CBN lifts Naira with $482.6m

In the first trading day of the week, the Central Bank of Nigeria (CBN) yesterday intervened in the inter-bank market with $482.6 million just as the series of injection may have cost the nation’s foreign reserves $493.72 million in 21 days.

A breakdown of Tuesday’s interventions shows that the retail Secondary Market Intervention Sales (SMIS) was allocated the sum of $285,779,350, while the $100 million was offered in the Wholesale SMIS auction window. The Small, Medium and Enterprises (SMEs) window got an allocation of $52 million, while the invisibles segment, comprising Basic Travel Allowance (BTA), Personal Travel Allowance (PTA), medicals and tuition fees, among others, was allocated the sum of $45 million.

According to the Acting Director, Corporate Communications at the CBN, Isaac Okorafor, the interventions are in line with the bank’s resolve, echoed by the Governor, Godwin Emefiele, at last week’s briefing of the Monetary Policy Committee (MPC) meeting.

While expressing pleasure that the intervention of the bank had ensured stability across all segments of the forex market, Okorafor voiced his optimism that the bank’s objective of exchange rate convergence would be achieved soon. Okorafor, therefore, reiterated his call to all stakeholders to play their respective roles in ensuring a smooth running of the foreign exchange market for the overall benefit of the economy.

Meanwhile, surveys in Abuja, Lagos, Kano and Port-Harcourt on Tuesday indicated that the dollar traded to the Naira at an average rate of N375/$1. But market regulator, FMDQ OTC Securities Exchange, said that the local currency was quoted at N380.33 per dollar at the investor window, while other reports said it was quoted at N382 a dollar on the black market, while commercial lenders quoted the local currency at 305.85 per dollar on the interbank market.

Recall that CBN has been intervening on the official market with a view to narrowing the spread between the official interbank and parallel markets. It has so far sold about $4 billion since February.

Meanwhile, the country’s foreign reserves has dipped by 0.87 per cent to $30.49 billion by May 25 from a month ago.This indicates that the reserves have shed a total of $493.72 million in the past 21 days.

According to data from the Central Bank of Nigeria (CBN), the reserves swung from a little over $30.988 billion on May 4, 2017 to $30,495 billion as at the close of business on Thursday May 25.

Within the same period, the CBN made numerous interventions in the foreign exchange market to keep the naira stable at about 375 to 380 per dollar at the parallel market.

SOURCE: http://sunnewsonline.com/cbn-lifts-naira-with-482-6m/

Iheanacho: City insists on buy-back clause

Manchester City is being careful over the sale of her 20 -year -old Nigerian international, Kelechi Iheanacho.

The club has therefore resolved to put in place a buy-back clause to the sale of the player who is wanted by at least three English Premier League sides.

According to the latest reports coming out of London, City does not want to be left in the same situation as Chelsea, who allowed Romelu Lukaku to leave without inserting an option to buy back the striker at a set price.

Iheanacho has struggled to play under Pep Guardiola, having only started five Premier League games all season.

The Nigerian has previously spoken about his need to play to build his confidence.

West Ham will want any buy-back fee to be at least double what they pay, though City will likely argue it should be closer to the £30m mark or less. The total can vary depending on what Iheanacho achieves at a new club.

Despite that limited opportunity Iheanacho still managed seven goals and three assists, with those strikes coming at an average rate of one every 128 minutes.

Meanwhile, the Manchester City wonder-kid has re-joined the Super Eagles at their get-together in the French capital, ahead of tomorrow’s international friendly against Togo.

Iheanacho, who scored Nigeria’s equalizer against hosts Corsica on Friday night, was allowed to fly back to England when the team landed in Paris from Ajaccio yesterday afternoon.

SOURCE: http://sunnewsonline.com/iheanacho-city-insists-on-buy-back-clause/

Nigeria may exit recession in Q3 – Report

RECENT developments in the Nigerian economy where the contraction in the GDP slowed considerably in Q1, 2017 is an indication that the country will likely exit the current recession between Q2 and Q3, 2017, analysts at FSDH Merchant Bank, have said. 

This, according to them, in a weekly review of the economy tagged, ‘Nigerian Economy Exiting Recession’ is hinged on the latest data released by the National Bureau of Statistics, NBS, which showed that the GDP contracted by 0.52 per cent, mainly due to the decline recorded in mining and quarrying, and trade sectors which countered the recovery in the non-oil sector of the economy.

The investment banking house stated that a review of the Purchasing Managers Index (PMI) showed that production activities are already picking up in Nigeria, while the improvement in the crude oil production and the expectation that the crude oil price will remain above $50/b should lift the Oil GDP.

The Nigerian economy entered into a recession in Q2 2016 following two consecutive quarters of GDP contraction. The economy contracted further in Q3 2016 and Q4 2016. Thus, the Nigerian economy contracted by 0.67 per cent, 1.49 per cent, 2.34 per cent and, 1.73 per cent in Q1, Q2, Q3 and Q4 2016 respectively. The following factors pushed the Nigerian economy into a recession: drop in crude oil price and production, foreign exchange shortages, non-payment of workers’ salaries in the public sector, low electricity generation and low investors’ confidence in Nigeria.

