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Why Forex scarcity prevails — Emefiele breaks silence on crashing Naira

Femi Adeoya
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Why Forex scarcity prevails — Emefiele breaks silence on crashing Naira

Why Forex scarcity prevails — Emefiele breaks silence on crashing Naira

Nigeria’s Apex Bank Governor, Mr Godwin Emefiele, says the decline in crude oil earnings as well as the retreat by foreign portfolio investors significantly affects the supply of foreign exchange into Nigeria.

Emefiele made the submission during the 55th Annual Bankers Dinner organised by the Chartered Institute of Bankers of Nigeria in Lagos on Friday.

He adds that in order to adjust for the decrease in the supply of foreign exchange, the naira depreciated from N305/$ to N360/$, and subsequently to N380/$.

The Central Bank of Nigeria, (CBN) Boss also adds that the nation’s external reserves, which currently stand at $35billion, are sufficient to take care of seven months of imports of goods and services.

His words:

“The decline in crude oil earnings as well as the retreat by foreign portfolio investors significantly affects the supply of foreign exchange into Nigeria.

“Our external reserves currently stand above $35billion are sufficient to cover seven months of import of goods and services.

“With the decline in our foreign exchange earnings and successive exchange rate adjustments, the CBN has continued to implement a demand management framework, which is designed to bolster the production of items that can be produced in Nigeria, and aid conservation of our external reserves.

“Due to the unprecedented nature of the shock, we continued to favour a gradual liberalisation of the foreign exchange market in order to smoothen exchange rate volatility and mitigate the impact which, rapid changes in the exchange rate could have on key macro-economic variables.

“This we believe is in line with international best practices in countries where managed float arrangements are in operation.”




Call 0803 239 3958 for free financial consulting advice for your businesses. Attend our bi-monthly Peachtree Sage 50 accounting and reporting seminar.
Reach us or send your financial updates and articles to info@skytrendconsulting.com.

READ ALSO! Naira free fall: Parallel market not determined by demand, supply forces — CBN Governor

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EFCC beams searchlight on tax evasion, to prosecute alleged offenders

Femi Adeoya
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1
EFCC beams searchlight on tax evasion, to prosecute alleged offenders

EFCC beams searchlight on tax evasion, to prosecute alleged offenders

The Economic and Financial Crimes Commission (EFCC) has beamed its searchlight on tax evasion, adding that it will henceforth join in fighting the crime because, according to the agency, “it is a financial crime that falls within its purview.”

Sanusi Abdullahi, head of the EFCC Kaduna zone, was speaking during a courtesy visit to the Federal Inland Revenue Service (FIRS) Kaduna state office on Tuesday.

A statement signed by Wilson Uwujaren, EFCC head of media and publicity, quoted Abdullahi as saying the commission has assisted FIRS in the recovery of taxes from tax evaders and has prosecuted many of such offenders over the years.

He urged FIRS not to relent in its engagement with tax offenders and assured the service of EFCC’s continued collaboration and intervention in the recovery of all lost taxes.

Othman Alhassan, the FIRS state coordinator for Benue, Kaduna and Niger states, noted that EFCC has been of immense support to FIRS in tax recovery, adding that dwindling government revenue has made it more imperative for both agencies to collaborate and recover all lost tax revenues of the government.

Alhassan described the visit as a timely one that will create room for further engagement between EFCC and FIRS towards addressing the scourge of tax evasion, and also called for collaborations between the two agencies on public tax education and enlightenment.

In 2017, both agencies collaborated to launch an anti-tax fraud and evasion team.




Call 0803 239 3958 for free financial consulting advice for your businesses. Attend our bi-monthly Peachtree Sage 50 accounting and reporting seminar.
Reach us or send your financial updates and articles to info@skytrendconsulting.com.

READ ALSO! Naira free fall: Parallel market not determined by demand, supply forces — CBN Governor

READ ALSO! Skytrend Consulting: Financial services and accounting solutions company

READ ALSO! Why The North Remains Headquarters Of Poverty In Nigeria — Kingsley Moghalu

READ ALSO! For failing to give out ‘adequate loans’, 12 banks fined N499bn

READ ALSO! Naira plunge: Speculators will suffer huge loss, Operators warn

READ ALSO! How To Empower Yourself And Generate Income From Mutual Funds

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Dollar scarcity bites, Naira plunges to N496 record low in 4 months

Femi Adeoya
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4
Dollar scarcity bites, Naira plunges to N496 record low in 4 months

Dollar scarcity bites, Naira plunges to N496 record low in 4 months

The Nigeria’s naira continues to plummet as it exchanges N496 compared to the United States dollar on Friday November 27, 2020, lowest rate in four months.

