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Dollar Drops Below N400/$ for First Time in Seven Months.

Mar 23 2017
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Dollar Drops Below N400/$ for First Time in Seven Months. Sarah Alade bows out, recalls when CBN had ‘four governors’. Thisday Online

For the first time in seven months, the dollar fell below the psychological N400 barrier, when the greenback traded at N399 to the dollar in Lagos and exchanged at N395 in Abuja, lower than N410 at which it traded on Tuesday.

 

With the gains made by the local currency in the last five weeks, the naira inched closer to one of the Central Bank of Nigeria’s (CBN) key foreign exchange policy objectives of an exchange rate convergence.

 

The naira trades for N375 to the greenback for invisibles and at N307 to the dollar on the FX interbank market, the official window for manufacturers and importers of raw materials eligible to buy FX from this segment of the market.

The last time the naira traded at between N395 and N400 to the dollar on the parallel market was in August 2016.  Read more

 

Fitch: Banks’ problems’ll persist. The Nation Online

Fitch Ratings yesterday said Nigerian banks will continue to face challenges this year, following an extremely difficult 2016.

 

It explained that banks faced multiple threats from the operating environment in 2016, including Nigeria sliding into recession, the economy continuing to suffer from low oil prices and severe shortages of foreign currency.

 

It said lenders have struggled with declining operating profitability (excluding translation gains), sluggish credit growth, fast asset quality deterioration, tight foreign currency liquidity and weakening capitalisation, putting increasing pressure on their credit profiles.  Read more

 

Recapitalisation spurs mergers, acquisitions in insurance sector. New supervision model to engender specialisation. Guardian Online

A fresh recapitalisation in the nation’s insurance industry owing to its low capital base and penetration has spurred mergers and acquisitions to reposition the sector for a new era of efficient operations.

 

The move, according to stakeholders, is part of efforts by the National Insurance Commission (NAICOM) to make the sector once again attractive to Nigerians.

 

Following the apathy for the industry, mainly caused by acts of omission and commission manifest in the forms of non-payment of dues to policy holders and the shirking of other obligations over the years, the citizens now avoid insurance products. To reverse the trend, it has, therefore, become incumbent on the regulator to win back the confidence of Nigerians by strengthening the financial base of the sector. If the sector comes fully alive again on the basis of the new policy, the incidental benefits are many. Jobs will be created and the contracting national GDP may experience a breather and an opportunity to expand.  Read more

 

 

Last changed: Mar 23 2017 at 11:44 AM

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