Connect with us

News

Naira gains N2.5k as dollar liquidity improves

Published

on

Nigeria’s currency gained N2.50k as the dollar traded at an average rate of N463.50k on Thursday from N466 on Wednesday on the black market.
The naira appreciation was due to improved liquidity in the market. Bureau De Change (BDC) operators received some dollar allocation from the Central Bank of Nigeria (CBN) on Wednesday.

The CBN resumed dollar sales to BDCs on Monday September 7, 2020 and had supplied over $200 million to the BDCs. The Apex bank sells $10,000 twice weekly to this segment of the foreign exchange market.

Also, the foreign exchange market witnessed improved liquidity as the daily turnover at the Investors and Exporters (I&E) forex window increased significantly by 410.19 percent to $284.23 million on Wednesday from $55.71 million recorded on Tuesday, data from FMDQ indicated.

Naira remained stable at N386.00 per dollar for the fourth consecutive day on Thursday at the I&E window. Analysts at FSDH research said most participants maintained bids between N380.50 and N395.13 per dollar.

The analysts said FX liquidity remained low as the dollar supply continues to dwindle amid persistent demand pressures.

Nigeria’s currency-in-circulation dropped by 0.84 percent to N2.37 trillion in August 2020 from N2.39 trillion at the end of July 2020, according to the CBN website.

Currency in circulation according to Investopedia.com is all of the money that has been issued by a country’s monetary authority, minus cash that has been removed from the system. Currency in circulation represents part of the overall money supply, with a portion of the overall supply being stored in checking and savings accounts.

At the money market, the NT-Bills market closed on a flat note with average yield across the curve remaining unchanged at 1.72 percent, a report by FSDH research showed.

The CBN conducted the Primary Market Auction on September 16, selling NT-Bills worth N158.75 billion across the 91-day (N2.00 billion), 182-day (N8.39 billion), and 364-day (N148.36 billion) tenors. The stop rates for the 91-day and 182-day tenors cleared lower at 1.09 percent (-1 basis point) and 1.50 percent (-5 bps), respectively, while the stop rate for the 364-day tenor closed flat at 3.05 percent. The auction was oversubscribed, indicating a subscription level of 129 percent (N204.17 billion). Demand was skewed towards short tenor bills with bid-to-cover ratios settling at 2.00x (91-day), 1.84x (182-day), 1.25x (364-day).

In the Open Market Operation (OMO) bills market, the average yield across the curve declined by 3 bps to close at 2.31 percent as against the last close of 2.34 percent. Buying interest was seen across short-term, medium-term, and long-term maturities with average yields falling by 4 bps, 2 bps, and 2 bps, respectively. Yields on 13 bills declined with the 24-Sep-20 maturity bill registering the highest yield decline of 31 bps, while yields on 2 bills advanced with the 5-Jan-21 maturity bill recording the highest yield increase of 6 bps.

Continue Reading
Click to comment

Leave a Reply

News

FG announces zamfara a restricted air space

Published

on

FG announces Zamfara a restricted air space, orders huge military deployment.

The Nigerian government has forced a restricted air space in Zamfara as a feature of endeavors to handle the security challenges in the state.

As indicated by The Cable, the National Security Adviser (NSA), Babagana Monguno uncovered on Tuesday, March 2, that President Muhammadu Buhari has restricted mining exercises in Zamfara to stop the rising instability.

He said the president had requested the service of protection to convey a huge military and insight resources for reestablish routineness in the state. The Nation detailed that they requested the military to recover all regions heavily influenced by desperados, radicals.

Monguno said:

“We can no longer avoid to lose lives while operating within the legalities. We are not going to blackmailed . The government has the responsibility to assert its will.

“Citizens can reside wherever they want to reside . Anybody who is a criminal should be brought to book.”

The security adviser stated that the president also warned against ethnic profiling.Zamfara state has recorded a few assaults by bandits.The new incident included the grabbing of many young ladies from the Government Girls Secondary School in Jangebe, Talatu-Mafara nearby government zone of the state.

Continue Reading

News

Igboho promises a protest if his accounts are not released

Published

on

Self-acclaimed political dissident, Mr. Sunday Adeyemo, otherwise called Sunday Igboho, on Tuesday, blamed the Federal Government for freezing his financial assets, following his assault on the fulani herdsmen in Oyo State.

Igboho, who addressed Vanguard, affirmed that all his financial asset have been frozen by the Federal Government since certain individuals were gathering donations.

Nonetheless, Igboho said he had no hands in the said donations, cautioning that his records should be released to dodge protest by young people across the South-West area.

His words: “They have frozen my bank accounts because I am fighting a just course.

I know Yoruba people are behind me.“I will not relent. I must achieve my aims by putting an end to criminalities in Yorubaland.

“If they refuse to release my accounts, there will be serious protests across the South-West.

“Yes, the Yoruba are living in fear. They are afraid that the killer-herdsmen might attack them.

Continue Reading

News

IGP adamu retires

Published

on

Adamu enrolled in the Police Force on February 2, 1986.

The IGP who will turn 60 on September 17, was appointed IGP in January 2019. He has gone through two years in office.

Three Deputy Inspectors-General of Police (DIGs) and 10 Assistant Inspectors-General of Police (AIGs) are additionally due for retirement with him today.

It is accepted that there is a mission to broaden Adamu’s residency.

However, some have contended against such expansion, since it would negate the arrangements of the Police Act 2020 that fixes the retirement of cops at 60 years old or 35 years of administration.

Section 18(8) of the new Act states: “Every police officer shall, on recruitment or appointment, serve in the Nigeria Police Force for 35 years or until the age of 60 years, whichever is earlier.”

The Act provides for a tenure of four years for the Inspector General of Police.

Section 7, subsection 2 of the Act provides that: “The person to be appointed as Inspector General of Police shall be a senior police officer not below the rank of Assistant Inspector General of Police with the requisite academic qualification of not less than a first degree or its equivalent, in addition to professional or management experience.”

Continue Reading

Trending

%d bloggers like this: