Naira rebounds, sells for 1,280/$ at parallel market

The Naira yesterday recovered against the US dollar at the parallel market as it appreciated to N1280/$, according to market information obtained by Nairametrics from currency traders.

This implied that the Naira appreciated by N120, representing a gain of 8.57 per cent when compared to the N1,400 to a dollar at which it traded on Friday.

Currency traders confirmed that they sold between N1, 280 and N1,300/dollar.

The local currency had, midweek lost a third of its value barely two weeks after strengthening to below N1,000 against the dollar.

It later dropped to N1,400 against the dollar at the black market on reports of fresh demand pressure.

This had made many people to question the impact of the sales of $15.83 million to 1,583 Bureau De Change (BDC) operators by the Central Bank of Nigeria (CBN).

The apex bank had, on Monday announced the sale of $10,000 to its licensed currency traders nationwide at the rate of N1,021/$1 as part of its plans to aid foreign currency accessibility for qualified end users and stabilise the foreign exchange market.

Currency traders had attributed the recent depreciation of the Naira to market forces as supply had been unable to meet up with the demand.

Meanwhile, a data from FMDQ showed that the Naira continued its downward trend against the greenback at the official foreign exchange window, closing at N1,339.23/$1 on Friday.

This represents a 2.24 per cent depreciation when compared to the N1,309.88/$1 that was reported the previous day.

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Recent initiatives by the apex bank had tempered forex scarcity, aiding the Naira’s recovery from an early March rate of N1,617 per dollar to N1,072 per dollar on April 17.

BDCs proffer solutions to depreciation

Meanwhile, the Association of Bureaux De Change Operators of Nigeria (ABCON), has revealed plans for a unified retail end of the foreign currency market to tackle the recent Naira depreciation.

The president of the association, Aminu Gwadabe, disclosed this on Friday, noting that the move would tackle volatility and boost regulatory compliance within that market segment.

According to him, the association is implementing plans meant to unify operators from different cadres of the market, including the inauguration of state chapters for market coordination, integration and administering a united market structure.

He revealed plans to upgrade ABCON’s Business Process Platform, formerly called SAAZ Master.

“Part of our vision for a united retail-end forex market includes activating geo-mapping and automated BDCs physical office verification exercise using the Remote Gravity Physical verification apps.

“This will enable forex buyers to easily locate BDCs offices for effective and seamless transactions,” he stated.

Currency can’t appreciate in a vacuum – Senator Nwoko

Senator Ned Nwoko yesterday advised the federal government and the CBN against any measure capable of artificially forcing the Naira to gain value against other currencies.

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Nwoko, who represents Delta North, gave the advice in a statement he signed and made available to the News Agency of Nigeria (NAN).

He stated that continuous revisits to previously implemented policies and considerations of new ones were imperative.

He noted that the value of a sovereign nation’s currency is the cornerstone of respect and collaboration among nations.

The lawmaker emphasised that Nigeria must stimulate Naira demand.

According to him, as a country that exports crude oil and other commodities globally, it is imperative that all transaction on these items be conducted exclusively in Naira.

“This will incentivise buyers to seek out Naira, thereby driving its appreciation due to increased demand and scarcity.

“Moreover, the foreign reserve policy warrants reassessment.

“The practice of maintaining reserves in foreign jurisdictions, termed “foreign reserves,” is not only objectionable but also counterproductive to Nigeria’s economic sovereignty.

“Unlike other countries like the United States, Britain, France and Japan, which hold their reserves domestically, Nigeria’s adherence to this practice raises questions about its colonial legacy.

“If our early indigenous leaders acquiesced to this approach due to colonial influence, why should we perpetuate it? The primary rationale often cited to justify foreign reserves is trade balance maintenance,” Nwoko said.

According to him, this argument lacks merit when considering the limited number of traders involved in importing goods into Nigeria, which constitutes a negligible fraction of the country’s population.

Naira rebounds, sells for 1,280/$ at parallel market

Chery celebrates automobile excellence, creativity at Lagos roadshow

Chery Nigeria on Friday held many Lagos fans of elegant new vehicles spellbound during its spectacular roadshow.

