Daily Times Nigeria Tuesday, September 5, 2017
B3 Money Market
Naira sustains gains, steady at all FX segments during Eid-el Kabir Stories by Motolani Oseni
The Nigerian currency, Naira, on Monday, remained unchanged at all the foreign exchange markets and segments during the Eid-el Kabir holiday. At the parallel market, the local currency, over the weekend, extended till yesterday, sustained the appreciated gains at the parallel segment of the forex market, stood steadied at 365 to the dollar, better than 370 sold the previous week.
The Naira was also seen at 467 to the pound and 432 per Euro respectively, as against 475 and 432 traded at the unofficial market in the previous week. But due to the two days declared as public holiday for the ‘Ileya’ festival, the market was expected to open today, Tuesday, September 5, as the official forex market remained flat at an un-operated rate of 305.85 per dollar, compared to 305.65 traded before the official closure. Going by the rate closed at the last trading day of
the week, the NAFEX window stood at 359.67 per dollar against 359 traded a day earlier with a decline of 0.19 per cent, but had open trading activities at 360.79 the same rate it did on Wednesday, a day earlier before the official closure of the forex market. It would be recalled that the Central Bank of Nigeria (CBN) in its proactive measure had lifted the forex market with fresh injection of $297million, totaling $547m into the foreign exchange market before closing the official market.
Consequently, forex dealers believed with the latest balance of the nation’s external reserves, the apex bank is better positioned in its drive to ensuring foreign exchange rate convergence. However, the figure obtained from the central bank showed that its foreign external reserves stood at $31.8 billion as of August 29, 2017, which represented an appreciable 3.14 per cent in just one month (August), as against $30.8bn seen at the beginning of the month. The external reserves
stood at $31.222bn, which at the time indicated highest figure declared in the last 23 months, Daily Times Findings has showed. The nation’s forex reserves has recorded an upward swing to $31bn, after declining to a near $30bn mark two months ago, but the apex bank’s latest update showed significant increase on the reserves table, since the global crude oil prices has been on the rise, while contributing immensely to the upswing in reserves in the past one month.
District Governor, Rotary District 9125, Mbanefo NNoka (L), receiving a souvenir from President, Rotary Club of Abuja Maitama Central, Olubunmi Usim-Wilson, during the District Governor’s visit to Rotary Club of Abuja Maitama Central, in Abuja on Monday
FG partners UK investors to promote Nigeria’s private sector - Osinbajo Ïê ƆƏƆ ƈ ƏƆ Ɛ ƗƆ Ƌ Ƈ Ɔ Ɛ Ƒ ƈ ƌ Ɛ ƆƋƍ ƍƏƈƒ ƐƆ ƆƅƐ Ə ƑƅƅƆƆƗ - Vice President Ï Mƈ ƆƏƈ ƌ Ɩƈ ƇƑƐƑƏƆ nEô Əƈ C As the Buhari administration continues its drives to promote private sector partnership, it remains ready to provide the necessary assistance to private investors looking to invest in the country, Vice President Yemi Osinbajo has disclosed. Osinbajo stated this when a delegation of UK Ministers, led by British Foreign Secretary, Boris Johnson paid him a courtesy visit at the Presidential Villa today. Also at the meeting were Foreign Affairs Minister, Mr. Geoffrey Onyeama and Budget and National Planning Minister,
Senator Udoma Udo Udoma. In a statement made available to Daily Times by the presidential spokesperson, in the Vice President’s office, Laolu Akande, stated that Osinbajo disclosed that the relationship between Nigeria and United Kingdom is very important, assuring that “the next few years are certainly going to be more interesting”. He mentioned that Nigeria has huge potential; and according to him, “investors would salivate if those potentials were realised” and the country is “close to the tipping point in terms of making that happen”.
He added that in terms of trade, Nigeria had no choice, but to diversify from oil and now more attention is focused on agriculture, agro-processing and more interest in technology.
Osinbajo
According to the Vice President, “UK are our natural partners and it is much easier for business because of the relationship over time and because of the robust presence of the UK here in Nigeria through the DFID which has been tremendously supportive’’. In the area of housing, Osinbajo stated that Nigeria would be looking to partner with the United Kingdom, adding that government is interested in construction companies with the expertise and technical know-how to deliver mass housing projects across the country.
He also emphasized the role of the private sector as well as the role of government in creating an enabling environment for businesses to thrive in the country. He assured investors that the Federal Government is prepared to partner with them, provide assistance where necessary and solve the problems as they emerge. In his own remarks, the UK’s Secretary of State for Foreign Affairs, Mr. Boris Johnson, who observed that “Nigeria has an amazing future”, stated that the United Kingdom is partnering with Nigeria in different areas including intelligence sharing in the fight against terrorism.
Heritage Bank, FG, LASG on Diaspora return in Badagry Heritage Bank Plc has partnered the Office of the Senior Special Adviser to the President on Diaspora and Foreign Affairs and the Lagos State Government (LASG) to organise the 2017 edition of Diaspora Festival Badagry with the theme: ‘Door of Return Ceremony Badagry’. The festival, which held recently in the ancient town of Badagry was hinged on: ‘The Door of Return Ceremony’ and cultural displays. ‘The Door of Return Ceremony’ forms the ideological basis of the festival, symbolises the emancipation of the black race as well as an expression of the Diaspora string and affiliation to African culture and heritage. It was also an advocacy programme that raised awareness about the continuous fight against oppression, neo-colonialism and enslavement and represented a symbolic boat trip by notable black persons in the Diaspora (emigrants, descendants of slaves and leaders of thoughts) where the boat convey them to the ‘Point of No Return’ in Badagry which is the door way through which slaves were charted away as chattels to the plantations in the Americas, with the intention of never to return to their homeland again. The two-day event featured carnival procession, boat regatta, fishing competition, dark era procession, diaspora dinner, beauty pageant, fashion show, cultural displays, heritage site visits, heritage night, the festival market, international music, concert and talent hunt. The event was graced by senior officials in the Presidency, traditional rulers, corporate bodies and tourists who travelled from far and near to witness various activities that were featured, a development which made the ancient city of Badagry to come alive. Speaking on Heritage Bank’s involvement in the programme, Mrs. Ozena Utulu, a member of the Bank’s Brand Management & Compliance Unit said Heritage Bank partnered with the organisers of the fiesta because it was an event that promoted the African heritage and culture and resonated with what the brand stood for.