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Naira in historic free fall, exchanges for 483/$

Femi Adeoya
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5
Naira in historic free fall, exchanges for 483/$

Naira in historic free fall, exchanges for 483/$

The Nigeria’s naira is in an all historic free fall against the United States dollar as it exchanges record low N483/$1 at the parallel market on Monday, November 23, 2020,

This is notwithstanding the release from the Bureau De Change operators who had earlier lamented that Forex speculators were forcefully depreciating the Naira with their illegal activities.

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

He noted that the naira had, in the last few days, depreciated in the parallel market, but had remained stable at N379 to the dollar at the official CBN rate.

However the Naira still closed at 483/$1 at the parallel market on Monday

Bloomberg earlier reports that companies and individuals were diverting export proceeds and remittances away from approved channels..

This is also as demand pressure increases as importers stock up goods ahead of Christmas sales.




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Recession: Stop feeding the rich, starving the poor — Amadi tells Buhari govt

Femi Adeoya
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0
Recession: Stop feeding the rich, starving the poor — Amadi tells Buhari govt

Recession: Stop feeding the rich, starving the poor — Amadi tells Buhari govt

Former Nigerian Electricity Regulatory Commission (NERC) Boss, Dr Sam Amadi says the government of President Mohammadu Buhari should stop feeding the rich and starving the poor.

He advised that the government should instead focus on taxing luxury goods.

He made the comment in a tweet on Sunday in response to Nigeria’s slip into its 2nd recession in 5 years, adding that the Buhari government had gotten Nigeria into a second recession under its regime and should take the country out of it.

Amadi says, “Since @NGRPresident has got us into a second recession, it has a responsibility to get us out quickly. To start, it should refocus from feeding the rich and starving the poor.

“It is now time to tax luxury items, reduce salaries and allowances of the upper level and reduce tax on poor.”

Former Deputy Governor of the Central Bank of Nigeria (CBN), Dr. Obadiah Mailafia on his part adds that Nigeria relapsed into another recession because the people had lost confidence in the system.

He noted that because of the high level of insecurity, people in the North-West, North-Central and North-East had abandoned their farms.

He added that the same problem was in the South, leading to the rise in inflation.

According to him, investments in the country have dropped, thus jobs are not being created.

The former CBN deputy governor, therefore, advised government to restore people’s confidence by addressing insecurity so that people could go back to farms.

He warned that unless this is done, things will get worse next year.




Call 0803 239 3958 for free financial consulting advice for your businesses. Attend our bi-monthly Peachtree Sage 50 accounting and reporting seminar.
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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! Nigerian Central Bank Approves Disbursement Of Loans For Creative Industries At 9%

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 plunge: Speculators will suffer huge loss, Operators warn

Femi Adeoya
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1
Naira plunge: Speculators will suffer huge loss, Operators warn

Naira plunge: Speculators will suffer huge loss, Operators warn

The Association of Bureaux De Change Operators of Nigeria (ABCON) has warned that foreign exchange speculators will soon suffer huge loss over their forceful depreciation of the naira through illegal activities.

President of ABCON, Alhaji Aminu Gwadabe, says such speculators were taking huge risks with their funds, as the Central Bank of Nigeria (CBN) had enough financial muscle to defend the naira and close the widening gaps between official and parallel market rates.

ABCON gave the warning in a communique titled, ‘ABCON warns speculators will lose money as CBN has enough reserves to fund market, defend naira’, on Sunday.

According to Gwadabe, with nearly $36bn foreign reserves, the CBN has what it takes to punish the enemies of the economy forcing the naira to depreciate through speculative activities.

SKYTREND CONSULTING recalls that the naira had in the last few days depreciated to 480 to the dollar in the parallel market, but had remained stable at 379 to the dollar at the official CBN rate.




Call 0803 239 3958 for free financial consulting advice for your businesses. Attend our monthly Peachtree Sage 50 accounting and reporting seminar.
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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! Nigerian Central Bank Approves Disbursement Of Loans For Creative Industries At 9%

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

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

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Nigeria’s poverty rate will worsen with recession — Peter Obi

Femi Adeoya
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2
Nigeria’s poverty rate will worsen with recession — Peter Obi

Nigeria’s poverty rate will worsen with recession — Peter Obi

Former Anambra State Governor, Peter Obi, says the poverty rate in Nigeria will get worse as the nation slips into its second recession in 5 years.

He adds that solving the current economic crisis was more important than political permutations geared towards 2023.

He made the remark this evening during an appearance on Channels Television’s Sunday Politics.

Obi lambasted the current administration over its propensity to borrow for corruption and inability to cut government expenses.

“The cost of governance is not acceptable,” he said. “There is too much waste.

“This recession is going to be worst than in 2016 because the monies we borrowed then were not properly invested.

The former governor blamed President Muhammadu Buhari’s administration for not adequately preparing the country for the impact of the Covid 19 pandemic.

