News articles of interest

Rand Merchant Bank Nigeria Launches ₦80bn Commercial Paper Programme

2017-06
Rand Merchant Bank (RMB) Nigeria has received approval from FMDQ OTC Securities Exchange to register its N80 billion Commercial Paper (CP) Programme on the FMDQ platform.
Read more

Record-High Nigeria Rate Seen Held to Curb Inflation, Back Naira

2017-09-25
Now that Nigeria’s economy is recovering from its worst slump in 25 years, the central bank can turn its focus to fighting inflation again -- and shoring up its currency.
Read more

Merger: World’s largest brewer to increase Nigerian equity stake to 75.1%

2017-09-25
The world’s largest brewer Anheuser-Busch InBev will increase its majority equity stake in its Nigerian main business, International Breweries Plc, to 75.1 per cent. This will happen after ongoing consolidation of its businesses in the country into a single entity.
Read more

FX Window Records $1.323bn Transactions in One Week on Soaring Investor Confidence

2017-09-25
In a pointer to increasing confidence in Nigeria’s financial market, foreign exchange trading at the Investors’ and Exporters’ (I &E) window notched a major milestone when total market turnover rose to $1.323 billion in just one week, trading results from the FMDQ OTC Securities Exchange showed at the weekend.
Read more

Nigeria records rise in non-oil export

2017-09-25
Nigeria has recorded a significant rise in its non-oil export, with agricultural goods increasing the country’s foreign exchange earnings.
Read more

Nigeria-EU Trade Hits €20 Billion

2017-09-25
Trade Counselor and Head of Trade and Economic section of the European Union (EU) Delegation to Nigeria & ECOWAS, Filippo Amato, has put the total value of trade between Nigeria and the EU in 2016 at €19.9 billion in 2016.
Read more

With Force Majeure on Nembe Oil Line, Nigeria Risks Revenue, Production Cuts

2017-09-24
The volume of crude oil produced and sold daily by Nigeria could take a fresh cut from the shutdown of a critical oil line in the Niger Delta region – the Nembe Creek Trunk Line (NCTL) for emergency repairs.
Read more

Pressure on Nigeria as the world turns away from oil

2017-09-24
It may assault sensibilities of some people to insinuate that Nigerians will have to drink their oceans of ?oil, as it may be unscientific to suggest that the resource will dry up soon. But the alarm bells are ringing loudly as the world increasingly turns away from oil.
Read more

Firms complain of naira shortage to buy dollars

2017-09-22
A Central Bank of Nigeria requirement that companies back forward dollar purchases with naira is drying up supplies of the local currency.
Read more

Naira to take cue from MPC decision next Tuesday

2017-09-22
The naira is expected to trade little change against the United States dollar next week as investors await the Central Bank of Nigeria’s Monetary Policy Committee decision on interest rate on Tuesday.
Read more

Naira depreciates further to N360.33/$ in NAFEX

2017-09-22
The naira, yesterday, depreciated further to N360.33 per dollar in the Investors and Exports (I&E) Foreign Exchange, forex Window. Data from the Financial Market Dealers Quote, FMDQ showed that the indicative exchange rate for the I & E Window, known as Nigerian Autonomous Foreign Exchange, NAFEX declined to N360.33 per dollar, yesterday, from N360.25 per dollar on Wednesday. Hence the naira has depreciated marginally by 8 kobo per dollar.
Read more

Poor World Bank ranking on Nigeria discouraging investments

2017-09-22
s part of contributions to reduce the many challenges facing the realestate financing in the country, the Central Bank of Nigeria [CBN] has said the poor ranking by the world Bank in 2016 has continued to discourage both local and foreign investment Inflows into the mortgage financing sector of the nation’s economy..
Read more

Oil prices rise toward $57 ahead of OPEC meeting

2017-09-21
Oil prices were largely up on Thursday, as traders waited to see whether oil- producing countries set to meet in Vienna would extend production limits to reduce the global crude glut.
Read more

Foreign investors drive treasury bills subscription in excess of N418bn

2017-09-21
CENTRAL Bank of Nigeria, CBN, yesterday, raised N215.9 billion from an auction of the Nigerian Treasury Bills, which was N75 billion more than the N140.9 billion it originally planned to raise. The total subscription at the auction stood at N559 billion, which was about, N418.1 billion or 296.7 percent in excess.
Read more

