Business
‘To reduce market volatility’ — CBN sells $122.6m to 46 authorised dealers
The Central Bank of Nigeria (CBN) says it has sold foreign currencies worth $122.67 million to 46 authorised dealers in two days to ensure stability and reduce foreign exchange (FX) market volatility.
In a statement on Friday by Omolara Duke, the bank’s director in charge of financial markets, CBN said of the total transaction, $67.50 million was sold to 27 authorised dealers.
Also, the apex bank said $2.5 million was bought from one authorised dealer on July 10.
“The range of the bid for the July 10, 2024 sales was N1,480.0/US$ – N1,500.0/US$, while the value date for the payments, going by the settlement cycle of two days (T+2), is July 12, 2024,” the statement reads.
“Similarly, on July 11, 2024, the sum of US$55,171, 000 (Fifty-Five Million, One Hundred and Seventy-One Thousand US Dollars) was sold to 19 Authorised Dealers at N1,540.0/US$, and no FX was purchased.”
CBN said the value date for the payments of the spot sale is July 15.
The financial regulator urged all authorised dealers to ensure FX purchases from the CBN are utilised exclusively for trade-backed transactions — which should be reported within 72 hours.
According to the statement, the CBN supplies FX to the FX market to “improve liquidity through FX spot sales to Authorized Dealers using two-way quotes”.
CBN assured it would continue to ensure stability in the FX market.
The Naira yesterday depreciated to N1,770 per dollar in the parallel market from N1,750 per dollar last weekend.
Similarly, the Naira depreciated to N1,675.62 per dollar in the Nigerian Autonomous Foreign Exchange Market, NAFEM.
Data from FMDQ showed that the indicative exchange rate for NAFEM rose to N1,675.62 per dollar from N1,652.62 per dollar last weekend, indicating N23 depreciation for the naira.
The volume of dollars traded (turnover) fell by 55.2 percent to $108.79 million from $243.05 million traded last week Friday.
Consequently, the margin between the parallel market and NAFEM rate widened to N117.38 per dollar from N97.38 per dollar last weekend.
The Nigeria National Petroleum Company Limited (NNPCL) has confirmed that the Port Harcourt Refinery in Rivers State has commenced crude oil processing.
The Chief Corporate Communications Officer of the compaanyy, Femi Soneye, broke the news on Tuesday.
Soneye revealed that the refinery will operate at 60 percent capacity and process 60,000bpd.
https://twitter.com/FM_Soneye/status/1861330633831620917?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1861330633831620917%7Ctwgr%5E776845f88f6fa6dd3c70082f4da1ee2632656999%7Ctwcon%5Es1_&ref_url=https%3A%2F%2Fwww.vanguardngr.com%2F2024%2F11%2Fbreaking-port-harcourt-refinery-begins-crude-oil-processing%2F
“Today marks a monumental achievement for Nigeria as the Port Harcourt Refinery officially commences crude oil processing. This groundbreaking milestone signifies a new era of energy independence and economic growth for our nation,” Soneye said on Tuesday.
“Hearty congratulations to President Bola Ahmed Tinubu, the NNPC Board, and the exceptional leadership of GCEO Mele Kyari for their unwavering commitment to this transformative project. Together, we are reshaping Nigeria’s energy future!”
Soneye added that truck loading will commence on Tuesday (today), adding that the NNPCL is also “working tirelessly to bring the Warri Refinery back online soon”.
The National Bureau of Statistics (NBS) says Nigeria’s annual gross domestic product (GDP) grew by 3.46 percent in the third quarter (Q3) of 2024.
The NBS, in its GDP report published on Monday, said the growth rate is higher than the 3.19 percent recorded in Q2 2024.
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Bodex F. Hungbo, SPMIIM is a multiple award-winning Nigerian Digital Media Practitioner, Digital Strategist, PR consultant, Brand and Event Expert, Tv Presenter, Tier-A Blogger/Influencer, and a top cobbler in Nigeria.
She has widespread experiences across different professions and skills, which includes experiences in; Marketing, Media, Broadcasting, Brand and Event Management, Administration and Management with prior stints at MTN, NAPIMS-NNPC, GLOBAL FLEET OIL AND GAS, LTV, Silverbird and a host of others
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