Monthly Archives: August 2021
COVID-!9: Forex in-flows through CBN deplete 200% in one year
COVID-!9 pandemic dealt the country ‘s economy a big blow, with foreign exchange (forex) inflow through the Central Bank of Nigeria (CBN) crashing by 198.27 per cent and outflows slowing by 134.89 per cent in one year.
Specifically, data for January 2021 show inflows of $1.73billion and outflows of $2.83billion. Analysts at FBNQuest said, the point of interest is not the net deficit, which is common, but the scale of flows.
Shell confirms exit plan, shops for local investors
Royal Dutch Shell has engaged Standard Chartered to shop for local investors to buy some of its onshore assets as the oil major blames insecurity, poor government engagement and the recently passed Petroleum Industry Bill (PIB) for pushing them out of Nigeria.
According to Shell the Nigerian Niger Delta businesses are for now not core to it’s on- going business strategy worldwide.
Ecobank Nigeria joins IFC, The Nigerian Exchange partnership on gender equality
Ecobank Nigeria has entered into partnership with the International Finance Corporation (IFC) and The Nigerian Exchange Limited (NGX) on the ‘The Nigeria2Equal gender program’ targeted at reducing gender gaps across employment and entrepreneurship in the Nigerian private sector. The program is the first multi-stakeholder country project focused on ensuring equality within Nigerian companies. It is organized in three components i.e. research, peer learning platform and firm level support to companies.
Quarterly revenue from crude to hit $14bn, trade balance becoming positive – Rewane
The future appears bright for the country with crude oil quarterly revenue poised to reach $14 billion, whilst trade balance to berth on the positive side after a long period of repeated trade deficits.
In addition, contrary to expectations of some cynic that the naira would plummet after the Central Bank of Nigeria (CBN)’s decision to stop funding the Bureau De Change (BDCs), the naira made a U-turn and has appreciated instead.
MTN Group finally returns $280m in 2020 dividend from Nigeria
South Africa’s MTN Group has repatriated its last year’s dividend of around $280 million (R4.2 billion) from its local unit in Nigeria. The company reported the payout during the release of preliminary financial results for the six months to June 30, 2021.
The funds from Nigeria are part of approximately $650 million (R9.3 billion) in cash the pan-African telecoms giant returned from its subsidiaries.
