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Naira Gains 0.05% at I&E, Loses 0.08% at Interbank, Flat at BDC - BUSINESS POST

OCTOBER 27, 2018

By Dipo Olowookere

The local currency traded mixed against the United States Dollar at the various segments of the foreign exchange (forex) market this week.

Specifically, at the close of the trading week, the NGN/USD exchange rate, according to Cowry Asset, remained unchanged at both the Bureau De Change (BDC) segment and the parallel market to close at N359/$ and N362/$ respectively.

This was as the Central Bank of Nigeria (CBN) continued with its weekly intervention of which the sum of $210 million was injected by CBN into the foreign exchange market via the Secondary Market Intervention Sales (SMIS).

A breakdown of the intervention showed that $100 million was allocated to Wholesale SMIS, $55 million was allocated to Small and Medium Scale Enterprises, while $55 million was sold for invisibles.

At the close of the week, the Naira gained against the Dollar at the Investors & Exporters Forex Window (I&E FXW) by 0.05 percent to close at N363.84.

However, the local currency fell by 0.08 percent to N362.82/$ at the interbank foreign exchange market.

Meanwhile, most dated foreign exchange forward contracts at the interbank over-the-counter (OTC) segment appreciated – 1 month, 2 months, 3 months and 6 months gained 0.07 percent, 0.06 percent, 0.04 percent and 0.07 percent to close at N367.26/$, N370.69/$, N374.08/$ and N384.99/$ respectively.

However, spot and 1-year rates depreciated by 0.02 percent and 048 percent to close at N306.55/$ and N411.87/$ respectively.

Nigeria police say $470.5 mln retrieved in asset recovery exercise - REUTERS

SEPTEMBER 21, 2018

YENAGOA, Nigeria, Sept 20 (Reuters) - Police in Nigeria recovered $470.5 million in bank accounts related to the state oil company as part of an exercise to recover stolen funds, and the money will be sent to government coffers, the country’s police force said on Thursday.

President Muhammadu Buhari, who won the 2015 election on an anti-corruption ticket, ordered government revenues to be placed in a Treasury Single Account (TSA) at the central bank as part of an anti-corruption drive. Money recovered from alleged graft would also be put in the account.

The police on Thursday said they had launched a nationwide exercise to recover stolen funds, to be placed in the TSA, during which it discovered money related to the Nigerian National Petroleum Corporation’s (NNPC) Liquefied Natural Gas business unit.

Police recovered “$470,519,889.10 belonging to NNPC Brass/LNG Investment hidden in some commercial banks after the directives of the federal government on TSA,” police spokesman Jimoh Moshood said in an emailed statement.

Moshood, who said the recovery followed an investigation by specialist police units, did not state when the money was recovered.

A spokesman for NNPC did not immediately respond to phone calls and text messages requesting comment.

Buhari plans to seek a second term in a presidential elections scheduled to take place in February 2019.

Nigeria, Africa’s top crude oil producer and which has one of the continent’s largest economies, in early 2017 emerged from its first recession in 25 years, which was largely caused by low oil prices. (Reporting by Tife Owolabi; Writing by Alexis Akwagyiram Editing by Leslie Adler)

ABOKIFX: THE WEEK IN PICTURES 30/07/18 – 05/08/18

AUGUST 06, 2018

A compilation of activities and headlines for the week ended 5th August 2018

1. PARALLEL MARKET RATES

RATES NAIRA REMAINED STABLE ALL THORUGH THE WEEK

Click the image to see more



2. BDC RATES

BDC RATES REMAINED N357/$1 ON THE BUY SIDE

Click the image to see more


3. ATM RATES

ATM RATE RANKING FOR THE WEEK

Click the image to see more



4.  NAIRA MAINTAINS STRENGTH AGAINST THE THREE CORE CURRENCIES 

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5.   OVIA RECOUNTS HOW ZENITH BANK WAS ESTABLISHED

 

6. CBN SELLS $210M ON FX MARKET


7.   BANK OF ENGLAND RAISES INTEREST RATES


8.  NAIRA EXPECTED TO HIT N364/$1 THIS WEEK


9.  CBN RELEASES LOWER NOTES TO TRADERS


10. OIL BRACES FOR MAJOR SUPPLY SHOCK


 

11.  NIGERIA ADOPTS CHINA’S YUAN


 


ABOKIFX: THE WEEK IN PICTURES 09/07/18 – 15/07/18

JULY 16, 2018

A compilation of activities and headlines for the week ended 15th July 2018

1. PARALLEL MARKET RATES

NAIRA REMAINED STABLE ALL THROUGH THE WEEK

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2. BDC RATES

BDC RATES REMAINED N357/$1 ON THE BUY SIDE

Click the image to see more


3. ATM RATES

ATM RATE RANKING FOR THE WEEK

Click the image to see more


4.  NAIRA MAINTAINS STRENGTH AGAINST THE THREE CORE CURRENCIES 

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5.   ABUJA LIGHT RAIL ON STREAM

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6. THIRD MAINLAND BRIDGE TO BE SHUT FOR 27 MONTHS

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7.   NIGERIA’S EXTERNAL RESERVES DECLINE BY $102 MILLION IN 6 DAYS

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8.  NIGERIAN BANKS STOP CASH WITHDRAWAL FROM OVERSEAS ATMS

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9.  FASHOLA TELLS LANDLORDS TO COLLECT RENTS IN ARREARS

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10. CBN SPENDS $2.2bn IN JUNE TO DEFEND NAIRA 

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ABOKIFX: THE WEEK IN PICTURES 02/07/18 – 08/07/18

JULY 10, 2018

A compilation of activities and headlines for the week ended 8th July 2018

1. PARALLEL MARKET RATES

NAIRA REMAINED STABLE ALL THORUGH THE WEEK

Click the image to see more

 



2. BDC RATES

BDC RATES REMAINED DROPPED TO N357/$1 ON THE BUY SIDE

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3. ATM RATES

ATM RATE RANKING FOR THE WEEK

  • Sterling Bank produces the lowest ATM rates for all three core currencies

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4.  NAIRA MAINTAINS STRENGTH AGAINST THE THREE CORE CURRENCIES

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5.  GLENCORE FACES MONEY LAUNDERING INVESTIGATION FOR NIGERIAN DEAL

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6.  IMMIGRATION SERVICE SUSPENDS CHARGES FOR VISA ON ARRIVAL

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7.  PRESIDENT MACRON VISITS FELA’S SHRINE

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 8.  CBN PUMPS $210mn INTO CURRENCY MARKET

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9.  GT BANK REVIEWS INTERNATIONAL SPENDING LIMIT UPWARDS ON YOUR NAIRA MASTER CARD

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10.  NAIRA TO EXCHANGE AT N356/$1 BY YEAR END

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ABOKIFX: THE WEEK IN PICTURES 10/06/18 – 16/06/18

JUNE 17, 2018

1. PARALLEL MARKET RATES

NAIRA REMAINED STABLE ALL THROUGH THE WEEK

See more at https://abokifx.com/ratetypes/?rates=lagos_previous  OR

Click the image to see more



 

2. BDC RATES

BDC RATES REMAINED LOWER THAN PARALLEL RATES

See more at https://abokifx.com/bdc_rate  OR 

Click the image to see more

 

 

3. ATM RATES

ATM RATE RANKING FOR THE WEEK

  • Ecobank USD rate goes up to N363 from N362
  • UBA has lowest GBP rate at N487

See more at https://abokifx.com/rate_by_currency   OR

Click the image to see more


  

4.  NIGERIAN GOVERNMENT GETS $1bn DEBT OFFER FROM AFREXIM BANK

Read more at https://abokifx.com/news/government-gets-1b-debt-offer-from-afreximbank-the-guardian

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5.  NIGERIA THWARTS WORLD CUP CHILD TRAFFICKING PLOT AT AIRPORT

Read more at https://abokifx.com/news/nigeria-thwarts-world-cup-child-trafficking-plot-at-airport-reuters

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6.  NIGERIA SEEN AS A HAVEN AMID EMERGING MARKETS

Read more at https://abokifx.com/news/park-your-money-in-nigeria-a-haven-amid-emerging-market-mayhem-bloomberg

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7. NIGERIAN’S INFLATION DIPS TO LOWEST IN MORE THAN TWO YEARS

Read more at https://abokifx.com/news/update-1-nigeria-inflation-dips-to-lowest-in-more-than-two-years-in-may-reuters

