- Dollar, Peso Gain on Clinton FBI Clearance
The US dollar and Mexican peso jumped on Monday as Democrat Hillary Clinton’s campaign for the presidency was boosted by news that she would not face criminal charges related to her use of a private e-mail server.
Asian stocks also bounced as the news lifted a cloud over Clinton’s presidential campaign two days before the U.S. election. The news boosted S&P 500 Index futures by 1.2 percent, a gain that is likely to snap a nine-day losing streak in the U.S. stock index – its longest in more than 35 years
The FBI that created uncertainty about her victory days ago, said late on Sunday that it stood by its earlier finding that no criminal charges were warranted against Clinton.
Markets have tended to see Clinton as the status quo candidate, and news favouring her bid often boosts risk appetite, whereas the stance taken by her Republican rival Donald Trump on foreign policy, trade and immigration issues is seen posing potential risks for global growth.
The dollar was up 1.2 percent at 104.255 yen after surging to 104.530 in early trade. It had declined to 102.550 last week as polls showed a tightening U.S. presidential race.
The euro was down 0.6 percent at $1.1077 , knocked off a four-week peak of $1.1143 reached on Friday.
“The dollar is being bought back on lessened prospects of a Trump presidency. But so far it is not active buying, as Clinton is likely to maintain a policy that prevents a strong dollar if she is elected, and as economic prospects remain unclear,” said Masafumi Yamamoto, chief forex strategist at Mizuho Securities in Tokyo.
“Uncertainty regarding the elections will remain until the last minute, as a significant part of Trump’s latest comeback in the polls may not be related to Clinton’s e-mail probe.”
The U.S. currency also won back ground against the Swiss franc CHF=, which has served as a safe-haven along with the yen. The dollar was up 0.8 percent at $0.9757 franc after going as high as $0.9789. It had slid to a five-week low of $0.9680 francs on Friday.
Dealers cautioned against complacency with Clinton only holding a shaky lead in Electoral College forecasts.
“The dollar heads into the presidential elections with the latest FBI verdict favouring Clinton. I don’t see much upside for the dollar from current levels, however, as caution is likely to grip the market ahead of the voting,” said Kyosuke Suzuki, director of forex at Societe Generale in Tokyo.
Meanwhile, the Mexican peso surged. The U.S. currency was down 1.8 percent at 18.68 Mexican pesos to the dollar after touching 18.56, its weakest since Oct. 26.
The Mexican peso has acted as something of a bellwether of sentiment as Trump’s proposed policies are considered to be deeply negative for the country.
FirstBank Holds Non-Oil Export Webinar Series, Creates Awareness of The Bank’s Export Solutions
First Bank of Nigeria Limited, Nigeria’s premier and leading financial inclusion services provider, has announced the convening of its non-oil export webinar series. The Event is centered on deliberating opportunities that will enhance the country’s expansion of its drive towards diversifying the national economy, thereby reducing the reliance of oil as a mainstay of the country’s revenue.
The first series of the virtual event is scheduled for 10am on Tuesday, 30th November 2021 via Zoom meeting. To register and be part of this transformational knowledge session, click on this link-https://www.firstbanknigeria.com/business/non-oil-export/ . Registration is Free!!
The event is themed “Building Sustainable Non-Oil Export in Nigeria; Harnessing Opportunities within the AfCFTA Treaty & Agro Commodities” and will have the attendance of Mr. Segun Awolowo MD/CEO, Nigerian Export Promotion Council (NEPC); Dr Biodun Adedipe, Founder and Chief Consultant of B. Adedipe Associates Limited (BAA Consult) amongst others, as guest speakers.
The webinar series aims to facilitate sustainable exports as well as guide participants on ways of navigating the hurdles and challenges of exports in Nigeria. The webinar will explore market and economic trends, unique export opportunities and potentials within the non-oil export industry across the geopolitical zones in the country.
The importance of exports in Nigeria remains a front burner conversation by individuals and organisations as it provides a means of increasing the markets for producers, and an opportunity to attract the much needed foreign exchange earnings to boost the national economy, which is critical to expanding its Gross Domestic Products.
Speaking on the event, the Group Head, Marketing & Corporate Communications, Folake Ani-Mumuney said: “in recent years, the country has witnessed increased activities by the government towards diversifying the economy, thereby boosting the export potentials of the country – beyond the contribution of crude oil – which has been the mainstay of the national economy for many decades.
Our forthcoming Non-oil Webinar series will expand discussions that are crucial to the growth of Nigeria’s export potentials as we unlock numerous opportunities that will promote the economic diversification drive of the government which is essential to the continued growth of the national economy, especially with the current business challenges posed by the pandemic.”
Currency in Circulation Now N2.97 Trillion in October – CBN
Currency in circulation hit N2.97 trillion in the month of October, according to the latest report from the Central Bank of Nigeria (CBN).
The currency in circulation rose by N129 billion from N2.84 trillion recorded in the month of September to N2.97 trillion in October. This was after the currency in circulation declined from N2.8 trillion in July to N2.78 trillion in August.
Currency in circulation stood at N2.74 trillion in June, N2.79 trillion in May, N2.79 trillion in April, N2.8 trillion in March, N2.78 trillion in February and N2.83 trillion in January.
