No More 375! You Can Now Get Dollars N360/$1 Across Banks
The Central Bank of Nigeria (CBN) says banks will no longer trade the naira at N375 per dollar for invisibles, such as school fees, medical bills and travel allowances. CBN, on Monday morning, said Nigerians can now get the dollar at 360 across all commercial banks within the country. “The CBN to sell forex to banks at N357/$1, while banks will sell to their customers at N360/$1 for invisibles (BTA, medicals, fees, etc),” the apex bank said on Monday.
Naira Gains 12.36 % In One Week
The Naira recorded an appreciation of 12.36 per cent at the parallel market in the last one week, newsmen report. Newsmen report that the Naira traded at N440 last Monday while it closed at N390 to the dollar on Friday. In the week under review, experts commended the Central Bank of Nigeria (CBN) for its intervention at the foreign exchange market, but appealed to the apex bank to eliminate the multiple rates in the market.
Oil Prices Could Fall Again As OPEC Reviews Supply Cuts
A joint committee of ministers from OPEC and non-OPEC oil producers has agreed to review whether a global pact to limit supplies should be extended by six months, it said in a statement on Sunday. that an earlier draft of the statement had said the committee “reports high level of conformity and recommends six-month extension”. But the final version said only that the committee had requested a technical group and for the OPEC Secretariat to “review the oil market conditions and revert… in April, 2017 regarding the extension of the voluntary production adjustments”.
CBN Sets Upper Limit For Dollars Sales To Customers
The Central bank of Nigeria, CBN, on Monday directed all deposit money banks to immediately commence the sale of foreign exchange to their customers at not more than N360 to the dollar.The spokesperson of the CBN, Isaac Okarafor, said all customers requesting forex for their basic transport allowance and personal transport allowance, tuition and medical fees, would henceforth get at an exchange rate not more than N360 to the dollar.
New Investor Takes Over Keystone Bank
The Sigma Golf-Riverbank consortium, the new investor that acquired Keystone Bank Limited from the Asset Management Corporation of Nigeria, AMCON, has taken control of the financial institution. The new investors pledged to reposition the bank on a growth path with immediate effect, a statement made available to PREMIUM TIMES on Sunday said. AMCON had recently announced Sigma Golf Nigeria Limited and Riverbank Investment Resources Limited as the new owners of the bank.
As Naira Appreciates, Bureau de Change Operators Lose N130 Million In One Week – Official
The Naira recorded an appreciation of 12.36 per cent at the parallel market in the last one week, the News Agency of Nigeria, NAN, reports. While the Naira appreciated, the leader of bureau de change operators in Nigeria said his members lost N130 million due to the mode of Central Bank’s intervention in the past week. NAN reports that the Naira traded at N440 last Monday while it closed at N390 to the dollar on Friday.
NSE: Foreign Investments Inflow Down To N16.10bn In February
Investors’ apathy for investment in the stock market has continued to rise as both foreign and domestic investors’ participation on the Nigerian Stock Exchange, NSE, took a downward turn during the month ended February 28, 2017. Data polled by the NSE showed that total foreign investors’ transaction on the NSE slowed by 21.52 per cent to N34.54 billion from N44.01 billion to during the same period.
7,500 Entrepreneurs Emerge From Federal Poly Ado-Ekiti
The Centre for Entrepreneurship Development and Vocational Studies of the Federal Polytechnic, Ado-Ekiti has so far produced more than 7,500 graduates in the last five years. The Rector of the institution, Dr Theresa Akande, made this known when she spoke in Abuja on Monday. Akande said the centre took off in 2011 to encourage self-reliance among students of the polytechnic, adding that it offers training in 17 skills relevant to the economy of Ekiti as agrarian state. “The idea is to help our students turn the skills they learn in the polytechnic into real business enterprise that will stand them in good stead when they leave school.
Rutger Reman Becomes MD, Ericsson Nigeria
Ericsson has appointed Rutger Reman, President and Managing Director for Ericsson Nigeria, reporting to Jean-Claude Geha, President and CEO of Ericsson sub-Saharan Africa. With this development, Rutger Reman succeeds Johan Jemdahl in this role as Managing Director for Ericsson Nigeria. Reacting on the new appointment, Geha said that , “Rutger has demonstrated excellent leadership capabilities, and has displayed keen insight in developing business and creating value. He brings to bear nearly 30-years’ experience in the telecommunications and technology industry and possesses a strong drive to strengthen Ericsson’s support and amplify its new innovation to leading operators and their customers in the Nigerian market.”