Market
Economist: Official exchange rate may depreciate to N420 to the dollar
The managing director of Financial Derivatives Company, Bismarck Rewane, has projected that the naira will depreciate to N420 against the dollar on the official window by the end of 2021. Rewane was speaking at a virtual event tagged ‘Vantage Forum 2021’, organised by The Elevation Church (TEC) on Saturday. The economist also projected that the naira will exchange at N470 to the dollar at the parallel market. At present, the naira trades at N480/$ at the parallel market and N380 at the official rate operated by the Central Bank of Nigeria. This, he said, is based on a worst-case scenario where Nigeria produces 1.5 million barrels per day (bpd) with an inflation rate of 16.15 percent in the full year. “In the worst-case scenario, it goes the other way, in all cases you find that the average...
Arsenal linked with Chelsea’s Champions League winning defender
Arsenal are considering a move for former Chelsea left-back and current Southampton defender Ryan Bertrand as they look to provide competition for Kieran Tierney. Mikel Arteta revealed this week the club are in the market for a left-back to compete with Tierney after Sead Kolasinac was allowed to join former club Schalke on loan. Arsenal are looking at a number of targets, but it is understood that Bertrand is one player being monitored. Bertrand is into the final six months of his contract with the Saints and has been in protracted talks over a new deal with the south coast club. The 31-year-old, who still lives near the Blues’ west London training ground and commutes to Southampton, was of interest to Leicester in the summer following the sale of Ben Chillwell and the Foxes have kept tab...
Coronavirus takes toll on federal roads’ construction in Lagos
The ravaging effect of Coronavirus (COVID-19) was, perhaps, the biggest challenge faced by stakeholders in the road sub sector of the construction industry in 2020. As the virus gained ground, several contractors soon abandoned work and shut their operations, consequently, many hitherto gainfully employed Nigerians were thrown into the labour market. Even when the government later introduced partial lockdown measures, the number of workers on site was scaled down by many contractors in line with COVID-19 protocols, which slowed down progress of work. Virtually all road projects in Lagos State suffered the effect of the pandemic, with every project having its own peculiar challenge. The reconstruction of 46km Agbara-Seme section of the Lagos-Badagry Expressway project awarded to CGC Nigeria...
Benue governor: Quit notice to Bishop Kukah a recipe for disintegration
Benue State Governor Samuel Ortom has warned that the quit notice by a muslim group demanding the Catholic Bishop of Sokoto Diocese, Bishop Mathew Kukah to tender an unreserved apology over his Christmas Day message or leave Sokoto State, is capable of causing the disintegration of the country. The Governor however enjoined all Nigerians, irrespective of religious and political inclinations, to uphold unity, peace and dialogue as panacea for the myriad of problems confronting the country. Reacting to the statement, the Governor who spoke through his Chief Press Secretary Terver Akase said the group’s statement was a contradiction of provisions of the Constitution which gives Nigerians the right to live freely in any part of the country. Ortom added that the statement of the group directing...
Abuja residents: Why we buy ‘second hand’ clothes
Some residents of the Federal Capital Territory (FCT) in Bwari Area Council say they patronise the clothes not only because of its affordability but also for the upgraded standard. The buyers spoke in separate interviews with newsmen at the Dutse-Alhaji market on Sunday in Abuja. The buyers were seen patronising the items from their dealers in the market, which was known for the cheap sale of second hand clothing in the district. Ada Micheal, one of the buyers, told newsmen that when it came to especially shoes, school or women bags, she preferred the second hand ones because they were almost new and last longer. ” Not all of these items you see here are fairly used; most of them are new or almost new. ” Some even come with tags from probably the stores they were initially hung for sale or...
2021: Banks to walk a tightrope amid low revenue environment
Nigeria’s deposit money banks (DMBs) must brace up for the challenge of 2021 that might tax their resolve to remain in business. Reason: the industry is faced with a tougher operating environment that could threaten the operators’ ability to meet their stakeholders’ needs and expectations yet perform meaningful corporate social responsibility roles. Their valuable customers such as high net-worth individuals, corporate bodies and other institutions are equally challenged. In his book, Business Stripped Bare, celebrated iconic entrepreneur and founder of the Virgin Group, Richard Branson, says, “without trustworthy banks, there can be no business, no employment, no money. According to Branson, “People have got to be able to go to bed at night secure in the knowledge that the money they depo...