This represents N6.00k loss when compared to the exchange rate of N490 that it exchanged on Thursday in the parallel market.

At the Bureaux De Change (BDC) segment of the forex market, Naira remained steady at N490 after it weakened by N5 on Thursday as the dollar sold for N490 as against N485 on the previous day.

At the Investors and Exporters (I&E) forex window, the market opened with an indicative rate of N388.70k signalling 0.55k depreciation compared with N388.15 opened with on Thursday, data from the FMDQ reveals.

The Naira has been suffering intense depreciation and steady decline against the dollar at the black market in recent times due to dollar scarcity and speculative purchases.

SKYTREND CONSULTING in house analysts predicted yesterday it may fall to N500/$ next week as forex scarcity persists. This may even happen at the beginning of next week.

Operators blame illegal activities by forex speculators for the sharp depreciation. Some traders also attribute the naira decline in value to increased demand due to speculation.

SKYTREND CONSULTING recalls that the forex market has been under intense pressure since March 2020 following a sharp drop in oil pricess as a result of the Covid 19 pandemic.




Call 0803 239 3958 for free financial consulting advice for your businesses. Attend our bi-monthly Peachtree Sage 50 accounting and reporting seminar.
Reach us or send your financial updates and articles to info@skytrendconsulting.com.

READ ALSO! Naira free fall: Parallel market not determined by demand, supply forces — CBN Governor

READ ALSO! Skytrend Consulting: Financial services and accounting solutions company

READ ALSO! Why The North Remains Headquarters Of Poverty In Nigeria — Kingsley Moghalu

READ ALSO! For failing to give out ‘adequate loans’, 12 banks fined N499bn

READ ALSO! Naira plunge: Speculators will suffer huge loss, Operators warn

READ ALSO! How To Empower Yourself And Generate Income From Mutual Funds

READ ALSO! Is N-Power Truly Empowering Nigerian Youths?

Naira plummets to N490/$, may exchange N500/$ next week

Femi Adeoya
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2
Naira plummets to N490/$, may exchange N500/$ next week

Naira plummets to N490/$, may exchange N500/$ next week

The Nigeria’s naira continues to plummet against the dollar as it exchanged at an average of N490/$ on Thursday November 26, 2020.

This represents N4.33k loss when compared with an average rate of N486 that it exchanged on Wednesday on the parallel market.

At the Bureaux De Change (BDC) segment of the forex market, Naira weakened by N5 as the dollar sold for N490 on Thursday as against N485 on the previous day.

The nation’s currency has been on a steady decline against the dollar at the black market in recent times.

SKYTREND CONSULTING in house analysts predicts it may fall to N500/$ next week as forex scarcity persists.

On Wednesday, November 25, 2020, the Naira exchanged at the rate of N486 to the United States dollar at the parallel market.

On Monday and Tuesday, it traded at N483 per dollar and has continued to plunge under intense pressure of forex demand in recent days. It had plunged to N484 on Friday.

Operators blame illegal activities by forex speculators for the sharp depreciation. Some traders also attribute the naira decline in value to increased demand due to speculation.

SKYTREND CONSULTING recalls that the forex market has been under intense pressure since March 2020 following a sharp drop in oil pricess as a result of the covid 19 pandemic.

The Association of Bureaux De Change Operators of Nigeria (ABCON), Alhaji Aminu Gwadabe earlier in the week warned that foreign exchange speculators were taking huge risk and will soon suffer massive loss as a result of what he called “their illegal activities”.




Call 0803 239 3958 for free financial consulting advice for your businesses. Attend our bi-monthly Peachtree Sage 50 accounting and reporting seminar.
Reach us or send your financial updates and articles to info@skytrendconsulting.com.

READ ALSO! Naira free fall: Parallel market not determined by demand, supply forces — CBN Governor

READ ALSO! Skytrend Consulting: Financial services and accounting solutions company

READ ALSO! Why The North Remains Headquarters Of Poverty In Nigeria — Kingsley Moghalu

READ ALSO! For failing to give out ‘adequate loans’, 12 banks fined N499bn

READ ALSO! Naira plunge: Speculators will suffer huge loss, Operators warn

READ ALSO! How To Empower Yourself And Generate Income From Mutual Funds

READ ALSO! Is N-Power Truly Empowering Nigerian Youths?

