• Sen. Stella Odua-Ogiewonyi calls for Inland Container Terminal in Onitsha

    17/Feb/2016 // 598 Viewers


    PARIS, FEBRUARY 17, 2016: (DGW) - Senator Stella Obua representing Anambra North has again called for the establishment of an inland terminal in Onitsha, Anambra State to bring about to facilitate trade and commerce and bring about the development of the Nigerian economy.

    While leading a delegation of the South East Almagamated Market Traders' Association, (SEAWMATA) to  the Senate President Dr Bukola Saraki, Senator Odua reiterated the urgent  need for the establishment of an Inland Container Terminal in order to boost the Nigerian economy.

    This is contained in a statement issued by the press secretary Cynthia Ferdinand to Senator Odua;

    "There is indeed a great need to establish an inland container terminal in Onitsha considering the volume of trade ongoing on a daily basis, this will enhance production, boost the nations economy and revolutionalize the South East.

    "Onitsha, asides being a commercial hub is also strategically located by the Niger Bridge this will ensure industrial layout and advocacy for industrial revolution starting with cottage industries and micro financ to drive them‎.

    "We can create many Innossons from South East and beyond if enabling laws are enacted and if the senate can do this in an accelerated manner." Oduah added.

    Dr. Okey Ezewankwo the association's chairman thanked the leadership of the 8th senate and expressed concern with the dwindling economy which he said has adversely affected business in the south-east.

    His words, "We are following with keen interest the ingenuity which you have brought into the leadership of the 8th Senate which has helped in no small measure to bring stability in the democratic process we are enjoying today.

    "The difficult economic challenges facing the world in general and our nation in particular has direct implications on us as buyers and sellers, this difficulty will send over 70% of the trading population into the labour market if nothing urgent is done to checkmate the situation.

    "These challenges include; Sourcing of Foreign Exchange , SUNCAP, the 10,000 dollar of what one can take accross our boarders, we most passionately appeal to you to restore hope to families through setting fixed exchange rate for the Naira rather than leaving it at the mercy of market forces.''

     
     


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  • Again, Naira crashes against the US dollar and all other major currencies (See exchange rate)

    01/Apr/2017 // 2684 Viewers

     

    PARIS, APRIL 1, 2017: (DGW) Nigeria's domestic curency, the Naira, has has continued to fall against all major currencies after strengthening against the US dollar.

    However, sources disclosed that the Naira exchanged for N390 on the parallel market as against N385 as of Thursday.

    Also, the nation’s foreign reserves took a break from its upward journey, losing about $52 million to stand $30.296 billion from $30.348 billion.

    The Naira, our source also disclosed which closed at 410 to the euro on Thursday, now trades at 415 to the same currency and at 485 to the British pound as against its last closing price of 470.

    The Central Bank of Nigeria (CBN) has made efforts to salvage the situation of the naira by easing foreign exchange policies thus providing forex to cater for tuition, travel and medical expenses.


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  • Again, Buhari tongue-tied, hand on chin as NIGERIA rated worst performing among Emerging Markets in 2016

    01/Jan/2017 // 502 Viewers

     

    Indications are rife that Nigeria is the worst performing among the Emerging Markets in 2016, which has fallen 40 per cent this year following a long-delayed devaluation and the economy’s slide into recession.

    This is even as trading on the emerging stocks hit twoweek highs on Friday and were set to end 2016 in the black for the first time since 2012 Sovereign dollar bonds have returned around 9 per cent, with average yield spreads over U.S. Treasuries having contracted around 75 basis points over the year.

    Top-performing rouble tumbled 2 per cent on fears of fresh political strains between Russia and the United States. However, there were jitters about China, where the yuan has fallen almost 7 per cent, its biggest annual loss since 1994, the year it started trading.

    Fears are growing of spiralling capital outflows that could deplete sovereign coffers and cause a crisis in the highly indebted economy.

    Broadly though, after three years of weakness caused by slowing economic growth and a stronger dollar, emerging markets found buyers in 2016, even if some of them vanished after Donald Trump’s victory in the U.S. presidential election on Nov. 8.

