Connect with us

Business News

Breaking News: Naira Loses Against Dollar In The Parallel Market

Published

on

The Naira lost N6 from N435 recorded on Monday at the parallel market in Lagos.

The naira, however, closed at N379 to a dollar at the official CBN window [Guardian]The naira, however, closed at N379 to a dollar at the official CBN window [Guardian]

Barely 24 hours after the Central Bank of Nigeria (CBN) resumed dollar sales at the Bureau De Change (BDC) sector, the Naira have reversed the gain made against the dollar.

The Naira traded at N441 to the dollar on Tuesday, losing N6 from N435 recorded on Monday at the parallel market in Lagos.

The Pound Sterling and the Euro closed at N585 and N515, respectively.

At the BDC window, the naira was sold at N386 to a dollar, while the Pound Sterling and the Euro closed at N585 and N515, respectively.

Trading at the investor’s window saw the naira closing at N386.21 to a dollar as investors traded a total of 45.22 million dollars.

The naira, however, closed at N379 to a dollar at the official CBN window.

The News Agency of Nigeria (NAN) reports that inspite of the sale of 51.8 million dollars to 5,180 BDCs on Monday, the impact of the intervention was yet to be significantly felt.

Meanwhile, Prof Sheriffdeen Tella, a Senior Economist at the Olabisi Onabanjo University Ago-Iwoye, Ogun, noted that the volume of FOREX sold to BDCs was insignificant relative to the demand for dollars.

Tella said that the demand for dollars by genuine importers and for overseas school fees was very high.

“Unless the CBN is consistent with its interventions at the foreign exchange market in the weeks ahead, the naira may continue to fall,” Tella said.

Source: Pulse.ng

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Business News

We Will Push, Push Untill You Win – Buhari Assures Okonjo Iweala

Published

on

 

President Muhammadu Buhari Monday in Abuja assured Nigeria’s former Minister of Finance and Economy, Dr Ngozi Okonjo-Iweala, that the country will explore every opportunity and deploy its entire energy to ensure that she becomes the Director-General of World Trade Organisation (WTO).

Dr Okonjo-Iweala is one of two candidates contesting for the top position of the multilateral institution.

President Buhari, who received the former Managing Director (Operations) of the World Bank at the Presidential Villa, said she deserved more support to get the top job because of her profile and diligence in serving the country, and the world.

“I assure you that we will do all that we can to ensure that you emerge as the Director-General of WTO, not only because you are a Nigerian, but because you are a hardworking Nigerian. You deserve this,’’ he added.

The President assured Dr Okonjo-Iweala that he will make more phone calls, and send letters to some world leaders for more support.

“I did the same for Dr Akinwunmi Adesina for President of the African Development Bank. Both of you served the country under the Peoples Democratic Party (PDP). You are both highly qualified. We will continue to support you. I will immediately make those calls,’’ the President told Dr Okonjo-Iweala.

In her remarks, Dr Okonjo-Iweala, a renowned development economist, thanked the President and his ministers, particularly the Ministers of Foreign Affairs, and Ministers of Industry, Trade and Investment for supporting her staunchly.

“I feel very proud of Nigeria. I am getting so much support from you, Mr President, Chief of Staff, Ministers of Foreign Affairs and Ministers of Industry, Trade and Investments. The ministers have been working around the clock to ensure that I succeed,’’ she said.

The former Minister of Finance also appreciated ECOWAS leaders for their endorsement, mentioning in particular the outstanding contributions of President Mahamadou Issoufou of Niger Republic and immediate past Chairman of ECOWAS as well as President Alhassan Quattara of Cote d’Ivoire.

She asked the President to “make one final push within the week to beat the Koreans and bring this to Nigeria by sending a few letters and placing telephone calls to some world leaders, and also thank others for their support.’’

“Mr President, put a smile on my face,’’ she said, “I am very proud of the country.’’

Garba Shehu
Senior Special Assistant to the President
(Media & Publicity)
October 12, 2020

Continue Reading

Business News

Breaking : Jubilation As Onitsha See Port Received First Container After 40 Years

Published

on

There has been outcry from many traders and businessmen who import goods to Nigeria from other countries especially among South Easterners that a seaport be commissioned for them in Onitsha Head bridge so to easing the burden and costs involved in shipping goods to Lagos and then, sending them back to east again. According to many, it will make the price of goods cheaper here in the south eastern and south southern regions as it is in Lagos and other neighbouring states who don’t need to start transporting their wares to where they will sell.

This prayers seems to be answered as not too long after it was commissioned, a ship loaded with containers was seen sailing to Onitsha Head bridge where it offloaded all to signal to everyone that the sea port is now in use. This is the first time it’s happening in the past 40 years.

See Photos:

 

 

 

 

 

 

 

 

Very many people rejoiced towards that as that’s a project they found rather impossible to undertake but finally its here courtesy of his Excellency, President Muhammadu Buhari.

 

 

 

 

 

 

 

 

 

 

I’m not trying to sound like a fan of his Excellency here but as a concerned citizen of the country who truly stand for what’s right and applauds any that does so, President Muhammadu Buhari has done very well, in fact beyond so many people’s expectations especially for the south easterners. The second Naija bridge is still on and great work is being done there, now the Onitsha Seaport has been commissioned and already in use, the holy book says you should pray for your leaders for I tell you, uneasy lies the head that wears the crown. Support your leader in the project he’s into first and see where he leads you for despite all that’s been happening, this country is still ours and only when we join hands together as one supporting each other massively will this success be achieved.

 

Continue Reading

Business News

Coronavirus Cause Of Fuel Pump Price Increase And Electricity Tariff – Buhari

Published

on

Recall that Nigerians had vowed to protest the increase following the announcement by government.

President Muhammadu Buhari has given reasons why there was an increase in petrol pump price and electricity tariff across the country.

Recall that Nigerians had vowed to protest the increase following the announcement by government.

Buhari, who was represented by Vice President, Yemi Osinbajo, at the ministerial performance review retreat, blamed the COVID-19 pandemic as reason for the increase in petrol pump price.

He said, “The COVID-19 pandemic has led to a severe downturn in the funds available to finance our budget and has severely hampered our capacity. One of the steps we took at the beginning of the crisis in March when oil prices collapsed at the height of the global lockdown was the deregulation of the price of Premium Motor Spirit such that the benefit of lower prices at that time was passed to consumers.

“This was welcome by all and sundry. The effect of deregulation though is that PMS prices will change with changes in global oil prices. This means quite regrettably that as oil prices recover we would see some increases in PMS prices. This is what has happened now. When global prices rose, it meant that the price of petrol locally will also go up.

 

 

“There are several negative consequences if government should even attempt to go back to the   business of fixing or subsidising PMS prices. First of all, it would mean a return to the costly subsidy regime. Today we have  60 per cent less revenues, we just  cannot afford the cost. The second danger is the potential return of fuel queues – which has, thankfully, become a thing of the past under this administration.

“We do not have the resources at this point to continue in this way and it will be grossly irresponsible to borrrow to subsidise a generation and distribution which are both privatised. But we also have a duty to ensure that the large majority of those who cannot afford to pay cost reflective tariffs are protected from increases. NERC, the industry regulator, therefore approved that tariff adjustments had to be made but only on the basis of guaranteed improvement in service.”

Continue Reading

About This Site

Igweochacable is all about breaking news, entertainments, Biafra/ IPOB news update , gist, music, videos and lots more from across the globe .

 

Reach us via Email: Igweochacablenetwork@gmail.com

Facebook: Igweocha Cable

Twitter: @IgweochaN

Trending

Copyright © 2020 | Igweocha Cable Network