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Naira Closes at 363/Dollar After New Year Break

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Naira to Dollar Exchange- Investors King Rate - Investors King
  • Naira Closes at 363/Dollar After New Year Break

The naira closed at 363 per United States dollar at the parallel market on Tuesday, the same rate it closed before the New Year break on Friday.

The local currency, which has been hovering around 365/dollar for some months, rose to 364/dollar as the Christmas holiday approached.

The naira later rose to 364/dollar last week before closing at 363/dollar on Friday.

Foreign exchange traders and currency analyst had predicted that the naira would be stable during the Christmas and New Year holidays.

They said the Central Bank of Nigeria’s regular interventions through the injection of dollars into the market would deter currency speculators from making a bet on the local currency.

The naira has been hovering at 360/dollar at the Investors and Exporters FX Window, while it has been quoted at 306.05 at the official market, the level at which the central bank has been intervening.

The CBN has been injecting dollars into the forex market on weekly basis in the past few months.

Meanwhile, the President, Association of Bureau De Change Operators of Nigeria, Alhaji Aminu Gwadabe, has warned that spending by politicians ahead of the 2019 general elections may threaten the stability of the naira.

Gwadabe said the propensity to hoard dollars now, to be spent during political campaigns, was not new to the nation’s political history.

“Political spending may affect exchange rate stability in 2018. Electioneering starts early this time and the tendency for people to hoard the dollar now, to be spent during the campaigns, is not new,’’ Gwadabe said.

The ABCON chief, therefore, called on the regulatory authorities and security operatives to ensure that currency hoarders and speculators do not leverage the 2019 elections to erode the gains recorded in the nation’s foreign exchange market.

Gwadabe noted that the CBN had spent about $8bn in a series of interventions at the forex market, leading to the flattening of rates across board.

According to him, the BDC operators, as critical stakeholders in the forex market, are committed to playing by the rules in ensuring that the naira remained stable.

Since February, when the naira exchanged at N520 to the dollar, the CBN had intervened aggressively to ensure it remained stable at about N363 to the dollar.

Efforts by the CBN and critical stakeholders like the BDCs led to the convergence of rates between the parallel market and the BDC segment.

Meanwhile, most of Africa’s main currencies will remain at a steady level as foreign markets remain sluggish over the holidays.

Is the CEO/Founder of Investors King Limited. A proven foreign exchange research analyst and a published author on Yahoo Finance, Businessinsider, Nasdaq, Entrepreneur.com, Investorplace, and many more. He has over two decades of experience in global financial markets.

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Insurance

Heirs Insurance Group Unveils Revolutionary Website for Seamless Insurance Experience

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Heirs Life Assurance- Investors King

Heirs Insurance Group has launched a website designed to revolutionize the insurance experience for its customers.

With a focus on simplicity, accessibility, and personalized service, the new website aims to streamline the process of obtaining insurance coverage and empower customers to make informed decisions about their insurance needs.

The website boasts a range of innovative features that make navigating insurance options easier than ever before.

From simple and intuitive navigation menus to personalized insurance recommendations, the website is designed to guide customers through every step of the insurance process quickly and efficiently.

According to Ifesinachi Okpagu, the Chief Marketing Officer of Heirs Insurance Group, the new website embodies the company’s commitment to delivering exceptional customer service.

“Today’s customers want simplicity, and this new website delivers on that request,” Okpagu said. “We are empowering customers to take control of their lives, their businesses, assets, and their most cherished people.”

One of the key features of the website is its personalized insurance experience, which takes customers through a short journey to help them identify the best insurance plan for their needs.

Whether customers are looking for coverage for their home, car, business, or loved ones, the website provides tailored recommendations to ensure they find the right insurance solution quickly and easily.

With its user-friendly interface and innovative features, the new website from Heirs Insurance Group sets a new standard for the insurance industry, making it easier than ever for customers to protect what matters most to them.

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Banking Sector

Safaricom, Access Holdings Forge Partnership to Revolutionize Remittance Corridor in Africa

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Access bank

Safaricom, the leading telecommunications company in Kenya, has entered into a strategic partnership with Access Holdings, spearheaded by Aigboje Aig-Imoukhuede.

The collaboration aims to revolutionize the remittance corridor between East and West Africa, marking a significant step towards enhancing financial inclusion and empowering millions of individuals across the continent.

The partnership comes on the heels of Access Holdings’ recent acquisition of the National Bank of Kenya Limited, signaling the company’s ambitious expansion into the East African market.

Leveraging Safaricom’s extensive network and expertise in mobile money through M-Pesa, which currently dominates the mobile money market in Kenya, the alliance seeks to create seamless and efficient channels for remittance transactions.

Aigboje Aig-Imoukhuede, the driving force behind Access Holdings, expressed enthusiasm about the collaboration, highlighting its potential to transcend traditional boundaries and foster greater economic connectivity between East and West Africa.

He highlighted the fusion of collective expertise and resources between the two entities, underlining their shared commitment to driving financial inclusion and empowerment across the continent.

The partnership holds promise for addressing the challenges faced by millions of Africans in accessing affordable and reliable remittance services.

By connecting more than 60 million customers and 5 million businesses across eight countries, the collaboration aims to facilitate over $1 billion in daily transaction value, significantly boosting the flow of remittances within and outside Africa.

With the first phase of the collaboration focusing on key markets such as Nigeria, Kenya, Ghana, and Tanzania, stakeholders anticipate a transformative impact on the remittance landscape, paving the way for greater intracontinental trade and economic integration in line with the objectives of initiatives like the African Continental Free Trade Area (AfCFTA).

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Banking Sector

EFCC Urged to Repatriate Recoveries to NDIC for Depositors’ Relief

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The Nigeria Deposit Insurance Corporation (NDIC) has made a fervent plea to the Economic and Financial Crimes Commission (EFCC) to expedite the repatriation of recovered funds to its coffers to facilitate the timely reimbursement of depositors affected by bank failures.

During a recent meeting between the Managing Director of NDIC, Bello Hassan, and the Executive Chairman of the EFCC, Ola Olukoyede, at the NDIC headquarters in Abuja, Hassan stressed the importance of enhanced collaboration between the two agencies in recovering depositors’ funds lost due to bank failures.

Hassan emphasized that the return of recoveries made by the EFCC on behalf of the NDIC would significantly contribute to the prompt reimbursement of affected depositors.

He commended the EFCC for its unwavering efforts in combating corruption and financial crimes, highlighting its crucial role as a key member of the Taskforce on Implementation of the Failed Banks Act chaired by the NDIC.

The NDIC boss also highlighted the existing partnership between the two organizations, which led to the establishment of the NDIC Help Desk at the EFCC in 2022.

He disclosed that several high-profile cases referred to the EFCC were currently under investigation.

In response, Olukoyede reiterated the EFCC’s commitment to collaborating closely with the NDIC to combat financial crimes and safeguard the integrity of the Nigerian banking sector.

He pledged to intensify efforts to repatriate recovered funds promptly, acknowledging the interconnectedness between criminal activities and bank failures.

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