Nigeria sells more treasuries as moves to support naira

2017-09-21
Nigeria’s central bank sold 207 billion naira in treasuries on Thursday to mop up liquidity, a day after it raised more money than planned via a debt auction as it moved to keep borrowing costs high to support the currency, traders said.
Read more

At $56 Per Barrel, Crude Oil Set for Highest Gain Since 2004

2017-09-21
Crude oil headed for its largest third-quarter gain in 13 years as prices rose wednesday after the Iraqi oil minister said the Organisation of Petroleum Exporting Countries (OPEC) and its partners are considering extending or deepening output cuts aimed at reducing a global supply glut.
Read more

Four Nigerian banks trade below minimum liquidity ratio

2017-09-21
Four Nigerian banks are operating with too many non-performing loans on their books and with liquidity ratios below the minimum requirement, two members of the central bank monetary policy committee said in statements on the bank’s website.
Read more

Low oil price will help Nigeria, others – Dangote

2017-09-21
The President/Chief Executive, Dangote Industries Limited, Aliko Dangote, has said low oil prices will help Nigeria to reduce its reliance on crude oil revenues.
Read more

Equities rebound, indices up by N124 billion

2017-09-21
Equity transactions rebounded after a two-day losing streak yesterday, following heavy price gains recorded by major highly capitalised stocks especially Total and Dangote Cement, as indices soared by N124billion
Read more

EU-Nigeria trade hits 19.9 billion Euros

2017-09-21
Multilateral trade between Nigeria and European Union (EU) member states stood at 19.9 billion Euros in 2016, Fillippo Amato, the Union’s Head of Trade and Economic Sector, said yesterday.
Read more

CBN raises N216bn in oversubscribed Treasury bills

2017-09-21
The Central Bank of Nigeria (CBN) on Wednesday raised N215.88 billion at the treasury bill auction, N75 billion more than originally planned, after it received subscriptions for almost four times the amount of debt initially on offer, traders said.
Read more

Nigeria to save $14m with local production of road paints

2017-09-21
Nigeria will save over $14 million per annum on foreign exchange patronising locally made road marking paint currently produced by one of the indigenous manufacturing companies.
Read more

Nigeria FX market in doldrums as funds offer dollars at premium -traders

2017-09-20
Offshore funds in Nigeria offered on Wednesday to sell the dollar at close to its black market rate, traders said, worsening a liquidity lull on the foreign exchange market.
Read more

Insider abuse: CBN probing bank directors, says Emefiele

2017-09-20
The Governor of the Central Bank of Nigeria, Mr. Godwin Emefiele, on Tuesday said the regulator was currently looking at some cases of insider abuse by members of the board of directors of commercial banks and other financial institutions in the country.
Read more

Unity Bank Disburses over N24 billion to Farmers

2017-09-20
In its bid to promote agribusiness, Unity Bank has effectively keyed into various intervention funds by the federal government and Central Bank of Nigeria (CBN) to boost Agriculture thus emerging as one of the leading players in the industry driving the intervention schemes to the tune of N24 billion.
Read more

Nigeria’s foreign debts hit $15.05bn in June – NBS

2017-09-20
The National Bureau of Statistics, NBS, yesterday, said Nigeria’s foreign debt stood at $15.05 billion, while the domestic debt portfolio was put at N14.06 trillion in June this year.
Read more

Naira appreciates to N360.22/ $ in NAFEX

2017-09-20
The naira, yesterday, depreciated to N360. 22 per dollar in the Investors and Exports (I&E) Foreign Exchange, forex Window.
Read more

FG Promises to Restore Investor Confidence in Capital Market

2017-09-20
The federal government has promised to restore investor confidence in the capital market by repositioning the Investment and Securities Tribunal for effectiveness and efficiency in handling the rising incidence of cases in the market.
Read more

Nigeria's Forte Oil puts 20 bln naira share sale on hold

2017-09-20
Forte Oil has put a planned 20 billion naira ($64 million) share sale on hold, after it received regulatory approval for the offer, due to restructuring, it said on Wednesday.
Read more

Oil prices move close to $56

2017-09-19
Oil prices moved close to $56 yesterday, remaining near multi-month highs reached late last week.
Read more

Naira drops to 369, market anticipates dollar supply

2017-09-19
The naira has weakened further to 369 per United States dollar on the back of waning supply of the greenback in the foreign exchange market.
Read more