“Every other country is discussing the recession and how to pull their people out of poverty,” he said. “So what we should do now is to concentrate on the monetary and fiscal policies to start pulling people out of poverty.

“If you see what happened with recent protests, you could see that we are heading into a problem. And I want our energy to be concentrated in that problem. The politicians, the class where I belong, should do more seriously, across party lines, to be able to arrest the situation before it gets out of hand.

“For me, it is in discussing how do we put food on people’s table. Elections will come and we can see how to select the best. But let’s deal with the recession we have just entered before 2023.”

“What we need now is to go into a vigorous regime of formulating implementable and measurable monetary and fiscal policies to drive ourselves out of the present situation.”




Call 0803 239 3958 for free financial consulting advice for your businesses. Attend our monthly Peachtree Sage 50 accounting and reporting seminar.
Send your accounting articles to blog@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! Nigerian Central Bank Approves Disbursement Of Loans For Creative Industries At 9%

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?

ASUU not exempted from IPPIS: Nigerian govt denies report

Femi Adeoya
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0
ASUU not exempted from IPPIS: Nigerian govt denies report

ASUU not exempted from IPPIS: Nigerian govt denies report

Nigerian Government has denied media reports that the Academic Staff Union of Universities, ASUU, has been exempted from the Integrated Payroll and Personnel Information System, IPPIS, platform.

Minister of Labour and Employment, Senator Chris Ngige says the government was quoted out of context on the matter. He adds that there was no meeting it was agreed that ASUU would be exempted from the IPPIS payment platform.

Making the clarification on Saturday, the minister says, “A lot of people are quoting us out of context, saying we abandoned the IPPIS and that we said they should not be on IPPIS; it is not true.

“What we said in the meeting and what we agreed was that, in the interim, for the transition period, UTAS is being tested by the NITDA (National Information Technology Development Agency) and the Office of National Security Adviser for cyber security.

“For that transition period, ASUU members that are not yet on IPPIS will be paid through the platform with which they were paid the President’s compassionate COVID-19 payment done to them between the months of February and June.

“That platform is a hybrid platform between IPPIS and GIFMIS (Government Integrated Financial and Management Information System) platform for the transition period. That was what was used; it’s a hybrid.”

Ngige explained that the reason for reaching that position was that no government payment would be done outside the IPPIS platform.

“So, there is a handshake between IPPIS and GIFMIS platform and that was what was used in paying them for that period and so we are going to continue with that until UTAS undergoes all the integrity and cybersecurity tests and it is confirmed for use, ” he added.




Call 0803 239 3958 for free financial consulting advice for your businesses. Attend our monthly Peachtree Sage 50 accounting and reporting seminar.
Send your accounting articles to blog@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! Nigerian Central Bank Approves Disbursement Of Loans For Creative Industries At 9%

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

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

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Nigerian govt makes u-turn, exempts ASUU from IPPIS

Femi Adeoya
-
0
Nigerian govt makes u-turn, exempts ASUU from IPPIS

Nigerian govt makes u-turn, exempts ASUU from IPPIS

The Academic Staff Union of Universities (ASUU) has been exempted from the use of the Integrated Payroll and Personnel Information System (IPPIS) in paying salaries to its members.

ASUU had been at loggerheads with the federal government over the use of IPPIS. The union had presented its University Transparency and Accountability Solution (UTAS) as an alternative.

The federal government had, however, insisted on the use of IPPIS. This, among other issues, had led to the union’s ongoing strike, which is already over eight months.

But in a communiqué issued after its meeting with ASUU on Friday, Chris Ngige, minister of labour and employment, said the government has shifted ground on the compulsory use of IPPIS for paying members of the union.

Ngige also said the federal government has agreed to the union’s demand that its members’ salary arrears from February to June be paid through the Government Integrated Financial and Management Information System (GIFMIS), which is the old payment platform. He adds that he’s currently working with Adamu Adamu, minister of education, to lift the ‘no work, no pay’ directive earlier introduced by the federal government.




Call 0803 239 3958 for free financial consulting advice for your businesses. Attend our monthly Peachtree Sage 50 accounting and reporting seminar.
Send your accounting articles to blog@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! 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?

Yet again Nigeria sinks into 2nd recession in 5 years

Femi Adeoya
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6
Yet again Nigeria sinks into 2nd recession in 5 years

Yet again Nigeria sinks into 2nd recession in 5 years

Nigeria, Africa’s biggest economy, has entered its 2nd recession in 5 years as official figures published on Saturday show that the economy shrank again in the third quarter of this year.

This year’s recession, ocassioned by the economic fallout of the COVID-19 pandemic, is worse than that of 2016.

The National Bureau of Statistics, in its Gross Domestic Product report for Q3, said the GDP, the broadest measure of economic prosperity, fell by 3.62 in the three months to September.

Economists consider two consecutive quarters of shrinking GDP as the technical definition of a recession.