The CBN said, “The currency in circulation increased by N465.47bn or 19.06 per cent to N2.91tn in 2020, compared with N2.44tn in 2019.
“In 2020, there were higher withdrawals by DMBs than deposits, due to the panic need to hold cash to deal with the emergencies and reduced banking hours due to restrictions to curb spread of the pandemic.”
The bank said to maintain public confidence and ensure integrity of circulated notes in the economy, it developed and unveiled a clean note policy and banknote fitness guidelines in 2018.
The guidelines outlined details of quarterly and yearly activities towards the achievement of this objective.
The CBN said it employed the “accounting/statistical/withdrawals and deposits approach” to compute the currency in circulation in the country.
2021 NCOY: FirstBank Partners Junior Achievement Nigeria, Reiterates Commitment to Innovation and Education
For 11 years, Nigeria’s premier and leading financial inclusion services provider, First Bank of Nigeria Limited has partnered with Junior Achievement Nigeria (JAN) to host its annual flagship event; the National Company of the Year competition (NCOY), which convenes winners of the JA Company Regional Competitions across Nigeria to compete for the National Company of the Year Award.
This year, the event will bring together outstanding ‘student business teams’ across Nigeria to compete for prizes and an opportunity to represent the country at the national competition – JA African Company of the Year Competition (ACOY). The 2021 edition of the NCOY competition will be held virtually via Zoom meetings at 10am on Saturday, 27th November 2021. Interested participants are to register via the link https://us06web.zoom.us/meeting/register/tZEtd-qvqz4pE90NXOHcy-tve6aEXpY_yYAE
The competition themed ‘Innovation with Grit’ will have 12 teams from 12 schools pitch their innovations to a team of 5 guests judges. The represented schools at the competition include: The Seer company from Alvana High School; Sonic Informatics company from Heritage Global Academy; Nexus Queens company from Queens School; JA Stars from Theological College of Northern Nigeria (TCNN); Amazing Amazon Students from Government Girls’ Secondary School, Abaji; KereTerra Company from Secondary School Etoi, Uyo and The Exploit thinkers from Taidob College.
Other teams competing include: Mystic Global Company from Rosa Mystica High School, Agulu; PetraMech Tech from Petra Schools; The Amazing Inventors from Government Secondary School Tudun Wada; Blue crystal company from Methodist Girls school and the Artisans from Igbobi College.
Judges at the event include: Oludolapo Adigun, Group Head, Retail Banking Lagos & West First Bank of Nigeria Limited; Chidimma Juliana Okparah, Project Management Consultant (PMIEF); Sheila Ojei, Head of Communications Jobberman; Gbenga Sesan, Executive Director of Paradigm Initiative and Simbo Olatoregun, Policy Programs Manager for Facebook in Africa. In attendance also is the Honourable Commissioner for Education Lagos State, Mrs. Folashade Adefisayo as a Special Guest.
The 2021 National Company of the Year Program will also feature SPARK Competition. SPARK as an initiative of First Bank of Nigeria Limited, is an acronym for Start Performing Acts of Random Kindness. SPARK reiterates the Bank’s commitment to institutionalise kindness in Nigeria by encouraging and amplifying a culture of kindness.
The SPARK competition will feature 15 finalist schools across Nigeria, whose CSR projects align with the Bank’s Corporate Responsibility and Sustainability pillars of Education, Welfare and Health, Financial inclusion and Responsible Lending and Procurement.
Speaking on the event, the Group Head, Marketing & Corporate Communications, Folake Ani-Mumuney said “FirstBank’s partnership under its Future First initiative with JA Nigeria Company programme has positively impacted over 100,000 people in different locations across the country in preparing and teaching them how to generate wealth, effectively manage it and how to apply entrepreneurial thinking to the workplace. Our commitment to fostering entrepreneurial development amongst youths is mainly the driving force behind our support of the National Company of the Year (NCOY) and Africa Company of the Year (ACOY) competitions in past 11 years”.
According to the Executive Director, JAN, ‘’the National Company of the Year Company competition provides our students with a platform to show how innovative they are while displaying their dexterity and grit especially as it relates to creating sustainable business solutions to problems in their immediate community. The students have learned critical skills during the implementation of the Company Programme and we are proud to celebrate them as they compete in the National competition. I would like to specially appreciate FirstBank Nigeria for their continued support and belief in the boundless potential of young Nigerians’’.
Cryptocurrency3 weeks ago
Cryptocurrency Ban: Banks Close Accounts Link to Cryptocurrency Traders in Nigeria
Cryptocurrency2 weeks ago
Shiba Inu Update: Bricks Buster and AMC To Support SHIB Army
Cryptocurrency4 weeks ago
Shiba Inu Sheds 14.55 Percent in 24 Hours as Whale Moves $2.3 Billion Worth of Shiba
Banking Sector4 weeks ago
First Bank Unveils Fully Automated Branch
Banking Sector2 weeks ago
GTBank Raises International Spending Limit to $200 Per Month
Finance3 weeks ago
Tony Elumelu Launches Gen-U Sahel Alongside Daughter, Oge Elumelu
Cryptocurrency4 weeks ago
Luno to Commence Naira Deposit and Withdrawal After Raising $700 Million at $10 Billion Valuation
Company News3 weeks ago
Xavier Rolet Resigns Amid Seplat Energy Debt Scandal