H – Pakistan’s first Exchange Company. Granted license by the State Bank of Pakistan to forex enterprises out foreign exchange business.
Limited is a leading exchange company in Pakistan. The company is one of the pioneers to start currency exchange business in the country. Alhamdolillah, Emirates Global Islamic Bank Limited, a dedicated Islamic Commercial Bank, commenced operations in February 2007. The ZARCO Exchange Company is a respected financial institution that provides dependable Exchange and Transfer services to satisfied customers throughout Pakistan. Preferred investors with successful bids for Nigeria’s Integrated Power Projects are currently reworking the amount of investments to put in the assets following the sharp rise in the exchange rate of the United States dollar to the naira. It was learnt that the investors, who were declared successful bidders for seven of the NIPPs in March 2014, had been trying to raise funds in order to fully take over the plants once the privatisation process for the facilities is completed by the Niger Delta Power Holding Company of Nigeria. The NDPHC manages the NIPPs and had put up the plants for privatisation.
The process has not been completed despite the announcement of preferred bidders for the plants as far back as 2014. The Executive Director, Engineering and Technical Services, NDPHC, Ifeoluwa Oyedele, told our correspondent that investors in the plant had to source for extra funds, noting that when the bidders expressed interest in the facilities, the exchange rate was around N150 to one dollar. This, according to him, is not the case today, as the exchange rate in Nigeria is currently about N360 to one dollar. Don’t forget that this is a cycle and the investors are also involved in this cycle. They are trying to raise money because the amount of money they are going to spend is denominated in dollar and they submitted bids for the plants at the time when the exchange rate was N119 or N151 to a dollar. So, they are also trying to rework their investments to ensure that things are a bit stable so that they will not be at the losing end. So, it is the entire value chain that is involved in the negotiations and it takes time.