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Judiciary

Forex trader in court for allegedly defrauding 2 men of $2,900

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A forex trader, Olufemi Oluwade, on Wednesday appeared in an Ikeja Magistrates Court for allegedly defrauding two men of 2,900 dollars (about N1.1million).

Oluwade, 39, resides at No. 5, Oyawale St., Idimu, Lagos, is charged with stealing and obtaining money under false pretense but he pleaded not guilty.

The Prosecution Counsel, Sgt. Ishola Samuel, told the court that Oluwade obtained 2,900 dollars from the complainants, Olamide Fashipe and Wilson Emele.

He said that the defendant collected the money with a promise to invest the amount in forex trade business.

The prosecution counsel alleged that after Oluwade collected the money, he disappeared.

Samuel told the court that the defendant committed the offence sometime in May,  on Awolowo way in Ikeja.

The offence, he said, contravened the provisions of sections 287 and 314 of the Criminal Law of Lagos State, 2015.

Nigeria News Agency reports that Section 287 provides for three years jail term for stealing, while Section 314 attracts 15 years for obtaining money under false pretenses.

Magistrate A.I Abina admitted the defendant to bail in the sum of N200, 000 with one surety in like sum.

Abina ordered that the surety must be gainfully employed and possess evidence of two years tax payment to the Lagos State Government (LASG).

The magistrate adjourned the case until Aug. 28 for hearing.

 

Foreign

Bangladesh’s forex reserves hit all-time high of over 34 bln USD on remittance, IMF COVID-19 emergency assistance

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Bangladesh’s foreign exchange reserves hit an all-time high of over 34 billion U.S. dollars on the back of an increase in inflow of remittances, said a senior central bank spokesman Thursday.

Md. Serajul Islam, executive director of the Bangladesh Bank (BB), told Xinhua that foreign exchange reserves touched the 34 billion U.S. dollars mark for the first time Wednesday, reflecting the country’s strength from the economical and financial point of view.

“Reserve reached a record amount of 34.23 billion United States dollars Wednesday evening. “

He said an emergency assistance of 732 million U.S. dollars, which was deposited Wednesday from the International Monetary Fund to help Bangladesh deal with the COVID-19 impacts following Bangladesh’s appeal for support, drove up the reserves after the month of remittance boom following Eid festival.

Bangladesh celebrated Eid-ul-Fitr, one of the two big religious festivals, on May 25. Muslims majority Bangladesh sees remittance boom every year during this festival from millions of non-resident Bangladeshis.

No exception was this time in inflows of remittances despite the COVID-19 outbreak in home and abroad, said the official.

According to BB, inward remittances increased by over 38 percent to 1.50 billion U.S. dollars last month from 1.09 billion U.S. dollars a month earlier following the Eid festival.

With the last month’s hefty inflows, the BB data showed, the inward remittances in the first 11 months of this 2019-20 fiscal (July 2019-June 2020) grew by about 9 percent to 16.36 billion U.S. dollars against 15.05 billion U.S. dollars in the same period of the last fiscal.

Another official with the Bangladesh Bank (BB) Forex Reserve and Treasury Management Department told Xinhua that the current reserve level is good enough to support Bangladesh’s resilience to external odds, as well as to maintain macroeconomic stability in light of the COVID-19 outbreak.

The official, who declined to be named, attributed to some extent the robust rise in foreign currency reserves to the slump in import bills due to COVID-19 that made businesses in the country sluggish in the recent months.

For a growing economy like Bangladesh, he said forex reserves equivalent to about seven months’ import bills are considered adequate.

Bangladesh is in a position now to pay around eight months’ import bills with the existing reserves, which are also enough to help the central bank’s efforts in keeping the foreign exchange market stable, said the official.

(XINHUA)

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Foreign

Nigeria assures investors of forex repatriation amid dwindling oil revenues

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Nigeria on Sunday assured investors of the safety of their investments in the country despite dwindling revenues from the sale of crude oil globally.

