Naira drops to 370 on lack of dollar supply

            CBP Business News Headlines – Wednesday, August 16, 2017

Fashola makes a U-turn, says consumers can pay for meters The Federal Government has said that it will not oppose the wishes of electricity consumers that are willing to pay for meters from their distribution companies based on agreement between both parties as endorsed by the power sector regulator. But in April last year, the Minister of Power, Works and Housing, Mr. Babatunde Fashola, had directed the Nigerian Electricity Regulatory… Read More...   Naira drops to 370 on lack of dollar supply The naira depreciated against the United States dollar at the parallel market on Tuesday to 370, down from 368/dollar on Monday. The local unit had closed at 367/dollar on Friday. The development followed lack of dollar sale by the Central Bank of Nigeria on Monday. The CBN has been supplying dollar to the forex market through… Read More...   Stocks fall by N294bn, near two-week low The Nigerian stock market recorded a N294bn decline on Tuesday, nearing its lowest level in two weeks. The market was dragged down by losses in banking, cement and fast-moving consumer goods sectors, as some investors took profits from previous gains in the market, traders said… Read More...   Graft: FG gets 5,000 tips from whistle-blowers The Minister of Finance, Mrs. Kemi Adeosun, on Tuesday said that the Federal Government had received a total of 5,000 tips from Nigerians through the whistle-blower policy. She said this in Abuja during a presentation on ‘The whistle-blower policy and its implication for public servants’, which was delivered at a seminar organised by the Bureau of Public Service Reforms… Read More...     Big banks deepen concentration as profit gap widens Nigeria’s big five or tier one banks are deepening their concentration as a percentage of listed lenders market capitalisation, balance sheet size and profitability. Tier one lenders with primary listing in Lagos (First Bank, Zenith, Guaranty Trust Bank, Access Bank and United Bank for Africa), made up 71.68 percent of the market… Read More...   Nigeria retreats to coal while rest of the world moves on A new report by the International Energy Association, (IEA) a Paris-based energy sector think tank, shows that global coal production fell by 458 million tonnes in 2016, but Nigeria is incentivising coal producers, putting coal top on a list of industries to be granted pioneer status. The IEA’s World Energy Balances shows that coal production fell sharply in the worlds biggest producer, China, by 9 percent or 320… Read More...   CBN eases port charges paid by oil marketers The Central Bank of Nigeria (CBN), on Tuesday, says payment for port charges to the Nigerian Ports Authority (NPA) and other agencies by oil marketing companies can now be accommodated by the Bank using Form ‘A’. This is in a bid to improve foreign exchange availability in the Nigerian Forex Market and ameliorate challenges encountered by critical stakeholders… Read More...     FG to stop issuing fish importation quota The Federal Government, yesterday said it will stop issuing fish importation quota to importers as the  venture is no longer sustainable. Speaking when he met with the Ijebu Development Initiative on Poverty Reduction (IDIPR) in Abuja, the Minister of State for Agriculture and Rural Development, Heineken Lokpobiri, said that stopping the trade would help boost local production of fish and other aspects of agriculture in the country… Read More...   14 companies make NEITI’s 100% compliance list The Nigeria Extractive Industries Transparency Initiative (NEITI) has expressed satisfaction as 14 companies and agencies have met a compliance level of 100 per cent in its ongoing independent audit of the oil and gas industry covering 2015.   According to NEITI’s spokesman, Dr. Orji Ogbonnaya Orji, the 14 companies are Chevron Nigeria Ltd, Consolidated, Continental, Eroton, Esso Exploration, Mobil Producing Nigeria Unlimited and Niger Delta Petroleum Resources… Read More...     Nigeria-India Trade Volume Hits $10billion The Indian High Commissioner to Nigeria, Nagabushana Reddy has disclosed plans by his country to organise an international expo on Information Communication Technology in Nigeria as part of efforts at deepening bilateral relations with Nigeria, even as trade relations between Nigeria and India increased to $10 billion in 2016… Read More...   