NFIU: FATF Threatens to Suspend Its Mission to Nigeria

2017-09-19
The Financial Action Task Force (FATF) has threatened to suspend its high-level mission visit to Nigeria scheduled for November 20-21 2017 should the country fail to meet the demands of the Egmont Group of Financial Intelligence Units (FIUs).
Read more

Union Bank to open N50bn rights issue on Wednesday

2017-09-19
Union Bank Plc says the subscription for its N50bn rights issue will commence on Wednesday, September 20 and close on October 30, 2017.
Read more

CBN Gives Banks Four-week Ultimatum to Open FX Teller Points

2017-09-19
Piqued by the failure of the banks to comply with an earlier directive asking them to open teller points for retail foreign exchange (FX) transactions at various locations, the Central Bank of Nigeria (CBN) has issued a four-week deadline for them to comply or face stiff sanctions.
Read more

Kachikwu: $100 Oil Impossible in 2018

2017-09-19
The Minister of State for Petroleum Resources, Dr. Ibe Kachikwu has said it would not be possible for the price of crude oil to rise to $100 per barrel in 2018 as the current market conditions did not support such expectations.
Read more

Oil: Egina to add 200,000bpd to Nigerian production

2017-09-19
Deputy Managing Director of Total, a principal partner of the Egina Project, Mr. Ahmadu Musa-Kida, said when completed by Q4 2018, the Egina Project would produce additional 200,000bpd to Nigeria’s daily crude oil production.
Read more

Nigeria Central Bank's Acting as Piggy Bank, MPC Member Says

2017-09-19
Nigeria’s central bank is acting like a “piggy bank” with its funding of the government, according to a member of the Monetary Policy Committee who said he struggles to understand the regulator’s economic rationale.
Read more

ICRC: $100bn Required for Nigeria’s Infrastructure Development

2017-09-18
The acting Director General, Infrastructure Concession Regulatory Commission (ICRC), Mr. Chidi Izuwa, has put the total amount of funds required to provide quality infrastructure in Nigeria over the next six years at about $100 billion.
Read more

ICRC: $100bn Required for Nigeria’s Infrastructure Development

2017-09-18
Enumerating the things required to be done to attract private investment into the country, the Chief Executive Officer, Rand Merchant Bank Nigeria, Michael Larbie, who also spoke at the two-day conference with the theme: ‘Nigeria’s Infrastructure: Issues, Challenges and Options,’ said: “Clearer legal and regulatory framework, improved and efficient competitive bidding procedures, consistent sector policies, (e.g.tariffs regimes, rule of engagement), strengthened management of fiscal obligations and supportive regulatory environment are key.
Read more

BRIEF-S&P says Federal Republic of Nigeria ratings affirmed at 'B/B' outlook stable

2017-09-18
Nigeria’s stable outlook signals assessment that oil sector improvements will support higher economic growth, fiscal revenues, among other things
Read more

Exchange rate, NPLs top agenda as MPC meets today

2017-09-18
eakening exchange rate, rising non-performing loans in the banking industry and other key economic issues are expected to top the agenda as the Monetary Policy Committee of the Central Bank of Nigeria begins its two-day meeting today (Monday).
Read more

FG Sets Bid Round Guidelines for Award of 46 Marginal Oil Fields

2017-09-18
The federal government through the Department of Petroleum Resources (DPR) has set the guidelines for the marginal oil field bid round scheduled to take place later this year or early 2018 and could potentially see scores of investors jostling to acquire 46 oil acreages during the exercise.
Read more

N’Assembly will get 2018 budget next month – Enang

2017-09-18
The 2018 Appropriation Bill will be submitted to the National Assembly in October, the Special Adviser to President Muhammadu Buhari on National Assembly Matters (Senate), Ita Enang, has said.
Read more

Liquidity squeeze threatens settlement at equities market

2017-09-18
The inability of investment firms and stockbrokers to access amenable funds is threatening efficient settlement at the Nigerian equities market.
Read more

At $33bn, External Reserves Hit 31-month High, Oil Rebounds to Five-month High

2017-09-15
Nigeria’s foreign exchange reserves have risen to a 31-month high of $33 billion, the Central Bank of Nigeria (CBN) disclosed Thursday.
Read more

