Connect with us
Gage

Business News

CBN condemns receiving foreign currency in transfers

CBN has lamented the rate at which international money transfers are done in foreign currencies by Nigerians, saying it is detrimental to naira. 

Published

on

parallel market, Covid-19: N3.5 trillion disbursed as stimulus package for the Nigerian economy, CBN Vs NESG: Waving the white flag for the benefit of Nigerians, Exchange Rate Unification: CBN devalues official rate to N380/$1, Nigerian banks have written off N1.9 trillion impaired loans in past 4 years, CBN sandbox operations, Stirling Trust Company Limited, Key highlights of the October 2020 Business Expectations Survey Report, A Total of N3.5 trillion was disbursed in the wake of the COVID-19 pandemic, in addition to several other interventions to reflate the economy - CBN, BOFIA 2020: Steps forward or backwards for Nigerian banks, Total credit to the economy rose to N19.54trillion – CBN Governor

The Central Bank of Nigeria (CBN) has lamented over the rates international money transfers are done in foreign currencies by Nigerians, saying it is detrimental to naira.

This was disclosed by the Director, Trade and Exchange, CBN, Ozeomena Nnaji. She explained that the remittances in the diaspora between January 2016 and December 2019 are currently being investigated by three committees.

CBN condemns foreign money transfers to Nigeria 

Nnaji said that Nigeria has a spending policy that guides its currency because of the effect of spending foreign currency in Nigeria has on the value of the naira. She said when money comes in as either dollars or euros, it is important to exchange it and get the naira currency as this promotes the naira value and the exchange rate stability.

“If the dollar and euro are everywhere, what happens to our currency, the Naira now is not an internationally accepted currency, if we dilute it, it will have consequences. We want our Naira to be acceptable by other West African countries; we want it to be an internationally accepted currency. 

Specta

“If we have more funds come in as remittances, our foreign reserves go up, and when that happens, the confidence in the Nigerian economy will go up. It helped in price stability and exchange rate stability management and that the apex bank was interesting in increasing Diaspora remittances,” Nnaji added.

[READ MORE: CBN’s N154.38 billion T-bills auction oversubscribed by 46% as rates fall marginally)

Nnaji while speaking further hinted on the World Bank report that says Nigeria received 25 billion dollars Diaspora remittances in 2019. According to her, the CBN only received 10 million dollars between 2016 and 2019.

“If the World Bank says 25 billion dollars for 2019; their formula for calculating is based on cash, kind and trend analysis. “What the CBN counts is the physical cash that comes in through the banks and International Money Transfer Operators,” she said in a report by the Vanguard.

Coronation ads

According to the world bank, Nigeria’s foreign remittances are estimated at $25 billion as of 2019 and remain one of the highest in the world. CBN data also reveals Nigeria’s visible and invincible import stood at $38 billion as of October 2019 (Invincible was $25 billion). It was $40.8 billion for the entire 2018.

Chidinma holds a degree in Mass communication from Caleb University Lagos and a Masters in view in Public Relations. She strongly believes in self development which has made her volunteer with an NGO on girl child development. She loves writing, reading and travelling. You may contact her via - [email protected]

2 Comments

2 Comments

  1. Emmanuel

    February 17, 2020 at 8:56 am

    They should sha work on improving the economy.

  2. e

    March 23, 2020 at 5:21 pm

    They should work on improving the economy. If they were sincere in their effort and not in rhetorics this will not be happening. I’m sure the CBN governor himself has converted his earning to USD$. Jokers!

Leave a Reply

Your email address will not be published.

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Coronavirus

Covid-19: Oxygen demand in Lagos State has risen 5 times – Sanwo-Olu

Governor Sanwo-Olu has lamented the rising second wave of the pandemic in Lagos as the demand for oxygen increases by 5 times.

Published

on

The Lagos State Governor, Babajide Sanwo-Olu has warned that the rising second wave of the pandemic in Lagos has seen the demand for oxygen rise 5 times from 70 six-litre cylinders per day to 350 six-litre cylinders at Yaba Mainland Hospital alone.

The Governor also urged that all malaria-like symptoms should henceforth be considered as COVID-19 virus infection unless and until proven not to be so.

This was disclosed in a statement released by the Lagos State Government on Tuesday.

“Over the last few weeks, the demands for oxygen has risen from 70 six-litre cylinders per day to 350 six-litre cylinders in our Yaba Mainland Hospital. This is projected to more than double to 750 six-cylinders, before the end of January 2021,” the Governor said.

