Connect with us

Finance

Nigeria Realises US$10.22b Forex Inflow in May

Published

on

Forex Weekly Outlook October 31-November 4
  • Nigeria Realises US$10.22b Forex Inflow in May

The Central Bank of Nigeria (CBN) has said the federation recorded a total foreign exchange inflow of US$10.22 billion in May.

This was 3.2 percent high than the number achieved in April but 4 percent lower than the level achieved in the same period of 2018.

In the CBN economic report released for May 2019, the apex bank said a total of US$3.97 billion outflows were recorded in the same month, bringing the nation net inflow to US$6.26 billion in the month.

Again, this was higher than the US$5.04 billion filed in April 2019 and US$5.51 billion recorded in May 2018.

The central bank attributed the increase to the 4.3 percent and 2.6 percent surge in inflows through the Bank and Autonomous sources, respectively.

Inflow through autonomous sources surged by 2.6 percent to US$6.21 billion in May 2019. While outflow from autonomous sources declined by 37.8 percent month-on-month to US$0.37 billion.

The CBN sold US$2.04 billion to authorised forex dealers in May as part of its intervention programme to support the Naira. That was lower than the US$2.43 billion sold in April.

The rise in foreign exchange inflow is a positive sign and indicate a renewed interest in the economy, especially when compared to previous months when outflows were higher than inflows.

The apex bank has been able to build the foreign exchange reserves to over $44 billion as sustained oil production amid high oil prices has helped bolstered the reserves and support CBN forex intervention programme.

During the month under review, the average exchange rate of the Naira at the inter-bank, the BDC segment and the “investors” and “exporters” window were N306.95/US$, N359.69/US$ and N360.71/US$, respectively.

 

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 long experience in the global financial market.

Continue Reading
Comments

Finance

Access Bank in Talks to Acquire Cavmont Bank

Published

on

Access bank

Access Bank to Acquire Cavmont Bank in Zambia

Access Bank Plc on Wednesday announced that its wholly-owned subsidiary in Zambia, Access Bank Zambia Limited (Access Bank Zambia) is in talks to acquire Cavmont Bank Limited, a subsidiary of Cavmont Capital.

According to the statement signed by Mr. Sunday Ekwochi, Company Secretary, Access Bank and released on the Nigerian Stock Exchange website on Wednesday, the ongoing discussions is to acquire 100 percent of Cavmont Capital’s interest in Cavmont Bank.

However, the lender said “there can be no certainty that a transaction will be agreed, nor as to the terms of any such agreement.

“The completion of a transaction would be subject to formal regulatory approvals. Access Bank will be updating the market as appropriate and in accordance with its disclosure obligations.”

The lender, therefore, advised shareholders to exercise caution when dealing in Access Bank’s securities.

Investors King Ltd note: This announcement further threw more lights on the recent purchases of Access Bank’s shares by Herbert Wigwe, the Chief Executive Officer and Managing Director, Access Bank.

The CEO/MD purchased 7.532 million of Access Bank‘s shares in the last one month.

Continue Reading

Finance

Mohammed Umar is the New Acting Chairman of EFCC

Published

on

EFCC

Buhari Appoints Mohammed Umar as EFCC Acting Chairman

President Muhammadu Buhari has appointed, Mohammed Umar, the director of operations at the Economic and Financial Crimes Commission (EFCC), as the new Acting Chairman of the agency, according to the NAN.

A top official of the commission confirmed to NAN that Umar has taken charge of the agency following the suspension of Ibrahim Magu, the former acting Chairman.

Ibrahim Magu was suspended by the President on Tuesday following series of allegations bordering on frauds, financial misappropriations and abuse of power.

 

Continue Reading

Finance

CBN Spends $11.5bn in Q1 2020 to Support the Economy and Dwindling Naira

Published

on

CBN

CBN Injects $11.5bn Into the Economy in the First Quarter

The Central Bank of Nigeria (CBN) injected a combined $11.5 billion into the nation’s foreign exchange market to stabilise the economy and support the Naira value in the first quarter of the year.

According to the latest report from the apex bank, the central bank injected $2.96 billion into the nation’s forex market in the month of January. Another $3.39 billion was used to support the economy in February while $4.7 billion was supplied in the month of March, the very month the economy was locked and all operations grounded to curb the spread of COVID-19.

A further breakdown of the report revealed that the Investors and Exporters’ foreign exchange window, Small and Medium enterprises and Invisible segments received a total of $7.23 billion of the $11.5 billion, the Bureau De Change segment received $3.6 billion while the Interbank and WDAS/RDAS got the rest in the first quarter.

The report noted that the apex bank injected a total sum of $14.72 billion and $28.55 billion into the economy in 2018 and 2019, respectively.

Meanwhile, the central bank is yet to commence the sales of forex to the bureau de change following the March suspension.

But has commenced partial sales to all commercial banks for onward sales to parents and small businesses across the country.

Mr Isaac Okorafor, the Director, Corporate Communications, CBN, had said, “The CBN has also made complete arrangements to resume foreign exchange sales to the BDC segment of the market for business travels, personal travels and other designated retail uses, as soon as international flights resume.”

Continue Reading
Advertisement
Advertisement
Advertisement
Advertisement

Trending