According to the CBN directive to banks, the use of foreign currency-denominated collaterals for Naira loans is now prohibited, except in cases where the collateral is in the form of Eurobonds issued by the Federal Government of Nigeria or guarantees provided by foreign banks, including Standby Letters of Credit.

In a statement on the apex bank policy and impact on the forex market, the Gwadabe described the move as a welcome development, expected to put the excesses of big businesses and manufacturers putting unnecessary pressure on the forex market  on check.

He said: “ABCON members are bewildered that some companies and manufacturers with billions of dollar balances in their non-oil export domiciliary accounts  use it as collateral for naira loans and still source forex in the official window thereby depleting what is available for other operators”.

“The stoppage of this unprofitable practice will not only add to the dollar liquidity in the market but also help in the accretion of foreign reserves buffers,” he added.

Gwadabe advised the apex bank to  the review foreign currency holding guidelines for non-oil export domiciliary accounts proceeds and entrench maximum of 48 hours with a minimum balance of $5k for individual and $50 k for companies in holding positions as practiced in South Africa.

ABCON chief further advised the CBN not to approve forex requests by manufacturers and other business applicants with billions of dollars holdings in Non export oil proceeds domiciliary accounts at both the NAFEM and NAFEX window.

ABCON boss explained that unfortunately,  the BDCS are most times seen as crude but remains an effective market control mechanism with the potent transmission mechanism tool in achieving the CBN’s mandate of price stability and liquidity in the markets.

“We therefore urge the CBN to continue to drive and expand its operations to ensure that the best results now achieved in the last 15 years is maintained and  also ensured exchange rate convergence, market calmness and confidence of the public and foreign investors,” he said.

ABCON leadership he added, has also called for and advocated for the separation of ownership and operational structures of FMDQ Exchange. The move, he said would ensure more transparency and effectiveness in market operations and price control mechanisms.

Furthermore, ABCON boss urged the CBN to allow legislative decisions on the planned reforms in the BDCs sub-sector to boost foreign investors’ confidence and guarantees in the sectoral transformation.

“We also want to pledged our continuing support to the CBN proactive and effective policies and meant to address volatility and headwinds in the forex market. As a self regulatory body, ABCON is currently engaging all stakeholders and players in the retail  end market to deepen, liberalize, democratize and centralize the retail end segments of the market for price discovery, market efficiency, transparency, accretion of buffers and healthy balance of payments,” Gwadabe said.

“We applaud the CBN management for the reconsideration and reinstatement of the BDC sub-sector as third leg of the forex market to put hoarding and speculation under check and we have seen faster results than expected,” he stated

The post ABCON Backs CBN’s Prohibition of Non Export Domiciliary Account Collateral for Naira Loans appeared first on TheBlast NG.

Speaking during a pre-conference press briefing held yesterday in Lagos,  CITN President/Chairman of Council, Samuel Agbeluyi, said the event presents oportunity for shaping the Nigeria fiscal landscape.

He said the event, slated for May 13^th and 14^th, will be attended professionals, policymakers and stakeholders to chart a formidable course for the Nigeria tax industry.

Agbeluyi, said the conference, which holds at Abuja Chamber of Commerce and Industry (ACCI) International Trade and Convention Centre, FCT, Abuja, with theme: “Sustaining Tax Culture and Economic Road Map for Nation Building,” will present opportunity for attendees to discuss issues like  tax reforms, compliance strategies, innovative tax solutions, and the pivotal role of taxation in driving economic growth and development.

To streamline the conference experience, CITN has outlined detailed arrangements for attendees. Registration will commence at the event, with provisions made for those arriving from airports to expedite the process. Pre-registration and materials collection will also be available for local participants to mitigate on-site congestion.

Attendees have been informed of the fee structure, with physical attendance requiring a payment of N150,000; virtual participation to cost N100,000 and foreign delegates expected to pay $500.

A notable lineup of dignitaries is expected to grace the occasion, including Governors Dapo Abiodun of Ogun State, Caleb Mutfwang of Plateau, Umar Namadi of Jigawa State, among others.

 ”For tax professionals, policymakers, and enthusiasts alike, the 26th Annual Tax Conference promises to be a pivotal event, poised to influence the trajectory of Nigeria’s tax ecosystem in the years ahead,” the institute said.

