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Naira gains N2.5k as dollar liquidity improves

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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.

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President Buhari speaks on building friendships with other african nations

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PRESIDENT Muhammadu Buhari on Tuesday spoke on the importance of joining hands as with other african countries to consistently secure each other’s advantages, saying their common endurance relies upon each other.

President Buhari expressed this while playing host to President Patrice Talon of Republic of Benin, who was on an authority visit at the Presidential Villa, Abuja.

The President in an assertion gave by his Special Adviser on Media and Publicity, Chief Femi Adesina, stated, “good neighbourliness is very important in our lives.

The survival of your neighbour is also your own, and we will continue to work with our neighbours in the light of this understanding.”

He reviewed that on suspicion of office for initial term in 2015, one of the absolute initial steps he took was to visit adjoining nations of Chad, Niger, Cameroon and Benin – all towards manufacturing a typical comprehension on pivotal issues, including security, exchange and advancement.

According to him, “And those are issues we must continue to engage on, for the good of our countries and the people. Whatever irritations that come up must be removed.”

Talking prior, President Talon stated, he was in Nigeria to show appreciation to President Buhari for the vigorous authority he shows in Nigeria and Africa. Taking note of that the difficulties of 2020 were gigantic, he focused on that similar difficulties may stay in 2021, “and our relationship as neighbours must, therefore, remain cordial.”

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Kaduna State government postpones resumption date of schools

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State government makes U-Turn, orders conclusion of schools until further notice.

The spread of the COVID-19 pandemic has influenced the resumption date for schools in Kaduna state.

The Kaduna state government has declared that all schools inside the state should stay shut until additional notification.

The state’s permanent secretary, ministry of education, Phoebe Sukai Yayi, uncovered that schools in the state won’t continue on Monday, January 18, as affirmed by the national government.

As per Daily Trust, Yayi in an assertion on Sunday, January 17, expressed that the request commanding the conclusion of schools in the state additionally stretches out to government organizations.

She said a date for the resumption of schools will be declared after the public authority’s appraisal of the COVID-19 circumstance in the state.

The worker said:

“We want to make it categorically clear that Kaduna State is yet to fix a date for resumption to schools.

“In as much as the federal government has declared 18th January 2021 as the date for resumption Kaduna state is yet to declare a date for resumption.

“According to Vanguard, Yayi also noted that approvals were given to the National Open University and Kaduna Polytechnic to conduct exams for their students following a written request by both institutions.

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Parler sues Amazon for taking down its site

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Parler, a fair-minded free discourse network zeroed in on genuine client encounters and commitment was as of late suspended by Amazon web administrations (AWS), Google and Apple, sending the online media application disconnected.

This move came because of the lethal mob on US Capitol building, to a great extent on the grounds that the stage didn’t take measures to check vicious substance on its site from favorable to best allies which empowered and affected savagery.

The company  feels like it is being singled out since a ton of clients that were suspended from Twitter and different stages have moved to Parler, where their substance won’t be observed or surveilled – along these lines, it seems like the top organizations are attempting to take out the opposition, as per their Chief Policy Officer – Amy Peikoff.

Forbes announced that Parler has sued Amazon Web administrations after Amazon restricted the site from being facilitated on its workers. Parler asked the U.S. Region Court of the Western District of Washington to give a brief limiting request to prevent the webpage from going  disconnected, saying in their claim that Amazon’s choice will compel the site disconnected for “a monetarily crushing period” of time.

Parler asserted that Amazon abused antitrust laws and was “persuaded by political enmity” in its choice to suspend the organization over the activities of its clients.

The organization said in its claim that “without AWS, Parler is done as it has no real way to get web based,” asserting that deferring a controlling request “by even one day could likewise stable Parler’s passing ring as President Trump and others proceed onward to different stages.”

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