which may be put on hold during the first quarter of the year as a result of the upcoming elections, are likely to be firmed up by the second quarter, will provide further support for growth.

It said, a reprioritization of capital expenditure by the FMF is likely to provide support for growth to reach 5.78 percent in 2016 and 5.80 in 2017.

According to its ‘Economic Review 2014 and Outlook 2015 – 2017’, the NBS stated that non-public investment decisions, which may be put on hold during the first quarter of the year as a result of the upcoming elections, are likely to be firmed up by the second quarter, will provide further support for growth.

Mixed Reaction to Latest Moves to Rescue Naira

ANALYSTS have welcomed latest moves by the Central Bank of Nigeria (CBN) to retain the value of the Naira amid stiff competition from major global currencies but remain skeptical of the impact these would have on curbing the former's decline.

In an unprecedented move on Wednesday, the central bank pronounced the RDAS/WDAS (Retail Dutch Auction System/Wholesale Dutch Auction System) window closed with immediate effect.

After Wednesday's decision all foreign exchange demand will now be routed through the interbank market, suggesting that the Naira will eventually be determined by forces of supply and demand.

The CBN will sell United States dollars to the interbank market at a set rate of US$/NGN198 to ensure liquidity was readily available to meet legitimate demand.

Govt Earmarks N4.5 Billion for Disabled Entrepreneurs

The National Council on Small and Medium Enterprises has earmarked N4.5 billion for entrepreneurs with disabilities.

This was part of the resolutions of a meeting of the council chaired by Vice President Mohammed Namadi Sambo, at the State House in Abuja yesterday.

The fund represents two percent of the N220bn micro, small and medium enterprises facility launched last year by President Goodluck Jonathan. Briefing State House journalists after the meeting, the president of persons with disabilities, Adeboye Abioye, said the council considered persons with disabilities a critical factor in the scheme of things.

Earlier, Trade and Investment Minister Olusegun Aganga said the council had reduced collateral requirements for SMEs from 75 to 50 percent inclusive of nine percent interest rate.

Aganga added that the focus of the meeting was more on micro businesses at the grassroots level.

CBN may devalue Naira again, as currency slumps to N213 to dollar at parallel market

The Central Bank of Nigeria may be compelled to again take action to halt the continued slump in the value of the Naira, as the national currency on Monday lost N3 to the dollar.

Bank insiders say the Naira may be devalued yet again.

The Naira depreciated at the black market, selling at about N213 to the dollar, from N210 at the Bureau De Change (BDCs) segment of the official market.

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Naira Now Trades For N213 For $1

 

The Naira lost N4 to the dollar to sell at N213 at the black market and N210 at the Bureau De Change (BDCs) segment of the official market.

A dealer, who preferred anonymity, told NAN that the depreciation might not be unconnected with the closure of trading at the interbank market by the Central Bank of Nigeria (CBN). The dealer also said that the CBN’s decision, which was meant to control speculations in the market, might be responsible for the depreciation.

Meanwhile the naira against the pound sold at N307 and N314 at the BDCs and black market respectively. However, it exchanged against the euro at N235 at the BDCs, while it sold for N237 at the black market.

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Nigeria spends $380 mln to defend naira over two days

Nigeria's central bank spent $380 million in two days to prop up its ailing naira, after it conducting special forex interventions to shore up the local currency.



Latest data on the central bank website on Tuesday showed that reserves fell to $32.66 billion by Feb. 16, down 1.2 percent from $33.04 billion by Feb. 13.

Foreign reserves have fallen by 5.3 percent from a month ago.

CBN sells dollars to prop up currency

The Central Bank of Nigeria intervened for the third straight session on Tuesday to defend the naira by selling dollars below its official band but the currency traded weaker in the interbank market.

Dollar sales by an oil firm were traded at a weaker level than in the earlier sale by the central bank, dealers said.

The bank once again sold dollars below its official band, at 198 naira to the U.S. currency, and again banned banks from reselling dollars bought at its currency auction to other banks to curb speculation.

All the trades by the bank have been outside its own target band of 160-176 to the dollar set in November when it devalued the currency by 8 percent to save its foreign reserves. On Monday and Tuesday, it sold dollars at 198 naira, dealers said.

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Angola appoints new central bank deputy governors

 

 

Angola's President Jose Eduardo dos Santos has appointed Cristina Dias Van-Dunem and Gualberto Lima Campos as deputy central bank governors, the central bank said.
 

Van-Dunem and Campos replace António André Lopes and Ricardo Viegas de Abreu, a notice on the bank's website said, without giving a reason for the changes.

Campos has held a series of government positions, recently as deputy minister for public investment, while Van-Dunem has been with the central bank for 16 years.

Dos Santos appointed Jose Pedro de Morais as central bank governor last month, replacing Jose de Lima Massano, one of Angola's most respected bankers.

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Oil reverses gain, falls below $61

Oil slipped below $61 a barrel on Tuesday, dragged lower by weakness in some other commodity markets, although threats to Middle East crude supplies and expectations lower prices may prompt a slowdown in U.S. output limited the fall.

Silver fell by up to 5 percent and gold snapped a three-day rally. Investors in those commodities remained cautious after a breakdown of debt talks between Greece and euro zone finance ministers.

Brent crude fell 67 cents to $60.73 a barrel by 1504 GMT. It reached a 2015 high of $62.57 on Monday. U.S. crude dropped $1.39 to $51.39 a barrel.

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CBN asks lenders for dollar levels to shore up naira

 

Nigeria's central bank of Nigeria on Monday asked commercial lenders once again to submit demand levels for dollars for it to intervene.

Dealers however cited a  that two-way trading on the interbank market will depend on the level of liquidity.


The central bank said it will sell dollars to the interbank at 198 naira, dealers said. But lenders are not allowed to resell central bank dollars among themselves to curb speculation.

Nigeria inflation rises in Jan, food prices stable

 Nigeria's inflation rate rose for the second consecutive month to 8.2 percent in January, up from 8 percent the previous month despite a sharp fall in the naira currency.

The National Bureau of Statistic said on Monday that food inflation was flat at 9.2 percent in January, unchanged from December. Food prices account for bulk of the inflation basket.

The central bank devalued the naira by 8 percent in November, with many analysts fearing the downward pressure on currency in a country that imports almost 80 percent of what it consumes could stoke inflationary pressures.

The latest figures suggest those fears have not yet been realized, although price pressure could still feed through later this year.

The NBS has said in its outlook for 2015, that it expected inflation this year to rise to 8.78 percent, up from an estimated 8.0 percent last year, driven by the devaluation of the naira.