Business: Nigeria: BDC Leadership Reveals What'll Make Naira Appreciate
Head of the Association of Bureau de Change Operators of Nigeria, Aminu Gwadabe, has advised the Central Bank of Nigeria, CBN, on how to reduce the pressure on the naira. The local currency will appreciate if there's less pressure on it.The currency on Monday weakened further, exchanging at 345 units to a dollar at the parallel market, it's worst level ever."In my own view, the central bank should address the supply side of the market by allowing oil companies and banks to sell dollar to bureau de change operators as an immediate measure to reduce pressure on the naira," said Aminu Gwadabe.
CBN had last month halted dollar sales to non-bank foreign exchange operators and allowed commercial banks to accept dollar deposits, in a failed effort to shore up dwindling foreign reserves.
Nigeria earns around 90 percent of its foreign exchange earnings from crude oil exports, but mismanagement of its refineries means it must also import expensive refined fuel, eating deep into its reserves.
Business: Hysteria as Nigerians Scramble for Dollars- Naira to Fall Harder
The Nigerian naira is expected to continue depreciating as the demand for American dollar keeps getting higher. The local currency last week fell from 310 to 338 as acute shortage of the dollar lingered as Nigerians scramble to get the greenback.
The local currency had closed at 325, 318, 313.5 and 310 on Thursday, Wednesday, Tuesday and Monday, respectively. “The situation has got to the point of hysteria now; everybody wants to hold dollars. So the demand is rising and piling up,” the Chief Executive Officer, Cowry Asset Management Limited, Mr. Johnson Chukwu, said. “We see the naira falling further in coming days if the central bank fails to lift the dollar restriction,” the Acting President, Association of Bureau De Change Operators, Aminu Gwadabe, said.
Tumbling global oil prices have battered Nigeria’s oil-dependent economy, with external reserves down to an 11-year low at $27.89bn on February 9, Reuters reported.
The local currency had closed at 325, 318, 313.5 and 310 on Thursday, Wednesday, Tuesday and Monday, respectively. “The situation has got to the point of hysteria now; everybody wants to hold dollars. So the demand is rising and piling up,” the Chief Executive Officer, Cowry Asset Management Limited, Mr. Johnson Chukwu, said. “We see the naira falling further in coming days if the central bank fails to lift the dollar restriction,” the Acting President, Association of Bureau De Change Operators, Aminu Gwadabe, said.
Tumbling global oil prices have battered Nigeria’s oil-dependent economy, with external reserves down to an 11-year low at $27.89bn on February 9, Reuters reported.
Business: Nigeria: Minister Announces When Abuja City Railway Will be Open for Public Use
The Federal Capital Territory Administration (FCTA) will open the Abuja railway for public use in the last quarter of 2017, Minister of the Federal Capital Territory (FCT), Muhammad Musa Bello, has stated. He said when the railway started working, the use of personal vehicles would become unattractive. He also disclosed that the rail transport would create employment for residents of the FCT.
He spoke while receiving the Minister of State for Petroleum Resources and the Group Managing Director of the Nigerian National Petroleum Corporation (NNPC), Dr. Emmanuel Ibe Kachichwu, who paid him a working visit in his office.
He spoke while receiving the Minister of State for Petroleum Resources and the Group Managing Director of the Nigerian National Petroleum Corporation (NNPC), Dr. Emmanuel Ibe Kachichwu, who paid him a working visit in his office.
BUSINESS: Nigerians Will No Longer Pay for Calls, SMS – Spectranet Boss
The Managing Director (MD), Spectranet Ltd., Mr David Venn, on Wednesday said Nigerians would no longer pay for calls and Short Message Services (SMS), on mobile networks before the end of 2019.
Venn made this prediction at an interactive session with newsmen in Lagos.
He noted that with the fast growing usage of social media applications, such as Skype, Imo, Whatsapp, BlackBerry Messenger, Facebook Messenger, telecommunications had allowed subscribers to use their data service to make calls and sms.
Venn said subscribers spend a lot of money buying credit to make voice calls, send SMS and also subscribe to data services at the same time on a particular network.
According to DailyPost, he explained that even though subscribers still patronised voice and SMS services from the mobile operators, data service was cost- effective, faster to send SMS and make voice calls.
Venn noted that presently, data service providers had been improving on the broadband network provided to customers due to increased patronage in the data services.
He noted that with the fast growing usage of social media applications, such as Skype, Imo, Whatsapp, BlackBerry Messenger, Facebook Messenger, telecommunications had allowed subscribers to use their data service to make calls and sms.
Venn made this prediction at an interactive session with newsmen in Lagos.
He noted that with the fast growing usage of social media applications, such as Skype, Imo, Whatsapp, BlackBerry Messenger, Facebook Messenger, telecommunications had allowed subscribers to use their data service to make calls and sms.
Venn said subscribers spend a lot of money buying credit to make voice calls, send SMS and also subscribe to data services at the same time on a particular network.
According to DailyPost, he explained that even though subscribers still patronised voice and SMS services from the mobile operators, data service was cost- effective, faster to send SMS and make voice calls.
Venn noted that presently, data service providers had been improving on the broadband network provided to customers due to increased patronage in the data services.
He noted that with the fast growing usage of social media applications, such as Skype, Imo, Whatsapp, BlackBerry Messenger, Facebook Messenger, telecommunications had allowed subscribers to use their data service to make calls and sms.
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