China, India Best Bets for Green Investors, Morgan Stanley Says

2017-09-15
Emerging markets including China and India could be the best bets for investors hoping to fight climate change and boost returns, according to a report.
Read more

Era of depending on FG for finance over —Sanusi

2017-09-15
The Emir of Kano, Malam Muhammad Sanusi II, yesterday, in Kano declared that the era of financial dependency on the Federal Government by states was over.
Read more

FG begins sale of N100bn debut sovereign sukuk

2017-09-15
The Federal Government has started the sale of a N100bn ($326m) debut sovereign sukuk on the local market to fund road infrastructure, the Debt Management Office has said.
Read more

Nigeria’s oil production exceeds OPEC’s 1.8mbpd restriction target

2017-09-15
Crude oil production freeze is now imminent for Nigeria, as the country’s oil production increased by 138,300 barrels per day (bpd) from the 1.723 million (bpd in July to 1.861million bpd, according to the latest report from the Organisation of the Petroleum Exporting Countries (OPEC).
Read more

Naira depreciates against dollar

2017-09-15
The Nigerian currency, naira, lost N2 to the dollar at the parallel market on Thursday, the News Agency of Nigeria (NAN) reports.
Read more

Interswitch Nigeria Sees Delayed IPO Concluded by End-2019

2017-09-14
Interswitch Ltd., a Nigeria-based payments-processing company, expects to complete its delayed dual listing in London and Lagos before the end of 2019.
Read more

Dangote Cement Confirms Bid for PPC of South Africa

2017-09-14
Dangote Cement Plc, which is the mostcapitalised company listed on the Nigerian Stock Exchange (NSE), wednesday confirmed that it plans to acquire the entire share capital of PPC Limited-South Africa’s leading cement firm.
Read more

Nigeria Records N2.4tn Crude Oil Exports, Total Trade Hits N5.7tn in Q2

2017-09-14
Nigeria recorded a total of N2.43 trillion crude oil exports in the second quarter (Q2) of 2017 as total trade hit N5.69 trillion.
Read more

UPDATE 1-Nigeria unlikely to join OPEC cuts before March -oil minister

2017-09-14
Nigeria is very unlikely to join OPEC’s cuts in oil production before March, its oil minister said on Wednesday.
Read more

CBN to tame inflation, cut interest rate - Emefiele

2017-09-14
The Central Bank of Nigeria (CBN) will continue to explore further avenues to ensure that interest rates are supportive of domestic production needs.
Read more

Naira depreciates to N360.2/$ in NAFEX

2017-09-14
The naira, yesterday, depreciated further to N360.2 per dollar in the Investors and Exporters (I&E) window.
Read more

FG offers tax holidays, duty waivers to mining investors

2017-09-07
The Federal Government has offered tax holidays and duty waivers on imported mining equipment to foreign investors in the nation’s mining industry.
Read more

After recession, focus on non-oil sector, Utomi, others advise FG

2017-09-07
A professor of Political Economics, Pat Utomi, has advised the Federal Government to come up with specific and deliberate policies that will enhance the growth of the non-oil sector in order to enable the country to sustain its exit from recession.
Read more

Budget: FG targets N100bn from Islamic bond, sukuk

2017-09-07
The Federal Government will today (Thursday) commence activities preparatory to the issuance of N100bn non-interest bearing Islamic bond, better known as sukuk.
Read more

Nigeria’s economic indices conducive for growth - CBN

2017-09-06
As Nigeria officially exists recession, the Central Bank of Nigeria has said the economic indices are conducive for more economic growth going forward. A statement from the CBN said, exiting recession “at the heels of more stable exchange rate regime, coupled with declining inflation rate, from 16.10 per cent in June down to 16.05 per cent in July, 2017, it is believed that these factors will provide salutary macro-economic conditions for growth, as anchored on current monetary policy stance of the CBN.”
Read more

Buhari, economists, others caution against celebrating Nigeria’s exit from recession

2017-09-06
Buhari, economists, others caution against celebrating Nigeria’s exit from recession
Read more

With Population Growth at 2.7%, Nigeria Still Not Out of the Woods

2017-09-06
Notwithstanding that the Nigerian economy turned the corner by recording an expansionary GDP growth rate in the second quarter (Q2) of 2017, Nigerians, especially the country’s policymakers, should be under no illusion that the economy is out of the woods.
Read more

