FX market gets $210m boost

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The inter-bank Foreign Exchange market has received the sum of $210million from the Central Bank of Nigeria (CBN), to meet customers’ requests in various segments of the market.
In its determination to meet the customers’ needs in the sundry segments of the market, the CBN offered $100million to authorized dealers in the segment of the market, while the Small and Medium Enterprises (SMEs) segment got the sum of $55 million, according to figures obtained from the Bank on Monday, February 12 2018.
The figures also indicated that customers needing foreign exchange for invisibles such as tuition fees, medical payments and Basic Travel Allowance (BTA), among others, were also allocated the sum of $55 million.
The Banks Acting Director, Corporate Communications Department (CCD), Mr. Isaac Okorafor, assured Nigerians that the Bank will continue to intervene in the interbank foreign exchange market, in line with its pledge to sustain liquidity in the market and maintain stability. According to Mr. Okorafor, the CBN will not renege on its promise to manage the forex with a view to reducing the countrys import bills and halting depletion of its foreign reserves.
It will be recalled that last Friday, February 9, 2018, the Central Bank of Nigeria (CBN) had again intervened in the Retail Secondary Market Intervention Sales (SMIS) to the tune of $325.64 million to cater for requests in the airlines, agricultural, petroleum products and raw materials and machinery sectors.
Meanwhile, the naira continued its stability in the FOREX market, exchanging at an average of N361/$1 in the BDC segment of the market on Monday, February 12, 2018.
Osinbajo lauds investors’ job opportunities as Nestle opens new factory
Vice President, Yemi Osinbajo, says multinational companies would create more job opportunities for Nigerians by sustaining investments in the country’s economy.
Mr. Osinbajo made the call in Agbara, Ogun state, while inaugurating Nestle Nigeria’s Milo Ready -to- Drink beverage production plant.
The plant, which costs N4.1 billion, is said to be the first of its kind in Nigeria.
The new plant, commissioned on Thursday, is part of the company’s existing Agbara factory, which has been operating for 37 years.
Speaking at the event, Mr. Osinbajo said that if companies make sufficient investments in Nigeria, such investments can create millions of jobs in 2018 and reduce the crime rate in the country.
“I urge other manufacturing firms to emulate Nestle and domicile their investment opportunities in Nigeria as that is the only way they can help the federal government achieve its effective growth in job creation,” he said.
“The new plant, I believe, is a significant step not just for Nestle, but for the Ogun State Government . This will keep the economy on sustainable growth . It will bring about reforms and the ease of doing business .”
Mr. Osinbajo also attributed the new Nestle plant to the continued confidence the industry has in the growth and potentials of the Nigerian economy.
He maintained that the project will create 150,000 direct jobs in addition to local sourcing.
He said, “We are grateful to Nestlé for these significant investments , particularly for locating its factories in rural communities and sourcing its raw materials from local farmers, thereby contributing to the sustainable development of Nigeria.”
In his remarks, the Managing Director and Chief Executive Officer, Nestle Nigeria, Mauricio Alarcon, noted that the new Nestlé Milo RTD is complementing the existing range of offerings of our iconic Milo brand.
“It is conveniently packaged to offer the unique Milo taste and meet the nutrition needs of active children on the go. This is in line with the company’s commitments to enable healthier and happier lives,” he said.
“This new production plant is a true reflection of how Nestlé creates shared value for all by providing good jobs , sourcing 80 per cent of our inputs from local farmers and investing in the development of rural communities .”
Meanwhile, the deputy governor of Ogun State, Yetunde Onanuga, promised that the state will continue to create an enabking environment for businesses and industries to thrive in the state.
Mrs. Onanuga, who represented Governor Ibikunle Amosun, also hinted that initiatives like the Nestle investment would add value to the economy of the state.

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