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The Central Bank of Nigeria (CBN) plans to recapitalise banks will create opportunity for lenders to extend more credit to the domestic economy, President/Chairman of Council, Chartered Institute of Bankers of Nigeria (CIBN), Ken Opara has said.

He spoke yesterday during the institute’s 2024 annual lecture held in Lagos.

Opara said the Net Domestic Credit stood at N66.4 trillion as of December 2022, showcasing the substantial credit extended by financial institutions to the real sector of the economy.

This figure, he said experienced a significant surge to N96.1 trillion by December 2023, highlighting the tremendous potential for growth and development in the real sector.

Opara said recently announced upward review of the Minimum Capital Requirements of Nigeria by the apex bank would further empower banks to extend more credit to the economy’s productive sectors.

“Despite the significant relevance of the real sector, access to credit for such key sectors compared to other climes is relatively low.

He disclosed that a survey report conducted in more than 40 economies and released by Statista in 2024, nearly US $141 trillion worth of credit had been lent to the real sector in advanced economies in the second quarter of 2022. The figures were twice as high as the volume of credit to the same sector in emerging markets.

It is worth highlighting the notable improvements in liquidity within Nigeria’s real sector. According to data from the Central Bank of Nigeria (CBN), the Net Domestic Credit stood at 66.4 trillion Naira as of December 2022, showcasing the substantial credit extended by financial institutions to the real sector of the economy.

However, the volume of credit to the key sectors in Nigeria is showed that agricultural sector got N5.8 trillion representing about six per cent of the total credit; manufacturing sector – N19.7 trillion representing approximately 21 per cent of the total credit and services sector – N36 trillion representing 37.4 per cent of the total credit.

He advocated more credit to these key sectors and particularly the agriculture sector.  Also speaking, Professor of International Finance Law, University College, London, Graham Penn, said loan sales are an important part of balance sheet management for banks because they allow banks to use their capital and loan origination capabilities more efficiently, and enhance their ability to manage credit risk.

He said: “They allow banks to relieve the capital carrying costs of the relevant loans. Allow banks to crystalise their loss where the borrower has defaulted/run into financial difficulty,” he said.

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Analysts at Afrinvest West Africa, said that although the naira  lost 2.4 per cent against the dollar to settle at N1,169.99  at the Nigerian Autonomous Foreign Exchange Market (NAFEM) window- official window, the local currency appreciated by 7.4 per cent to close at N1,145 to dollar  week-on-week at the parallel market.

The NAFEM is the market trading segment for investors, exporters and end-users that allows for forex trades to be made at exchange rates determined based on prevailing market circumstances, thus ensuring efficient and effective price discovery in the Nigerian forex market.

Analysts expected sustained naira appreciation as CBN keeps short-term remedies to strengthen the naira, going.

“In the currency market, activity level in the NAFEM window soared to 276.1 per cent week on week to $1.7 billion while the naira lost 2.4 per cent against the dollar to settle at N1,169.99 to dollar. meanwhile at the parallel market, the naira closed at N1,145 to dollar indicating 7.4 per cent appreciation, week-on-week,” the analysts said. .

The local currency had of recent commenced rapid recovery, as volatility in the market dropped after the Central Bank of Nigeria (CBN) commenced dollar sales to bureau de change operators.

Legitimate needs driving forex demand include Form A applications for Business Travel Allowance (BTA), Personal Travel Allowance (PTA), school fees, and medical fees. Small and Medium Enterprises (SMEs) are also grappling with the scarcity, as highlighted by the use of Form Q.

Former Executive Director, Keystone Bank Limited, Richard Obire advised that Nigeria’s heavy and skewed outward-oriented consumption of goods and services as seen in decades of long substantial bills for food and energy imports should be reversed to save the naira.

Also, the massive corruption-driven capital outflows which in turn severely damages Nigeria’s capacity to produce at scale that will enable the country to fully engage its large population to create widespread prosperity works against the naira.

Managing Director/CEO, Financial Derivatives Company Limited, Bismarck Rewane disclosed that cost pressures are likely to ease due to the naira’s rebound.

Rewane, also an economist, said the naira had since February, appreciated significantly across the markets, fueled by sanitisation of the forex market, an increase in forex supply and a fall in the demand for dollars.

The settlement of the $7 billion verified forex backlog of forward commitments have boosted confidence and improved the credibility of the Central Bank of Nigeria (CBN).