Naira appreciates against dollar

2017-09-06
The Naira on Tuesday appreciated against the dollar at the parallel market, the News Agency of Nigeria, NAN, reports. The Nigerian currency gained N1 to exchange at N364 to the dollar, stronger than N365 posted on Friday, while the Pound Sterling and the Euro closed at N470 and N430.
Read more

Dangote invests N400bn in sugar backward integration projects

2017-09-06
DANGOTE Group has so far invested over N400 billion in sugar backward integration projects under the Nigeria Sugar Master Plan, (NSMP, being implemented by the National Sugar Development Council, NSDC, to make the country self-sufficient in sugar production. The group is targeting to produce 1.5 million metric tonnes per annum (MT/PA) from various sites across the country in the next 10 years.
Read more

CBN spends $9bn to defend naira in 7 months

2017-09-05
Central Bank of Nigeria (CBN) sold $9 billion to forex dealers through the interbank market between February 21 and August 31, Daily Trust reports.
Read more

DMO sets borrowing limit for FG at $22bn

2017-09-05
DMO sets borrowing limit for FG at $22bn
Read more

Adeosun confirms N350bn release for capital projects

2017-09-05
The Minister of Finance, Mrs. Kemi Adeosun, on Monday confirmed the release of the sum of N350bn to Ministries, Departments and Agencies of the Federal Government for the implementation of capital projects contained in the 2017 budget.
Read more

Worst May Be Over as Biggest Africa Economies End Growth Rut

2017-09-05
Official data on Tuesday will probably show South Africa’s economy expanded in the three months through June, ending its second recession in less than a decade. Nigeria’s gross domestic product probably grew from a year earlier, and came out of its worst slump in a quarter of a century.
Read more

FIRS generates N2.11 trillion in 7 months

2017-09-05
The Federal Inland Revenue Service, FIRS, through tax collections, generated N2.11 trillion as revenue from January to July, 2017.
Read more

FG Plans New Model to Equalise Gas Prices across Nigeria

2017-09-05
The federal government would work out a new gas pricing and supply model – likely to be the type adopted by it to ensure equal pump price for petrol across Nigeria, to get gas to all parts of Nigeria, especially the northern states, the Minister of State for Petroleum Resources, Dr. Ibe Kachikwu, has disclosed.
Read more

Nigeria’s External Debt May Hit N6.31tn in 2018

2017-08-30
Following the move by the federal government to issue foreign bonds to refinance maturing naira-denominated treasury bills, Nigeria’s external debt has been estimated to increase by about 46per cent to N6.31 trillion ($20.6 billion) by the end of 2018.
Read more

Naira records marginal gain, closes at 368/dollar

2017-08-30
Naira records marginal gain, closes at 368/dollar
Read more

Access Bank redeems $350m Eurobond

2017-08-30
Access Bank Plc has announced the final redemption of the $350,000,000.00 Eurobond notes due July 25, 2017. The Securities were issued in 2012 by Access Finance B.V, a direct, wholly owned subsidiary of the Bank – on the back of an unconditional and irrevocable guarantee of the Bank. In October 2016, holders of $113 million…
Read more

UPDATE 1-Nigeria's Buhari says delighted that economy is improving

2017-08-29
Nigerian President Muhammadu Buhari, back at the helm after prolonged sick-leave, said he was delighted by the way Africa’s biggest economy was improving after briefings from ministers and the central bank, his office said on Monday.
Read more

Buhari Weighs Options as Cabinet Reshuffle Tops Agenda

2017-08-29
Buhari Weighs Options as Cabinet Reshuffle Tops Agenda
Read more

Nigerian annual inflation slows in July to 16.05 pct, food inflation soars

2017-08-29
Annual inflation in Nigeria slowed for a sixth month in July, easing to 16.05 percent, but the rise in food inflation was the biggest in eight years, the National Bureau of Statistics (NBS) said on Monday.
Read more

CBN Injects Additional $250m into Forex Market

2017-08-29
CBN Injects Additional $250m into Forex Market
Read more

Northern Nigeria Flour Mills invests N2bn in new sorghum plant in Kano

2017-08-29
Northern Nigeria Flour Mills’ plc new state-of-the-art ultra-modern sorghum milling plant recently commissioned in Kano is to provide over 40,000 new jobs along the value chain. The plant, which is currently the largest sorghum processing plant in sub-Saharan Africa, was acquired at the cost of over N2 billion, and has an installed capacity of 100,000.
Read more

