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Forex: Wholesale market, others get $210m CBN boost

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The Central Bank of Nigeria (CBN) has sustained its intervention in the inter-bank foreign exchange market by injecting yet another sum of $210,000,000 into various sums of the market on Tuesday, August 14, 2018.

At Tuesdays trading, the Bank offered the sum of $100,000,000 as wholesale interventions and allocated the sum of $55,000,000 each for Small and Medium Enterprises (SMEs) forex window and the invisibles sector, for customers requiring forex for Business/Personal Travel Allowances, tuition and medical fees, among others.

Confirming the figures in Abuja, the Acting Director, Corporate Communications at the CBN, Mr. Isaac Okorafor said the Bank was pleased at the performance of the naira, noting that the currency had continued to enjoy stability against the Dollar and other major currencies of the world in recent times.

Okorafor reassured the public that the Bank would continue to intervene in the interbank foreign exchange market in line with its resolve to ensure liquidity in the forex market and maintain stability.

He reiterated that the steps taken by the CBN in forex management had resulted in further reduction in the country’s import bills and accretion to its foreign reserves.

It will be recalled that the CBN last Friday, August 10, 2018, intervened in the Retail Secondary Market Intervention Sales (SMIS) to the tune of $327 million in the agricultural and raw materials and CNY 69 million in the spot and short-tenored forwards.

The Naira continued to maintain its strong stand against major currencies around the globe, exchanging for N360/$1 in the BDC segment of the market on Tuesday, August 14, 2018.

 

 

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Wild Fusion has been named one of the top digital agencies in the world

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Wild Fusion has been named one of the top digital, creative and marketing agencies in the world by Clutch, the leading B2B rating and review platform.

 

The new report by Clutch highlights the top-performing creative and digital agencies in 14 industries across several countries. The industries are automotive, business services, dental, e-commerce, education, financial services, financial technology, healthcare, hospitality, legal, nonprofit, real estate, and retail.

Nigerian digital marketing agency, Wild Fusion has been named one of the top creative and marketing agencies in the world across 14 industries, according to Clutch, a global rating platform.

About the award, Abasiama Idaresit, CEO, Wild Fusion , said, “We are honoured to be featured on this elite list of world-class agencies. We continue to lead through digital innovation and our expertise in social and digital marketing. This further proves that we are on the right path of prosperity for Nigeria and Africa.”

Click here to read more: Africa’s Wild Fusion Named Top Non-Profit SEO Company by Clutch

 

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Interesting facts about Nestoil Group and EPCC services in Nigeria 

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Nestoil is Nigeria’s largest indigenous Engineering, Procurement, Construction and Commissioning (EPCC) Company in the Oil and Gas sector. Nestoil group is divided into 4 categories:

 

  • Nestoil
  • IMPAC Engineering
  • B&Q Dredging
  • Energy Works Technology (EWT)
  • Hammakopp Consortium

 

Nestoil

Nestoil was incorporated in 1991. Nestoil is Nigeria’s largest indigenous Engineering, Procurement, Construction and Commissioning (EPCC), Oil and Gas Engineering Company

 

IMPAC Engineering

 

IMPAC Engineering  has over 18 years of experience offering a broad range of engineering services and consultancy services, which include, but not limited to: feasibility studies; concept/basic design; Front End Engineering Design (FEED); Detailed Engineering Design (DED) and project and construction management in the energy industry.

 

B&Q Dredging

B & Q Dredging is an indigenous dredging company incorporated in 2005.They provide specialized engineering services in the following areas: Dredging, Flood and Erosion Control, Shore Protection and Consolidation, Sand filling of road embankments, River Crossing, Sweeping of Wellheads Slots and Access Channels

Energy Works Technology (EWT)

 

Energy Works Technology (EWT) is a private company incorporated in Nigeria in 1999. EWT’s capabilities include a full range of fabrication services for certified process packages and steel structures. Energy Works Technology (EWT) is a leading process Equipment Manufacturer, Steel Fabricator and Oil & Gas EPCI (Engineering Procurement Construction and Installation) service provider in Nigeria & West Africa.

 

Hammakopp Consortium

Hammakopp Consortium was incorporated in 1999 and are experts in developing projects.  They are experts in developing projects from the pre-feasibility phase through conceptual design and FEED studies, detailed design, procurement, construction and project management and implementation.It is one-stop-shop for Civil Construction, Maintenance & Fabrication, Environmental & Sewage treatment and other services in Nigeria.

 

Click here to know more about Nestoil

 

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Top 5 fastest African Growing Companies

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Wild Fusion

Wild Fusion is credited with kickstarting Nigeria’s Digital Marketing revolution. Established by Abasiama Idaresit, a Nigerian digital marketing showcasing business visionary and evangelist, Wild Fusion was one of the most punctual completely coordinated digital advertising organizations in sub-Saharan Africa. Wild Fusion, which was established with no outside venture, broadly helped a Nigerian independent company develop its incomes from $1,000 to $100,000 in a few months with imaginative Internet advertising. The organization administrations customers like Visa V +0%, Samsung, Vodafone VOD +0%, Pepsi and Unilever in Nigeria, Kenya and Ghana. Wild Fusion gains imaginative focuses for presenting and advancing digital advertising in Africa and for cand for disrupting traditional marketing across the continent. Numerous Nigerian and African organizations presently devote a greater amount of their spending limit to digital marketing.

TaxTim

Taxtim is a South African online virtual duty partner and assessment arrangement administration that enables you to finish expense forms rapidly and effectively without counseling with a physical duty expert. Tim, the virtual assessment colleague, asks clients basic, plain language questions, and dependent on the appropriate responses, Tim rounds out your arrival accurately, for a most extreme expense discount. Documenting government forms in South Africa can be a long and tiring procedure. TaxTim, with its computerized help gives an advantageous answer for citizens for a yearly expense of $20. Marc Sevitz, a certified Chartered Accountant and charge expert, and Evan Robinson, a designer and programming engineer in 2011, established TaxTim.

Rasello

Rasello, founded by Tanzanian software entrepreneur Natalino Mwenda, is a cloud-based Customer Relationship Management (CRM) tool that lets business owners interact and manage customer records, automate customer retention and communication. 
You add your clients; Rasello automatically identifies customers who need birthday reminders, loyalty programs, service cycle renewals, etc. 

The software can be used via devices such as PCs, tablets, and smartphone

Triggerfish

Triggerfish is Africa’s biggest Computer Generated (CG) movement organization. It was established in 1996 as a boutique stop-outline activity studio and begun by creating TV plugs for South African organizations. In 2001, the organization created liveliness for the principal season of Takalani Sesame Street, the South African rendition of kids’ TV show Sesame Street. Triggerfish has likewise created activity for the U.S Sesame Street. A year ago, the Cape Town-based liveliness studio created its first element film, Adventures of Zambezia, a motion picture that recounts to the tale of a youthful, gullible yet rich hawk who leaves the barren desert where he lives with his dad in quest for activity and experience in the renowned feathered creature city of Zambezia. The motion picture was screened in any event 25 unique nations and pulled in over $22.1 million, as indicated by film industry magic. Triggerfish wins inventive focuses for utilizing innovation to empower imagination in structure the best movement studio in Africa.

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