Click the image to read more


 

 

8. CBN INJECTS $210m INTO FOREX MARKET

Read more at https://abokifx.com/news/cbn-injects-210m-into-forex-market-leadership

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9. CBN OFFERS 10% INCENTIVE TO IMPORTERS WITH RENMIMBI INVOICE

Read more at https://abokifx.com/news/cbn-banks-offer-10-incentive-to-importers-with-renminbi-invoice-businessday

Click the image to read more


 

 10. NIGERIA WORKING WITH UK TO DENY, REVOKE TREASURY LOOTER’S VISAS

Read more at  https://abokifx.com/news/nigeria-working-with-uk-to-deny-revoke-treasury-looters-visas-spip-vanguard

Click the image to read more


 

 

 

ABOKIFX: THE WEEK IN PICTURES 03/06 – 09/06/18 - abokiFX

JUNE 10, 2018

A compilation of activities and headlines for the week ended 9th June 2018


1. NEW BDC RATE

CBN REVIEWS BDC BUYING RATE TO N357/$1

https://abokifx.com/news/cbn-r...



2. NEW PARALLEL MARKET RATES

NAIRA STRENGTHENS BASED ON THE NEW CBN BDC RATE REVIEW

https://abokifx.com/ratetypes/...

https://abokifx.com/ratetypes/...

https://abokifx.com/ratetypes/...



3. Air Namibia

AIR NAMIBIA HITS NIGERIA’S SKY JUNE 29, 2018

https://www.abokifx.com/news/a...



4. SCARCE PASSPORT BOOKLETS

SUMMER PASSENGERS STRANDED OVER SCARCITY OF PASSPORT BOOKLETS

https://www.abokifx.com/news/s...



5. ATM RATES 

ATM RATE RANKING FOR THE WEEK

https://abokifx.com/rate_by_currency



6. NAIRA SLIPS THEN STRENTHENS

Fund Repatriation, High Travellers’ Demand Pile Pressure On FX Market

https://abokifx.com/manage/mar...


7. FOREIGN RESERVES SLIP

THE NATIONS FOREIGN RESERVES FELL TO $47.4 FROM $47.6

https://abokifx.com/news/exter...



8. TANZANIA NEEDS NIGERIANS

TANZANIAN ENVOY SAY THEY WANT MORE NIGERIAN TEACHERS AND COMPANIES IN TANZANIA

https://www.abokifx.com/news/w...



9. ABCON ANTI-MONEY LAUNDERING

ABCON COMPLETES ANTI-MONEY LAUNDERING TRAINING

https://www.abokifx.com/news/a...



10. FBN PARTNERS WORLD REMIT

FIRST BANK OF NIGERIAN PARTNERS WITH WORLD REMIT TO DELIVER INSTANT TRANSFER TO ALL LENDERS ACCOUNTS IN NIGERIA

https://abokifx.com/news/money...



11. RISE IN EXPORT

THE NIGERIA BUREAU OF STATISTICS SAID THE COUNTRYS EXPORT ROSE BY 20.02% IN THE FIRST QUARTER OF 2018

https://www.abokifx.com/news/n...



12. CHINESE YUAN AUCTION

NIGERIA TO RELY LESS ON DOLLAR FOR IMPORTS

https://abokifx.com/news/niger...



13. $600m AIRLINE CLEARED

NIGERIA CLEARS $600m BELONGING TO INTERNATIONAL AIRLINES THAT WAS TRAPPED DURING FX CRISIS

https://www.abokifx.com/news/n...



14. NATIONAL CARRIER

STAKEHOLDERS DISAGREE WITH FG’S PANEL SET UP FOR PROPOSED NATIONAL CARRIER

https://www.abokifx.com/news/n...



15.  ASSET SALES

NIGERIA EYES $1.3BN FROM ASSET SALES THIS YEAR TO HELP FINANCE 2018 BUDGET

https://abokifx.com/news/niger...



16. FOREX INFLOW

NIGERIA RECORDS $24.7BN FOREX INFLOW IN THREE MONTHS

https://www.abokifx.com/news/n...