“However, the pressing question remains, will the naira tumble again? The answer is No, if Nigeria continues to do the right things. Prospects for forex earnings are promising, with foreign portfolio investments on the rise. Nigeria’s key export commodities have also seen significant price surges, with cocoa trading at a record high of over $10,000 per tonne in the global market and oil prices exceeding $85pb as oil production reached an impressive 1.48mbpd in February 2024,” Rewane stated.

The naira’s appreciation, he further stated, followed the Monetary Policy Committee (MPC) meeting on February 26 and 27, during which interest rates was increased sharply by 400 basis points (bps) to 22.75 per cent per annum.

The MPC also met on March 24/25, agreeing to hike interest rates by 200bps to 24.75 per cent per annum to keep prices in check.

“These moves, combined with the CBN house-cleaning exercise to mop up excess demand for dollars, signal that the apex bank intends to stay on the path of orthodoxy to positively anchor inflation and stabilize exchange rates. Consequently, though slowly, the naira is expected to sustain appreciation,” Rewane said.

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The event was held in partnership with the esteemed Business Council for International Understanding (BCIU) and the U.S. Department of States in Washington DC on Monday.

The event which was held on the sidelines of the just concluded IMF World Bank Spring Meetings was organised by the BCIU and US Department of State to enhance collaboration and fortify commercial diplomacy among nations, institutions and individuals.

Speaking during the event, UBA’s Group Managing Director/Chief Executive Officer, Oliver Alawuba, noted that the bank’s co-hosting of the event via its American subsidiary, underscores its commitment towards cultivating robust relationships within the development communities in the United States.

He said, “As a distinguished member of BCIU, a non-profit organisation providing customised commercial diplomacy services, UBA Group and UBA America share BCIU’s vision of actively pursuing strategic opportunities, contributing to global economic cooperation, deepening of economic diplomacy, facilitating ideas, forging partnerships, and adding value for all stakeholders.”.

“Our resolve to co-host this Networking Reception symbolises our dedication to fostering inclusive economic growth and partnership across borders. By leveraging platforms like this, we can collectively address shared challenges and seize opportunities for sustainable development,” he stated further.

BCIU is a non-profit Association comprising of policy experts, strategic advisors, and trade educators, and offers bespoke commercial diplomacy services to the world’s governments and leading organisations, from Fortune 100 companies to global investors and multilateral institutions.

Only last year, the CEO UBA America, Sola Yomi-Ajayi, was appointed to the Board of BCIU, where she collaborates with fellow board members to ensure the organisation operates in alignment with its by-laws and New York 501(c)3 non-profit legislation.

Yomi-Ajayi has been committed to nurturing long-term organisational growth and sustainability, thereby reinforcing the bond between UBA America, BCIU, and the broader international community.

UBA America is the United States subsidiary of United Bank for Africa (UBA) Plc, one of Africa’s leading financial institutions with presence in 20 African countries, as well as in the United Kingdom, France, and the United Arab Emirates. UBA America serves as a vital link between Africa and the global financial markets, offering a range of banking services tailored to meet the needs of individuals, businesses, and institutions.

As the only sub-Saharan African bank with an operational banking license in the U.S., UBA America is uniquely positioned to provide corporate banking services to North American institutions doing business with or in Africa.

UBA America delivers treasury, trade finance, and correspondent banking solutions to sovereign and central banks, financial institutions, SMEs, foundations, and multilateral and development organizations. Leveraging its knowledge, capacity, and unique position as part of an international banking group, the Bank seeks to provide exceptional value to our customers around the world.

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Speaking during an investors conference, held for Transcorp Power Plc, he said the loan was fully paid in January this year.

“We are also excited that we have now fully paid off the USD loan in January 2024. We had a balance of $1.6mn from the $215mn syndicate acquisition loan. We had expected the inflow to come in December 2023 to clear off the balance, but the inflow came in early January 2024 and the full and final loan repayment was made January 9, 2024. With this our FCY inflow will now be used to finance our CAPEX,” he said in his presentation.

Also speaking at the event, Managing Director/CEO, Transcorp Power, Peter Ikenga, achieving 24-hour power supply will require massive investments across the power value chains including grids and distribution.  He added that achieving the feat will also entail blocking all leakages in the sector.

