Business
Dollar falls broadly, retreats below ¥103
NEW YORK — The dollar retreated below ¥103 as part of a broad decline Tuesday, as investors looked toward data later this week that could shed light on when the Federal Reserve could begin to reduce its unprecedented monetary stimulus.The dollar USDJPY -0.57% fell to ¥102.62 from ¥103.08 late Monday, when it firmly jumped above ¥103 for the first time since May 22.
“The yen clawed its way back from a six-month trough against the greenback as profit taking encouraged investors to trim some short exposure to the Japanese currency,” said Omer Esiner, chief market analyst at Commonwealth Foreign Exchange Inc., in a note.
The highlight of the week is Friday’s nonfarm payrolls report for November, with economists expecting gains of 180,000 jobs and a tick down in the unemployment rate to 7.2%, according to a MarketWatch poll. The Fed examines labor-market data closely as it decides when to slow its monthly bond purchases, currently set at $85 billion. Those purchases have been understood to weigh on the dollar.
Monetary-policy decisions are expected from the Bank of England and the European Central Bank on Thursday.Investors are likely to focus on any actions by or comments from the ECB to fight lower inflation. Data released Tuesday showed that euro-zone producer prices in October fell at the fastest annual pace in nearly four years. Last week, data showed that the region’s annual rate of inflation edged up to 0.9% in November from 0.7% in October. The sub-1% annual inflation rate is lower than the ECB’s mandate to keep inflation below but close to 2% in the medium term.
The euro EURUSD +0.38% gained to $1.3583 from $1.3537 late Monday, and the British pound GBPUSD +0.36% rose to $1.6401 from $1.6351.
The Australian dollar AUDUSD +0.14% traded at 91.23 U.S. cents, slightly stronger than 91.01 U.S. cents late Monday. The Reserve Bank of Australia left monetary policy unchanged, as expected.
The ICE dollar index DXY -0.35% , a gauge of the currency’s strength against six rivals, fell to 80.677 from 80.918 late Monday. The WSJ Dollar Index XX:BUXX -0.38% , which pits the greenback against a broader group of rivals, fell to 73.57 from 73.80
In a sharp turn of events, the Nigerian Naira took a significant tumble on Tuesday, plunging to N1,416.57 against the US dollar at the official market.
This staggering drop of N62.36 from the previous trading day represents a 4.60 percent loss, sparking concerns among investors and analysts alike.
Data from the FMDQ Exchange, overseeing the Nigerian Autonomous Foreign Exchange Market (NAFEM), revealed this unsettling trend.
Despite the currency’s downward spiral, trading activity surged, with the daily turnover soaring to $160.77 million, compared to Monday’s $84.83 million.
Meanwhile, at the Investor’s and Exporter’s (I&E) window, the Naira’s performance remained volatile, trading between N1,445 and N1,301 against the dollar, underscoring the currency’s precarious position in the market.
The management of Dangote Cement Plc., Ibese Plant has assured that it would continue to complement the efforts of the Ogun State Government in the development of its host communities through capacity building for the people, especially the youths.
In a statement, the company declared its commitment to development for the prosperity of the people and host communities for which it is placing a premium on the developmental needs of the communities and empowerment of their indigenes.
During a capacity development workshop for Host Community Representatives, General Manager, Human Asset Management/Admin, Aina Olugbenga, said, Dangote Cement remained committed to implementing value-adding empowerment programs to uplift the people and develop the host communities.
The workshop themed: “Team Building, Inclusivity and Stewardship, a panacea to effective Community Representatives” according to him, was to equip the Community reps with the right skills to offer quality representation for their people. He stated: this capacity building workshop is aimed at developing and strengthening the skills, instincts, and abilities of the communities through their representatives adapt and thrive in a fast-changing world.
Olugbenga noted that the workshop is part of the management’s strategy to improve relationships with the host communities and urged the participants to leverage the knowledge acquired from the workshop to improve service delivery to their people and the Cement plant.
According to him, Dangote Cement, Ibese Plant is committed to building the capacity of the people and institutions in the communities by identifying skill gaps and partnering to up their skills for economic prosperity. This, he stated, was in anticipation that other stakeholders will continue to play their part by partnering and supporting the Company to ensure peaceful co-existence and shared prosperity for all.
Said he, “Apart from reciprocating the good gesture of Dangote Cement by ensuring peace at all times and keeping an open and trusting mind towards the organization, we also desire from our community leaders and representatives who are present here, the ownership of all Social Investment programme, be it training or infrastructure because they are meant for the betterment of our people.”
On behalf of the Community Representatives, Hon. Dayo Ogunyinka thanked the Dangote Cement management for the workshop while assuring continued commitment to effective, efficient and selfless discharge of their roles and responsibilities to their various communities and the Plant.
The Nigeria Deposit Insurance Corporation (NDIC) has announced revisions to the Maximum Deposit Insurance Coverage for banks operating within the country.
NDIC’s Managing Director, Bello Hassan, disclosed the updated coverage benchmarks during a media briefing in Abuja on Thursday.
The coverage for Deposit Money Banks has been increased from N500,000 to N5 million, for Microfinance Banks from N200,000 to N2 million, for Primary Mortgage Banks from N500,000 to N2 million, and for Mobile Money Operators subscribers’ pass-through from N500,000 to N5 million per subscriber.
Hassan underscored that the objective of the update is to enhance depositor safety, foster public trust, promote the inclusivity of financial services, and ensure the overall stability of the financial sector.
More to follow.. . .. .
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