He added that the State Government has decentralized provision of oxygen and other services needed for Covid-19 patients, citing provision of oxygen kiosks.

Specta

“ln addition to providing oxygen at our isolation centres, the Lagos State Government has decentralized the availability of oxygen across the State through the provision of 10 oxygen and sampling kiosks. Oxygen therapy and other related services will be provided to patients that require them.

“Five of these 10 oxygen centers have been commissioned while the remaining five will be ready for use within the next four weeks. It is our expectation that these sampling kiosks would be easily accessible to residents that require oxygen therapy at the level of LGAs as stabilization points prior to onward transmission to our Isolation centres, if required.

“This strategy is to further increase the fighting chance of Lagos residents that have contracted the virus and require immediate oxygen therapy,” he stated.

The Governor said that Lagos is closely monitoring plans by the FG to acquire vaccines and said the State has also resumed discussion with potential manufacturers. He also said the State is building its own regulatory framework for vaccine distribution.

Coronation ads

“We are closely monitoring ongoing action by the Federal Government to procure COVID-19 vaccines for use in Nigeria. We have also opened discussions with vaccine manufacturers so that when the vaccine comes eventually we can ensure that Lagosians are catered for.

“In the meantime, we are developing a strategy that will articulate the criteria, guidelines and regulatory framework for providing and monitoring vaccinations in Lagos.

“The Lagos State Government is actively partnering with the private sector in the management of the COVID-19 pandemic, in the areas of testing, oxygen deployment, as well as the clinical management of moderate to severe cases. These partnerships have helped enhance the State’s response to the ever-changing circumstances of the pandemic,” Sanwo-Olu added.

What you should know 

Coronation ads
  • The Lagos State Government earlier disclosed that its bed occupancy levels at its public and private COVID-19 care centres increased to 51 per cent.
  • The Federal Government also alerted Nigerians that hospitals across the country are running out of facilities to handle more serious cases of coronavirus infections as the virus is spreading fast with mild symptoms in some victims and severe illnesses and death in others.
  • Nairametrics recently reported that the Federal Government, through the Ministry of Finance, announced the sum of N10 billion for the production of vaccines in Nigeria, to fight the coronavirus.

Stanbic IBTC
Continue Reading

Coronavirus

COVID-19 Update in Nigeria

On the 19th of January 2021, 1,301 new confirmed cases and 15 deaths were recorded in Nigeria

Published

on

The spread of novel Corona Virus Disease (COVID-19) in Nigeria continues to record significant increases as the latest statistics provided by the Nigeria Centre for Disease Control reveal Nigeria now has 113,305 confirmed cases.

On the 19th of January 2021, 1,301 new confirmed cases and 15 deaths were recorded in Nigeria.

To date, 113,305 cases have been confirmed, 91,200 cases have been discharged and 1,464 deaths have been recorded in 36 states and the Federal Capital Territory. A total of 1.19 million tests have been carried out as of January 19th, 2021 compared to 1.17 million tests a day earlier.

COVID-19 Case Updates- 19th January 2021,

  • Total Number of Cases – 113,305
  • Total Number Discharged – 91,200
  • Total Deaths – 1,464
  • Total Tests Carried out – 1,191,866

According to the NCDC, the 1,301 new cases were reported from 22 states- Lagos (551), FCT (209), Oyo (83), Plateau (65), Kaduna (64), Enugu (61), Rivers (44), Ondo (39), Benue (37), Akwa Ibom (31), Kano (19), Delta (18), Gombe (18), Ogun (16), Edo (15), Kebbi (10), Ebonyi (9), Jigawa (4), Osun (3), Zamfara (3), Borno (1) and Nasarawa (1).

Meanwhile, the latest numbers bring Lagos state total confirmed cases to 41,951, followed by Abuja (14,909), Plateau (6,896), Kaduna (6,389),  Oyo (4,778), Rivers (4,473), Edo (3,335), Ogun (2,928), Kano (2,636), Delta (2,140), Ondo (2,109), Katsina (1,723), Kwara (1,697), Enugu (1,644), Gombe (1,518), Nasarawa (1,336), Ebonyi (1,284), Osun (1,263),  Abia (1,134), and Bauchi (1,107).