Ikenga said that the signing of the Electricity Act will further open up the power sector and create more liquidity for its operations. He said an increase in energy delivery will equally impact positively on the sectoral revenue.

Continuing, Okpogoro, said Transcorp Power closed financial 2023 with gross earnings of N142 billion representing 57.30 per cent year on year growth. The growth in revenue is driven by a surge in energy delivery and capacity charge, coupled with the expansion into international markets and the international market accounted for 18 per cent of its revenue.

He said: “Transcorp Power continues to sustain and grow its Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA) margins from 44 per cent in the financial 2022 to 49 per cent in financial year  2023, thereby strengthening its pedigree as one of the leading power generation companies in Nigeria. Profit before tax was N52.8 billion representing 84.4 per cent year on year growth. This simply shows and tells the operational efficiency of how we run the plant. Cost to income ratio reduced from 68 per cent financial year 2022 to 63 per cent in the financial year 2023.”

Okpogoro said all efficiency ratios showed that the plant is efficiently managed, and the practice will be sustained to improve in this area to increase the returns to all stakeholders.

“Transcorp Power return on equity of 52.3 per cent and return of assets of 13.5 per cent are very impressive for a utility company and simply tells how effective management is sweating the assets and generating returns to investors. We continue to invest in our assets, as our total assets grew by 32.8 per cent year on year from N168 billion to N223 billion. We expect continues growth in total assets as we plan to invest more CAPEX by bringing back at least additional 250MW in the financial year 2024 to the grid,” he said.

He said that as the company continues to improve its performance, shareholders funds continue to grow by 27 per cent year on year from N38 billion to N58 billion.

“However, going forward the weighted average number of shares would be 7.5 billion as we do not expect any changes to the outstanding number of shares. The board of directors have recommended a dividend of N23.4 billion subject to shareholders rectification at the next AGM. The dividend declared represents a 77 per cent payout ratio which is in line with the dividend policy. Transcorp Power continues to maintain its dividend payment policy year on year. Also, because we are built to last some portion of the profit is plugged back into the business,” he said.

“Earnings Per Share (EPS) for FY 2023 was N92.25 per share. Transcorp Power Plc presents its financial statements in line with the International Financial Reporting Standards (IFRS). IFRS are a set of accounting standards that govern how particular types of transactions and events should be reported in financial statements. The EPS was computed and reported in line with IAS 33 which says earnings per share shall be calculated by dividing profit (the numerator) by the weighted average number of ordinary shares outstanding (the denominator) during the period,” he said.

The post Transcorp Power clears $215m loans appeared first on TheBlast NG.

According to the CBN directive to banks, the use of foreign currency-denominated collaterals for Naira loans is now prohibited, except in cases where the collateral is in the form of Eurobonds issued by the Federal Government of Nigeria or guarantees provided by foreign banks, including Standby Letters of Credit.

In a statement on the apex bank policy and impact on the forex market, the Gwadabe described the move as a welcome development, expected to put the excesses of big businesses and manufacturers putting unnecessary pressure on the forex market  on check.

He said: “ABCON members are bewildered that some companies and manufacturers with billions of dollar balances in their non-oil export domiciliary accounts as collateral for naira loans and still source forex in the official window thereby depleting what is available for other operators”.

“The stoppage of this unprofitable practice will not only add to the dollar liquidity in the market but also help in the accretion of foreign reserves buffers,” he added.

Gwadabe advised the apex bank to  the review foreign currency holding guidelines for non-oil export domiciliary accounts proceeds and entrench maximum of 48 hours holding positions as practiced in South Africa.

ABCON chief further advised the CBN not to approve forex requests by manufacturers and other business applicants with billions of dollars holdings in Non export oil proceeds domiciliary accounts at both the NAFEM and NAFEX window.

ABCON boss explained that unfortunately,  the BDCS are most times seen as crude but remains an effective market control mechanism with the potent transmission mechanism tool in achieving the CBN’s mandate of price stability and liquidity in the markets.

“We therefore urge the CBN to continue to drive and expand its operations to ensure that the best results now achieved in the last 15 years, also ensured exchange rate convergence, market calmness and confidence of the public and foreign investors,” he said.

ABCON leadership he added, has also called for and advocated for the separation of ownership and operational structures of FMDQ Exchange. The move, he said would ensure more transparency and effectiveness in market operations and price control mechanisms.

