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Naira May Depreciate on Dollar Shortage

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  • Naira May Depreciate on Dollar Shortage

The naira may depreciate against the United States dollar at the parallel market on dollar shortage next week.

The local currency closed at 365/dollar on Thursday, the same level it recorded on Wedneesday.

The local currency has been trading flat at 365/dollar since Monday.

This was despite a $250m dollar injection by the Central Bank of Nigeria on Monday.

The local currency, which had depreciated to 370/dollar some three weeks ago, appreciated to 365/dollar.

The CBN has been intervening in the forex market in recent times, but not as frequent and heavy as it was some months back.

Meanwhile, the Kenya’s shilling is forecast to strengthen in the next week to Thursday, while the Ugandan shilling and Zambian kwacha were expected to hold steady, according to traders.

The Kenyan shilling is expected to strengthen against the dollar in the coming week due to subdued importer dollar demand and increased demand for the shilling due to low market liquidity as market players unwind long dollar positions.

The Ugandan shilling is expected to trade in a narrow range, underpinned by healthy hard currency inflows from charities and agricultural exporters and low importer demand.

According to Reuters, commercial banks quoted the shilling at 3,595/3,605, unchanged from last Thursday’s close.

“We’ve been getting significant inflows from NGOs (non-governmental organisations) and commodities and I expect nothing will change,” said Benon Okwenje, trader at Stanbic Bank.

The kwacha is expected to be flat in the coming week due to a balance between demand and supply for the greenback.

Commercial banks quoted the currency of Africa’s second-largest copper producer at 9.1200 per dollar from a close of 9.0500 a week ago.

Ghana’s cedi is seen steady on regular central bank dollar sales to match intermittent spike in offshore demand, according to an analyst said.

The local unit recorded gains this week on the back of improved forex liquidity following news of a successful IMF review and extension of Ghana’s $918m credit programme.

“There is a lingering positive investor sentiment over the successful IMF review and we expect the cedi to remain calm with no significant movement against the dollar,” Accra-based currency analyst Christine Duola said.

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.

Finance

Nestle Nigeria Approves Final Dividend of N35.50k per 50 Kobo Ordinary Share for 2020

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Nestle Nigeria Approves Final Dividend of N35.50k per 50 Kobo Ordinary Share for 2020

Nestle Nigeria, a leading food and beverage company, has declared a final dividend of N35.50k per 50 kobo ordinary share for the year ended December 31, 2020.

The beverage company said N24.50k of the amount declared was from the after-tax profit of 2020 and N5 and N6 were from the after-tax retained earnings of the years ended December 2019 and 2018, respectively.

Nestle Nigeria stated that the amount declared is subject to appropriate withholding tax and approval at the Annual General Meeting of shareholders.

It also noted that payment will be made only to shareholders whose names appear in the Register of Members as at the close of business on 21 May 2021.

Dividends will be paid electronically to shareholders whose names appear on the Register of Members as at 21 May 2021, and who have completed the e-dividend registration and mandated the Registrar to pay their dividends directly into their Bank accounts.

Shareholders who are yet to complete the e-dividend registration are advised to download the Registrar’s E-Dividend Mandate Activation Form, which is also available on their website: www.gtlregistrars.com, complete and submit to the Registrar or their respective Banks.

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Dennis Olisa Invests N53.6 Million in Zenith Bank

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Executive Director of Zenith Bank Plc Buys 2 Million Shares of Zenith Bank at N53.6 Million

Executive Director of Zenith Bank Plc, Dennis Olisa, has invested a combined N53.58 million in shares of Zenith Bank.

The leading financial institution stated in a disclosure statement filed with the Nigerian Stock Exchange (NSE) on Monday.

Olisa carried out the purchase in two different transactions on February 24, 2021 at the Nigerian Stock Exchange in Lagos, Nigeria.

He purchased 1 million units of Zenith Bank at N26.60 each and another 1 million shares at N26.50 per share.

On aggregate, Olisa purchased 2 million shares of Zenith Bank at N26.79 per share or N53.58 million. See the details below.

Dennis Olisa was appointed as Zenith Bank’s executive director three years ago.

Prior to his appointment, Mr. Olisa was the Chief Inspector at Zenith Bank Plc and served as its Director from March 3, 2017 until March 16, 2017.

He also served as General Manager and Heads of the Energy Oil & Gas Group at Zenith Bank Plc and served as its Deputy General Manager. He served as Head of Internal Control & Audit Group at Zenith Bank Plc

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Finance

Emefiele Pledges Accommodative Monetary Policy to Boost Economic Growth

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Godwin Emefile

Emefiele Pledges Accommodative Monetary Policy to Boost Economic Growth

The Central Bank of Nigeria (CBN), Mr. Godwin Emefiele, has pledged to adopt accommodative monetary policy stance in 2021 in order to support economic growth in the country.

Emefiele, said this on Friday, while speaking at a CBN/Bankers’ Committee’s initiative for economic growth, which is a one-day special summit on the economy by bank chief executive officers.

The theme of the summit is: “How to Overcome the Pitfalls of Recession.”

Nigeria’s economy recently came out of recession, according to the Gross Domestic Product report for fourth quarter 2020 released by the National Bureau of Statistics.

Owing to the slump GDP growth of 0.11 per cent that lifted the economy out of recession, Emefiele said it was imperative that, “we do all we can in 2021 and beyond to ensure that we build on the positive momentum and strengthen our efforts at stimulating growth.”

He expressed optimism that with the discovery and deployment of vaccines worldwide, 2021 would be a year of massive global recovery and Nigeria must not be left out.

“The banks CEOs are here, whether by moral suasion or by force, they will have to participate in this journey. In order to drive and sustain this recovery therefore, we need to sustain the accommodative fiscal and monetary policy measures aimed at improving access to finance for households and businesses.

“Secondly, we must prevent a resurgence in Covid-19 related cases. Thirdly, we must ensure that a significant number of our population is significantly vaccinated and also improve foreign exchange inflows into our country,” he added.

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