Specta

Borno State has recorded 868 cases, Imo (857), Akwa Ibom (698), Benue (694), Sokoto (677), Bayelsa (619), Adamawa (573), Niger (547), Anambra (515), Ekiti (473), Jigawa (429), Taraba (294), Kebbi (261), Yobe (211), Cross River (169),  Zamfara (165), while Kogi state has recorded 5 cases only.

READ ALSO: COVID-19: Western diplomats warn of disease explosion, poor handling by government

Lock Down and Curfew

In a move to combat the spread of the pandemic disease, President Muhammadu Buhari directed the cessation of all movements in Lagos and the FCT for an initial period of 14 days, which took effect from 11 pm on Monday, 30th March 2020.

The movement restriction, which was extended by another two weeks period, has been partially put on hold with some businesses commencing operations from May 4. On April 27th, 2020, Nigeria’s President, Muhammadu Buhari declared an overnight curfew from 8 pm to 6 am across the country, as part of new measures to contain the spread of the COVID-19. This comes along with the phased and gradual easing of lockdown measures in FCT, Lagos, and Ogun States, which took effect from Saturday, 2nd May 2020, at 9 am.

Coronation ads

On Monday, 29th June 2020 the federal government extended the second phase of the eased lockdown by 4 weeks and approved interstate movement outside curfew hours with effect from July 1, 2020. Also, on Monday 27th July 2020, the federal government extended the second phase of eased lockdown by an additional one week.

On Thursday, 6th August 2020 the federal government through the secretary to the Government of the Federation (SGF) and Chairman of the Presidential Task Force (PTF) on COVID-19 announced the extension of the second phase of eased lockdown by another four (4) weeks.

Governor Babajide Sanwo-Olu of Lagos State announced the closed down of the Eti-Osa Isolation Centre, with effect from Friday, 31st July 2020. He also mentioned that the Agidingbi Isolation Centre would also be closed and the patients relocated to a large capacity centre.

Due to the increased number of covid-19 cases in Nigeria, the Nigerian government ordered the reopening of Isolation and treatment centres in the country on Thursday, 10th December 2020.

Coronation ads

READ ALSO: Bill Gates says Trump’s WHO funding suspension is dangerous

Stanbic IBTC

 

Jaiz bank ads

 

 

Continue Reading

Macro-Economic News

Price Watch: Nigerians paid less for Kerosene in December 2020

NBS Report shows that consumers paid less for Kerosene in December than they did in November 2020.

Published

on

Average prices of Kerosene, Diesel and Cooking Gas in Nigeria

The latest National Bureau for Statistics (NBS) Price Watch report for the month of December 2020 indicates that the average price per litre paid by consumers for National Household Kerosene reduced by 0.17% from N353.38 in November 2020 to N352.79 in December 2020.

Also according to the report, the average price per gallon paid by consumers for National Household Kerosene reduced by 3.52% from N1,218.50 in November 2020 to N1,175.59 in December 2020.

Price variations across states

  • In the month of December 2020, States with the highest average price per litre of kerosene include; Benue (N436.81), Ebonyi (N425.83) and Taraba (N423.33).
  • However, consumers in Bayelsa (N235.95), Rivers (N302.04) and Delta (N307.69) enjoyed the lowest average price per litre of kerosene.
  • Consumers in Kebbi (N1,534.21), Nasarawa (N1,488.00) and Benue (N1,450.00) paid the highest average price per gallon of kerosene.
  • While consumers in Sokoto (N733.33), Bayelsa (N773.75) and Adamawa (N822.00) on the other hand, paid the lowest average price per gallon of kerosene.

Prices across zones

  • Consumers in South-East zone paid the highest average price for a litre of Kerosene (N377.53), followed by North East (N370.13), North West (N354.66), North Central (N354.44) while consumers in South West(N337.57) and South South (N325.96) paid the lowest average price for a litre of Kerosene.
  • In respect of the average price paid for a gallon of Kerosene, consumers in North West zone paid the highest (N1,197.54), followed by North Central (N1,305.68), South East (N1,220.66), while consumers in South West (N1,161.00), North East (N1,113.25) and South-South(N1,037.60) paid the lowest average price of a gallon of kerosene.

Why this matters

Kerosene has remained an important source of energy for cooking for most families, both in the rural areas and cities. Kerosene is mostly used in rural areas as a source of lighting.

Considering that food and lighting are very essential to life, it is therefore important that the price paid for Kerosene is quite reasonable and as well as affordable for most Nigerians.

Specta
Continue Reading
Advertisement




Advertisement