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Eagle Global Markets Launches Naira Trading Platform For Global Markets

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Naira

Eagle Global Markets, a derivatives global market company, has introduced an indigenous naira platform tagged, “CloudTrade”, to enable both retail and institutional investors in Nigeria to play the global markets.

EGM’s Chief Executive Officer, Mr Gbite Oduneye,  on Friday told a news conference that all global markets trades through the online trading platform were done in Naira.

Oduneye said the company had succeeded in eradicating the bureaucratic bottleneck in trading the global market.

He said, “It does not put pressure on the foreign exchange because all global markets trades through its platform are done in naira.”

“It gives more value to the naira because more people will have to look for it to trade global markets.”

Oduneye said that the naira platform would eliminate the need for currency conversion in deposits and withdrawals and would also offer competitive spreads.

Oduneye said the company was the first PAN African brand to offer such an opportunity to Nigerian clients who previously had to face the hassles of operating a U.S. dollar-denominated account in order to access even less attractive markets.

He said, “To achieve this feat, the company took into consideration the most pressing needs of traders and investors and went ahead to build their proprietary platform called the CloudTrade.”

He said that CloudTrade promotes ease of market access by ensuring that competitive and affordable capital can be used to commence trading the financial markets.

Oduneye said traders in the past had to source for foreign currencies to fund their trading accounts, or deposit Naira equivalents, thereby limiting their trading capability and volume.

He said that the strain the currency conversion process put on the traders and even the economy in general had been eliminated with the introduction of CloudTrade.

He said, “With CloudTrade, EGM clients are able to define their trading volumes in naira, while getting up to the minute financial data in the form of economic news and a bird’s eye view on market performance using the powerful built-in indicators.”

“Retail and institutional investors in the Nigerian finance space who have for long craved for an indigenous platform that could provide and combine world class functionality into a user friendly interface now have answer to their requests.”

Oduneye said the company was offering the highest level of transparency, ease of transacting and most importantly constant innovation that would lead to client development.

He said EGM had over 600 active trading clients that qualified to trade on its platforms within three months in Nigeria.

The chief executive officer said that about 50 per cent of trading applications were declined due to Know Your Customer requirement and other regulatory checks in line with international standards.

He said that the reason for necessary checks on every single trading application was to ensure best practice.

He said, “EGM provides a trading platform that brings to the table fast order execution with a depth of analytical tools to access over 3,000 assets such as equities, commodities, forex and spot metals.”.

Oduneye assured potential clients that global industry standards would be applied in the client on-boarding process.

He said that the company was committed to education to help traders improve on their short and long-term financial expectations.

Oduneye said EGM had earmarked the sum of one million dollars for training and retraining of its clients for better results.

Also speaking, Mr Kola Adebayo, EGM Head of Education and Market Analysis, said that the company had developed a curriculum that would aid its clients to become sound in market analysis.

Adebayo said the company, through intensive education, would help clients to achieve both their corporate or individual financial goals.

He said EGM had an intensive programme that taught clients on risk management.

“A lot of people lost money trading online and for us to win their trust, we need to change their views about potentials available in the market,”Adebayo said.

NAN

CEO/Founder Investors King Ltd, a foreign exchange research analyst, contributing author on New York-based Talk Markets and Investing.com, with over a decade experience in the global financial markets.

Naira

Daily Naira Exchange Rates (Parallel Market, Bureau De Change and CBN Rates); Friday, January 15, 2021

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Nigeria 500 naira notes

Daily Naira Exchange Rates (Parallel Market, Bureau De Change and CBN Rates); Friday, January 15, 2021

The Nigerian Naira remained under pressure against the United States Dollar on the parallel market at N475 exchange rate, while the value has not improved against the Euro and Pound, inflation rose to 15.75 percent in the month of December to further compound Nigeria’s predicament.

Date USD GBP EURO YUAN Canadian Australian
NGN BUY/SELL BUY/SELL BUY/SELL BUY/SELL BUY/SELL BUY/SELL
15/01/2021 470/475 635/642 573/580 60/70 375/385 245/293
14/01/2021 470/475 630/640 570/580 60/70 375/385 245/293
13/01/2021 470/474 630/637 570/580 60/70 375/385 245/293
12/01/2021 470/475 630/637 575/580 60/70 375/385 245/293
11/01/2021 468/675 625/635 575/582 60/70 372/382 245/293
08/01/2021 467/672 622/630 570/575 60/70 365/378 245/293
07/01/2021 465/470 620/628 570/575 60/70 365/378 245/293
06/01/2021 465/470 620/628 565/570 60/70 365/378 245/293
05/01/2021 465/470 620/628 565/572 60/70 365/378 245/293
04/01/2021 465/470 620/628 565/572 60/70 365/378 245/293
31/12/2020 465/470 620/628 567/573 60/70 365/378 245/293
30/12/2020 465/470 620/628 567/573 60/70 365/378 245/293
29/12/2020 465/470 620/628 565/573 60/70 365/378 245/293
28/12/2020 460/465 615/625 560/570 60/70 350/367 245/293
25/12/2020 460/465 615/625 560/570 60/70 350/367 245/293
24/12/2020 460/465 615/625 560/570 60/70 350/367 245/293
23/12/2020 470/475 622/632 575/580 60/70 350/367 245/293
22/12/2020 472/476 622/630 570/578 60/70 340/362 250/295
21/12/2020 472/476 622/632 570/580 55/68 340/362 250/295
18/12/2020 472/477 622/630 570/577 55/68 340/362 250/295

