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(ABC) Telecom giant MTN lists 2016 losses from Nigeria fine, forex | African telecommunications giant MTN is warning shareholders to expect big losses caused by a $1 billion regulatory fine in Nigeria, damaging foreign exchange rates and a South African black empowerment share offering
Naira strengthens against dollar ahead of CBN FX sales to BDCs - Parallel Market Rate Aug 29, 2020: $1 to N471 Aug 30, 2020: $1 to N465 Aug 31, 2020: $1 to N450 Sept 1, 2020: $1 to N430 Sept 2, 2020: $1 to N420 The Naira has gained N51 in 5 days. The naira has strengthened at the parallel market to N420 against the dollar after the Central Bank of Nigeria (CBN) announced that it would resume dollar sales to bureau de change operators. Before the announcement, the naira had been trading as low as N480 against the dollar. Upon resumption, the apex bank said BDCs must not exchange the naira at more than N386/$ to end-users. The CBN said its decision to resume FX sales to BDCs is to enhance accessibility to forex “particularly to travellers” since the resumption date for international flights has been announced. The CBN also said deposit money banks shall continue to sell forex for travel-related invisible transactions to customers and non-customers over the counter upon presentation of relevant travel documents, passport, air ticket and visa.
The central bank had devalued the official exchange rate to N380/$1 from N360.1/$1. The adjustment occurred on Thursday, August 6th, 2020. The adjustment is thought to be a move towards unification of the multiple exchange rate windows. The CBN has adjusted the official exchange rate twice this year. The first one was from N307/$1 to N360/$1 and then just last week, from N360/$1 to N380/$1. The parallel market exchange rate has averaged N475/$1 more recently. According to Bloomberg, “Goldman Sachs Group Inc. this week said a significant devaluation of the naira is likely in 12 to 18 months to stabilize Nigeria’s external accounts. An exchange rate of 500-550 per dollar should bring about the desired balance”. The direction of the exchange rate will be determined by oil prices, growth in the global economy, and Nigeria’s forex policies. The exchange rate disparity is currently due to low forex supply, caused in part by the Covid-19 pandemic which has kept foreign investment out of the country limiting the supply available to the government. If this situation improves, then we could see a convergence between the parallel market to the NAFEX market with the former strengthening towards the latter. However, a further devaluation could occur if forex scarcity persists and corporates find it difficult to purchase forex at the NAFEX(I&E) window driving up demand at the black market. https://nairametrics.com/2020/08/13/nigerias-should-expect-a-significant-devaluation-to-n550-1-goldman-sachs/
The coronavirus outbreak and tumbling oil prices are triggering a dollar shortage in Nigeria
This is the best tl;dr I could make, original reduced by 62%. (I'm a bot)
Essentially, with oil being Nigeria's biggest export, the government relies heavily on the resource for dollar earnings to fund its national budget. One unfolding real-time effect is a US dollar shortage that's already manifesting on parallel forex markets with the informal dollar dealers who often operate just in front or across the road from airports and top hotels in the business districts of Lagos and Abuja. Over the past two days, naira to dollar exchange rates-which have stayed quite stable at around 360 naira to the dollar since mid-2017-have reached 430 naira. With Nigeria's economy perennially import-dependent, a dollar crunch typically affects a wide range of businesses that require hard currency to fund imports of input materials in a country whose weak industrial base means it makes very little from scratch. The availability of dollars is also typically a hot button issue among middle class Nigerians, a key demography, who can afford foreign travel, health care or even education-Nigerians spent $514 million to school in the United States in 2018.While still in its infancy, the growing dollar shortage will feel very familiar for most Nigerians. While the government might be ordinarily reticent to do so, Mathias Hindar, Sub-Saharan Africa analyst at Falanx Assynt, says sustained low oil prices will "See the government's ability to protect the naira diminish." For its part, Aza Traders, an African currency broker, is advising clients to "Reduce exposure" to the naira as it expects "Further weakening" in the coming days.
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[EVENT] Nigeria pledges commitment to the ten integration measure of WAMZ and ECOWAS Economic platform. Cuts Central Bank interest rates
Discussions within ECOWAS pertainjng economic integration, including customs, monetary and fiscal policy, and prospectively a common currency, are stalled. The movement lacks leadership, and adherance to agreed measures have consistently fallen short. The ten criteria for future economic integration to become viable are divided into four primary agreements, and six secondary. The four Primary Criteria to be achieved by each member country are:
A single-digit inflation rate at the end of each year
A fiscal deficit of no more than 4% of the GDP
A central bank deficit-financing of no more than 10% of the previous year’s tax revenues
Gross external reserves that can give import cover for a minimum of three months.
The six Secondary Criteria to be achieved by each member country are:
Prohibition of new domestic default payments and liquidation of existing ones.
Tax revenue should be equal to or greater than 20 percent of the GDP.
Wage bill to tax revenue equal to or less than 35 percent. Public investment to tax revenue equal to or greater than 20 percent.
A stable real exchange rate.
A positive real interest rate.