For the first time in more than three years, the Nigerian economy shrank in the second quarter of this year as the GDP fell by 6.10 per cent, compared with a growth of 1.87 per cent in Q1.

The NBS had said in August that the economic decline in Q2 was largely attributable to significantly lower levels of both domestic and international economic activity resulting from nationwide shutdown efforts aimed at containing the COVID-19 pandemic.




Call 0803 239 3958 for free financial consulting advice for your businesses. Attend our monthly Peachtree Sage 50 accounting and reporting seminar.
Send your accounting articles to blog@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! Nigerian Central Bank Approves Disbursement Of Loans For Creative Industries At 9%

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

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

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Nigeria Shares N604bn Among Federal, States, LGs For October 2020

Femi Adeoya
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0
Nigeria Shares N604bn Among Federal, States, LGs For October 2020

Nigeria Shares N604bn Among Federal, States, LGs For October 2020

The Federal government, States and Local governments shared a total of N604bn in the month of October 2020, says Federation Accounts Allocation Committee (FAAC).

FAAC made this disclosure in a communique it issued in Abuja after its meeting chaired by the Permanent Secretary, Federal Ministry of Finance, Budget and National Planning, Aliyu Ahmed.

Out of the N604bn, the Federal Government received N220.751n, states got N161.8bn, while the Local Government Areas got N120.58bn.

The communique stated that the oil-producing states received N31.9bn as 13 per cent derivation.

It further stated that the gross revenue that available from the Value Added Tax for October was N126.46bn.

This was against the N141.85bn that was distributed in September 2020, hence VAT in October dropped by N15.39bn when compared to what was recorded in September.

A distributed statutory revenue of N378.14bn was received for the month of October and this was higher than the N341.5bn received in September by N36.64bn.

The communique stated that from this amount, the Federal government received N166.19bn; states, N84.29bn; Local Government Areas, N64.98bn: while 13 per cent derivation was put at N21.58bn.




Call 0803 239 3958 for free financial consulting advice for your businesses. Attend our Bi-monthly Peachtree Sage 50 accounting and reporting seminar. Send your accounting articles to blog@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! Nigerian Central Bank Approves Disbursement Of Loans For Creative Industries At 9%

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 continues downward spiral, exchanges for 478/$

Femi Adeoya
-
0
Nigeria’s Naira continues downward spiral, exchanges for 478/$

Nigeria’s Naira continues downward spiral, exchanges for 478/$

The Nigeria’s naira continues its downward spiral on Wednesday at the parallel market as the United States dollar was sold for N478.

The local currency, which traded at N475 per dollar on Tuesday, has come under pressure in recent days. It plunged to N475 on Monday from N470 at which it closed last Friday.

In the Investors’ and Exporters’ forex window, the naira declined by 0.31 per cent to close at 386 per dollar on Wednesday, according to data from FMDQ Group.

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.

The nation’s forex reserves stood at $35.54bn as of November 17, down from $35.69bn on October 28, according to the CBN.




Call 0803 239 3958 for free financial consulting advice for your businesses. Attend our monthly Peachtree Sage 50 accounting and reporting seminar.
Send your accounting articles to blog@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! Nigerian Central Bank Approves Disbursement Of Loans For Creative Industries At 9%

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 weakens deeper, plunges to 475/$ over high forex demand

Femi Adeoya
-
1
Naira weakens deeper, plunges to 475/$ over high forex demand

Naira weakens deeper, plunges to 475/$ over high forex demand

The Nigeria’s naira weakened deeper yesterday 16th November, 2020, trading at N475 to the United States dollar in the parallel market, as Forex demand intensifies.

The local currency, which has come under pressure in recent days, fell to 470 per dollar on Friday from 468 on Thursday. The naira was trading at 462-463 at the unofficial market at the start of this month.

In the Investors’ and Exporters’ forex window, the naira closed at 386 to a dollar on Monday, compared to 385.50 at which it opened, according to data from FMDQ Group.

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.

“All the major sources of foreign exchange inflow to support the country’s forex reserves have declined,” the Group Managing Director/Chief Executive Officer, Cowry Asset Management Limited was quoted by Punch Newspaper as saying.

SKYTREND CONSULTING recalls that the forex reserves fell to $35.60bn as of November 13, 2020 from $35.69bn on October 28, according to the latest data from the Central Bank of Nigeria.

Johnson said while there had been some recovery in the price of crude oil, the decline in oil production caused by the OPEC cut deal meant that proceeds from crude sales had dropped.

The financial expert said foreign portfolio investment in the country had plummeted, adding that diaspora remittances had also declined significantly.

“There is a lot of unmet demand for dollars,” Johnson said, adding that pressure was mounting even as the CBN continued to intervene in the market.




Call 0803 239 3958 for free financial consulting advice for your businesses. Attend our monthly Peachtree Sage 50 accounting and reporting seminar.
Send your accounting articles to blog@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! Nigerian Central Bank Approves Disbursement Of Loans For Creative Industries At 9%

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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