The Central Bank of Nigeria (CBN) says the naira will begin recovery against the dollar and other global currencies from February 2021.
This was contained in the latest CBN Business Expectation Survey released by its Statistics Department.
The survey respondent firms, however, envisage higher interest rates from January, March till June 2021.
According to the report, although the naira has for several months depreciated against the dollar, the local currency appreciation against the greenback will start from February 2021 till July same year.
The December 2020 Business Expectations Survey was conducted online from December 7 to 11, 2020, with a sample size of 1,050 businesses nationwide.
A response rate of 91.3 per cent was achieved and the sample covered agriculture/services, manufacturing, wholesale/retail trade, and construction sectors. The respondents were made up of small, medium, and large corporations covering both import-oriented and export-oriented businesses.
On the state of the naira, Managing Director, Financial Derivatives Company Limited, Bismarck Rewane, said the local currency has lost over 26.72 per cent of its value so far in 2020.
He attributed naira’s continued decline to a heightened forex supply shortage, demand pressure, and rationing.
Rewane noted that for the naira rates to converge would require the adoption of a fully floating exchange rate system determined by the forces of demand and supply.
Also, the International Monetary Fund (IMF) had called for unified exchange rate for the naira to promote growth and attractive foreign capital.
The CBN had last month devalued the naira by N6 to a dollar. The naira devaluation brought the local currency closer to the exchange rate unification agenda of the apex bank as recommended by the International Monetary Fund (IMF) and World Bank.
In a weekly exchange rate for disbursement of proceeds of International Money Transfer Service Operators (IMTOs) for November 30, 2020, all authorised dealers, Bureaux De Change and Service Providers were advised to add N6 across all rates.
The naira was a month ago exchanging at N500/$ at the parallel market before it appreciated to N465/$ at the weekend. The local currency has, however, remained stable at N379/$ on the CBN’s official rate, a check at the apex bank’s website showed.
CBN Deploys e-Form ‘A’ For Invisible Transactions
The Central Bank of Nigeria, CBN, said it has deployed electronic Form ‘A’ for invisible transactions.
The e-Form ‘A’ is meant to replace it’s hardcopy starting tomorrow.
The Bank also noted that customers would pay a charge of N5,000 as fee per declaration of e-Form ‘A’.
The apex bank disclosed this today in a circular titled, “Automation of Form ‘A’ on the Trade Monitoring System.
The circular signed by Director Trade and Exchange Department, CBN, Dr. Ozoemena Nnnaji stated as quoted by VANGUARD: ” This is fo inform all authorized dealers and the general public of the deployment of e-Form ‘A’.
“Accordingly, the e-Form ‘A’ shall replace the hard copy of Form ‘A’ for invincible transactions (PTA/BTA, medicals, education, other remittances etc.}, with effect from November 30, 2021.
“Consequently, all authorized dealers are required fo ensure that the processing of Form ’A’ shall only be done electronically on the Trade Monitoring System accessible at www.tradesystem.gov.ng;
” The general public is required to obtain a valid Bank Verification Number (BVN) from their authorized dealer Banks. The BVN is a prerequisite for customers to access the Trade System for e-Form ‘A’ application;
“The e-Form ‘A’ is web based and allows the general public fo initiate the Form from their offices/homes and submit same to the authorized dealer bank;
READ ALSO: IMF To CBN: Watch e-Naira Risks
“A charge of N5,000 (Five Thousand Naira) as fee per declaration of e-Form ‘A’ is applicable wilh effect from November 30, 2021 and henceforth. There will be a direct debit of the processing bank’s current account for each declaration which should be recovered the charge on the customer by the bank. However, customer for the e-Form ‘A’ should be separated from other bank charges;
“All hard copies of Forms ‘A’ established on or before November 2 2021 (prior to the commencement of the e-Form ‘A’) shall be utilize within 15 working days of the establishment of the Form;
“For avoidance of doubt, all established hard copies of Forms ‘A’ for which disbursement had not been made within the transition period of 15 working days shall be deemed cancelled.”
CFX Hits Abuja, Port Harcourt With Mega Business Seminars
Cash Forex Group (CFX) will hold two mega business seminars in Abuja and Port Harcourt, Rivers State, on the 5th and 12th of December, 2021, respectively.
CFX is made up of an international team of experts in project management and financial markets associated with a highly trained staff in the educational arena with the purpose of helping people from all over the world to be successful with the most advanced technology and professionals oriented towards the achievement of their goals.
Speaking to journalists in Lagos, a Manager in the CFX Power Team, Tuedor Akpevwe Jackson Esq, who will be speaking at the two events, said the programme in Abuja tagged ‘Earning from the Forex Market with Zero Knowledge’ will hold at Top Rank Hotel, Jabi-Abuja by 2p.m.
Continuing, he said the venue for the programme in the oil-rich Rivers State tagged: ‘How to Create Passive Income from Forex’ is Royce Engineering Hall, adding that kickoff time is 2p.m.
According to him, hosts for the Abuja and Rivers event are Chukwuma Nwachinemere and Ibrahim Usman respectively.
Lawyer TAJ urged the general public to attend these events, saying that “it promises to be life changing.”
Adding: “With CFX you do not need to refer anyone before you earn. You get paid every Saturday and six times in a month. There is no autoship/monthly payment. You get paid in cryptocurrency Bitcoin and the company trades from the Forex market which is recession proof.”
Oyo Govt Provides Structured Security for Businesses to Thrive
The Oyo State Government says it is leaving no stone unturned in providing a conducive business environment for businesses to thrive in the State, with the provision of credit facilities for Micro, Small and Medium Enterprises, Graduate loan scheme and other technical supports.
This disclosure was made by the Commissioner for Trade, Industry, Investment and Cooperatives, Barr. Olasunkanmi Olaleye while speaking at the Ibadan Business Festival, held at the Trans Amusement Park, Ibadan.
According to the commissioner who was represented by the Deputy Director Trade, Mr Olayinka Raimi, the Ministry being responsible for Trade and Investment in the State would be willing to offer necessary assistance to investors, young entrepreneurs and others in realizing their potential.
Olaleye stated that the State Government has provided structured security architecture for business men and investors to operate unhindered in the State, stressing further that the pillar of any meaningful development in any nation is security hence the ranking of Oyo State as one of the safest States in the Nation for transaction of business opportunities and growth.
The commissioner therefore commended the organizers of the program, Ibadan Business Hub, for coming up with such a program which is in line with the agenda of the present administration in the state in accelerating economic growth of the State.
Earlier in her address, the convener of the programme Mrs. Temitope Adelakun stated that Ibadan Business Hub is a one-stop platform that provides support for small and medium scale businesses in Ibadan and its environs to standardize and scale up their businesses.
Mrs. Adelakun stated that Ibadan Business Festival is an annual event that uses a mix of entertainment, talent hunt, networking, learning and collaborations to achieve an end goal of driving sales for registered vendors.
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