The importers’ and exporters’ (I&E) foreign exchange (FX) window introduced by the Central Bank of Nigeria (CBN) about four months ago has attracted $4 billion from foreign investors between April and now, the Bankers’ Committee disclosed Thursday.

This is a $1.8 billion growth over the $2.2 billion recorded in June. The window also posted a single transaction of $240 million on August 1, 2017.

Addressing reporters in Abuja Thursday at the end of its 34th meeting, the Bankers’ Committee said the economy was on the recovery path and on the verge of exiting the recession, going by various indicators.

The Director, Banking Supervision of the CBN, Mr. Ahmed Abdullahi; Managing Director, Union Bank of Nigeria Plc, Mr. Emeka Emuwa; Managing Director, FSDH, Mrs. Hamba Amba; and Executive Director, Standard Chartered Bank, Mrs. Mobola Faleye, addressed the press.

The committee noted that the FX market has continued to record positive gains, with the various exchange rates in the market nearing convergence.

Speaking on the I&E window, Amba recalled that the CBN set up the window in April, adding: “And it was very interesting that when we were going through the meeting today (Thursday), the fact was given to us that so far the volume of the trading that had gone on in that window was about $4 billion and that is quite a good number.”

“It shows that the banks have done a lot of rallying. It shows that the banks have been resilient. It shows that the banks have contributed largely in bringing in FDIs as much as possible into the market.

“In fact, there was a single ticket that was done on August 1, a transaction of $240 million. So we think that things will be looking up and we are quite hopeful that things are going in the right direction,” the FSDH chief executive stated.

She added that one of the areas that had also given the committee cause for optimism on the economy was the Purchasing Managers’ Index (PMI), which has consistently been over 50 in recent months.

“The Purchasing Managers’ Index is an indicator of the economic health of the manufacturing sector. The PMI is based on five major indicators: new orders, inventory levels, production, supplier deliveries, and the employment environment month after.

“And most of these indicators have trended up in recent months, indicating that the economy is on the path of recovery and will exit the recession soon,” she said.

In his remarks, Emuwa disclosed that the Nigerian lenders would soon commence the disbursement of N26 billion pooled from banks’ profits after tax in 2015 for the Agricultural, Small and Medium Enterprises Equity Fund that was launched late last year.

He said the Bankers’ Committee also inaugurated the board of the fund, comprising the chief executives of Zenith, Guaranty Trust, Access, First and Unity Banks.

The board, Emuwa added, would meet to choose its chairman and urged prospective beneficiaries to meet their banks for the disbursement guidelines.

He also said a project committee had been set up, adding that the fund would be disbursed to beneficiaries in the form of equity and not as loans.

http://investorsking.com/cbn-ie-fx-window-attracts-4bn-three-months/

Good development

Truth234, good job

---

mods are on the right path this early morning

A very good one and we can do more and better. Only the children of idiots&pigs will not go out work and take advantage of this positive strides, expecting food to appear on their tables and complaints.

When you follow and monitor these index, it helps you in your fluid investments, knowing when to increase, or move some to where it will yield for better interests.

In his remarks, Emuwa disclosed
that the Nigerian lenders would
soon commence the disbursement
of N26 billion pooled from banks’
profits after tax in 2015 for the
Agricultural, Small and Medium
Enterprises Equity Fund that was
launched late last year.


if the bolded statement can really be impacted and fulfil then they deserve a kudos since na era of unfulfilled promise we dey.

Good news but there's no need this money won't be put into sectors that can provide for the youths. Recession and APC government be like

Good

$$$$$$$$, any effect on our economy ?

holatin:
bnk

Let me help you 'Bank' ....

This is what we want to hear

nice

KingLennon:
Tt

its spelt as TITI not TT.

go school you no go go

Good...

I

KingLennon:

Let me help you 'Bank' ....

hahahah I did it to you too. check ur mention

I need back $1 - #200

Evergreen4:
$$$$$$$$, any effect on our economy ?

Dont be waiting on it before it affects the economy, study it and take advantage of it so that it will affect your own pocket economy positively.

Nice one but could that reflect on our crippled economy?

Okay , We are observing , who counted the money?

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holatin:
its spell as TITI not TT.
go school you no go go

So pesin no fit play with you ...

verygudbadguy:
Spelt

typing fast no jare, even spell no sound well for ear

NONSENSE!

Evergreen4:
$$$$$$$$, any effect on our economy ?

Yes, inflation has adjusted from almost 19 percent increase rate to 16.10 percent. Foreign direct investment rose from a record low to aid dollar liquidity leading to surge in the manufacturing sector for fourth consecutive months and aid naira improvement.

Also, Nigerian stock exchange market climbed out of global worst performing equities to top best global performing stock markets within 9 months, gaining over 39 percent this year alone.

The economy is gradually recovering with a unique diversification strategy. Something the youths need to capitalize on.

KingLennon:
So pesin no fit play with you ...

is dat ow you use to do

That's good, but we the masses don't need those big big financial gramma now,

Just show us how it will reduced the cost of garri and making it happen, That's our major concern now...

We are going through a recession in Nigeria. This is the time to help someone out! Things are rough for a lot of people, even the ones one may think are rich or doing well. If you can help someone please do. This is the time to help your gateman pay his children's school fees. This is the time to give him some food items. This also goes for your maid, give her some transport money if she/ he isn't a live-in. Buy that colleague lunch. He or she is probably not dieting, they just can't afford it. Give some colleagues a lift even if to a certain point. Buy your friend petrol for their car and or generator. He's not walking because he wants to exercise. Give that Uncle or Auntie N10k, they're probably in dire circumstances hence they're ringing off your phone. Patronise farmers if you can. It's cheaper to get your goods from them. Eat more greens - they're cheaper. Don't go to people's houses expecting to be fed. It's rude and times are hard. Be thankful if they feed you, it's not easy for anyone. Give out you and your kids old clothes and shoes to people who truly need them. Pay an undergraduate's school fees. Recommend a good graduate if you know of a job opening. That may be the only way he or she can feed their parents and siblings. Let neighbours fetch water from you if you have a borehole. Feed a homeless child or person. You never know who you're helping. That might be the next Einstein. Pay someone's hospital bill, it could be life or death. You could literally be saving a life. We all know how prices have doubled. Some families may not have food on festival day, feed a family. Invite them over. People won't tell you what they're going through so be sensitive and see through the facade. If you live abroad and can spare some change for poorer family members please send it, it's no joke. Folks can barely feed daily. There are so many little things that can be done, please search your heart and be creative to come up with other ways you can give. Folks are hungry, angry and tired. Leave the government, we are the welfare system in Nigeria. None of these are compulsory please. It's just a way to help each other out. Do what you can. If you're already doing any of these and can afford to, then well done, if you can do more please do. Keep being kind. We are a very religious lot, this is the time to practice what we preach and the essence of every religion - love! The law of giving never ever fails, believe it or not! Show love to someone today, tomorrow! God bless you as you do.

Davindal:
NONSENSE!

In every nonsense there's SENSE ,


Naira will be great again someday ..

KingLennon:
Good news but there's no need this money won't be put into sectors that can provide for the youths. Recession and APC government be like

Which youth? The ones ready to earn even " shame money" or the ones trying to fund their instagram image?

There aren't as many credit viable youth as it might appear.