Nigeria secures $4bn telecoms investment from India

By Emmanuel Elebeke

 A team of Indian entrepreneurs has offered to invest about $4 billion into the Nigerian telecommunications sector. The prospective Indian investors struck the deal with the Minister of Communications, Mr. Adebayo Shittu, at the just concluded  World Summit on the Information Society, WSIS Forum 2017 in Geneva, Switzerland.

 The $4 billion telecom investment according to the minister will be centred on rural telephony and grassroots development. 

A statement signed by the Special Assistant to the Minister on media, Mr. Victor Oluwadamilare explained that the minister had earlier in one of the business sessions at the summit wooed the investors. 

The statement said the minister also informed the Indian investors of  Nigeria’s capabilities. 

The two parties according to the statement, are expected to meet next month to fine-tune the necessary modalities.  

Read more at: http://www.vanguardngr.com/2017/06/nigeria-secures-4bn-telecoms-investment-india/

Naira weakens, sells at N250 to dollar

The exchange rate used by Nigeria’s money-changers weakened below N250 per dollar for the first time on Friday as pressure builds on the Central Bank to devalue the local currency and allow businesses more access to foreign-exchange.

The black market, or parallel rate fell to 253 per dollar from 246 on Thursday and 222 last month, according to Aminu Gwadabe, president of the Lagos-based Association of Bureau de Change Operators of Nigeria.

That’s 22 percent weaker than the official rate used in the interbank market, which was 198.50  in Lagos. “The Central Bank will say they don’t care about the parallel market, but investors are looking,” Gwadabe said by phone. “Why will they bring in their money at 197 or 198 when the parallel rate is 250?”

The official rate in Africa’s largest economy has been all but fixed at 198-199 per dollar since March after Central bank Governor Godwin Emefiele restricted banks’ ability to buy dollars. In June, he stopped importers of about 40 items, including wheelbarrows and glass, from obtaining foreign-exchange.

Foreign investors have criticised Nigeria’s stance and sold bonds and stocks this year on expectation of a devaluation, which would cause losses on their holdings in foreign-currency terms.



The naira’s fall in the black market comes as the Central Bank restricts dollar supplies further to save its foreign reserves, which fell below $30 billion for the first time in four months on November 30. About 1,200 money changers, or 60 percent of the total in Nigeria, were denied their weekly allocation of $30,000 from the Central Bank on Wednesday, according to Gwadabe.

His association has requested a “crucial” meeting with the Abuja-based regulator on December 8 to address the issue, he said. The phone of Ibrahim Mu’azu, a spokesman for the Central Bank, was turned off and he didn’t immediately respond to a text message requesting comment.

“If they continue what they’re doing this week, next week will be worse,” Gwadabe said

Source: http://thenationonlineng.net/naira-weakens-sells-at-n250-to-dollar/

Naira Appreciates at the parallel market

Naira depreciates at the parallel market

POSTED BY SEGUN ADEBOWALE ON OCTOBER 17, 2015 IN BUSINESS, ECONOMY | LEAVE A RESPONSE

The Naira lost N0.5 in the afternoon as it exchanged for N225.5 against the dollar, slightly less than its previous value of N225

1

The Naira on Friday depreciated against the dollar at the parallel market.

The Naira lost N0.5 in the afternoon as it exchanged for N225.5 against the dollar, slightly less than its previous value of N225.

Meanwhile, at the interbank window, the Naira exchanged at N197 to the dollar.

Traders at the market said that the demand for dollar had been on the increase as businessmen and travelers bought it for various reasons.

NAN.

Posted by Ike Onwubuya 

Source http://theeagleonline.com.ng/naira-depreciates-at-the-parallel-market/