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Nigeria’s external reserve drop by $261 million in 15 days, oil firms to sell forex to CBN
Nigeria’s external reserve drop by $261 million in 15 days, oil firms to sell forex to CBN
Nigeria’s external reserve fell by $261 million in 15 days as the central bank of Nigeria (CBN) marginally increased sale of forex in the I&E (Investors and Exporter) window.
Data from the website of the apex bank reveals Nigeria’s external reserve is now $36.3 billion as of June 18th, 2020. Nairametrics tracks the external reserve position on a weekly basis.
The last time Nairametrics checked the external reserve position on June 3rd the central bank has $36.57 billion. The drop is in line with expectations considering the limited dollar earnings due to stiff OPEC cuts and low crude oil prices.
Nigeria’s external reserve has declined for a second consecutive week since June 3, 2020, when it stood at $36.577 billion. This represents a decline of $261 million or 0.71% in 15 days when compared to the $36.316 billion as of June 18, 2020.
Also, note that Nigeria’s external reserve position is now down $9 billion years to date and down from its peak of $45.17 billion achieved.
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The naira has been under pressure against other major currencies, particularly the dollar, since the fall in oil prices and the outbreak of the COVID-19 pandemic. This has triggered a wave of currency speculators who believe the devaluation which occurred in March should be have been more. The CBN devalued it’s the official exchange rate in March from N307/$1 reacting to the fall in crude oil prices. However, Brent crude oil prices have risen since then to over $43 per barrel but yet to hit pre-crash level prices. Speculators are betting that the government may devalue further if they are to fund the government’s huge revenue gap.
However, dollar shortages, which is impacting on the external reserve, continues to be on the burner and widening the exchange rate at the I&E window and the black market. Several reports monitored by Nairametrics suggest the accumulated demand for foreign exchange in the market especially by importers and foreign investors who want to repatriate their funds could be between $1.5–$5 billion as supply shortages persist. The rise in dollar demand and the contrasting fall in supply has given rise for calls for another round of devaluation by CBN.
Source had reported that the Federal Government through the Economic Sustainability Committee had proposed the unification of the exchange rate to maximize naira returns to FAAC from the foreign exchange inflows. The policy measures by the committee is also to help manage the exchange rate in a sustainable manner.
As part of the measure to improve the foreign exchange supply to CBN, the committee had recommended the sales of foreign exchange supply directly to the apex bank by oil companies and oil service companies instead of NNPC.
Kogi state governor, Yahaya Bello, has approved the implementation of N30,000 as minimum wage for the workers in the state.
The secretary to the state government, Folashade Ayoade disclosed this on Tuesday after an extensive meeting with the organized labour in Lokoja
She blamed the delay in the implementation on the inability for the committee to meet regularly due to the covid-19 pandemic which has been overcome.
The SSG equally commended the organised labour for their understanding and patience, which she said has resulted into the signing of the implementation of the new minimum wage.
Read Also: FCTA Set to Implement Minimum Wage for FCT Workers
Author: Eunice Johnson, Abuja
The Central Bank of Nigeria (CBN) has put Deposit Money Banks (DMBs) on notice that it will stop selling forex to them by the end of 2022. CBN Governor Godwin Emefiele made this known in Abuja on Thursday at the end of the Bankers’ Committee Meeting where he also introduced the RT200 Programme.
Emefiele said the time had come for the banks to go out there and source for forex by funding entrepreneurs with ideas. The CBN, Emefiele said, will support the banks by granting rebates and other support until the banks find their feet in sourcing their forex by themselves.
He also disclosed that the apex bank’s policies and measures have led to a significant improvement in diaspora inflow from an average of US$6 million per week in December 2020 to an average of over US$100 million per week by January 2022. He added that the CBN would be reviewing these intervention programmes going forward to ensure that they continue to achieve the desired results.
He said international bodies, including some embassies and donor agencies, have been complicit in illegal forex transactions that have hindered the flow of foreign exchange into the country.
Read Also: CBN Encourages Nigerians to Accept E-Naira
Author: Gift Wada, Abuja
The Comptroller General of Customs Col. Hameed Ibrahim Ali (Rtd.) has approved the deployment of 37 Comptrollers to various Units, Departments and Commands across the country.
This was disclosed in a release signed on Tuesday by the Customs Deputy National, DC Timi Bomodi for the Comptroller General of Customs.
Among those deployed are the present National PRO of Customs Comptroller Joseph Attah who will assume the office of Area Controller of Kebbi Command, Comptroller AAS Oloyede who shall be moving from ICT/MOD to Tin Can Island Port Command, while Comptroller SI Bomoi to FCT Command. Other postings are Comptroller BA Jaiyeoba to Oyo/Osun Command, Comptroller A Dappa-Williams to Eastern Marine Command, Compt. MA Umar Kano/Jigawa, Compt. KC Egwuh ICT/MOD, Compt. LM Mark Enugu/Anambra/Ebonyi, Compt. T Tachio CTC Kano, Compt. AA Umar Western Marine, Compt. M Dansakwa North Eastern Marine, Compt. AC Ayalogu T & T and Compt. KD Ilesanmi will assume duty as Comptroller Board among others.
Ali in postings released on 7th of February, charged the newly posted Comptrollers to justify the confidence reposed in them by NCS Management by bringing to bear their years of experience and training in trade facilitation and anti-smuggling activities on their new assignment.
Given the enormous expectations of government regarding revenue generation in the current year, the Comptroller General reiterated the need for all Area Controllers and Unit heads to take full charge of the affairs of their Commands by ensuring absolute compliance with extant fiscal policies while leveraging on the efficient management of data to optimize trade facilitation and revenue collection.
Furthermore, the CGC directed all officers to be extremely vigilant in protecting the lives and wellbeing of Nigerians by ensuring the full fortification of our borders against the incursion of smugglers and other cross border criminals.
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