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Nigeria’s forex inflow increases as overseas remittances rise

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The Central Bank of Nigeria reported that foreign exchange inflows to the country reached $2.3 billion in February, driven by a surge in remittances from overseas and a resurgence of interest from international investors.

Nigeria has been severely impacted by a lack of dollars, which has caused the naira to fall to all-time lows in recent weeks and led the central bank to weaken the currency twice in less than a year.

Hakama Sidi Ali, a spokesman for the Central Bank of Nigeria (CBN), foreign investors purchased at least $1 billion worth of Nigerian assets this month, increasing the total amount of portfolio inflows received to $2.3 billion. In contrast, $3.9 billion is allocated for the entirety of 2023.

Sidi Ali said in a statement that CBN statistics also revealed that international remittances more than doubled to $1.3 billion in February from $300 million the month before.

“All the different measures we have taken to boost reserves and create more liquidity in the markets have started to pay off,” CBN Governor Olayemi Cardoso said in the statement.

In order to increase forex liquidity, the CBN has implemented a number of policies, such as restricting the amount of foreign currency that banks can store, prohibiting street trading of foreign currency, and capping net open positions at 20% of shareholders’ funds. peak levels reached during the session.

According to Sidi Ali, higher currency inflows also persisted in March as a result of investors’ growing interest in short-term sovereign debt following the CBN’s 4 percentage point increase in its benchmark interest rate to 22.75%, the highest level in about 17 years, in an effort to rein in skyrocketing inflation.

Foreign investors’ bids accounted for 79% of the total, or $530 million, at the CBN’s Open Market Operation auction on March 6, when it auctioned securities worth 1.053 trillion naira, according to Sidi Ali.

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Namibia to receive $138.5 million W’Bank loan

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The World Bank has announced that it has granted a $138.5 million loan to assist Namibia in strengthening its transmission network and integrate renewable energy projects into the grid.

Namibia, one of the driest nations in Sub-Saharan Africa with an abundance of sunshine and wind, aims to establish itself as a hub for renewable energy in tandem with the significant offshore oil and gas discoveries that have made the nation a global centre for exploration.

“Namibia is a uniquely positioned regional leader in the transition towards a greener and more sustainable future,” Satu Kahkonen, World Bank country director for Namibia said in a statement.

This will be Namibia’s first World Bank-financed energy project, and the loan will be utilized by the national electricity utility NamPower as it works to wean itself off of electricity imports from neighbouring nations.

 

Namibia is pursuing a $10 billion green hydrogen project, which, when finished, will be exported to the European Union, in addition to new solar and wind projects.

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Socialist Party accuses Zambian ruling UPND of abducting its candidates

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Zambian opposition party, the Socialist Party (SP), has accused the ruling United Party for National Development (UPND) of masterminding the abduction of its candidate for the Kaunga Ward by-election in Luangwa district of Feira Constituency, Maneya Mwale.

The SP, in a statement in Lusaka, also called on security agencies to arrest the UPND’s Lusaka Province Chairperson, Obvious Mwaliteta, for the alleged abduction of Mwale.

SP’s Vice President, Dr Cosmas Musumali, said Mwaliteta should be arrested together with his District Chairperson, Anderson Banda.

Musumali, who made the call at a media briefing in Lusaka, alleged that Mwaliteta, Banda and other people mentioned kidnapped his party’s candidate.

He also accused the ruling party and President Hakainde Hichilema of being behind such activities that had continued to happen in all the ward elections in the country.

“Those who know this President know that he micromanages everything. He has hands on type of leadership and this kidnapping have not happened once but have been happening, nothing has been done, no one has been arrested, what’s the conclusion, the conclusion is that he is okaying it, he sees nothing wrong with it and the Head of State who swore to uphold the rights and Constitution of Zambia,” Musumali said.

“This is something that can not be done without HH tolerating it, facilitating it and even giving it a go ahead. If it’s done once I would agree with you that some rogue UPND members did it outside his control,” Musumali added.

He also claimed that the UPND was not ready to uphold the democratic tenets of the country and were using all means necessary to win the elections.

“The candidate in Kaunga Ward, like in the other 6 Wards, was abducted during the nominations day, which forced the Socialist Party to look for other candidates and Hichilema has remained silent on such activities,” Musumali noted.

Musumali further called on the Electoral Commission of Zambia to invalidate the nominations for Chikenge and Chisanga wards and set a new date for filling in of nominations.

“We further demand that the Commission should ban the UPND from participating in these two wards due to the crimes committed, which are against the electoral code of conduct,” he demanded.

He expressed that “hell would have broken lose had it been the other way round, and that Socialist Party leader Dr Fred M’membe would have been called all sorts of names by the UPND and their surrogates.”

“This is the winning formular for the UPND, kidnapping, abductions have become child’s play for them, they are endangering people’s lives, you have the audercity to abduct a 22 years old girl and pointing a gun to her head,” Musumali said.

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