Nigeria: Govt to Connect All Airports, Seaports, Inland Depots to Rail

2017-08-28
Nigeria: Govt to Connect All Airports, Seaports, Inland Depots to Rail
Read more

Nigeria naira eases on black market as dollar demand resurfaces

2017-08-24
Nigeria naira eases on black market as dollar demand resurfaces.
Read more

Monetary policy offers limited tools for economic recovery – Emefiele

2017-08-24
Mr Godwin Emefiele, the Governor of Central Bank of Nigeria (CBN), says monetary policy offers limited tools for dealing with the current economic challenges in the country.
Read more

UK, US, Singapore and Belgium account for 74% of capital inflow into Nigeria

2017-08-24
UK, US, Singapore and Belgium account for 74% of capital inflow into Nigeria
Read more

Mutual Funds assets in record high of N333bn on Money Market growth

2017-08-24
The value of SEC-regulated Mutual Funds reached record high of about N333billion in the week ended August 11, 2017, driven largely by growth in the value of Money Market Funds.
Read more

Afreximbank Seeks to Tap from Investors with $300m Depositary Receipts

2017-08-24
Afreximbank Seeks to Tap from Investors with $300m Depositary Receipts
Read more

Forex turnover rises to $146m as CBN auctions N193.14bn TB

2017-08-24
The foreign exchange daily turnover rose by 45.67 percent on Wednesday at the Investors and Exporters forex window. It closed at $146.09 million from $100.09 million recorded on Tuesday, according to data from FMDQ.
Read more

FG spent N1.3trn on capital projects in 2016, says Osinbajo

2017-08-22
FG spent N1.3trn on capital projects in 2016, says Osinbajo
Read more

CBN boosts forex market with $195 million

2017-08-22
The Central Bank of Nigeria (CBN) on Monday offered $195 million in three segments of the Foreign Exchange Market (Forex) to boost liquidity in the operation.
Read more

Competition heats up in insurance as Willis, Marsh make new Nigeria acquisitions

2017-08-22
Real competition for business and leadership is stepping up in the brokerage arm of the Nigerian insurance industry, as top global brokers and reinsurance-brokers position in the local market, with the acquisition of indigenous companies.
Read more

Nigerian Investor Sets Up $135 Million Commodities Exchange

2017-08-22
Nigerian Investor Sets Up $135 Million Commodities Exchange
Read more

Nigeria's Buhari returns home after three-month sick leave in Britain

2017-08-21
Nigeria's Buhari returns home after three-month sick leave in Britain.
Read more

Buhari Faces Key Challenges in Nigeria as he Ends Medical Leave

2017-08-21
Nigerian President Muhammadu Buhari returned from three months of sick leave in London to a nation wondering how strong a role he will play as his administration confronts re-emerging ethnic tensions, resurgent Islamist militant attacks and a sluggish economy.
Read more

External Reserves Chalk up $1.26bn as Shale Oil Threat Persists

2017-08-21
The accretion of Nigeria’s foreign exchange (forex) reserves has continued, as figures released by the Central Bank of Nigeria (CBN) have shown that reserves had grown by $1.263 billion this quarter to $31.551 billion as of August 16, compared with the $30.288 billion on June 30.
Read more

Nigeria’s debt reaching critical levels — NEITI

2017-08-21
40% of FAAC disbursements used for debt servicing ABUJA — The Nigeria Extractive Industries Transparency Initiative, NEITI, Sunday, expressed concern over Nigeria’s level of indebtedness, declaring that Nigeria’s debt in relation to revenues appears to have reached critical levels. Read more at: http://www.vanguardngr.com/2017/08/nigerias-debt-reaching-critical-levels-neiti-2/
Read more

Forex turnover jumps to $265.59m at investors window

2017-08-18
The foreign exchange daily turnover on Thursday jumped to $265.59 million from $93.21 million recorded the previous day at the investors and exporters window. Dealers attributed the rise to increased dollar inflows from offshore fund managers investing in the domestic equity market.
Read more

Naira falls against dollar

2017-08-18
Naira falls against dollar
Read more

NNPC signals intention to privatise refineries

2017-08-18
NNPC signals intention to privatise refineries
Read more

Investors’ crave for Nigerian mutual funds heighten with AUM all-time high

2017-08-17
The value of assets under management (AUM) in the Nigerian mutual funds industry hit all-time high as it surged to N322.99 billion as at week-ended July 21 2017, latest data from the Securities and Exchange Commission (SEC) has shown.
Read more