Market Experts Explain Low Patronage of FGN Savings Bonds Capital market operators have advised the Debt Management Office (DMO) to embark on more aggressive awareness creation in order to attract more patronage for the Federal Government of Nigeria Savings Bonds (FSB). The DMO had last March introduced the FSB on behalf of the federal government as part of its efforts to promote savings… Read More...   Nigeria, Morocco Collaborate on Agricultural Insurance Nigeria and Morocco have set up a steering committee to develop a sustainable crop insurance scheme for the country. The Committee, comprising representatives of the Nigerian Agricultural Insurance Corporation (NAIC), Bank of Agriculture, the Moroccan Agricultural Insurance Company (MAMDA) and MAMDA RE… Read More...   Nigeria’s Domestic Debt Refinancing Strategy Badly weighed down by the debilitating effect of Nigeria’s huge debts and rising debt servicing cost brought about by high domestic interest rate, the federal government last week sought a way out by approving the issuance of dollar-backed treasury bills as it extended the maturity period from between 91 and 364 days to two and three years respectively…. Read More...     CBN injects $364m into inter-bank forex market • Reps walk out CBN, UBEC officials over improper representation The Central Bank of Nigeria (CBN) yesterday intervened in the inter-bank foreign exchange market to the tune of $364 million in a bid to sustain liquidity. A breakdown of the intervention indicates that the Retail Secondary Market Intervention Sales (SMIS) received the largest allocation of $264,192,252.95… Read More...   CBN joins NPA, NIMASA’s port charges to forex window • Auctions $364m, as parallel market rate rises The Central Bank of Nigeria (CBN) yesterday added the Nigeria Ports Authority (NPA) and Nigerian Maritime Administration and Safety Agency (NIMASA) to its official forex window. The move, according to CBN is to improve foreign exchange availability in the market and reduce challenges encountered by critical stakeholders, including in the payment of port charges to the related authorities… Read More...   Nigeria’s mutual funds attract local, foreign investors The Securities and Exchange Commission (SEC) has said the total Asset Under Management (AUM) of mutual funds in Nigeria topped N300 billion for the first time. This follows increased interest by local and international investors in Nigeria’s Mutual Funds. The development has been attributed to the current state of the economy, stock market and interest rate fluctuations, as well as much improved mutual funds offerings… Read More...     Nigeria’s Mutual Funds elicit increased interest AGAINST the backdrop of increased interest and investments in Mutual Funds in Nigeria, Nigeria’s Securities and Exchange Commission (SEC) announced that total Asset Under Management (AUM) of mutual funds in Nigeria has crossed N300 billion mark. This has been attributed to various factors not excluding the current state of the economy, stock market and interest rate fluctuations as well as much improved mutual funds offerings. This is further backed… Read More... South Korea dumps Nigeria’s oil for U.S. Nigeria may have lost its South Korean oil market to the United States (U.S.) as the Asian country buys its first crude oil from America. Refiners in South Korea, the world’s fifth crude oil importer,  have reportedly joined India to diversify their crude sources in what potentially could impact on Nigeria’s spot crude export market. South Korea’s largest refiner, SK Innovation, is the latest to have made its first purchase… Read More...   Knocks for govt’s plan to exempt firms from tax The Federal Government’s plan to exempt 27 industries from paying companies’ income tax for three years, with an extension for one or more years, has been faulted by financial pundits and investment firms. The FBN Capital, the investment and research arm of FBN Holdings, said the Federal Government’s initiatives, which include tax exemption ..  Read more...   Investors dump govt bonds for quoted equities Investors appear to be showing increasingly less appetite for fixed-income securities as Nigerian equities continue to sustain double-digit lead ahead of the most attractive fixed-income securities. Nigerian equities opened yesterday with average year-to-date return of 42.2 per cent, still showing positive return after adjustments for inflation rate and interest rate. Inflation rate stands 16.10 per cent… Read More...

  

 

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