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Naira crashes to N493/$ at parallel market

This is not the best of times for the naira. It crashed yesterday to N493/$ at the parallel market, losing N12 to the dollar within 24 hours. It closed on Tuesday at N481/$. The sharp depreciation came a day after the Central Bank of Nigeria (CBN) devalued the naira at the official market to N410.25/$. The fall in the currency rate has been linked to dollar scarcity and the hoarding of available greenback by forex speculators to maximize profit. In an e-mailed guide to investors, Financial Derivatives Company Managing Director Limited Bismarck Rewane, said delayering (unification) of the multiple exchange rate system which had bedeviled the Nigerian economy had been a subject of controversy for a long period.

Oghenefejiro eduviereInternational monetary fundFinancial derivatives companyCentral bankBismarck rewaneEconomic recoveryGrowth planTrading associateBrent crudeசர்வதேச பண நிதிநிதி வழித்தோன்றல்கள் நிறுவனம்மைய வங்கிபொருளாதார மீட்புவளர்ச்சி திட்டம்ப்ரெண்ட் கச்சா

Report: Credit to Private Sector Rises to N31 822tn

By Obinna Chima Banking sector credit to the private sector increased year-on-year by N382 billion to N31.823 trillion as of April, up from the N31.440 trillion it was as at the end of March. The data were compiled from the latest Central Bank of Nigeria (CBN) money and credit statistics for April 2021, posted on the regulator’s website. The development could be attributed to the aggressive development finance interventions by the central bank since the outbreak of the COVID-19 pandemic. Also, net credit to the government increased to N12.156 trillion year-on-year, as at the end of April, higher than the N11.994 trillion it was at the end of the previous month.

Obinna chimaFinancial derivatives companyCentral bankNational bureau of statisticsMonetary policy committeeQuasi moneyBank reservesPolicy committeeGross domestic productNational bureauManaging directorFinancial derivatives company limitedBismarck rewaneஓபின்ன சிமாநிதி வழித்தோன்றல்கள் நிறுவனம்மைய வங்கி

With 0 51% GDP Growth, Analysts List Ways to Grow Momentum

Obinna Chima, Nume Ekeghe in Lagos and James Emejo in Abuja Analysts yesterday urged the federal government to continue to develop policies to attract investments to Nigeria and to sustain targeted interventions in order for the country to sustain its positive economic growth trajectory. The advice came as the country recorded a Gross Domestic Product (GDP) growth rate of 0.51 per cent (year-on-year) in the first quarter of 2021, (Q1 2021) compared with the 0.11 per cent recorded in the fourth quarter (Q4) 2020, according to figures the National Bureau of Statistics (NBS) released yesterday. The data indicate two consecutive quarters of growth. However, the Q1 2021 growth rate was slower than the 1.87 per cent growth recorded in Q1 2020, but higher than the 0.11 per cent in Q4, which represented a slow, but continuous recovery of the economy.

Abuja federal capital territoryUche uwalekeSam chidokaMuhammad rislanuddeenJames emejoNume ekegheObinna chimaFinancial derivatives companyMuhammadu buhari economic advisory councilInstitute of bankers nigeriaNational bureau of statisticsGross domestic productNational bureauNigerian gross domestic product reportChief executive officerFinancial derivatives company limited

Drop in inflation may not be sustained, says FDC

Drop in inflation may not be sustained, says FDC
punchng.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from punchng.com Daily Mail and Mail on Sunday newspapers.

Financial derivatives companyNational bureau of statisticsFinancial derivatives company limitedNational bureauBismarck rewaneநிதி வழித்தோன்றல்கள் நிறுவனம்தேசிய பணியகம் ஆஃப் புள்ளிவிவரங்கள்நிதி வழித்தோன்றல்கள் நிறுவனம் வரையறுக்கப்பட்டவைதேசிய பணியகம்

Foreign investors trapped $2bn dragging down external reserves – Rewane, others

Foreign investors trapped $2bn dragging down external reserves – Rewane, others
punchng.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from punchng.com Daily Mail and Mail on Sunday newspapers.

Johnson chukwuInternational monetary fundFinancial derivatives companyCowry asset managementCentral bankChief executive officerFinancial derivatives company limitedCowry asset management limitedOpen market operationsசர்வதேச பண நிதிநிதி வழித்தோன்றல்கள் நிறுவனம்கோழி சொத்து மேலாண்மைமைய வங்கிதலைமை நிர்வாகி அதிகாரிநிதி வழித்தோன்றல்கள் நிறுவனம் வரையறுக்கப்பட்டவைகோழி சொத்து மேலாண்மை வரையறுக்கப்பட்டவை