Furthermore, ABCON boss urged the CBN to allow legislative decisions on the planned reforms in the BDCs sub-sector to boost foreign investors’ confidence and guarantees in the sectoral transformation.

“We also want to pledged our continuing support to the CBN proactive and effective policies and meant to address volatility and headwinds in the forex market. As a self regulatory body, ABCON is currently engaging all stakeholders and players in the retail  end market to deepen, liberalize, democratize and centralize the retail end segments of the market for price discovery, market efficiency, transparency, accretion of buffers and healthy balance of payments,” Gwadabe said.

“We applaud the CBN management for the reconsideration and reinstatement of the BDC sub-sector as third leg of the forex market to put hoarding and speculation under check and we have seen faster results than expected,” he stated.

The post ABCON Backs CBN’s Prohibition of Non Export Domiciliary Account Collateral for Naira Loans appeared first on TheBlast NG.

In attendance were esteemed dignitaries including the Chairman of the Christian Association of Nigeria, Ekiti State Chapter, Reverend Dr. Emmanuel Adeyinka Aribasoye, and the Speaker of the Ekiti State House of Assembly, Right Honourable Adeoye Aribasoye. Also present were Pastor Tony Ibe, Pastor in charge of RCCG Youth Province in Ekiti; Mr. Lawrence Aribasoye, Special Adviser to the Governor of Ekiti State; Pastor Adarabioyo, Pastor in charge of RCCG Ekiti Province 4; and Reverend Ariyo, Chaplain of Afe Babalola University, Ado Ekiti, among many other esteemed guests.

The Ekiti Fire Conference transcended denominational boundaries, drawing representatives from all institutions within Ekiti State, including Ekiti State University (EKSU), Federal University Oye-Ekiti (FUOYE), Bousti Ikere, School of Nursing Ado, Health Tech Ijero, Federal Polytechnic Ado, and Afe Babalola University, Ado Ekiti.

The Ekiti Fire Conference served as a catalyst for spiritual rejuvenation, with great testimonies, equipping attendees with the tools and inspiration needed to navigate the challenges of contemporary life with unwavering faith and resilience in Jesus and his finished works. Through dynamic worship sessions, empowering teachings, and fervent prayers, participants were empowered to pursue their divine mandates and impact their generation positively.

As the embers of the Ekiti Fire Conference continue to burn brightly, its reverberations echo far beyond the confines of the pavilion, igniting a renewed passion for God and a fervent commitment to societal transformation among young people across Ekiti State and beyond. It is worthy of note that the last year’s edition of the YMR gathered about 200,000 young people at the Redemption city from December 27th-30th, equipping the young people with tools for greatness in any sphere of influence they found themselves spiritually, academically, mentally and socio-economically.

One of the notable highlights of the conference was the acknowledgment of Pastor Daniel Olawande’s visionary leadership, particularly his pioneering efforts in expanding the Youth Mandate Revival (YMR) movement from its inception in Lagos to various locations worldwide, including Ghana, Benin, Germany, the UK, and numerous other locations. YMR has become a transformative force, rallying young people to embrace their faith and catalyze positive change in their communities.

As a result of the growing impact of the YMR in the lives of thousands of young people across the nation, YMR will be introducing her new impact project called the YMR Samaritan to meet the basic needs of young people, from academic scholarships to shelter to feeding, entrepreneurial support and so on with several beneficiaries especially for orphans, widows and the less privileged.

The post Over 12,000 worshipers attend Ekiti Fire Conference appeared first on TheBlast NG.

With 31.7 per cent inflation rate in February, analysts sought Central Bank of Nigeria (CBN) consideration of measures undertaken in three countries with significant inflation surge like Nigeria. Analysts at Financial Derivatives Company Limited, said although there are no quick fixes, but inflation can be managed as seen in Kenya, Turkey, and Egypt.

In emailed report to investors, Managing Director, Financial Derivatives Company Limited, Bismarck Rewane, said that Kenya, with $74 billion economy, recorded 5.7 per cent inflation rate in March, after pursuing tight monetary policy, getting International Monetary Fund (IMF) assistance, carrying out structural reforms that included upward review of fuel prices.

Turkey with $907 billion economy, also tightened its monetary policy, sold Eurobonds, did wage review and achieved 68.5 per cent inflation rate in March.

