The Nigerian Naira on Thursday plunged to 400 against the US dollar at the parallel market as forex scarcity continued to impact economic activities in the nation.
The local currency closed at 315.06 against the US dollar at the interbank market on Thursday, losing about 11.3 percent since the new forex flexibility policy was implemented in June.
Experts have attributed the continuous depreciation in the Naira value to the shortage of forex in the country and the inability of the Central Bank of Nigeria to prop up the Naira value at the interbank market as envisaged in its 13 forex guidelines two months ago.
“As far as you continue to have some 41 items banned from the interbank market, importers and manufacturers of those items will continue to seek for forex at the parallel market. The issue still has to do with inadequate forex supply.” said Mr. Kunle Ezun, a currency analyst at Ecobank Nigeria.
However, the National President of the Association of Bureau De Change Operators, Alhaji Aminu Gwadabe said the situation could be linked to the activities of some speculators.
“The naira is falling at the parallel market because there is scarcity at the interbank market. This fall could be due to the activities of genuine manufacturers or some people you cannot identify. These are people who have stored naira somewhere and are seeking to convert them to dollars,” said Sherrifdeen Tella, a Professor of Economics at the Olabisi Onabanjo University, Ago-Iwoye.
While, a Foreign Exchange Research Analyst at Investors King Ltd., Samed Olukoya said “if the activities of the parallel market is not checked, it would pressure consumer prices even more and pushed inflation to around 20 percent in the second half of the year.”
This he said will worsen the current situation as the recent increase in interest rate by the monetary policy committee to 14 percent will likely increase the unemployment rate and subsequently lower consumer spending as businesses look to downsize to cut costs.
Ford Motor’s India Head Anurag Mehrotra Quits After Ford Stop Manufacturing Cars in India
Ford Motor’s India head Anurag Mehrotra has quit the company to pursue other career opportunities, days after the United States’automaker said it would stop making cars in the Asian nation, taking a hit of $2 billion.
Mehrotra, according to his LinkedIn profile, has spent over a decade with Ford in India across multiple roles, including marketing, sales and most recently as president and managing director.
September 30 will be Mehrotra’s last day, a source with knowledge of the information told Reuters.
Mehrotra did not immediately respond to a request for comment.
Ford India said in its statement it has put its director of manufacturing, Balasundaram Radhakrishnan, in charge of overseeing its restructuring in the country.
Ford’s decision to stop making cars in India ends its more than two-decade long presence in a market it no longer sees as profitable. The move will affect around 4,000 employees, the company has said.
Ford is the fifth major automaker to cease vehicle manufacturing in India since 2017, following exits by General Motors and Harley Davidson from a market that is dominated by Asian rivals.
Despite being in India since the mid-1990s, Ford has less than two per cent share of the passenger vehicle market and was using about 20 per cent of its total production capacity of 440,000 cars a year across two plants.
Ford said earlier this month it plans to wind down production at its western India plant by the end of this year and at its southern India plant by the second quarter of next year.
Theannouncement has upset hundreds of its factory workers, some of whom protested the decision this week.
Veritas Kapital Assurance Appoints Mrs. Oyindamola Unuigbe as an Executive Director
Veritas Kapital Assurance Plc, one of Nigeria’s leading insurance firms, on Monday announced the appointment of Mrs. Oyindamola Unuigbe as an Executive Director of the Company.
The appointment of Mrs. Oyindamola Unuigbe as Executive Director, Operations is subject to the final approval from the National Insurance Commision (NAICOM), the company disclosed in a statement signed by Saratu Umar Garba, Company Secretary and Legal Adviser.
Oyindamola brings to bear over two decades of hands-on expertise in the insurance and financial services sectors. She combines experience in entrepreneurship, underwriting; reinsurance; portfolio management; product and business development; enterprise risk management and sales and marketing; acquired across leading international and local organizations.
Preceding her appointment as Executive Director at Veritas Kapital Assurance Plc, Oyindamola served as Head, Business Development, South wherein she was responsible for overseeing business procurement and total service delivery activities of branches in the Southern region of Nigeria.