SOURCE: http://www.vanguardngr.com/2017/05/nigeria-may-exit-recession-q3-report/

How Nigerians invested over N28.7bn, lost N11.9bn in crashed MMM

ABUJA—The Nigerian investing public lost N11.9 billion to the Mavrodi Mundial Moneybox, MMM, Ponzi scheme, according to the Annual Report of the Nigeria Electronic Fraud Forum, NeFF, which was unveiled, in Abuja, yesterday. It indicated that Nigerians invested over N28.7 billion in the scheme between June and December 2016.

The report also showed that the N28.7 billion was money that passed through the NIBSS, involving only 14 banks that are currently on the NIBSS industry Anti-fraud System, HEINDALL, an indication that the aggregate amount Nigerians invested in the MMM and the loss could be much higher than the above figures. N2.19bn bank frauds.

SOURCE: http://www.vanguardngr.com/2017/05/nigerians-invested-n28-7bn-lost-n11-9bn-crashed-mmm/

NDIC to lead Africa in deposit insurance

The Nigeria Deposit Insurance Corporation (NDIC) is set to lead the African Sub-Region in enhancing capacity building and bridging skills gaps in the banking industry in general and the Deposit Insurance Scheme (DIS) in particular.

The NDIC’s Managing Director/Chief Executive, Alh. Umaru Ibrahim made this remark during the accreditation ceremony of the NDIC Academy as a training service provider for its staff and the banking industry by the Council of the Chartered Institute of Bankers of Nigeria (CIBN) at the Bankers House, Victoria Island, Lagos.

Ibrahim said with the NDIC Academy’s new status, it is positioned to fulfill the Corporation’s goal of serving as a center of academic excellence for capacity building on the Deposit Insurance Scheme (DIS) for countries in the Sub-Saharan Africa. He added that the Corporation prides itself on establishing high standards of professionalism and competency among its staff through the Corporation’s NDIC Academy and other human capital development initiatives, including the Chartered Banker/MBA program of University of Bangor, Scotland in partnership with the CIBN. 

NDIC’s head, Communication and Public Affairs, H. I. Birch I made this disclosure in a statement yesterday.

SOURCE: http://thenationonlineng.net/ndic-lead-africa-deposit-insurance/

Nigeria, U.S trade volume hits $5.3b

Nigeria’s trade volume with the United States (U.S.) reached $5.3billion in 2015, the Nigerian Ports Authority (NPA) said yesterday.

                  

Speaking at a trade forum organised by the NPA to welcome the Miami-Dade County, Florida Business Development Mission to Lagos, its Managing Director, Ms Hadiza Bala Usman said Nigeria’s trading volume with America stands at $5.3billion.

Represented by the Executive Director, Engineering and Technical Services, Prof Sanni Abubakar, she said goods exported from Nigeria to the U.S stood at $1.9 billion while the imports from the same country stood at $3.4billion.

She said U.S goods trade surplus with Nigeria was $1.5billion.

SOURCE: http://thenationonlineng.net/nigeria-u-s-trade-volume-hits-5-3b/

Financial experts seek tax incentives to boost listing on NSE

Some financial experts on Monday called on the Federal Government to introduce tax incentives that would aid listing of blue chips on Nigerian Stock Exchange (NSE).

They told the News Agency of Nigeria (NAN) in Lagos, while assessing the administration’s second anniversary, that the incentives should be considered to deepen the market.

Prof. Sheriffdeen Tella , professor of economics, Olabisi Onabanjo University Ago-Iwoye, Ogun, said that introduction of tax incentives would make blue chip companies such as telecommunication firms to enlist on the exchange.

Stop gambling with your finances

When you invest in what you don’t know, you are simply gambling aka ‘try your luck’. Growing up, I remember itinerant scam artists who staged road shows to attract the gullible, promising instant prizes for picking the right card. All you needed to do was to pay the ‘entry fee’ and then ‘try your luck’. The returns were instant but many went home without the money they left home with. Sadly, many people are still trying their luck. They don’t know what they are doing but still go ahead to do it, with the hope that the promised returns will materialize.

With the advent of the information age triggered by the coming of the internet, ignorance is no longer an excuse. If you can read, own a smartphone with data, you have a massive amount of information at your fingertips. With Google translate, you can access information in major Nigerian languages. The issue is no longer lack of information, but what to do with it.

SOURCE: http://punchng.com/stop-gambling-with-your-finances/

Banks lost N2.19bn to fraudsters in 2016 – CBN

The Central Bank of Nigeria on Tuesday said that Deposit Money Banks in the country lost a total of N2.19bn to fraudsters in the 2016 fiscal period.

The figure was contained in the Nigeria Electronic Fraud Forum Annual Report, which was unveiled by the CBN Governor, Mr. Godwin Emefiele, during the NEFF stakeholders’ workshop on cyber-crime. The conference with the theme: ‘Tackling enforcement challenges under the Cyber-crime Act’, was held to address some of the impediments to the enforcement of the Act.

The report, which was made available to our correspondent, stated that 19,531 fraud cases were reported for the DMBs in 2016 as against 10,743 in 2015.

SOURCE: http://punchng.com/banks-lost-n2-19bn-to-fraudsters-in-2016-cbn/