Godwin Emefiele, governor of the Central Bank of Nigeria, who gave the assurance in Abuja, the nation’s capital, said the bank had put in place policies to ensure an orderly exit for those that might be interested in doing so.

The apex bank governor said investors interested in repatriating their funds from the country are guaranteed to get their money, notwithstanding the drop in the revenue from crude oil.

Emefiele urged investors to be patient as such repatriations are being processed, owing to the bank’s policy of orderly exit of investments.

Recalling a similar situation back in 2015 over declining revenue, the governor said the central bank is able to settle all commitments in an orderly manner.

(XINHUA)

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Economy

Forex repatriation: Emefiele assures investors in spite dwindling oil prices

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Governor of Central Bank of Nigeria (CBN), Godwin Emefiele, has assured investors of the security of their investments in the country in spite dwindling revenue from the sale of crude oil globally.

The CBN’s Director, Corporate Communications Department, Mr Isaac Okorafor, in a statement on Sunday, said Emefiele gave the assurance in Abuja.

The apex bank governor said investors interested in repatriating their funds from the country were guaranteed to get their money, notwithstanding the drop in the revenue from crude oil.

He noted that the bank had put in place policies to ensure an orderly exit for those that might be interested in doing so.

Emefiele, however, urged investors to be patient as such repatriations were being processed, owing to the Bank’s policy of orderly exit of investments.

Recalling a similar situation that occurred in 2015 over declining revenue, the governor said that the CBN was able to settle all commitments in an orderly manner.

According to him, the foreign exchange available will be devoted to strategic importation or service obligations that are priority.

Meanwhile, Emefiele also stated the CBN, in collaboration with the Federal Ministry of Industry, Trade and Investment, was committed to galvanizing the manufacturing sector in a bid to reset the economy.

He disclosed that CBN had met with the banks, manufacturers in the health sector and the larger manufacturing group to address the challenge posed by the pandemic.

He noted that as leaders, the fiscal and monetary authorities must work together to moderate the health and economic impact of the COVID-19.

Emefiele said the COVID-19 presented Nigeria with an opportunity to reset the economy and as such there was need for the country to prepare itself to get the manufacturing sector to work, while the banking sector supports the economy.

The governor added that with the revenue drop from crude, Nigeria had no choice but to diversify its economic base, adding that the time had come for Nigerians to produce what could be produced and consume what is produced in the country.

Edited By: Wale Ojetimi (NAN)

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Oil & Gas

Petroleum products pricing: PPPRA engages CBN on Forex

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The Petroleum Products Pricing Regulatory Agency (PPPRA) says it is engaging the Central Bank of Nigeria(CBN) to determine the applicable foreign exchange rates for the importation of petroleum products into the country.
The PPPRA Executive Secretary, Abdulkadir Saidu, said in a statement issued in Abuja on Monday that the engagement was also to ensure modalities for accessing the applicable foreign exchange window by the marketers.
“The agency is engaging the CBN to determine the applicable foreign exchange rates for the importation of petroleum products and modalities for accessing the applicable foreign exchange window by the marketers.
“This rate is reflected on the pricing template to determine the expected open market price of the product.
“This means that going forward, the guiding price to be advised will be determined based on the rates quoted by the CBN,” he said.
According to him, the price is expected to guide the sale of Premium Motor Spirit (PMS) in Nigeria.
He noted that the agency planned to extend the same pricing mechanism to DPK (kerosene) and AGO (diesel), among other products.
According to Saidu, the essence of the price band is to ensure price efficiency that will be beneficial to both the consumers and oil marketers.
“Price liberalisation is when Expected Open Market Prices (EOMP) prices are completely determined by market forces.
“Under price liberalisation, petroleum products prices will be adjusted, in line with market realities.
“It is pertinent to state that it is crucial to have a robust regulation in place in a market-based pricing regime in order to protect the interest of the consumers and the nation, and ensure the growth of the sector.
“The PPPRA, being the regulatory agency, will continue to carry out all its mandates as enshrined in its establishment Act, which include: to determine the pricing policy of petroleum products and regulate the supply and distribution of petroleum products.
“Other mandates are: to create an information databank and moderate volatility in petroleum products prices, while ensuring reasonable returns to the operators,” he said
The executive secretary listed other functions of the agency to include: establishing parameters and codes of conduct for all operators in the downstream petroleum sector and maintaining constant surveillance over all key indices relevant to pricing policy.
He said that the agency was also empowered to periodically approve benchmark prices for all petroleum products and prevent collusion and restrictive trade practices that were harmful to the sector.

