BusinessDay 27 Nov 2019

Page 1

businessday market monitor Foreign Exchange

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news you can trust I **WEDNESDAY 27 NOVEMBER 2019 I vol. 19, no 444

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I N300

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www.

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Spot ($/N)

I&E FX Window CBN Official Rate Currency Futures

($/N)

362.61 307.00

5Y 0.00

0.00 7.60

12.05

NGUS APR 29 2020 363.96

@

10 Y 0.00

30 Y -0.04

12.72

13.37

NGUS NOV 25 2020 366.22

g

Nigeria’s LPG consumption to hit 2m MT in 2020 ISAAC ANYAOGU

N

says pension funds must begin to fund development

G

6M

g

Liquidity glut won’t fuel speculative demand for FX - Emefiele overnor Central Bank of Nigeria (CBN), Godwin Emefiele, said on Tuesday that he does not anticipate that liquidity glut arising from recent open market operations (OMO) ban for non-bank investors and corporates would fuel speculative demand for dollars

3M 0.00 7.56

NGUS JAN 29 2020 362.99

L-R: Ernest Ndukwe, chairman, MTN Nigeria; Umar Danbata, executive vice chairman, Nigerian Communications Commission (NCC); Issa Pantami, minister of communications and digital economy; Olabiyi Durojaye, board chairman, NCC, and Ferdinand Moolman, CEO, MTN Nigeria, at the official demo of the 5th Generation of Cellular Network (5G), in Abuja.

Onyinye Nwachukwu, Abuja, Hope Moses-Ashike & Bunmi Bailey, Lagos

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with adverse effect on the naira either in the near or medium term. He said that the apex bank is rather noting a ramped-up FX demand for the importation of raw materials, plant and equipment, which indicates increased manufacturing output as also reflected in the 3rd quarter GDP numbers which ramped up to 2.28 percent from 1.94 percent in the 2nd quarter of 2019. Emefiele was responding to

BusinessDay fears that the excess liquidity arising from the recent OMO ban could find outlet in the FX markets leading to a possible pressure on the dollar-naira exchange rate. “To be honest, we have not seen that; if at all, I would say that what is happening is that as a result of banks increasing their lending, naturally some of these loans will go into importation of plants and equipment and some of the data

we have show that there was increased importation of plants and equipment which for us is positive,” Emefiele said, assuring again that the CBN would continue to meet genuine demand for FX. “That is what we rather see as the impact so far on the FX market – importation of raw materials and equipment needed to expand production,” he said. This comes as the CBN took

Continues on page 38

igeria’s quest to replace dirty fuels with more use of Liquefied Petroleum Gas (LPG) is a success story having grown from a mere 70,000 metric tonnes within 10 years ago to nearly 900,000 metric tonnes by September, and on course to hit over 2 million metric tonnes next year, operators say. The main drivers for this growth have been forward-looking regulatory policies including removal of 5 percent Value Added Tax on the product and 30 percent import duty waiver LPG equipment and appliances by the government. This has led to a 30 percent reduction in the cost of infrastructure development. There have also been in-

Continues on page 38

Inside

$63bn debt: AGF asks international oil companies to pay up P. 2 How KOPETECH is helping start up entrepreneurs achieve their dreams P. 20


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