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CBN injects $210m into inter-bank market

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In continuation of its periodic intervention in the foreign exchange market, the Central Bank of Nigeria, on Tuesday, injected another sum of $210m into the inter-bank foreign exchange market.

Figures released by the CBN indicated that authorised dealers in the wholesale segment of the market received $100m, while the Small and Medium Enterprises and the invisibles segments were allocated $55m each.

The Director, Corporate Communications Department, CBN, Mr Isaac Okorafor, restated the bank’s resolve to always meet the request of genuine customers in the various segments of the market.



Recall that on Friday the bank injected $289.76m into retail Secondary Market Intervention Sales and CNY38.70m into the spot and short-tenored forwards of the inter-bank foreign exchange market.

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Meanwhile, the naira on Tuesday continued to exchange at an average of N360/$1 in the Bureau De Change segment of the market.

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In the first half report of the CBN, the regulator stated that it sustained its intervention at the interbank and BDC segments, to engender stability in the foreign exchange market.

Records from the regulator showed that in the half year report of 2018, the CBN increased the frequency of foreign exchange cash sales to the BDCs from twice to thrice per week, and adjusted the selling rate, downward to N357/$.

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President Ramaphosa to Sign South African Competition Amendment Bill Into Law

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South African President Cyril Ramaphosa will sign into law today the Competition Amendment Bill, which will strengthen regulations against anti-competitive behaviour in industrial markets.



The bill, which was approved by the National Assembly in October 2018 and endorsed by the National Council of Provinces in December 2018, is a step in the right direction for SMEs, economic inclusion and it opens up the economy to fresh investment and innovation.

It also provides a clear mandate to the competition authorities to address economic concentration in a balanced manner and to promote economic transformation, the Presidency said on Monday.

Additionally, the amended legislation seeks to combat concentration and economic exclusion as core challenges that contribute to slower and less dynamic growth, lower employment and greater inequalities, as well as socio-political conflict.

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The Presidency said this will enable a more effective approach to concentration, with a focus on improving outcomes for small and black-owned business, and strengthen the institutions involved in managing competition policy and law.

The signing ceremony will take place this afternoon at the Tuynhuys Chambers in Parliament. Economic Development Minister Ebrahim Patel, who campaigned fiercely for the bill’s codification, will join the ceremony along with a group of stakeholders.

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Manufacturing Output Growth Slows Again in South Africa

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The preliminary data from Statistics South Africa has showed the rate at which South Africa manufacturing output slowed twice again within the month of December.




Negative contributions came from petroleum, chemicals, rubber and plastic products, iron and steel, non-ferrous metal products, metal products and machinery industries to make outputs edged up a non-adjusted 0.1% year-on-year in December following a 1.3% increase in November and a 3.0% gain in October

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As against a drastic output growth in the prior month; 0.7% following a 0.4% rise in November

Meanwhile motor vehicles, parts and other transport equipment, food and beverages, glass and non-metallic mineral products made the biggest positive contributions in December.

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