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CBN’s forex window ‘ll reinforce investors’ confidence in economy – Babayemi

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A fellow of the Institute of Chartered Accountants of Nigeria (ICAN), Mr. Joseph Babayemi, has said that the Central Bank of Nigeria’s sustainability of its intervention in the forex market would reinforce the confidence of the Nigerian investors and the International community in the improvement in the nation’s economy.
Babayemi, who stated this over the weekend in Lagos, noted that the forex window recently created by the CBN for investors and exporters (Investors’ & Exporters’ FX Window) has not only succeeded in boosting liquidity in the forex market, but has equally ensured timely execution and settlement for eligible transactions.
He lauded the CBN for not only been able to curb excesses and supply shortfalls since its intervention policy, but also for its ability to prevent volatility in the forex market and reduce the gap between the official and parallel markets’ exchange rates of the naira, stressing that this strongly indicated that the apex bank was on track.
The financial expert noted that with the opening of the special window, Small and Medium Enterprises (SMEs) operators would no longer have to patronize or source forex through unofficial windows and there won’t be any more pressure on either the Bereau De Change operators or any other unofficial source.
Babayemi, who attributed the slum in the naira to depletion of foreign reserves by successive administrations, drop in oil price at the international market and attacks on oil facilities by militants, however, stressed that the CBN’s intervention policy in the forex market had enabled the apex bank to be gradually winning the battle to give the naira its value against major international currencies.
The chartered accountant urged the government to checkmate the trend of inflation in the country by not only ensuring the reduction of the people’s dependence on imported goods, but by also creating an enabling environment that will be attractive to investors and small scale business owners in order to have positive effects on the naira, provide job opportunities and bring down inflation to an acceptable limit.
He lamented the state of the nation’s economy, stressing the urgent need for the diversification of the economy with massive investment in agriculture and in improving the infrastructure like steel, rail transportation and power, while the government should take bold steps in blocking all tax related loopholes of avoiding tax and ensuring that effective systems were on ground for strict compliance.
The financial expert, who noted that the country was blessed with enormous human, material and natural resources, counseled the government to give urgent attention to the raging unemployment situation in the country by encouraging entrepreneurship and innovations as a way of creating new products and market demand, as well as give necessary support to small and medium business owners in the areas of funding, accessibility to raw materials and technical training.

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Nigerians ‘spent N3 billion in cinemas for first half of 2019’

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Nigerians spent nearly 3, 124, 026, 959 billion Naira to watch box office movies at Nigerian cinemas between January and June.

News Agency of Nigeria (NAN) reports that the figures are according to data provided by cinemas and gathered by the Cinema Exhibitors Association of Nigeria (CEAN).

The year opened with ‘Aquaman’, ‘Chief Daddy’ and ‘Up North’ sitting on the top three of the chart, with estimated combined earnings of 168, 263, 512 million Naira.

The movies maintained their positions until the fourth week when ‘Glass’ debuted at number one with ‘Aquaman’ taking second place and ‘Chief Daddy’, third booting ‘Up North’ to fourth place.

This led to combined earnings of 91, 409, 100 million Naira which fell to N77.2 million as January closed with Kevin Hart’s ‘The Upside’ kicking ‘Chief Daddy’ to fourth place.

NAN reports that earnings remained low for February, making it the lowest grossing month with a total of N291.8 million.

Top spots were alternated between ‘Alita’, ‘Cold Pursuit’, ‘What Men Want’, ‘Escape Room’ and ‘The UpSide’.

By March, viewership picked up steadily and the earnings were almost doubled from that of February leading to a total of 434, 432, 431 million Naira.

‘What Men Want’, ‘Alita’, ‘Hire A Woman’, ‘She Is’, ‘Us’ and ‘Babymamas’ enjoyed a relatively good run in March but a chunk of the earnings and viewership went to Marvel’s flick ‘Captain Marvel’.

At the beginning of April, ‘HellBoy’, ‘Shazam’, ‘Little’ and ‘Us’ continued to share the top spot with ‘Captain Marvel’ until the release of the much anticipated ‘Avengers: Endgame’.

NAN also reports that with ‘Avengers: Endgame’, earnings from April climbed from 186, 929, 188 million Naira in its third week to 342, 382, 389 million Naira in its final week.’

The month, which is the highest grossing in 2019, closed with estimated total earnings of 734, 151, 060 million Naira due to (a) major boost from Disney’s ‘Endgame’.

In May, there was a massive dip in earnings similar to that experienced in February. With ‘Endgame’, ‘The Intruder’ and ‘Longshot’, it earned a total of 367, 498, 554 million Naira.

The fall in viewership is usual after a global holiday such as Christmas for December/January and Easter for April.

The numbers picked up in June with ‘John Wick’, ‘Godzilla’ and ‘Aladdin’ leading the numbers. They were supported by ‘Anna’, ‘Men In Black’, ‘Dark Phoenix’ and ‘Bling Lagosians’.

June opened with 161, 132, 714 million Naira but closed with 100, 663, 647 million Naira leading to a total earning of 576, 322, 779 million Naira.

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Go Cashless This Summer With FirstBank Visa Multi Currency Card

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First Bank of Nigeria Limited, Nigeria’s premier and leading financial services provider, has introduced the Visa Multi Currency Card, an All-in One-Card and first of its kind to be offered by any financial institution in Nigeria. This card can be linked to all of four currencies namely: NAIRA, USD, EURO and GBP accounts.

With the Visa Multi-Currency card, FirstBank customers – within and outside Nigeria – can now enjoy the luxury of having their local and foreign denominated accounts in any currency, linked to a single Debit card. The Visa Multi-Currency Card is designed to ease the daily cashless transactional needs of customers regardless of where they are across the world. 

Amongst the many benefits of the Visa Multi-Currency card are Point of Sale and Online purchases, access to and use of ATMs worldwide. There is no cash collateral requirement prior to its issuance.

Speaking on the card launch, Mr. Chuma Ezirim, Group Executive, e-Business & Retail Product said “FirstBank takes pride in pioneering the Visa Multi Currency Card in the country, as we remain committed to providing products and services that are designed to ensure the banking convenience of our customers regardless of their location.”

“This card is designed to make traveling fun for our customers and ensure they have a seamless transaction experience during their vacation, tourism and other business-related trips around the globe”, he concluded. 

Traveling abroad for summer, walk into any FirstBank branch today for your Visa Multi Currency Card.

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NSE Suspends Airtel Africa Listing

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The planned listing of Airtel Africa Plc on the trading floor of the Nigerian Stock Exchange (NSE) has been postponed.

The exercise was suspended as a result of the failure of the telecommunications company to meet pre-listing requirements.

Yesterday, Business Post reported that Airtel Africa failed to attract at least 300 institutional and high-net worth individual investors, one of the major requirements needed for joining the stock exchange.

The NSE, which confirmed suspension of the listing today, however, did not make it clear when the company would be admitted. It only promised to provide further communication on the issue when all the conditions for the listing in its market had been met.

“The cross border secondary listing of 3,758,151,504 ordinary shares of Airtel Africa Plc has been postponed from the scheduled date of Friday, July 5, 2019.

“This postponement was necessitated by the need to ensure that the company meets all the post NSE approval pre-requisites for listing on the NSE.

“However, the facts before the listing event will hold as planned at 11.00 a.m. on Friday, July 5, 2019,” the statement said.

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