CBN official reserves declined by US$280m to US$34.82bn in March 2021

Foreign reserves shed $2.3bn in H1 amid rising oil price

By FBNQuest Research     The Central Bank of Nigeria (CBN) data show that Nigeria’s gross official reserves declined by USD280m to USD34.82bn in March. In the name of accuracy, we should adjust this figure downwards to allow for the pipeline of delayed external payments, which the IMF estimated late last year at up to USD3bn and which the CBN has since indicated as substantially lower. We do not view the current level of reserves as a cause for alarm because of three areas where the CBN could reinforce its…

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Binance and FTX list coinbase stock tokens ahead of exchange’s Nasdaq debut

Binance and FTX list coinbase stock tokens ahead of exchange's Nasdaq debut

As Major exchanges elbow for exposure to Coinbase’s listing.     Major global cryptocurrency exchanges including Binance and FTX have announced the listing of Coinbase’s stock token ahead of its direct listing on Nasdaq. According to a Wednesday announcement, Binance will list Coinbase’s stock token (COIN) today, allowing its users to trade fractional Coinbase stock on the Binance website. The new stock token will trade against Binance USD (BUSD), Binance’s stablecoin pegged to the United States dollar and issued by Paxos Trust Company. Binance said that Coinbase stock tokens are…

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Dynamics Within the FX Market

Nigeria’s forex inflow suffers 54% decline in January

Dynamics Within the FX Market   By FBNQuest Research Today we turn our attention to Nigeria’s exchange-rate market. Over the past four years, the CBN’s fx reforms have assisted with improved liquidity. However, in light of the COVID-19 outbreak, there has been additional vulnerability to swings in oil prices as well as increased exit of foreign portfolio investors (FPIs) which have both adversely affected exchange rate stability. Demand for fx remains high and the supply is inadequate for regular uses. The CBN’s Investors and Exporters (I&E) window rate is currently…

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Nigeria Economic Summit Group appoints MTN, MRS CEOs, others into board

Nigeria Economic Summit Group

Nigeria Economic Summit Group appoints MTN, MRS CEOs, others into board     Leading policy think-thank the Nigeria Economic Summit Group, NESG as part of efforts to strengthen its activities and improve upon its mandate of driving advocacy for the nation’s socio-economic space has rejigged its board. The newly appointed board members are Ndidi Nwuneli, Managing Partner, Sahel Consulting Agriculture & Nutrition Ltd and Founder, Leap Africa; Amina Maina – Group CEO, MRS Holdings Ltd; Mike Sangster, Chief Executive Officer, Total E & P Limited and Mr Karl Toriola, CEO MTN Nigeria.…

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Survey: 20% of workloads are in the cloud

Survey: 20% of workloads are in the cloud

Survey: 20% of workloads are in the cloud   ITWeb, in partnership with IBM, conducted a Hybrid Cloud Survey to examine the state of cloud adoption across South African businesses. The majority (89%) of respondents say they play a role in their organisation’s decision making process around cloud adoption. Craig Holmes, Southern Africa Technology Leader at IBM, says: “Given the response statistics are representative of CXOs and senior IT leaders, this high percentage illustrates how prevalent cloud is as a topic in business today.” As many as 85% of respondents…

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Ethiopian Telecoms Deregulation: MTN, Telkom, Etisalat, others jostle for two operating licences

Ethiopian Telecoms Deregulation

Ethiopian Telecoms Deregulation: MTN, Telkom, Etisalat, others jostle for two operating licences     The race among telecoms behemoths is getting fiercer by the day as the Ethiopian government announced an extension of deadline for the submission of bids for two available telecommunications operator licences. The country had late last year announced plans to deregulate its telecoms sector and open the space for private participation, a development meant to enrich the coffers of the government on the one hand and stimulate dynamic innovation and healthy competition in the sector on…

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Lagos charges from N1.37m to N2.7m for 2021 Umrah packages

Lagos charges from N1.37m to N2.7m for 2021 Umrah packages

Lagos charges from N1.37m to N2.7m for 2021 Umrah packages     Muslim faithfuls willing to observe the 2021 Umrah (lesser Hajj) in Saudi Arabia through the Lagos State government will have to pay N1.37 million or N2.7 million. A statement issued by the Lagos State Muslim Pilgrims Welfare Board disclosed that the amount is the least package fees. “The first package at a cost of N1.37 million includes stay at a 3-star hotel; Sahur (morning meal) and Iftar (evening meal) in Nigerian delicacies; economy class ticket with a reputable…

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Nigerian Exchange Group admitted on NASD

NGX rebrands market indices

Nigerian Exchange Group admitted on NASD     NASD PLC has announced the admission of the securities of the Nigerian Exchange Group PLC (NGX) for trading on its market. According to information obtained by Business Metrics from the management of the unquoted bourse, the listing came pursuant to the successful demutualization of the Nigerian Stock Exchange (NSE) now known as the Nigerian Exchange Group PLC. “NGX shares will be available to be traded by licensed participating institutions or authorized traders registered on the NASD platform from Tuesday April 13 2021,”…

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DOGE soars 80% on the day to become 10th largest crypto by market cap

DOGE soars 80% on the day to become 10th largest crypto by market cap

DOGE soars 80% on the day to become 10th largest crypto by market cap Dogecoin (DOGE), the notorious meme-like cryptocurrency that continues to invite both affectionate hype and thinly-concealed derision, has posted some of the highest gains in the cryptocurrency market this week. As of the time of writing, the cryptocurrency is trading at around $0.137 (NGN52.16) — up an eye-popping 86% over the past 24 hours, and over 122% over the past seven days. Its rally has secured a place for the coin amongst the top 10 largest cryptocurrencies by market…

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Morgan Stanley: Oil prices stuck in $60 range this summer

Oil dips by $4 in 2 days as output cut standoff lingers

Morgan Stanley: Oil prices stuck in $60 range this summer     Oil prices will likely be stuck in the $65-$70 range this summer, Morgan Stanley says in a new note, tempering its previous forecast for $70 oil with temporary overshoots because of rising U.S. drilling activity and the potential return of Iranian exports. Although some supportive factors for oil prices are still in place, the recovery of U.S. drilling activity and the return of Iranian oil barrels are two headwinds that are “appearing to take the steam out of…

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