In the just concluded week, Naira appreciated against the USD at the Investors and Exporters FX Window (I&E FXW) by 0.09% to close at 385.67/USD.
However, Naira/USD closed flat at N381/USD at the Interbank Foreign Exchange market amid weekly injections of USD210 million by CBN into the forex market: USD100 million was allocated to Wholesale Secondary Market Intervention Sales (SMIS), USD55 million was allocated to Small and Medium Scale Enterprises and USD55 million was sold for Invisibles.
Also, Naira/USD exchange rate remains unchanged at N472.00/USD and N477.00/USD respectively, at the Bureau De Change and the parallel (“black”) market respectively.
Elsewhere, the Naira/USD exchange rate appreciated further for most of the foreign exchange forward contracts: 1 month, 2 months, 3 months, 6 months and 12 months rates fell (i.e appreciated) by 0.15%, 0.22%, 0.32%, 0.58% and 0.99% respectively to close at N386.50/USD, N387.36/USD, N388.23/USD, N391.00/USD and N402.55/USD respectively. However, the spot rate closed flat at N381.00/USD.
HEADLINES YOU MIGHT HAVE MISSED FROM BRAND SPUR
Nigeria Rugby Union signs kit sponsorship deal with BLK Sports
British Apparel Company BLK Sport and The Nigeria Rugby Football Federation (NRFF) have signed an exclusive long-term kit sponsorship/partnership deal aligning with the Company’s global strategy.
Apple reportedly bought VR startup Spaces, the tech giant’s eighth disclosed acquisition of the year. We discuss Apple’s moves in the VR space — including a patent for reducing motion sickness while working virtually in a vehicle.
IITA invests in the development and implementation of seed yam certification system in Nigeria
IITA renovated and equipped the diagnostic laboratory of the National Agricultural Seed Council (NASC) at their headquarter in Sheda, Abuja, with equipment worth $100,000 for seed quality control and Seed Tracker e-certification system. A PCR for DNA amplification and other laboratory equipment will allow technicians of the seed regulatory agency to conduct diagnostics and seed quality testing in line with the amended existing standards for seed yam.
In line with its continuous commitment to youth development in Nigeria, MTN Foundation, the CSR arm of Nigeria’s leading ICT company, MTN Nigeria, has engaged leading minds in the Nigerian entertainment and media industry for this year’s edition of MTN’s Business of the Art Series.
LASCODA trains youths on commercial coconut oil processing
The Lagos State Government has embarked on the training of youths and women on commercial Coconut Oil processing at the Farm Service Centre, Oko-Oba, Agege as part of efforts towards Making Lagos State a 21st Century Economy.
Lessons we need to learn about record labels moving into African music
If we are not careful, we are in the beginning of the creativity of African music and artistry being captured and abused by the American corporate system?
NNPC generates $4.60bn revenue from 19.104bn litres of crude oil, gas export in one year
The Nigerian National Oil Organization (NNPC), on Sunday, said it made a sum of $4.60billion from raw petroleum and gas sent out between June 2019 and 2020.
Market Cap of the World`s Five Largest Automobile Manufacturers Plunged by $63bn in 2020
The COVID-19 pandemic has had a severe impact on the global automotive industry, causing supply chain disruptions and factory closures. All of this placed intense pressure on the market already coping with a downshift in global demand.
Digital Ticketing Sales to Grow 150% by 2022, as Passengers Return to Travel
Hampshire, UK – 24th August 2020: A new study from Juniper Research has found that digital ticketing transaction volumes will exceed pre-COVID levels by 2022; rising from 12.7 billion in 2020 to 32 billion in 2022. It anticipates that continued easing of global travel restrictions will drive increased demand for mobile ticketing in the rail, metro and bus sectors, as commuters return to work.