In Egypt, inflation in February surged to 36 per cent from 29.8 per cent in January, underpinned by 50 per cent hike in minimum wage and 800 basis point hike in interest rate in one month.

Rewane explained that not only tight monetary policy was used in these counties to fight inflation,  new money were sourced, institutional intervention was undertaken from multilateral financial institutions,  structural reforms and increase in productivity were also entrenched.

He insisted that for Nigeria, rate hike from 600 basis points in two months to 24.75 per cent alone cannot address inflation surge.

“Rate hike alone may not be a golden bullet that will address inflation. However, new money and intervention from institutions are needed as a backup for a quicker outcome,” he predicted.

He said that money supply grew by 79 per cent to N95.6 trillion in February adding that there is a direct relationship between money supply and inflation. “Money supply is projected to decline in the next quarter underpinned by the CBN’s proactive approach to tightening Monetary Policy Rate (MPR) and Cash Reserve Ratio (CRR),” he said.

He disclosed that the CBN-led Monetary Policy Committee (MPC) position that it will consistently raise interest rates until inflation numbers begin to rebound. Rewane said: “Inflation does not disappear over night. It takes focused commitment to rein in inflation. It took the US four months to record the first moderation in inflation.  If exchange rate continues to appreciate, and other measures are employed, inflation numbers are likely going to decline by June”.

According to him, Nigeria attracted capital inflows of about $2.3 billion in February which were underpinned by increased demand for Nigeria’s securities by foreign investors.

“CBN data also showed overseas remittances more than quadrupled to $1.3 billion in February compared with $300 million in January. CBN efforts to increase forex liquidity include restricting banks’ foreign exchange speculative activities, prohibiting street trading in foreign exchange  and capping net open positions at 20 per cent of shareholders’ funds,” he said.

The post Inflation: Analysts ask CBN to consider offshore control measures appeared first on TheBlast NG.

A circular to all authorised dealers, signed by CBN Director, Trade and Exchange Department, Dr.  W.J Kanya slashed the dollar selling rate to BDCs to 1,101 to dollar. The BDCs are to sell at 1.5 per cent margin above the purchase rate.

Kanya said each of the eligible 1,588 BDCs will access $10,000 each BDC at N1,101 to dollar.

The previous dollar purchase rate for BDCs was at N1,251/$ and was far above the N1,240/$ naira closed last week.

The Association of Bureaux De Change Operators of Nigeria (ABCON) the umbrella body of all Central Bank of Nigeria (CBN)-Licensed Bureaux De Change (BDCs) had at the weekend, appealed to the Apex Bank to adjust and lower its applicable Exchange Rate downward below the N1,251/$ its pegged for the BDCs.

National President, Alhaji (Dr.) Aminu Gwadabe, insisted that naira’s speedy recovery, which was faster than expected had made CBN’s selling rate to BDCs very expensive and difficult to offload to retail end buyers that are trooping to the undocumented forex operators for cheaper rates and avoiding the BDCs services

He insisted that with naira appreciating across markets, many BDCs who bought dollar at N1,251/$ will lose significant income and capital if they sale at the current open  market rate of N1,235/$ and therefore the  need for the call for a further review downward of the applicable exchange rate for the period and subsequently to continue to enhance naira sovereignty.

“We discovered a worrisome development where many of our members who paid for dollar allocations at N1,251/$ with a margin of 1.5% are yet to receive their disbursement. This is happening in the face of prevailing open market rate of N1,235/$ which is lower than the authorised applicable exchange rate by the CBN to the BDCs,” Gwadabe said.

Kanya wrote: “We write to inform you of the sale of $10,000 by the Central Bank of Nigeria (CBN) to BDCs at the rate of N1101/$1. The BDCs are in turn to sell to eligible end users at a spread of NOT MORE THAN 1.5 percent above the purchase price.

“All eligible BDCs are therefore directed to commence payment of the Naira deposit to the underlisted CBN Naira Deposit Account Numbers from Today Monday April 08, 2024, and submit confirmation of payment with other necessary documentation for disbursement at the appropriate CBN Branches’.

“All BDCs are strongly advised to continue to abide by the rules and conditions as stipulated in our earlier letters/circulars.”

The current selling rate to BDCs is expected to further crash the naira at both official and parallel markets.

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