Connect with us

Uncategorized

Finance: Currency Speculators to Lose over N10 billion, Nigeria’s External Reserves up by 7% in 21 days.

Published

on

Nigeria's

Finance: Currency Dealers Lose over N10 billion, Nigeria’s External Reserves up by 7% in 21 days.

Due to the increase in Nigeria’s external reserves up by 7% in 21days, this appears to have been sustained as it recorded the third week of growth at the end of last week.

ON May 21, 2020, According to the available data from the Central Bank of Nigeria (CBN) show that the country’s external reserve had risen to about $35.77 billion.

Despite the volatility of the foreign exchange market due to decline in crude oil export earnings, the external reserves increased sharply by almost $1 billion in just 9 days, rising from the $34.78 billion that it recorded on May 12, 2020, to about $35.77 billion that it ended with on May 21, 2020.

Nigeria’s external reserves have been on a steady increase since April 29, 2020, when it stood at $33.42 billion. This represents an increase of about $2.35 billion or 7% in 21 days.

It should be noted that Nigeria’s external reserves went on a downward slide last year, after hitting a peak of $45.17 billion on June 11, 2019, thereby losing $11.75 billion within a space of 10 months.

The recent gradual increase of the external reserves and improved liquidity in the foreign exchange market, thanks to the CBN, have helped to strengthen the naira at the Investors and Exporters (I&E) window. This was especially the case last week when the naira exchanged at N385.94 to a dollar from N386 to a dollar.

Note that the improved liquidity in the foreign exchange market and the continuous increase in the country’s external reserves were also made possible by the recent disbursement of $3.4 billion emergency facility by the International Monetary Fund (IMF) to the CBN on May 6, 2020. The money was intended to help Nigeria mitigate the impact of the coronavirus pandemic.

ALSO READ:

Recall that the naira has been under pressure against other major currencies, particularly the dollar, even as currency speculators have been making a lot of demands for dollars so as to make profits on future sales.

Just last week, the CBN Governor, Godwin Emefiele, had to warn speculators and businesses to stop patronizing the parallel market operators. According to him, the rates they are buying dollar now are unrealistic and possibilities abound that they will lose their money if they continue to do so. It has been estimated that speculators could incur over N10 billion losses.

In the meantime, Governor Emefiele had promised more liquidity in the forex market, assuring that all genuine dollar demands by businesses and individuals will be met. This is coming against the backdrop of the planned resumption of dollar sales to the Bureau De Change Operators (BDC) by the CBN after almost 6 weeks that was suspended due to the lockdown occasioned by the coronavirus pandemic. The President of Association of Bureau De Change Operators (ABCON), Aminu Gwadebe, had pointed out that the return of the BDCs to the forex market will help chase away speculators, curb rising inflation, boost productivity and employment, enhance price discovery, enhance market transparency and competitiveness.

Entertainment

Popular Singer, Sound Sultan Dies at 44

Published

on

Popular singer, Sound Sultan, is dead.

The 44 years old passed after reportedly battling with Cancer

He is survived by his wife, three children and siblings.

Read Also

Continue Reading

Sports

EURO 2020: Rohr to Adopt Multi-system for Super Eagles

Published

on

EURO 2020: Rohr to Adopt Multi-system for Super Eagles

After watching closely the Euro 2020 Championship, Coach Gernot Rohr said he would be pleased to see the Super Eagles star as a collective bunch irrespective of whether they are attacking or defending.

The German said that both England and Italy who will play Sunday’s final match at the Wembley Stadium thrived because they were able to adopt different tactical systems to survive against some difficult oppositions along the way.

“Each ambitious team today should be able to play in different systems,” noted the 68-year-old former Bayern Munich defender when pressed for some of the lessons picked from Euro 2020. “(teams) defending and attacking together.”

Meanwhile, Rohr who exclusively told NationSport on Tuesday that Italy and England will respectively prevailed against Spain and Denmark in the semi-finals, has again hinted that the final match of the Euro 2020 is too close to call.

YOU CAN FOLLOW US ON FACEBOOK

“Of course, England is favourite at home,” Rohr who also stars for Bordeaux in his heyday told NationSport. They are a complete team, physically and tactically on the top. The fans are a big support, but I regretted their attitude to whistle the opponents, even the national anthem.”

He added: “I think that Italy can be a winning outsider, solid block-playing with fast counterattacks.

“Both teams can play with three or four in the defense. A lot of teams now have a 3-4-3 or 3-5-2 organization, evolution, defending, and attacking together.

“So, a nice final on Sunday,” Rohr noted.

Read Also:

Reps to Investigate Army over Non-Payment of ₦663bn Allowances

Super Eagles Future Blighted by Inconsistent Rohr

Continue Reading

Uncategorized

Olympic Bound Aruna Quadry and Oshonaike Adopted

Published

on

Olympic Bound Aruna Quadry and Oshonaike Adopted

As efforts to guarantee podium performance of Team Nigeria at the 2020 Tokyo Olympics gathers momentum, two of Nigeria’s top table tennis players – Aruna Kadiri and Funke Oshonaike were today in Lagos adopted by the SIFAX group.

The announcement came after a meeting with the Chairman of the Sifax Group and the Honorable Minister of Youth and Sports Development, Sunday Dare.

YOU CAN FOLLOW US ON FACEBOOK

Two members of Team Nigeria, Funke Oshonaike and Aruna Quadri, were adopted under the Adopt-an-Athlete initiative of the Ministry, by Sifax Group.

The two athletes were adopted to support their preparations towards the 2020 Tokyo Olympics.

With the adoption of the two elite athletes, the total number of Team Nigeria athletes adopted under the Adoption initiative of FMYSD, has risen to 18.

Read Also: Amaju Pinnick Resolute About Organizing More Friendlies for Home-Based Stars

 

 

Continue Reading

Trending