Dear Subscriber,
Protect the environment, paint the world green!
It is no secret that the impacts of climate change are escalating daily. If you have not heard about it, you have likely felt it—the scorching heat beneath the unforgiving sun or the raging floods from heavy rains. But complaining would not cut it. We have to take action.
In this edition of the Unity Bank Digest’s lifestyle section, we have curated a set of impactful measures to enhance sustainability in the workplace. These are not just tips; they are a roadmap to crafting a better future for all of us. As Peter Drucker, an influential Austrian-American management consultant said, “The best way to predict the future is to create it.”
The naira is under renewed pressure ahead of the MPC meeting
The prevailing concern reverberating across the Nigerian economy is the downward spiral of the exchange rate. Over the course of 10 days, the currency shed 10.78% of its value against the USD before appreciating to N1,440/$ (parallel market) on February 2. Now trading at N1,461.9/$ at the NAFEM window, the spread between the official and parallel rates have converged, signalling rate unification.
Through a sequence of circulars and a change in the methodology for computing FX rates, the CBN has reinstated its commitment to encouraging transparency with market reflective rates, reducing forex demand pressures, lifting restrictions on international transactions and improving dollar liquidity. Still the markets show signs of disequilibrium and unanchored exchange rate expectations.
The solution to the naira’s FX throes begins at the first MPC meeting since July 2023, scheduled for February 26-27. We expect a hawkish CBN, likely raising effective interest rates by 200 basis points to narrow the negative real rates of return, instil confidence and bring the FX markets to a correction.
This edition of the Unity Bank Digest provides a comprehensive analysis of these economic trends and engaging lifestyle and entertainment stories for your reading pleasure.
Enjoy your read!