Edited By: Remi Koleoso and (NAN)‘Wale Sadeeq

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Economy

Forex: CBN injects $292.34million into retail Secondary Market

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The Central Bank of Nigeria (CBN) has injected the sum of 292.34million dollars into the retail Secondary Market Intervention Sales (SMIS).

CBN Director, Corporate Communications, Mr Isaac Okorafor made this known in a statement in Abuja on Friday.

Okorafor said that the Bank also intervened with the sum of CNY 22.8million in the spot and short tenored forwards segment of the inter-bank foreign market.

He explained that the dollar-denominated intervention was for requests in the agricultural and raw materials sectors, while the Chinese Yuan was for Renminbi-denominated Letters of Credit.

He said that the Bank’s management was satisfied with the performance of naira in the foreign exchange market.

He added that the development would propel the Bank to sustain its intervention in different sectors of the forex market.

Nigeria News Agency reports that the Bank on Tuesday, offered authorised dealers in the wholesale segment of the market the sum of 100million dollars, while the Small and Medium Enterprises (SMEs) and invisibles segments received the sum of 55 million dollars each.

NAN reports that N358 was exchanged for a dollar at the Bureau de Change (BDC) segment of the foreign exchange market, while CNY1 exchanged at N46 on Friday.

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Economy

NECA hails CBN for exempting coys from Forex restriction

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The Nigeria Employers’ Consultative Association (NECA) has commended the Central Bank of Nigeria (CBN) for exempting six companies from restriction on milk and dairy products importation.

The NECA’S Director-General, Mr Timothy Olawale said in a statement on Thursday in Lagos that it was timely and a sign of responsiveness to good reasoning and businesses concerns.

The Nigeria News Agency reports that the CBN had on Feb. 11 announced the exemption of six companies from the restriction on milk and dairy products importation.

The apex bank said that the exempted companies had started investments in local milk production as part of its backward integration plan.

The companies exempted include; Friesland Campina WAMCO Nigeria, Chi Limited, TG Arla Dairy Products Limited, Promasidor Nigeria Limited, Nestle Nigeria Plc (MSK only) and Integrated Dairies Limited.

Olawale said; “we commend CBN for the bold step of reversing a policy that almost crippled the dairy and milk industry.

“The exemption of the six companies demonstrated that government is indeed, responsive to the concerns we had expressed severally.

“While we support the efforts of CBN, its derivatives and dairy products, we believe that businesses should be given ample time to plan and implement the backward integration programme’’.

He commended the exempted companies for their resilience, doggedness, commitment to local milk production and bold steps at backward integration.

The Director-General, however, urged government to ensure policy consistency and also encourage investment in animal husbandry.

According to him, it will enable the organisations and many other players in the industry to focus on their core business of dairy and milk production.

He said that the experience in other climes showed that animal husbandry was a thriving industry that generated large employment for citizens and revenue for government.

“Government should institutionalise dialogue and focus engagement with organised businesses before taking fundamental policy decisions that can affect businesses.

“A collaborative approach to policy formulation and implementation will do well for the development of the nation,” Olawale said.

NECA is the umbrella organisation of employers in the organised private sector of Nigeria.

Edited By: Chinyere Bassey/Maharazu Ahmed

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Economy

CBN injects  $210m into Forex Market

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The Central Bank of Nigeria (CBN) has injected the sum of 210 million dollars into the inter-bank Foreign Exchange Market to boost liquidity in the sector.

The bank’s Director, Corporate Communications Department, Mr. Isaac Okorafor made this known in a statement in Abuja on Tuesday.