    MSCI’s emerging equity index has risen 8.5 per cent this year, led by Russia and Brazil, whose currencies too have appreciated the most, up around 20 percent versus the dollar .

    The rouble fell 2 per cent on Friday, however, as traders booked profits from the currency’s run to 14-month highs after the United States imposed sanctions on Russian intelligence agencies over their alleged involvement in hacking U.S. political groups during the 2016 election Russia has threatened titfor- tat measures.

    South Africa’s rand fell almost 1 per cent against the dollar, reversing part of the advances seen in the past five sessions that were driven by fresh commodity price gains.

    South Africa along with Turkey is one of the weak spots in emerging markets, with slow progress on reforms and sluggish growth.

    Latest data showed private sector credit demand had dropped sharply, with Thomson Reuters data showing this was the lowest in more than five years.

    The Turkish lira slipped slightly after data showing a slightly narrower trade deficit for November and is on course to end the year with losses of around 17 per cent, a fourth year of losses against the dollar.

    Less developed or “frontier” equity markets have lost around 2 percent on the year, lagging their bigger counterparts.

    But the headline number masks strong performance in some countries, with Pakistan topping the list with a rise of over 30 per cent: tmsnrt. rs/2dYsJmH


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  • Breaking News: Nigeria's foreign reserves spirals down to $26.33 billion

    01/Jul/2016 // 810 Viewers

     

    PARIS, JULY 1, 2016:Nigeria's external reserves have dropped abysmally to $26.33 billion as of June 29, 2016, Central Bank of Nigeria official figures show on Thursday.

    DailyGlobeWatch can authoritatively reveal that between May 24 and 27,2016, Nigeria's foreign reserves stood at $26.6 billion
     
    While between May 31 and June 7, the external reserves stood at  $26.3bn  and rose again to the $26.4bn mark on June 8, a level it maintained till June 24. On June 27, it fell back to $26.36bn.

    Within six calendar months alone, over $2 billion has disappeared without any trace from Nigeria's external reserves

    Confirming these figures further, the Minister of Budget and National Planning Senator Udo Udoma said on March 23, that Nigeria's foreign  reserves reduced by a whopping $6.7 billion within a period of 21 calendar months.


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  • Bill Gates tipped to become world's first trillionaire

    01/May/2017 // 577 Viewers

     

    PARIS, MAY 1, 2017: (DGW) Micro-soft co-founder Bill Gates is set to become the become the world's first trillionaire. His net worth reportedly stands at $87bn (£67bn)which makes him gallop ahead of others in the race to become the first trillionaire.

    However, reports say, Amazon.com founder Jeff Bezos, has equally passed the $80bn mark which makes the wealth of both businessmen on an upward trajectory, as Mr Bezos’ wealth having grown by $65bn in the last five years.

    In a research conducted by OXFAM, the world is on course to produce its first trillionaire in the next 25 years.


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  • CBN makes another powerful move to strengthen the NAIRA as previous measures fail

    02/Apr/2017 // 2194 Viewers

     

    PARIS, APRIL 2, 2017: (DGW) NIGERIA'S apex bank, the Central Bank of Nigeria has made another move to strengthen Nigeria's domestic currency, the Naira , as previous efforts hit the brick wall, Vanguard news reports.

    This move is to ensure liquidity in the interbank market  and to the further increase in the sale of dollars to the Bureaux de change operators from $8,000 to $10,0000 dollars per week.

    Confirming the intention of the apex Bank to inject additional foreign exchange into the system to newsmen in Abuja over the weekend, the Acting Director, Corporate Communications of the CBN, Mr. Isaac Okorafor, said that the CBN was determined to sustain the provision of liquidity in the foreign exchange market in order to enhance accessibility and affordability for genuine end users.
     
    Meanwhile, the CBN over the weekend also warned commercial banks and other dealers to desist from sabotaging the efforts aimed at making life easier for foreign exchange end users. According Mr Okorafor, the CBN has received complaints from customers over frustrations which they were meant to go through in getting foreign exchange for invisible items like tuition fee, medicals, personal and basic travel allowance.
     