Her over 27-year career includes working as an Accounts Manager with Brokerlink Inc.; one of Canada’s largest brokerage firms; Primerica Life Insurance Company, Alberta Canada; where she developed key competencies in the areas of processes and procedures that conform to the international practice of General and Life Insurance,
Standards and Regulatory Compliance requirements.
She started her career at the Lagos office of SCIB insurance brokers and subsequently worked at Citi Trust insurance brokers and the Nigeria Reinsurance Corporation where she served as a senior manager.
Oyindamola holds a Bachelor’s degree from the University of Ife, Nigeria. She is an Associate of both the Chartered Insurance Institute of London (ACII) and Nigeria (ACIIN) and is a recipient of various prestigious international certifications encompassing general insurance, life insurance and professional risk management.
Fidelity Bank To Develop SMEs Capacity in Non-oil Exports Sector
In furtherance of its resolve to help Nigerian businesses build sustainable export capabilities, leading Nigerian lender, Fidelity Bank Plc, is set to host the 11th and 12th editions of its highly acclaimed Export Management Programme (EMP).
Launched in 2016, the EMP is targeted at preparing participants for real-time experiences in the international non-oil export markets and the broader export market at large. The session typically covers a wide range of topics including Export documentation, Selection and Implementation of Supply Chain Management for Exports, Application of Export Development Business Processes amongst others.
Speaking on the programme, the Managing Director, Fidelity Bank Plc, Mrs. Nneka Onyeali-Ikpe noted that, “As a leading supporter of small businesses, we introduced the EMP five years ago to bridge the knowledge gap in the export business locally and to help participants to compete effectively in the global export market. Given the success, we have recorded in the course of the programme and following the yearnings of potential participants, we decided to host an edition of the training in Kano for those who are unable to attend the session in Lagos.”
While EMP 11 is scheduled to hold at the Lagos Business School (LBS), Lekki, Lagos between 4 and 8 October 2021; EMP 12 would hold at a soon-to-be-announced venue in Kano State from 11 to 15 October 2021. The sessions would be facilitated by leading faculty from LBS, Nigerian Export Promotion Council (NEPC) staff as well as experts in financial management and exports.
Fidelity Bank has over the years demonstrated its resolve to grow the non-oil export side of the economy through strategic initiatives and partnerships. For instance, the bank provided over N32.7 billion in credits to businesses operating in strategic sectors including rice, dairy, poultry, oil palm and cocoa in 2019. The bank has also successfully leveraged strategic partnerships with the Central Bank of Nigeria (CBN) and Development Finance Institutions (DFIs) under various industry targeted intervention funding programmes to enhance access to credit for eligible players in the agribusiness and non-oil exports space with the aim of addressing food security gaps and enhancing foreign exchange earnings.
“The benefits of supporting the non-oil sector of the economy cannot be overemphasized given the immense benefits that it provides to the economy and the nation in terms of providing much needed foreign exchange investments, increasing our Gross Domestic Product (GDP) and employment generation. This informs our decision to host the EMP regularly and we enjoin interested entrepreneurs to take advantage of this initiative to take their business to the next level,” Onyeali-Ikpe explained.
To register for the event, kindly visit www.fidelitybank.ng
About Fidelity Bank Plc
Fidelity Bank is a full-fledged commercial bank operating in Nigeria, with about 6million customers who are serviced across its 250 business offices and various other digital banking channels. The bank has in recent times won accolades as the Best SME Friendly Bank, Best in Mobile Banking and the Most Improved Corporate/Investment Bank among several industry awards and recognitions. The bank was also ranked the 4th Best Bank in the Retail Banking Segment in the 2017 Banking Industry Satisfaction Survey conducted by KPMG.
Focused on select niche corporate banking sectors as well as Micro Small and Medium Enterprises (MSMEs), Fidelity Bank is rapidly implementing a digital-based retail banking strategy which has resulted in an exponential growth in savings deposits over the last 3 years and a corresponding surge in customer enrollment on the bank’s flagship mobile/internet banking products.
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