17. NEW CBN DEPUTY GOVERNOR

BUHARI APPOINTS MR FOLASODUN ADEBISI ADENUBI AS NEW CBN DEPUTY DIRECTOR

https://abokifx.com/news/buhar...


 

 

 






Contagion From the EM Sell-Off Spreads to Africa's Local Markets - BLOOMBERG

MAY 25, 2018

By 

  • Zambia among worst hit as currencies, bonds feel pressure

  • Nigeria’s naira at weakest since November even as oil rises

The rout that started in emerging markets last month is now roiling stocks and currencies across Africa.

https://www.bloomberg.com/news/articles/2018-05-25/contagion-from-the-em-sell-off-spreads-to-africa-s-local-markets

The pain’s visible in foreign-exchange markets. While South Africa’s rand was hit early on, other less-liquid currencies are also under pressure. Most have reversed or pared the gains against the dollar they posted in the first quarter.

Zambia’s kwacha, in particular, is struggling. It’s weakened 8.9 percent since the end of March, among the worst globally. While investors were previously attracted by the kwacha’s carry returns, they’re now exiting a country struggling with what the International Monetary Fund described as a debt problem.

Egypt, Ghana and Kenya are also showing strain. Egypt’s stocks, which had risen steadily since the pound was devalued in November 2016, have fallen more than 9 percent since late April. Ghanaian equities were world beaters in the first quarter, but have since slipped along with the cedi, as have Kenya’s shilling and stocks.

Tougher Times

Most African currencies have weakened since the end of March

 

Source: Bloomberg

 

Nigeria is another case in point. Despite Brent crude’s 15 percent rise in 2018 to about $80 a barrel, the OPEC member’s currency is under pressure for the first time this year. The naira has fallen to its weakest level since November on the black market and foreign reserves halted their continuous rise since September. The West African country’s main stock index is near a five-month low as international funds reduce their exposure, according to Exotix Capital.

 

Nigerian stocks fall to lowest level in more than four months - REUTERS

MAY 25, 2018

LAGOS (Reuters) - Nigeria’s main stock index fell to its lowest level in more than four months on Friday after shares in banking and consumer goods companies declined.

The index which fell for the seventh straight session, recovered some ground but closed down 1 percent. Stocks had fallen 1.28 percent in late trades, sliding to 39,213 points, a level not seen since January.

Offshore investors have been exiting local assets as yields on Nigeria’s treasuries have fallen to around 12 percent from as high as 18 percent a year ago due to government action to lower borrowing costs and U.S. interest rate rises.

 

Traders expect the bear market to continue, even as the capital flight has also put the local naira currency under pressure.

Stocks fell widely on Friday with 41 companies declining and 12 firms advancing. Julius Berger and Transcorp each shed 5 percent while Fidelity Bank fell 7.7 percent.

Reporting by Chijioke Ohuocha; Editing by Toby Chopra

South Africa investigates $80 million bitcoin scam - REUTERS

MAY 25, 2018

JOHANNESBURG, May 25 (Reuters) - South African authorities are investigating an alleged cryptocurrency scam that defrauded investors of 1 billion rand ($80 million) with promises of huge returns that never materialised, police said on Friday.

The fraud investigation involves a company named BTC Global, which told clients they would earn 2 percent per day, 14 percent a week and 50 percent in a month, the police said.

A search for the company on the internet showed its services had been suspended.

The website lists Steven Twain as the “primary trader”. A request for comment by Reuters sent to an email address listed on the website as belonging to Twain received no response.

“Members of the public are believed to have been targeted as part of the scam and encouraged by agents of BTC Global,” the police said in a statement.

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“Some of the investors got paid in terms of the agreement. However, the payments suddenly stopped.”

Local technology news website mybroadband.co.za had reported in March that more than $50 million was lost by investors in BTC Global.

“This may prove to be the tip of the iceberg with potentially thousands more yet to discover they’ve lost money,” police investigator Yolisa Matakata said.

The investigation follows a case this week where kidnappers demanded a ransom in bitcoin of nearly $120,000 to release a South African teenage boy.

On Thursday South Africa’s central bank said it was in the process of determining whether cryptocurrencies complied with its financial surveillance and exchange control regulations. ($1 = 12.4837 rand) (Reporting by Mfuneko Toyana Editing by Joe Brock/Keith Weir)

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