Thanks to recent injections of FDI, and better fiscal policy, we are well on our way to achieving these goals by 2020. Yet more needs to be done. Nigeria is the largest member of ECOWAS by a long way, and almost as large as the other members put together in terms of population. Nigeria is larger than the other members of the WAMZ put together. From this vantage point, it is essential to press Nigeria's muscles to the task at hand. We are now compliant on the four Primary measures, but some of the secondary measures still elude us. This issue with foreign currency reserves is beginning to shift, thanks to large Russian and Chinese capital loans for our nuclear energy program, and global investment into our Ports and Power stations in recent months. Our outstanding problems as principally now monetary. Central Bank has only had a few short years of floated currency, after President removed the peg to the dollar in 2016, and it has not gone well yet. As the Naira appreciates to its true level, deep gulfs in monetary liquidity began to appear. With the renewed drive for FDI in 2017-18, the gaps are narrowing, but interest rates are at an eye-watering 14%. The Central Bank of Nigeria is ostensibly independant, but has bowed to President Buhari's pressure not to devalue the currency in 2015-16, instead pegging it to the dollar. Having recovered from recession, Nigeria must move to encourage capital access for Nigerians. Increasing our currency reserves will primarily act as a buffer for liquidity needs, and a protection against exchange rate volatility. This is the Central Banks timetable:
Bank's Planned Base Interest Rate
Bank's planned total Currency Reserves
The delicate balance between ForEx and Base Rate has been made consistently worse by erratic policy changes, due to political influences, and grave shocks to a poorly prepared economy by oil prices. It is hoped that boosting capital reserves and lowering interest rates will mean Nigeria's economy is more robust, and more able to grow. Changes to these planned rates subject to announcements.
Asian shares bounce after losses, dollar sags on weak U.S. CPI
Asian shares bounce after losses, dollar sags on weak U.S. CPI Shinichi Saoshiro 5 Min Read Men walk past an electronic board showing market indices outside a brokerage in Tokyo, Japan, March 2, 2016.Thomas Peter TOKYO (Reuters) - Asian stocks bounced on Monday after three losing sessions, tracking a firmer Wall Street, while the dollar was weighed down by tensions on the Korean peninsula and weak U.S. inflation data which dampened prospects of another Federal Reserve interest rate hike later this year. Overall reaction was subdued to Monday's Chinese data which were generally weaker than forecast, and reinforced views that the world's second-largest economy is starting to lose a bit of steam as lending costs rise and the property market cools. MSCI's broadest index of Asia-Pacific shares outside Japan .MIAPJ0000PUS was up 0.7 percent. The index had fallen for three straight days previously, losing a combined 3 percent, on escalating tensions between the United States and North Korea. Australian stocks rose 0.5 percent and South Korea's KOSPI .KS11 climbed 0.4 percent. Hong Kong's Hang Seng .HSI was up 0.8 percent and Shanghai .SSEC added 0.2 percent. China's factory output in July grew 6.4 percent from a year earlier, short of the 7.2 percent forecast, while fixed-asset investment expanded 8.3 percent in the first seven months against expectations for growth of 8.6 percent. Geopolitical risks were expected to remain a key theme for the global markets in the near term, as North Korea celebrates Liberation Day on Tuesday to mark the end of Japanese rule. Investors also braced for tensions ahead of Aug. 21, when an annual joint U.S.-South Korean military exercise is due to begin. "Due to caution towards a further escalation in tensions over North Korea, U.S. yields and equities are expected to decline and the yen is likely keep appreciating this week," said Masafumi Yamamoto, chief forex strategist at Mizuho Securities in Tokyo. Japan's Nikkei .N225 bucked the trend and fell 1 percent as a stronger yen overshadowed much better-than-expected second quarter economic growth. The three major U.S. stocks indexes snapped three days of losses and ended higher on Friday, as investors bet on slower U.S. rate hikes following weaker-than-expected consumer price data. But gains were muted by increasingly aggressive exchanges between Washington and Pyongyang. [.N] U.S. Treasury yields, which already declined on the North Korean concerns, fell further on Friday on the soft U.S. consumer prices data. The benchmark 10-year Treasury yield US10YT=RR touched 2.182 percent on Friday, its lowest since late June, before pulling back a little to 2.204 percent on Monday. Friday's data showed the U.S. consumer price index edged up just 0.1 percent last month after it was unchanged in June. Economists polled by Reuters had forecast the CPI rising 0.2 percent in July. The dollar index against a basket of six major currencies was flat at 93.076 .DXY after it slipped about 0.4 percent on Friday. The greenback traded slightly higher at 109.370 yen JPY= after slipping to 108.720 on Friday, its weakest since April 20. The yen tends to gain in times of geopolitical tension on expectations that Japanese investors will repatriate assets. It also showed little reaction to second-quarter gross domestic product data which revealed that the economy expanded for a sixth straight quarter led by private consumption and capital expenditure. While growth was faster than expected, it is not expected to nudge the Bank of Japan into dismantling its massive stimulus program any time soon, as inflation remains stubbornly weak. The euro was 0.1 percent higher at $1.1824 EUR=. Crude oil prices edged down after rising slightly on Friday on lower U.S. crude stocks, instability in major producer Nigeria and strong global demand growth. [O/R] U.S. crude CLc1 was down 2 cents at $48.80 a barrel and Brent LCOc1 was 7 cents lower at $52.03 a barrel. Gold hovered near a two-month high, benefiting from the U.S.-North Korean tensions and Friday's weak U.S. inflation data. The dollar's recent weakness was also seen to be helping gold. Spot gold XAU= was a shade lower at $1,287.51 an ounce after reaching $1,291.86 on Friday, its highest level since June 7. Other precious metals such as silver XAG= and platinum XPT= were also buoyant. Reporting by Shinichi Saoshiro; Editing by Lisa Twaronite and Kim Coghill
Dollar Shortage Intensifies in Azerbaijan, Multiple Banks in Baku Refuse Forex Transactions
This is an automatic summary, original reduced by 46%.