Nigeria Seeks to Diversify From Oil With $41 Billion of Rail

2017-08-17
Nigeria has started a $41 billion railway expansion to reduce dependence on oil and diversify its struggling economy by improving transport links to allow the movement of goods around the country and to ports. “The plan we have now will go to every nook and corner,” Transport Minister Rotimi Amaechi, 52, said in an interview in the capital, Abuja.
Read more

Naira appreciates to N359.7/$ as External reserve hits $31.35bn

2017-08-17
The naira yesterday appreciated below N360 per dollar for the first time in the Investors and Exporters (I&E) window due to increased dollar supply.
Read more

Fitch affirms AfDB’s triple ‘A’ rating

2017-08-16
Fitch Ratings has affirmed the African Development Bank’s (AfDB) Long-Term Issuer Default Rating (IDR) at ‘AAA’ with a Stable Outlook
Read more

Investors, exporters FX market hits over $1bn turnover in one week

2017-08-14
Investors’ & Exporters’ (I&E) FX window grossed a total of $1.10 billion in trade for the week ended August 4, 2017, 33.16 percent increase from $822.73 million recorded the previous week, data from the FMDQ Securities Exchange show. This brings the total value traded at the window since its inception to $6.51 billion.
Read more

Foreign Securities Expert Bullish on Nigerian Capital Market

2017-08-14
A fellow of the Chartered Institute for Securities and Investment (CISI), United Kingdom, Mr. Alan Burr, has said that the Nigeria’s capital market, has become the focus of the international financial expert because of the growth it is recording and many investment opportunities
Read more

PenCom criticizes bill to exclude paramilitary agencies from contributory pension scheme

2017-08-14
The National Pension Commission (PenCom) on Friday kicked against the bill seeking to exclude paramilitary organisations including the police from the Contributory Pension Scheme (CPS). The Acting Director-General of PenCom, Mrs Aisha Dahir-Umar, said in Abeokuta that the exclusion of the paramilitary organisations from the national pension scheme would not augur well for the officers and men of the outfits. She spoke at the 2017 annual retreat organised by Pension Operators (PenOp) comprising 21 Pension Funds Administrators (PFAs) and four pension custodians.
Read more

Naira gains at investors' forex window

2017-08-11
The Nigerian currency on Thursday appreciated at the investors and exporters’ window gaining N0.96k to close at N366.50k per US dollar from N367.46k/$ quoted the previous day, data from FMDQ revealed. Naira traded stable at the Central Bank of Nigeria (CBN) official rate closing at N305.55k per dollar, according to data obtained from FMDQ.
Read more

Crude Oil Price Inches up to $49 as US Drilling Declines

2017-07-18
Crude oil price on Monday edged up to about $49 per barrel after fewer drilling rigs were added in the United States, thus easing concerns that surging shale supplies will undermine the efforts by the Organisation of Petroleum Exporting Countries (OPEC) and non-OPEC to reduce the level of inventory in the oil market.
Read more

Osinbajo: FG to Bring Down Cost of Aviation Fuel

2017-07-18
Acting President Yemi Osinbajo on Monday said the aviation industry would play a significant role in the economic development of Nigeria and hence, the federal government was making conscious efforts to bring down the cost of aviation in the country.
Read more

FG, NDDC Move to Revitalise Abandoned Rice Mills

2017-07-18
The federal government has said it will support youths in the Niger Delta region who chose to go into agriculture as a way of reducing crime and enhancing food security in the region and the country.
Read more

CBN Sells $195m to Banks

2017-07-18
In continuation of its foreign exchange supply drive, the Central Bank of Nigeria (CBN) on Monday intervened in the interbank segment of the market to the tune of $195million.
Read more

Nigeria’s federally collected revenue declines by 13.42 per cent

2017-07-18
Crude oil and non-oil income has cut Nigeria’s gross federally collected revenue in May 2017 by 13.42 per cent to N458.42 billion. Specifically, Nigeria’s crude oil earnings decreased from the N292.82 billion it recorded in February to N238.09 billion in May.
Read more