Naira plunges further, exchanges for 486/$

Femi Adeoya
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2
Naira plunges further, exchanges for 486/$

Naira plunges further, exchanges for 486/$

The Nigeria’s naira plunged further on Wednesday, November 25, 2020, at the Parallel market, exchanging at the rate of N486 to the United States dollar.

The local currency which had traded at N483 per dollar both on Monday and Tuesday, has come under intense pressure in recent days. It had plunged to N484 on Friday.

Operators blame illegal activities by forex speculators for the sharp depreciation. Some traders also attribute the naira decline in value to increased demand due to speculation.

SKYTREND CONSULTING recalls that the forex market has been under intense pressure since March 2020 following a sharp drop in oil pricess as a result of the covid 19 pandemic.

The foreign exchange market closed on Wednesday with the nation’s currency weakened across all market segments.

Naira dropped in value by N3 as the dollar traded at an average rate of N486 on Wednesday as against N483 on Tuesday.

SKYTREND CONSULTING findings reveal that in some parts of Lagos, naira sold for N484 and N485, while in some other parts of Abuja and Kano, it traded for N487.

Central Bank of Nigeria (CBN) Governor, Mr. Godwin Emefiele says the Parallel market cannot be used to determine the true value of the country’s currency, as the value of the naira can only be determined by forces of demand and supply.

The local currency also lost N3 at the end of business on Wednesday at the Bureau De Change (BDC) segment as the dollar sold for N485 compared to N482 the previous day.

This is in spite of the dollar disbursement to BDCs on Tuesday. The BDCs funded their account on Wednesday in anticipation of Dollar allocation on Thursday by the Apex Bank.

SKYTREND CONSULTING notes that the Apex Bank sells $10,000 twice weekly to the BDCs segment of the forex market.




Call 0803 239 3958 for free financial consulting advice for your businesses. Attend our bi-monthly Peachtree Sage 50 accounting and reporting seminar.
Reach us or send your financial updates and articles to info@skytrendconsulting.com.

READ ALSO! Skytrend Consulting: Financial services and accounting solutions company

READ ALSO! Why The North Remains Headquarters Of Poverty In Nigeria — Kingsley Moghalu

READ ALSO! For failing to give out ‘adequate loans’, 12 banks fined N499bn

READ ALSO! Naira plunge: Speculators will suffer huge loss, Operators warn

READ ALSO! How To Empower Yourself And Generate Income From Mutual Funds

READ ALSO! Is N-Power Truly Empowering Nigerian Youths?

READ ALSO! TraderMoni: Poverty Alleviation Or Political Leverage?

Naira free fall: Parallel market not determined by demand, supply forces — CBN Governor

Femi Adeoya
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3
Naira free fall: Parallel market not determined by demand, supply forces — CBN Governor

Naira free fall: Parallel market not determined by demand, supply forces — CBN Governor

Central Bank of Nigeria (CBN) Governor, Mr. Godwin Emefiele says the parallel market cannot be used to determine the true value of the country’s currency, as the value of the naira can only be determined by forces of demand and supply.

Emefiele made the statement on Tuesday in Abuja after the Monetary Policy Committee (MPC) meeting, adding that the parallel market rate is high mainly because of the illicit activities of people using the dollar for bribery.

The Apex Bank boss adds that the bank would raise its COVID-19-targeted facility from N150 billion to N300 billion in order to accommodate more Nigerians in a bid to cushion the impact of the pandemic that has pushed the nation’s economy into its 2nd recession in 5 years.

This according to Dr Emefiele, will spur consumer spending and accelerate recovery from the recession.

The apex bank, arising from its two-day meeting of the MPC, the last in 2020, resolved to leave all monetary policy parameters unchanged in continued efforts to stimulate economic growth.




Call 0803 239 3958 for free financial consulting advice for your businesses. Attend our bi-monthly Peachtree Sage 50 accounting and reporting seminar.
Reach us or send your financial updates and articles to info@skytrendconsulting.com.

