Outlook 2022: FPI accounts for 73.61% of total capital importation in Q3’2021

February 24, 2022 Blessing Anaro 0

Analysts have blamed declining capital importation into the country on poor management of Foreign Exchange (forex) and the inflation rate as at September 2021. The importation of capital in the first nine month of 2021 dropped by $4.08 billion (N1.68 trillion). During this period, Foreign Portfolio Investment (FPI) contributed the most significant amount to capital inflows, accounting for $4.31 billion Read More

Foreign portfolio investments declines by 40% to 5-year low

January 25, 2022 Blessing Anaro 0

Foreign portfolio investments in Nigerian stock market dropped by 40.4 per cent in 2021 to its lowest level in five years as the active participation of foreign investors in Nigerian market declined by 11 percentage points from about 34 per cent of total market transactions in 2020 to about 23 per cent in 2021. The full-year foreign portfolio investments (FPI) Read More

Nigeria should tap into $150bn organic global market – DG NEPC

November 3, 2021 John Oba 0

The Executive Director of National Export Promotion Council (NEPC), Olusegun Arowolo has urged Nigeria to tap into the $150 billion global organic market by giving attention awareness to Ecological Organic Agriculture. Arowolo who was represented by Mr Williams Ezeagu stated this on Tuesday, in Abuja at the 3-day National Organic Agriculture Business Summit NOABS 2021. He assured that organic certified Read More

Naira depreciation and 2022 budget

October 25, 2021 Adefolarin A. Olamilekan 0

Regrettably, naira depreciation does not hold any assurance of better things economically for Nigerians. There is obviously misguided and unrealistic call that the naira be devalued in expectation that matching “official rates with parallel market exchange rates will attract foreign investors or ensure competitiveness of the Nigerian economy”. Conversely, foreign investors are ‘smart guys’ investing chiefly in economically and minimally Read More

Fidelity Bank reiterates commitment to driving non-oil export sector

October 6, 2021 Segun Odunewu 0

One of Nigeria’s lenders, Fidelity Bank Plc has reiterated its commitment to strengthening Nigeria’s non-oil export sector with the commencement of its Export Management Programme (EMP). It would be recalled that the bank in 2016, in partnership with the Nigerian Export Promotion Council (NEPC) and the Pan-African University (PAU) launched the Export Management Programme (EMP). The programme, which is scheduled Read More

Ban on charcoal export dwindling foreign exchange – Stakeholders.

September 30, 2021 Ene Oshaba 0

The National Union of Charcoal Exporters (NUCE) has expressed deep worry over the continued ban on the exportation of charcoal, saying charcoal export was a major contributor to the Nigeria’s economy. This was the bone of contention at the meeting convened by the union in collaboration with the Federal Ministry of Industry, Trade and Investment in Abuja The director, Commodities Read More

How Naira depreciation affects Nigerian economy

September 24, 2021 Blueprint 0

When the Central Bank of Nigeria (CBN) restricted the sale of foreign exchange to BDCs, many thought that continuous slide of the country’s currency against the Dollar would cease, but alas, it is not to be as the slide has continued. In this piece, BENJAMIN UMUTEME looks at the implication of a weakened Naira on the nation’s economy. Alarm bells Read More

Forex crisis: NSEF exonerates Emefiele, blames weak export earnings

September 23, 2021 Segun Odunewu 0

The North-South Economists’ Forum (NSEF), a focus group of development economists has exonerated Godwin Emefiele, governor of the Central Bank of Nigeria for the continued depreciation of Naira, blaming it on the low receipts from the sale of crude oil and the non-export status of the Nigerian economy. The body of economists, in a press statement signed by its Chairman, Read More

Nigeria back at Int’l Capital Market with Eurobond offer

September 16, 2021 David Agba 0

The Federal Government of Nigeria has announced plans for a Eurobond issuance in theInternational Capital Market (ICM). The last time Nigeria accessed the ICM was NovemberVirtual meetings with investors have been scheduled for September 17 and September20, 2021. In order to avail local investors the opportunity to invest in the Eurobonds, meetingswill also be held with local investors. This is Read More

CBN moves to stop slide as Naira continues free fall

September 16, 2021 Segun Odunewu 0

The Nigerian currency continues its free fall against the US dollar on the black market, as it exchanged at N565 per $1 on Thursday. Thursday’s rate indicates Naira dropped N3 at the black market when compared to the N562/$1 it traded on Wednesday. At the same market, the Nigerian currency depreciated against the Euro by N3 to close at N648/€1 Read More

CBN need not consult BDCs

September 16, 2021 Adefolarin A. Olamilekan 0

This article is a reaction to the Association of Bureau De Change Operators of Nigeria (ABCON) press released in Lagos that was widely reported in the media lately. ABCON said the Central Bank of Nigeria (CBN) must urgently consult with licensed BDC operators to resolve the issues that trailed the regulator’s foreign exchange (forex) suspensionpolicy. This portrays ABCON said “if Read More

