In the news: Naira reverses gain
The naira closed at 370 per United States dollar at the parallel market on Friday, reversing the modest gain it recorded on Thursday.
No fewer than 700 Bureau De Change operators have come under threat as purported uncompetitive exchange rate continues to hit their bottom line.
Although Nigeria and many of the African countries are admired for being commodity markets, a study of importation in the country shows that Nigeria has spent as much as N19.5tn on the importation of primary raw materials into the country in the past seven years.
The accretion of Nigeria’s foreign exchange (forex) reserves has continued, as figures released by the Central Bank of Nigeria (CBN) have shown that reserves had grown by $1.263 billion this quarter to $31.551 billion as of August 16, compared with the $30.288 billion on June 30.
The fixed income and currency markets operated by FMDQ OTC Securities Exchange have recorded transactions worth N78.90 trillion between January and July.
The three tiers of government shared N2.788 trillion between January and June this year, which represents a 38 per cent increase on the N2.019 trillion shared within the same period last year.
Telecommunications operators have lamented diminishing revenue caused by the operations of Over-the-Top Platforms (OTT).
Nigerian President Muhammadu Buhari vowed to step up the fight against the Islamist militants and proponents of secession in his first speech after returning from three months of sick leave in London.