The event featured a captivating procession from the Carloha showroom to The Palms in VI passing through scenic routes such as the Third Mainland Bridge, Ikoyi and Victoria Island, ending with a celebration at the iconic shopping mall.

The roadshow not only showcased Chery’s exceptional vehicles but also celebrated the spirit of creativity and community.

The event provided a platform for guests to savour and enjoy the unique display of new work of art and automotive excellence.

The roadshow extravaganza, as the organisers called it, was revealed Chery’s commitment to engaging experiences, showcasing the brand’s latest masterpiece, the Tiggo 8 Pro,Tiggo 4 Pro and Arrizo 5, in an unforgettable way.
The highlight of the event was a unique “Sip and Paint” session led by a notable artist, who skilfully captured the essence of the Tiggo 8 Pro on canvas.

Guests were invited to unleash their creativity as they painted their own interpretations of the iconic Chery logo, adding personal touch.
The climax of the evening came with a breathtaking moment as Eben, renowned for his impressionistic prowess, unveiled his masterpiece – a stunning portrayal of the Chery Tiggo 8 Pro.
The artwork, met with awe and admiration from attendees, encapsulated the essence of Chery’s dedication to innovation, style, and sophistication.
Representative of Chery brand in Nigeria, Carloha, says it will continue to provide automotive solutions to  customers with its six-year free service and six-year warranty or 200,000km, whichever comes first.

Meanwhile, Chery has expressed its gratitude to all attendees, partners and supporters who contributed to the success of this extraordinary event.
“As the brand continues its journey of innovation and inspiration, it remains dedicated to delivering exceptional experiences that captivate hearts and minds,” the firm said in a statement on Saturday.

BDCs consider harmonised retail market as naira depreciates further

The Association of Bureaux De Change Operators of Nigeria (ABCON) has said it is working on establishing a unified retail end forex market operations to tackle volatility and boost regulatory compliance within the Bureau De Change (BDC) sub-sector.

This is as the value of the naira depreciated further at the parallel market to N1,450 to the dollar.

From N1,420 which it was on Thursday, the value of the naira, which had depreciated to N1309 to the dollar at the Nigeria Autonomous Foreign Exchange market (NAFEM) continued to fall at the parallel market.

ABCON president, Alhaji (Dr.) Aminu Gwadabe, said ABCON is carrying out strategic plans meant to unify operators from different cadres of the market including inauguration of state chapters for markets coordination, integration and administering a united market structure.

According to him, ABCON plans to extend its automation policies and platforms to all BDC operators across Nigeria markets and upgrade its Business Process Platform-(formerly called SAAZ Master). He said the new blueprint for a united retail end forex market structure will ensure the deployment of a centralised, democratised and liberalised online real time trading platform.

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He stated that the association will sustain its engagement with regulatory agencies, security operatives and other government apparatus to entrench a secured and thriving forex market that is supportive to regulation and government.

“Part of our vision for a united retail-end forex market include activating geo mapping and automated BDCs physical office verification exercise using the Remote Gravity Physical verification apps. This will enable forex buyers to easily locate where BDCs offices are for effective and seamless transactions”.

He reiterated the benefits of a realistic and vibrant retail end forex market as supporting Central Bank of Nigeria (CBN’s) goal of achieving true price discovery for the naira, balancing of international obligations and national objectives; ensuring ease of regulation, security agencies monitoring and supervision as well as entrenching market visibility for BDC players.

According to Gwadabe, the vision for a united retail end forex market will help in the provision of market intelligence reports, enhance the local and global image of the BDCs and other stakeholders, market operators and boost employment generation.

The successful execution of this plan, Gwadabe said, will help in seamlessly capturing revenues for the government through digitised retail end market and creating a well structured, transparent and competitive platform to checkmate the menace of unlicensed platforms like Binance, Aboki FX, ByBit among others.

BDCs consider harmonised retail market as naira depreciates further