 Bureau De Change Naira Rates

Date USD GBP EURO
NGN BUY/SELL BUY/SELL BUY/SELL
15/01/2020 460/475 630/638 570/577
14/01/2020 460/475 630/638 570/577
13/01/2020 460/470 626/633 565/576
12/01/2020 460/470 626/633 566/576
11/01/2020 460/470 620/630 560/573
08/01/2020 460/470 615/625 555/573
07/01/2020 460/470 615/623 550/570
06/01/2020 460/470 610/623 550/572
05/01/2020 460/470 615/624 550/572
04/01/2020 460/470 615/624 550/572
31/12/2020 460/470 600/626 550/573
30/12/2020 460/470 600/626 550/573
29/12/2020 455/475 600/626 550/573
28/12/2020 455/475 605/628 555/573
25/12/2020 455/475 600/628 550/575
24/12/2020 455/474 600/628 555/575
23/12/2020 460/475 621/632 568/580
22/12/2020 470/475 620/631 568/577
21/12/2020 470/475 620/631 568/577

Central Bank of Nigeria’s Official Naira Rates

Date Currency Buying(NGN) Central(NGN) Selling(NGN)
1/15/2021 US DOLLAR 379 379.5 380
1/15/2021 POUNDS STERLING 516.9181 517.6001 518.282
1/15/2021 EURO 459.4996 460.1058 460.712
1/15/2021 SWISS FRANC 426.8499 427.413 427.9761
1/15/2021 YEN 3.6548 3.6596 3.6644
1/15/2021 CFA 0.6839 0.6939 0.7039
1/15/2021 WAUA 545.8708 546.5909 547.3111
1/15/2021 YUAN/RENMINBI 58.531 58.6087 58.6864
1/15/2021 RIYAL 101.0236 101.1568 101.2901
1/15/2021 SOUTH AFRICAN RAND 24.8724 24.9052 24.938

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Naira

Naira Drops to N394.67 Against US Dollar on I&E FX Window

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Naira Dollar Exchange Rate

Naira Drops to N394.67 Against US Dollar on I&E FX Window

Economic uncertainties amid the rising number of COVID-19 continues to weigh on the Nigerian Naira across key foreign exchange markets.

The Nigerian Naira depreciated against the United States Dollar on the Investors and Exporters (I&E) Foreign Exchange Window on Thursday.

The local currency depreciated by 0.34 percent to N394.67 per US Dollar, down from N392.69 it opened the day.

On Thursday, investors exchanged $215.63 million on the I&E window.

Despite efforts to ease forex scarcity with $20 billion diaspora remittance, the Naira continued to fall against global counterparts due to weak remittance inflows from developed nations.

Like other nationalities, Nigerians in the diaspora are struggling with lockdowns, surged in the unemployment rate and the drop in global earnings.

Also, weak foreign reserves amid rising debt servicing and other expenditures are hurting the central bank’s ability to intervene effectively across the foreign exchange markets as usual.

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Forex

Stanbic IBTC Shut Down Bureau De Change Business

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stanbic IBTC Insurance

Stanbic IBTC Shut Down Bureau De Change Business

Stanbic IBTC Holdings Plc has shut down its bureau de change subsidiary, Stanbic IBTC Bureau De Change Limited (Stanbic IBTC BDC) due to the change in foreign exchange inflow policy.

It should be recalled that the Central Bank of Nigeria (CBN) adjusted the policy of diaspora remittance inflow to stimulate growth and ease forex scarcity across the nation.

Therefore, Stanbic IBTC said the decision to discontinue its bureau de change operations was because of the recent changes in diaspora inflow that now affords customers the opportunity of purchasing foreign exchange (PTA and BTA) directly from Stanbic IBTC Bank at any of its branches nationwide.

In a statement signed by Chidi Okezie, Company Secretary, Stanbic IBTC, said the bureau de change business was discontinued effective from 01 January 2021 through relinquishing of its operating license.

The intention is to repurpose this subsidiary for other business ventures in the near future, and stakeholders would be duly notified when all engagements have been concluded in this regard,” it stated.

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