Importers, manufacturers, others lament as Naira approaches N600/$

September 16, 2021 Segun Odunewu 0

Importers of goods and services and other businessmen who depend on foreign exchange for their transactions have warned that prices of goods and services may hit the roof as the fortune of Naira worsens against the U.S Dollar and other international currencies. The exchange rate at the parallel market depreciated again to another all-time low on Wednesday Morning at N557/$1 Read More

$34bn untapped remittances: Why BDCs should be involved

September 15, 2021 Blueprint 0

The Central Bank of Nigeria (CBN) recently stopped the sale of foreign exchange to Bureaux De Change (BDC) operators over accusation of illicit financial behaviour. However, analysts have stressed the need for the apex bank to allow the BDCs receive diaspora remittances through the institution of a framework that allows those with automated operations access the estimated $34 billion into Read More

Naira continues unprecedented fall as banks ration dollar supply

September 15, 2021 Segun Odunewu 0

Naira extended its decline on Tuesday as it hits N550 against the United States Dollar at the parallel market, popularly called the black market, representing an all-time record low against the greenback. Against the British Pound and the Euro common currency, the Naira slid to N750 and N637, respectively. The inability to service the economy with enough forex coupled with Read More

CBN Denies plans to convert forex in domiciliary account to Naira

September 12, 2021 Amaka Ifeakandu 0

The Central Bank of Nigeria (CBN) has disassociated itself from fake circular with CBN logo circulating in Social media purportedly that apex bank planned to convert domiciliary account holding to naira. In a statement signed by Director, Corporate Communication, CBN, Osita Nwanisobi condemns every rumour on domiciliary açcount. The statement which read in parts said “The attention of the CBN Read More

CBN probes banks over currency transactions

The Central Bank of Nigeria (CBN) says it’s investigating the foreign-exchange transactions of lenders operating in the country. Following “recent occurrences in the market”, the Central Bank of Nigeria “would like to remind banks to desist from all and any forms of foreign exchange (forex) malpractices”, the regulator said in a statement on Friday. Any lenders “found culpable with ongoing Read More

58th meeting: Agba lauds radiologists over role in health sector

September 9, 2021 Paul Okah 0

The Minister of State for Budget and National Planning, Prince Clem Agba, has eulogised the Association of Radiologists in Nigeria (ARIN) over the protective role it is playing in the health sector. Speaking Thursday in Abuja during the 58th annual general meeting of Association of Radiologist in West Africa (ARAWA), Agba said the association was able to put its best Read More

FX ban to BDCs’ll increase productive capacity of businesses – Minister

August 30, 2021 Benjamin Umuteme 0

The Minister of Finance, Budget and National Planning, Mrs Zainab Ahmed has said that stoppage of foreign exchange to Bureaux de Change (BDCs) will increase the productive capacity of businesses. Mrs Ahmed said when she hosted participants of the Executive Intelligence Management Course 14 of the National Institute for Security Studies, at the ministry’s headquarters weekend in Abuja. According to Read More

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Herbal medicine: Most states govs are lazy- NIPRD DG

August 29, 2021 Helen Oji 0

For not showing interest in the development of the herbal medicine sector that has the capacity to create jobs, foreign exchange and generate income for the states, the Director General of the National Institute for Pharmaceutical Research and Development (NIPRD), Dr. Obi Adigwe, has described most state governors in Nigeria as being lazy. He said instead of developing the herbal Read More

Commercial banks list requirements to access forex

August 25, 2021 Segun Odunewu 0

Following the new Central Bank of Nigeria (CBN)’s policy which mandated commercial banks in the country to sell forex to deserving customers, banks have come out with fresh requirements for their customers to access Foreign Exchange (forex). Commercial banks are sending letters to their customers outlining the requirements for Forex exchange access, especially for those travelling outside the country and Read More

COVID-!9: Forex in-flows through CBN deplete 200% in one year

August 12, 2021 Blessing Anaro 0

COVID-!9 pandemic dealt the country ‘s economy a big blow, with foreign exchange (forex) inflow through the Central Bank of Nigeria (CBN) crashing by 198.27 per cent and outflows slowing by 134.89 per cent in one year. Specifically, data for January 2021 show inflows of $1.73 billion and outflows of $2.83 billion. Analysts at FBNQuest said, the point of interest Read More

Exchange rates stable as CBN increases forex allocation to banks

August 11, 2021 Segun Odunewu 0

The Naira to US Dollar exchange rate remained unchanged in both the parallel market and the Investors and Exporters (I&E) segments of the foreign currency (FX) market. This comes as the Central Bank of Nigeria (CBN) has raised dollar sales to banks by more than 200 percent, as promised on July 27, 2021. Following its decision to discontinue foreign exchange Read More

As controversy over forex ban rages…

August 6, 2021 Blueprint 0

Nigerians were stunned when the Central Bank of Nigeria (CBN) announced that it would no longer sell dollars to Bureaux de Change (BDCs), because they had abused the reason for the policy. With large populations that rely on the BDCs to carry out their forex transactions, CBN’s decision, they argue, will further worsen an already difficult process; BENJAMIN UMUTEME reports. Read More