Okorafor explained that authorised dealers in the wholesale segment of the market received the sum of 100 million dollars, while the Small and Medium Enterprises segment received the sum of 55 million dollars.

He said customers who were seeking foreign exchange for invisibles such as tuition fees, medical payments and Basic Travel Allowance, among others, were allocated a total of 55 million dollars.

The director stated that the CBN’s commitment to sustaining liquidity and ensuring stability in the market remained paramount on the minds of the management of the bank.

According to him, the continued intervention by the Bank underscored the resolve of the Governor, Godwin Emefiele, to guarantee access to all those who genuinely required foreign exchange from the forex market.

Nigeria News Agency recalls that the bank was on Friday, injected the sum of 218.41 million dollars and CNY18 million into the Retail Secondary Market Intervention Sales segment.

Meanwhile, the Naira on Tuesday, remained stable, as N358 was exchanged for a dollar in the Bureau de Change (BDC) segment of the market.

Edited By: Isaac Aregbesola

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Economy

Forex: CBN injects $218.41m, CNY 18m into retail secondary market

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The Central Bank of Nigeria (CBN) has injected the sum of 218.41 million dollars into the retail Secondary Market Intervention Sales (SMIS).

The bank’s Director, Corporate Communications Department, Mr Isaac Okorafor made this known in a statement in Abuja on Friday.

Okorafor said 18 million Yuan  was also injected in the spot and short-tenored forward segment of the inter-bank foreign exchange market.

He said the development was in continuation of the CBN intervention in the inter-bank foreign exchange market.

He disclosed that the intervention, like in previous exercises, was for requests in the agricultural and raw materials sectors, adding that the Chinese Yuan on the other hand, was for Renminbi-denominated Letters of Credit.

Okorafor further expressed satisfaction over the stability of the foreign exchange market which, according to him, was largely due to sustained intervention by the apex bank.

He assured that the CBN management would remain committed to ensuring that all the sectors of the forex market continued to enjoy access to the needed foreign exchange.

According to him,  this is to ensure that the stability in the foreign exchange market will continue to attract investors .

Nigeria News Agency recalls that the bank was on Tuesday offered authorised dealers in the wholesale segment of the market the sum of 100 million dollars, while the Small and Medium Enterprises (SMEs) and the invisibles segments each received the sum of 55 million dollars.

Meanwhile, N358 was exchanged for a dollar at the Bureau de Change (BDC) segment of the foreign exchange market, while CNY1 exchanged at N46 on Friday.

Edited By: Ese E. Ekama

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APO

HYCM to Share 2020 Market Expectations in Dubai Forex Seminar

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HYCM (https://www.HYCM.com/), an established global forex broker, will provide an in-depth look at the markets for the upcoming year in an advanced forex seminar on How to Become a Pro Trader: All You Need to Know for 2020. The seminar will be held on February 21st at Dukes The Palm, a Royal Hideaway Hotel in Dubai.

Giles Coghlan, Chief Currency Analyst at HYCM and the host of the seminar commented:

“During the seminar, we will be looking at some of the key themes expected for 2020. The year has started off looking set to provide good buying opportunities in commodity and in emerging markets, as the US and China look to de-escalate their trade war, which went on throughout 2019. However, this outlook has been hit by a series of unexpected events: the US-Iran crisis in early January, Donald Trump’s possible impeachment, and the outbreak of the coronavirus, which really picked up strength towards the end of January. We will also look at the possible impact of Brexit negotiations on the GBP, the oil and gold markets, as well as on how to read the Central Bank minutes.”

The seminar participants will learn how to read key market events, recognise when a market mood is changing, and react to different market conditions. They will be shown how to use professional trading tools to identify which trades to take. They will also learn the fundamental drivers of the FX market, as well as see the impact of the bond, equity and commodity markets on major currencies.

Advanced traders wishing to attend should fill out the registration form at http://bit.ly/forex-seminar-in-dubai until February 20th.

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Contact US: editor @nnn.com.ng, nnnnews247 @gmail.com

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