@ Anttention Fresh,
We work hard to ensure that any news brought to you is legitimate and valuable so we leave out the noise. This material, and other digital content on this website, may be reproduced, published, broadcast, rewritten or redistributed in whole or in part BUT give us credit as your source.
Between January and September last year, a total foreign exchange inflow of $40.93bn was recorded by the Central Bank of Nigeria.
The inflow of $40.93bn, when compared with the $27.95bn recorded in the first nine months of 2017, represents an increase of $12.98bn.
An analysis of the third quarter economic report of the CBN showed that about $14.15bn passed through the apex bank in the first quarter of last year.
In the second quarter of last year, the CBN recorded foreign exchange inflow of $13.82bn, while the sum of $12.95bn was recorded during the third quarter of 2018.
The report stated that despite the decline in domestic crude oil production, there was an improvement in foreign exchange revenue from oil export in the third quarter of 2018.
It added that the development was, however, moderated by the significant decline in inflow from non-oil exports.
It read in part, “Aggregate foreign exchange inflow through the CBN amounted to $12.95bn, indicating a 6.3 percent decline below the level at end-June 2018.
FOLLOW US ON:
“It, however, showed an increase of 8.1 per cent, over the level in the corresponding period of 2017.
“The decline, relative to the preceding quarter, reflected, mainly, the fall in inflow from non-oil sources.”
The apex bank attributed the increase in outflow relative to the preceding quarter to a 32.2 per cent and 28 per cent increase in public sector payments and interventions in the foreign exchange market.
“There is no doubt that the CBN’s forex policies have helped the growth of local industries in Nigeria. Notable among these are the restrictions to access official forex placed on 42 imported items.
TO DOWNLOAD OUR MOBILE NEWS APP CLICK HERE
PROMOTE YOUR BUSINESS FOR JUST $1 CLICK HERE
Egypt Ranks 2nd Amidst World Emerging Economies.
CBN signals end to official rate regime for naira
The Central Bank of Nigeria (CBN) may soon allow the naira to freely find its value, with a possible depreciation on the official rate, usually pegged at about N305/$, an update on its website has indicated.
The development is signaling an end to the most criticised foreign exchange rate window, which has been used mostly for government’s critical businesses that affect the public, particularly the importation of petroleum products.
If the move sees light of day, it will mean that the value of the naira at the official window is depreciated with its concomitant closure of the peg.
Yesterday, the apex bank, as opposed to the usual publication of the fixed exchange rate, opted to publish that “the rate will be market-determined.”
According to a report, the President of Shippers Association of Lagos State, Jonathan Nicol, said the Nigeria Customs Service had allegedly directed importers to pay for duties at the rate of N326 per dollar against the official rate of N306, citing an order from the CBN.
Also yesterday, the interbank rate depreciated by 0.2 per cent to N360.43 per dollar at the close of trading, while the parallel market remained steady at N360 per dollar.
A move toward a market-determined exchange rate would be welcomed by investors, who have long accused government of some level of capital controls and bemoaned multiple exchange rates.
The Chief Executive Officer of Nigerian Investment Promotion Council, Yewande Sadiku, was quoted as saying the apex bank was in talks with other agencies to move to a single rate for the nation’s currency.
For an economic analyst at Ecobank, Kunle Ezun, “putting that on the website means the central bank is gradually moving towards a single exchange-rate window. It is making the exchange rate more liquid to attract more inflows.”
LOL Africa3 days ago
Again, Gorilla Swallows N6.8m in Kano Zoo.
Food & Cuisine6 days ago
The EatnGo 100: N100 can get you a box of pizza, a cup of Cold Stone ice cream or a swirl of pinkberry frozen yoghurt!
Motherland News6 days ago
Nigeria: Ahmed Lawan, Omo-Agege Leads 9th Senate
24 Hours Across Africa6 days ago
Trump mistakenly reveals immigration plan