READ ALSO! Skytrend Consulting: Financial services and accounting solutions company

READ ALSO! Why The North Remains Headquarters Of Poverty In Nigeria — Kingsley Moghalu

READ ALSO! For failing to give out ‘adequate loans’, 12 banks fined N499bn

READ ALSO! Naira plunge: Speculators will suffer huge loss, Operators warn

READ ALSO! How To Empower Yourself And Generate Income From Mutual Funds

READ ALSO! Is N-Power Truly Empowering Nigerian Youths?

READ ALSO! TraderMoni: Poverty Alleviation Or Political Leverage?

Nigeria’s Naira Stables, Exchanges For 483/$

Femi Adeoya
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0
Nigeria’s Naira Stables, Exchanges For 483/$

Nigeria’s Naira Stables, Exchanges For 483/$

The Nigeria’s naira maintained its exchange rate of N483 to the US Dollar on Tuesday, November 24, 2020, at the parallel market.

The local currency which had traded at N483 per dollar both on Monday, has come under pressure in recent days. It had plunged to N484 on Friday.

The President, Association of Bureaux De Change Operators of Nigeria, Alhaji Aminu Gwadabe, had warned that speculators would suffer huge losses as CBN had enough reserves to fund the market and defend the naira.

On Tuesday, Central Bank of Nigeria (CBN) Governor, Mr. Godwin Emefiele says the parallel market cannot be used to determine the true value of the country’s currency, adding that only the forces of demand and supply can be used, a claim which economic experts who spoke with SKYTREND ONSULTING disagree with.

The CBN has kept the official exchange rate at N379/$1 since August, when the naira was devalued for the second time this year from 360 per dollar. It was first devalued to 360 in March from 306.




Call 0803 239 3958 for free financial consulting advice for your businesses. Attend our bi-monthly Peachtree Sage 50 accounting and reporting seminar.
Reach us or send your financial updates and articles to info@skytrendconsulting.com.

READ ALSO! Skytrend Consulting: Financial services and accounting solutions company

READ ALSO! Why The North Remains Headquarters Of Poverty In Nigeria — Kingsley Moghalu

READ ALSO! For failing to give out ‘adequate loans’, 12 banks fined N499bn

READ ALSO! Naira plunge: Speculators will suffer huge loss, Operators warn

READ ALSO! How To Empower Yourself And Generate Income From Mutual Funds

READ ALSO! Is N-Power Truly Empowering Nigerian Youths?

READ ALSO! TraderMoni: Poverty Alleviation Or Political Leverage?

Nigerian govt appeals to beneficiaries of TraderMoni, Others to repay loans

Femi Adeoya
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0
Nigerian govt appeals to beneficiaries of TraderMoni, Others to repay loans

Nigerian govt appeals to beneficiaries of TraderMoni, Others to repay loans

The Nigerian government has appealed to the beneficiaries of TraderMoni, FarmerMoni, MarketMoni under the Government Enterprise and Empowerment Programme (GEEP) to repay their loans in order to enable them to get a higher credit facility.

According to a disclosure on Tuesday via its Twitter account, the call followed concerns over the repayment of the empowerment funds as stipulated in the terms and condition of disbursement.

The government agency added that the repayment will make them have access to other GEEP products.

GEEP, through its verified tweet, said: “Beneficiaries are advised to repay their loan to enable them to get a higher loan, and to have access to other GEEP products.”

It also outlined practical steps for the repayment of these loans. To repay the loans, beneficiaries were urged to walk into any of the listed banks; GTB, UBA, Ecobank, Union Bank, Stanbic, Sterling, Wema, Fidelity, Heritage, and Jaiz Bank.

The beneficiaries were further instructed to report to any of the aforementioned banks, telling them that they would like to pay the BOI-GEEP loan on PayDirect.



Call 0803 239 3958 for free financial consulting advice for your businesses. Attend our bi-monthly Peachtree Sage 50 accounting and reporting seminar.
Reach us or send your financial updates and articles to info@skytrendconsulting.com.

READ ALSO! Skytrend Consulting: Financial services and accounting solutions company

READ ALSO! Why The North Remains Headquarters Of Poverty In Nigeria — Kingsley Moghalu

READ ALSO! For failing to give out ‘adequate loans’, 12 banks fined N499bn

READ ALSO! Naira plunge: Speculators will suffer huge loss, Operators warn

READ ALSO! How To Empower Yourself And Generate Income From Mutual Funds

READ ALSO! Is N-Power Truly Empowering Nigerian Youths?