    The Bank urged the general public to report to it any bank that fails meet customers needs after due documentation. It once again reiterated its determination to deal with any official or institution found to be sabotaging the operations of foreign exchange market in whatever guise.
     
    Credit: Vanguard News


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  • External reserves' figures released will make you weep for Nigeria as Buhari's policies backfire

    02/Aug/2016 // 2453 Viewers

     

    The nation’s external reserves fell marginally to $26.20bn on July 28, down from $26.32 on July 22, data from the Central Bank of Nigeria’s website showed on Monday.

    Month-on-month, the reserves fell by 0.4 per cent from the $26.34bn recorded on June 29, the report indicated.

    The foreign exchange reserves stood at $26.42bn on May 28; it was down by 9.2 per cent year-on-year.
     
    During the month of July, the reserves hovered between $26.3 and $26.4bn.

    Similarly, the foreign exchange reserves oscillated between $26.3 and $26.4bn in June.

    The reserves had stood at the $26.4bn between May 24 and 27, after dropping to $26.5bn from $26.6bn the same month.

    Between May 31 and June 7, the external reserves stood at $26.3bn, before rising back to the $26.4bn mark on June 8, a level it maintained up until June 24. On June 27, it fell back to $26.36bn.

    The CBN had last month lifted its 16-month-old currency controls and auctioned about $4bn on the spot and futures market to clear a backlog of dollar demand, to help boost interbank market trading.

    The reserves had dropped by over 10 per cent from last year when they were at $29.7bn.

    The global plunge in oil prices has caused the reserves to be depleting very fast. The development has forced the CBN to introduce foreign exchange controls, which were abandoned last month.

    The CBN’s Monetary Policy Committee announced plans to adopt a flexible exchange rate policy after the external reserves fell to $26.56bn on May 23.

    The external reserves have lost over $2bn dollar this year.

    The nation recorded a balance of payments deficit of 1.4 per cent in its Gross Domestic Product at the end of 2015, owing largely to its first current account deficit (three per cent of the GDP) in over a decade.

    The nation’s external reserves had reduced by $6.7bn within a period of 21 months, the Minister of Budget and National Planning, Senator Udo Udoma, said on March 23.


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  • Economic recession started with Jonathan, not Buhari, Okonjo Iweala begged me not to tell Nigerians - Amaechi

    02/Aug/2016 // 10990 Viewers

     

    PARIS, AUGUST 2, 2016: (DGW) THE  Minister of Transportation, Mr Rotimi Amaechi while defending President Buhari said that Nigeria's economic downturn started with the immediate past President Jonathan and not President Muhammadu Buhari.

    While speaking On 'The Osasu Show', he said that the then Finance Minister begged him not to tell Nigerians that the economy was in recession in his capacity at the then Chairman of Nigeria Governors' Forum.

    His words: “I am one of those who participated in the budget. We looked at what happened in the past and we discovered that actually if recession means three times (three quarters of negative economic growth), we have done more than the three times before we came in,” he said.

    “The difference is that while our government is transparent and open, we are able to admit that, federal government was saying even to me as chairman of governor’s forum, ‘Amaechi, don’t say that again’.

    “If you remember as Governor, I said we’re broke. The minister for finance came to my office in Abuja here and pleaded with me that I shouldn’t say it again.

    “That if I said it, it would affect Nigeria in terms of investment that investors will run away. That I shouldn’t say we are broke. I should say we are cashed strapped. That was what Ngozi Okonjo Iweala told me.”

    “So I knew as chairman of Governor’s forum, that we had gone into recession under Goodluck. I knew as chairman of governor’s forum. And when I open my mouth to say it, that we are broke, she spoke to me not to say it.”


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  • Nigeria’s external reserves now $29.1bn

    02/Jan/2016 // 202 Viewers

     

    Nigeria’s foreign exchange reserves declined by 15.61 per cent year-on-year to $29.101 billion as at December 30 from $34.52 billion a year ago, data from the Central Bank of Nigeria (CBN) revealed on Thursday.

