December 11, 2017

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BlackBerry putting itself up for sale -

Wednesday, August 14, 2013

FERMA: A convergence of intent, engagement & perception -

Sunday, August 11, 2013

Nigeria Hits CNN’s List of World’s 12 sexiest accents…. -

Wednesday, August 7, 2013

N452t infrastructure funds from capital market coming -

Tuesday, August 6, 2013

Getting the right staff for your business -

Tuesday, August 6, 2013

Nigeria, others to re-evaluate Trans-Saharan gas project -

Monday, August 5, 2013

How Nigerians use social media -

Friday, August 2, 2013

NSIA to manage N3.4tr pension funds -

Friday, August 2, 2013

GOOGLE UNVEILS MOTO X SMARTPHONE… -

Friday, August 2, 2013

Nigerian Troops Return from Mali, Storm Borno -

Thursday, August 1, 2013

Our role in the $1.09b Malabu Oil mess, by Shell -

Wednesday, July 31, 2013

FG Can’t License Hotels, Hospitality Operators, Says Fashola -

Tuesday, July 30, 2013

Why FG Must Urgently Invest in Efficient Rail System -

Monday, July 29, 2013

Lagos community begins energy generation from waste -

Monday, July 29, 2013

FG to privatise BoI, BoA in 2014 -

Monday, July 29, 2013

Cassava takes pride place in Nigeria’s agro-economy -

Monday, July 29, 2013

Future of Africa in food production depends on training, emerging technologies —Kabba college provost -

Friday, July 26, 2013

Will this fresh initiative against cyber crime work? -

Friday, July 26, 2013

Investors prefer Southwest, says LCCI -

Friday, July 26, 2013

Fed Govt stops project variation beyond 15% of initial cost -

Thursday, July 25, 2013

Naira under pressure as medical tourism, foreign education rise

Naira under pressure as medical tourism, foreign education rise..NAIJA INTEL

Nigerians’ growing demand for foreign exchange for health and education purposes abroad is putting pressure on the naira at both the foreign exchange market and interbank offered rate (NIBOR) BusinessDay investigations have revealed.

The high demand for foreign exchange at the bi-monthly Wholesale Dutch Auction System (WDAS), under the invisible sector is putting pressure on the Central Bank of Nigeria (CBN) to continue to defend the naira.

The 2013 budget allocation to both the health and education sectors at 12 percent is regarded by analysts as inadequate to check foreign travels for these services.

“The citizenry have no confidence in the services rendered by these sectors, thereby they will continue to seek alternatives by going abroad,” said analysts at Afrinvest.

Naira under pressure as medical tourism, foreign education rise NAIJA INTEL

Naira under pressure as medical tourism, foreign education rise NAIJA INTEL

The CBN in its latest quarter report said, “the invisible sector accounted for the bulk (42.4 per cent) of total foreign exchange disbursed in the first quarter of 2013 followed by industrial sector (18.9 per cent), mineral and oil sector (15.0 per cent), manufactured products (10.5 per cent), food products (8.9 per cent), transport sector (3.9 per cent) and agricultural products (0.4 percent).”

Indeed, the CBN estimated foreign exchange demand by  authorised dealers in the first quarter at $ 4.79 billion, is 11.7 percent above the level in the preceding quarter.

Consequently, the pressure on the naira has brought about a rise in NIBOR rates, typified by call moving from 10.8750 to 12.7083; 7days, 12.4583 from 10.5933 and 60 days to 13.1250 from 11.4167 as at Monday.

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