READ ALSO! TraderMoni: Poverty Alleviation Or Political Leverage?

Recession: Nigeria’s Apex bank retains MPR at 11.5%

Femi Adeoya
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0
Recession: Nigeria’s Apex bank retains MPR at 11.5%

Recession: Nigeria’s Apex bank retains MPR at 11.5%

In order for Nigeria to quickly exit recession and facilitate economic recovery, The Nation’s Apex bank has retained the benchmark interest rate, which is measured by the Monetary Policy Rate (MPR) at 11.5%.

The Central Bank of Nigeria (CBN) made this disclosure at the conclusion of the two-day monetary policy committee (MPC) meeting held in Abuja.

MPR is the interest rate at which CBN lends to the commercial banks. It’s the benchmark against which other lending rates in the economy are pegged and is usually used as an instrument to moderate inflation in the economy

Reading the communiqué, the Governor of the CBN, Mr Godwin Emefiele, said the committee, at the gathering, felt it was the best decision for the national interest rate should be left at the current level.

The committee also retained the Liquidity Ratio at 30 percent and Cash Reserve Ratio (CRR) at 27.5 percent.

CBN boss said this was to allow the different measures put in place by the fiscal and monetary authorities to achieve the needed results and quicken the exit of Nigeria from recession.

Last Saturday, the National Bureau of Statistics (NBS), said the nation’s gross domestic product (GDP) contracted by 3.62 per cent in the third quarter of 2020 and because of the 6.10 per cent decline in GDP in the second quarter of the year, the country officially entered a recession.




Call 0803 239 3958 for free financial consulting advice for your businesses. Attend our bi-monthly Peachtree Sage 50 accounting and reporting seminar.
Reach us or send your financial updates and articles to info@skytrendconsulting.com.

READ ALSO! Skytrend Consulting: Financial services and accounting solutions company

READ ALSO! Why The North Remains Headquarters Of Poverty In Nigeria — Kingsley Moghalu

READ ALSO! For failing to give out ‘adequate loans’, 12 banks fined N499bn

READ ALSO! Naira plunge: Speculators will suffer huge loss, Operators warn

READ ALSO! How To Empower Yourself And Generate Income From Mutual Funds

READ ALSO! Is N-Power Truly Empowering Nigerian Youths?

READ ALSO! TraderMoni: Poverty Alleviation Or Political Leverage?

IT’S OFFICIAL: Minimum wage earners will no longer pay tax

Femi Adeoya
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2
IT’S OFFICIAL: Minimum wage earners will no longer pay tax

IT’S OFFICIAL: Minimum wage earners will no longer pay tax

Earners of minimum wage will no longer be required to pay Personal Income Tax, according to the proposed 2020 Finance Bill.

President Muhammadu Buhari says the 2020 Finance Bill exempts earners of minimum wage from paying taxes.

This was disclosed on Monday in a speech delivered virtually by Vice President Yemi Osinbajo at the opening session of the 26th Nigerian Economic Summit Group Conference themed: “Building Partnerships for Resilience.”

“We are proposing in the new Finance Act that those who earn minimum wage should be exempted from paying income tax,” he was quoted as saying in a statement issued by the Senior Special Assistant to the Vice President on Media and Publicity, Laolu Akande.

“These provisions which complement the tax breaks given to small businesses last year will not only further stimulate the economy but are also a fulfilment of promises made to take steps to help reduce the cost of transportation and the impact of inflation on ordinary Nigerians.”




Call 0803 239 3958 for free financial consulting advice for your businesses. Attend our bi-monthly Peachtree Sage 50 accounting and reporting seminar.
Reach us or send your financial updates and articles to info@skytrendconsulting.com.

READ ALSO! Skytrend Consulting: Financial services and accounting solutions company

READ ALSO! Why The North Remains Headquarters Of Poverty In Nigeria — Kingsley Moghalu

READ ALSO! For failing to give out ‘adequate loans’, 12 banks fined N499bn

READ ALSO! Naira plunge: Speculators will suffer huge loss, Operators warn

READ ALSO! How To Empower Yourself And Generate Income From Mutual Funds

READ ALSO! Is N-Power Truly Empowering Nigerian Youths?

READ ALSO! TraderMoni: Poverty Alleviation Or Political Leverage?

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