Banks, lenders and currency exchange kiosks in Azerbaijan have started restricting foreign currency sales - U.S. dollars in particular - as the Azerbaijani manat continues to lose ground due to fears of further devaluation and declining oil prices. The manat took a big nosedive on December 20, 2015, when the central bank decided to remove its dollar peg. Earlier this year, the central bank tried to fight the shortage by imposing a limit on the amount of dollars banks could sell to their clients on a daily basis, which was set at $500. But as Reuters reports today, out of six banks interviewed; three banks in the capital city of Baku have suspended foreign currency transaction altogether; three banks only allow $100 a day per client. Some Baku merchants like Akif Shukyurov - who regularly converts his manat denominated revenues to dollars in order to pay his suppliers - tells Reuters that he can't complete his transactions due to the extreme dollar shortage in the country. The biggest supplier of dollars in the region is the sovereign wealth fund, Sofaz, which holds auctions twice a week, where $50 million is disbursed to banks. Just like the inadequate and ineffective attempts by the Nigerian central bank to remedy the dollar shortage in Nigeria, the policies of the Azerbaijani central bank have also failed, despite multiple interest rate hikes this year.
Nigeria’s case study in how not to float your currency
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Today, the official interbank market closed at 306 naira to $1. But over at Abokifx, the same US dollar sells for 473 naira on the black market-a spread of 55%, enough to tempt even the purest of souls into a game of 'round-tripping'. The moment the naira was 'floated' on June 20 this year, the authorities then found themselves in a position of not wanting the exchange rate to depreciate past a certain point to avoid the knock-on effect of higher petrol prices. This meant that the only way to stop the naira floating away beyond reach was to employ the old tricks of hobbling the markets, fixing rates with a mixture of persuasion and mostly threats and generally wrapping the whole thing in a thicket of rules. On the day the naira was floated in June, the Central Bank of Nigeria intervened in the markets to clear the huge backlog of unmet demand with a mixture of spot rates and forward contracts to be filled up to one year later. In the absence of the CBN from the interbank market, the money from the oil majors probably made up between 50%-60% of the supply of forex to the market. Not so fast said the CBN-the oil majors were also instructed that after selling their dollars to petrol marketers, any leftover had to be sold to the CBN. The reason for this directive remains unclear especially as the CBN is no longer intervening in the forex markets.
The Nigerian Naira is the currency of Nigeria. Our currency rankings show that the most popular Nigeria Naira exchange rate is the USD to NGN rate. The currency code for Nairas is NGN, and the currency symbol is ₦. Below, you'll find Nigerian Naira rates and a currency converter. Nigerian Naira exchange rates and currency conversion. Nigeria currency (NGN). Track Naira forex rate changes, track Naira historical changes. Directory of best currency transfer providers, compare to exchange rates when sending money from Nigeria The most trusted platform to get the live exchange rates. Convert foreign currencies instantly with the Abokifx calculator. With the current currency fluctuation in Nigeria, there is more need than ever to keep a close look at all the major foreign currency to the Naira exchange rate. We decided to compile all the possible bank’s Nigeria exchange rate. Our list of the Nigerian bank exchange rate will be updated frequently to give you a fresh rate for your businesses and foreign exchange needs. Welcome to the Nigerian Naira exchange rate & live currency converter page. The Nigerian Naira (NGN) exchange rates represented on this page are live, updated every minute within the forex market ... Exchange rate for Nigeria Naira (NGN) to all other currencies Reverse: As of Nov 11, 2020, 1 Nigeria Naira (NGN) = AUD: Australian Dollar: Exchange rate from Nigeria Naira to Australian Dollar: NGN to AUD: 0.003612: CAD: Canadian Dollar: Exchange rate from Nigeria Naira to Canadian Dollar: NGN to CAD: 0.003422: CHF: Swiss Franc On Friday, the Central Bank of Nigeria (CBN) ended all multiple foreign exchange (forex) rates in Nigeria and introduced a somewhat single exchange rate regime, apparently in a move to protect the ...
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