Saturday, June 3, 2017 08:00 AM / Proshare
From the Editor’s Desk
The apex bank has technically put the bullet in a piece meal manner through the Naira’s throat by the introduction of the import and export window. At the same time with active intervention in the foreign exchange market, the bank has narrowed down the gap between the de-jure rate and de-facto rate. In recent time, the cost of heavy sterilization has begun to strain the external reserve, thereby the reserves has shifted from an earlier position of accretion to depletion.
Fig 1: Graphical illustration of external reserve
Source: CBN, Proshare Research
Evidently, the cost of sparing the Naira from absorbing completely the external shock is obviously weighing down external reserves. It also begs the question, whether the present level of exogenous inflow can sustain both the level of heavy sterilization and an accretion in reserve concurrently. In the week ahead, the National Bureau of Statistics will make available unemployment and underemployment figures for the fourth quarter of 2016. Thus such figures will provide a better understanding on how the misery index is faring.
Monday, June 5, 2017
The National Bureau of Statistics will release the Q4 2016 unemployment/underemployment report today, while Executives from the Nigerian Bar Association Section on Business Law will pay a courtesy visit to the Exchange and sound the closing gong.
The FGN Savings Bond will be on offer from today till June 9, 2017, while Phillips Consulting Learning Academy commences its training on “Accounting and Financial Management for SMEs”
Tuesday, June 6, 2017
The National Bureau of Statistics will release the Q1 2017 Foreign Trade in goods report.
The 2017 edition of the Digital Africa Conference & Exhibition themed “The Fourth Industrial Revolution: Getting Africa Ready” will commence today in Abuja, FCT.
Wednesday, June 7, 2017
Lafarge Africa Plc will hold its Annual General Meeting (AGM) today in Lagos.
Thursday, June 8, 2017
BOC Gases Nigeria Plc will hold its AGM today.
Friday, June 9, 2017
Total Nigeria Plc will hold its AGM today, while Deloitte Academy School of Tax trains participants on the course “Tax Audits and Investigation –Practical Approach to Minimizing and Resolving Disputes”.
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