Frank Lampard under serious threat of being sacked as Chelsea boss
According to a damning on-the-whistle report from The Athletic, Frank Lampard’s job at Chelsea is under serious threat after the 3-1 defeat to Manchester City. The loss to Pep Guardiola’s side marked Chelsea’s fourth in their last six Premier League games, the Blues have won just once over this period – against West Ham – who they are now level on points with. It’s not just the results though, the Blues have lost to sides that are firmly contenders for European competition like Wolves and Everton – whilst they were stunned by rivals Arsenal on Boxing Day. The Athletic report that the west London outfit have now begun to ‘explore alternative plans’ in regards to the team’s future, with the consideration that Lampard will be sacked if this run continues. Chelsea now sit eighth in the Premier...
Rivers governor orders closure of Creek road, Bonny-Bille Jetty
Rivers State Governor, Nyesom Wike, has reaffirmed the closure of Creek road in Port Harcourt to vehicular and human traffic beginning from midnight (Monday) to January 9, 2021. Governor Wike has also barred boat operators from using the Bonny -Bille Jetty during the same period. He stated this during inspection of the multi-million naira ultra modern Bonny-Bille jetty on yesterday. Governor Wike bemoaned the conversion of the dualised Creek road to market by traders and the filthiness of the Bonny-Bille jetty that is due for commissioning this Saturday. The governor while addressing residents of the Bonny-Bille waterfront, explained that the State government would from Monday midnight, close Creek road and temporarily shutdown the jetty for a thorough sanitation of the area. Governor Wike...
Coronavirus: FCT threatens to shut markets, malls
The FCT Administration has told shop owners to choose between complying with COVID-19 guidelines or having their business premises shut as part of measures to contain the pandemic. Head, Media and Public Enlightenment of the FCT Ministerial Enforcement Task team on COVID-19 Regulations, Ikharo Attah, issued the warning while monitoring the level of compliance in some shopping malls and business premises across the city. He said the administration will “not hesitate to shut down shopping malls, Maitama farmers’ market and business premises in the city that fail to comply with the COVID-19 protocols and guidelines. “From what we observed, there is high compliance by costumers and visitors to these malls and business premises, sadly, same cannot be said of the workers and operators of shops a...
Yobe governor calls for caution to combat fire incidents during harmattan
Yobe State Governor, Alhaji Mai-Mala Buni, has called for extra vigilance during the harmattan season to combat incidents of fire disaster. The governor made this call in a statement yesterday while commiserating with victims of a fire outbreak that occurred at Potiskum Market. The fire had broken up in the early hours of yesterday, razing six traditional medicine shops. The governor in a statement, said he received the news of the incident with sadness, while directing the State Emergency Management Agency (SEMA) to provide the victims with all necessary support and to take stock of damages caused by the inferno. He also directed the state’s Fire Service to be proactive, especially in the current harmattan season. He said, “I wish to express my deep sympathy to victims who lost their valu...
Nigerian government borrows over N2 trillion from bond investors in 2020
Leveraging on excess liquidity that persisted in the banking system and the near zero yields on treasury bills (TBs), the Federal Government, through the Debt Management Office (DMO), raised N2.1 trillion from investors in its monthly bond issuance programme in 2020. This represents 33 percent, year-on-year, (y/y) increase when compared with the N1.58 trillion raised by the DMO in 2019. The N2.1 trillion raised in 2020 also represents 31 percent more than the N1.6 trillion funding target for the DMO under the Revised 2020 Budget. Meanwhile, the monthly bond auctions conducted by the DMO in 2020 recorded 275 percent oversubscription, reflecting scramble for the high yielding FGN bonds by investors. Newsmen report on monthly bond auction results show that the DMO offered N1.825 trillion wort...
CBN: Naira to fall further in January
Barely five days to the end of the year 2020, the Central Bank of Nigeria has disclosed that a survey carried out by its Statistics Department revealed that the naira is expected to depreciate further in January 2021. The report, titled, ‘December 2020 Business Expectations Survey Report’ added that there might also be a steady rise in interest rate from December till the next six months. The naira witnessed a sharp fall in recent weeks, reaching its lowest on November 30, 2020, when it exchanged for N500/$1. Since then, the dollar has been hovering between N460 and N470. As of Friday, however, one dollar exchanged for 465 in the parallel market. Also, the Nigerian economy had on November 21 slid into its second recession in five years when the economy shrank again in the third quarter. Th...