    The drop in the forex reserves value has been largely attributed to the significant reduction in forex inflow into the country occasioned by the sustained low crude oil prices. Oil prices have been hovering around $37 per barrel in the past few weeks. Oil prices tumbled Wednesday after data showed an unexpected increase in US crude supplies.

    Diesel futures dropped to the lowest level since 2004 as U.S. stockpiles of distillates, a category that includes diesel fuel and heating oil, rose more than expected.

    A global glut of crude has weighed on the market for more than a year. Oil prices are on course to fall by more than a third this year as big suppliers such as Saudi Arabia and Russia have continued pumping crude in a bid to defend their market share. Meanwhile, United States (US) crude output has been resilient despite the low prices, and much of the excess has gone into storage.

    Light, sweet crude for February delivery settled down $1.27, or 3.35 per cent, at $36.60 a barrel on the New York Mercantile Exchange. Brent, the global benchmark, declined $1.33, or 3.5 per cent, to $36.46 a barrel on ICE Futures Europe.


     
    As a result of this, the central bank introduced several measures aimed at preserving the foreign exchange reserves and ensuring exchange rate stability last year. For instance, the central bank lasy year harmonised the foreign exchange market by closing the official window of the foreign exchange market in order to create  transparency  and minimise arbitrage  opportunities  in  the  foreign  exchange market. This was then seen by a lot of commentators as a tacit devaluation of the nation’s currency. All demand for forex was then directed to the interbank market.

    Furthermore, to  deepen  the  market  and enhance  the  efficacy  of  the  demand  management  measures,  the central bank  gave  specific  directives  on  the  effective  monitoring and repatriation of both oil and non-oil  export proceeds. In addition, the utilisation  of  export  proceeds  was restricted  to  eligible transactions only to minimise leakages. Also this year, the CBN officially stopped the sale of dollars for a list of 41 items as it also sought to reduce pressure on the naira as well as preserve the external reserves. However, it stressed that importers desirous of importing them could do so using their own funds without any recourse to the Nigerian forex market.

     

     

    ThisDay


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  • Another negative year as stock market sheds 6.2% in 2016

    02/Jan/2017 // 366 Viewers

     

    The Nigerian stock market went down by 6.17 per cent in 2016, making it the third consecutive decline as economic headwinds affected investors’ participation in the market.
    However, the decline in 2016 is lower that what was recorded in 2014 and 2015 when the market dipped by 16.1 per cent and 17.4 per cent respectively.

    Specifically, the Nigerian Stock Exchange All-Share Index fell from 28,624.25 at the beginning of the year to 26,874.62 translating to a decline of 6.17 per cent.
    The market has suffered from low patronage due to many factors including unfavourable policies, devaluation of naira among others. Although  the market rebounded in the last two months of the year, that positive  performance was not enough reverse the  losses recorded in the earlier months.

    Some stakeholders  had last week explained the poor performance of the market in 2016. For instance, the Managing Director of APT Securities and Funds Plc, Garba Kurfi, said  the market has never in the past 25 years experienced three consecutive years of decline.
    “Most of the stocks are in their lowest prices of over 15 years or even more. The foreign investors that used to patronise the market with over 50 years turnover have moved elsewhere. However, once the recession is over, hopefully, by next year, the market will also improve,” Kurfi said.

    Founding member of Nigeria Shareholders Solidarity Association (NSSA), Alhaji Gbadebo Olatokunbo, said the  market is always the reflectors of every nation’s economic indicators and since we are  in recession, we couldn’t have performed better. He noted, however, that we may be on the way  out of the woods.
    To  Mr. Adeniyi  Adebisi of Independent Shareholders Association of Nigeria (ISAN),  the stock  market has lived up to its major characteristic of price fluctuation, noting that in 2016 the market experienced  more of ‘downs’ than ‘ups.’

    “This is the year the retail or small scale shareholders qualify more to be described as an  endangered specie. We have had more sellers than purchasers of shares thereby depleting the ranks of this vibrant class of players in the capital market. There has been nothing of note to persuade big and foreign investors to come back to the market since the collapse that followed the pre and post 2008 boom,” Adebisi said. - THIS DAY

     


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