FMDQ lists Nigeria Infrastructure Debt Fund, others

2017-07-18
Having successfully obtained the Securities and Exchange Commission’s approval, Chapel Hill Denham Management Limited has registered and established the Nigeria Infrastructure Debt Fund 200bn issuance programme.
Read more

Oando under investigation over $1.5bn oil asset

2017-07-18
Africa’s largest integrated energy solutions provider, Oando PLc, has acknowledged it was being investigated by the Securities and Exchange Commission (SEC) over alleged petitions filed by investors over the shareholding structure that followed the multi-billion dollar acquisition of ConocoPhillips’ oil assets in Nigeria.
Read more

UBA Board Meets to Consider Accounts, Interim Dividend

2017-07-17
The board of directors of United Bank for Africa (UBA) Plc would this week meet to deliberate on the company’s accounts and financial statements for the half year ended June 30, 2017.
Read more

Unilever Nigeria’s Profit After Tax Soars to N2bn in Six Months

2017-07-17
Shareholders of Unilever Nigeria Plc should expect higher dividend at the end of the current financial year going by its improved financial results for the half year ended June 30, 2017.
Read more

UPDATE 1-U.S. seeks to recover $144 mln in Nigeria oil industry bribery case

2017-07-14
July 14 (Reuters) - The U.S. Justice Department on Friday filed a lawsuit seeking to recover assets that include a $50 million Manhattan apartment and an $80 million yacht that it said were bought using money generated from a scheme to pay millions of dollars in bribes to a former Nigerian oil minister.
Read more

Larbie: Producing Locally is a More Sustainable Business Strategy

2017-07-12
Managing Director/Chief Executive Officer of Rand Merchant Bank Nigeria and Regional Head, RMB West Africa, Mr. Michael Larbie, in this interview stressed the need for increased support for local production. ObinnaChimapresents the excerpts
Read more

Etisalat to raise fresh capital, reassures customers of continuity

2017-07-12
Etisalat Nigeria on Monday said it had commenced the paperwork to raise fresh capital to bolster its operations...
Read more

Nigeria Can’t Borrow Anymore, Warns Adeosun

2017-07-12
The Minister of Finance, Mrs. Kemi Adeosun, Tuesday warned that the country must not borrow more to fund its budget and should instead raise money internally to fund the budget...
Read more

EU, Nigeria to facilitate trade, investment

2017-07-12
Nigerian Government Monday, deliberated with the European Union (EU) delegation on ways to facilitate trade and investment in Nigeria.The agreement was reached at the meeting between the Ambassador and Head of EU delegation to Nigeria and ECOWAS, Michell Arion, and the Nigerian Minister of Foreign Affairs, Geoffrey Onyeama...
Read more

BoI to Inject N1tn into Economy

2017-07-12
The Bank of Industry (BOI) plans to inject N1trillion into the Nigerian economy through collaboration with financial institutions in the country and development institutions in Africa...
Read more

Dollar flow raises capacity utilisation in manufacturing sector to 60%

2017-07-12
Capacity utilisation in Nigeria’s manufacturing sector spiked to 59.18 percent in the second half of 2016, the highest in more than five years. This represents a 19.2 percent surge from 49.64 percent recorded in the corresponding period of 2015, data obtained exclusively from the Manufacturers Association of Nigeria (MAN) shows. Manufacturers attribute this dramatic rise…
Read more

Banks raise dollar spending by 900%

2017-07-12
There is something to cheer for bank customers travelling abroad. Commercial banks have raised customers’ international dollar spending limit on overseas Point of Sale (PoS) and online card transactions by 900 per cent, it was learnt yesterday...
Read more

Dangote Cement aims to double size of Africa plants in three years

2017-07-11
LAGOS, July 11 (Reuters) - Nigeria's Dangote Cement plans to invest about $4 billion in the next two to three years to nearly double its production capacity in Africa, a senior executive told Reuters on Tuesday...
Read more

Africa's Richest Man Invests $4.6 Billion in Nigeria Farming

2017-07-11
Dangote Group, controlled by Africa’s richest man, Aliko Dangote, plans to invest $3.8 billion in sugar and rice and $800 million in dairy production in the next three years as the company seeks to expand and deal with a shortage of dollars in its home market of Nigeria...
Read more

Cement Price to Fall Soon as Cost of Production Drops

2017-07-07
Prospective house builders and the construction industry will have reasons to smile soon as cement manufacturers have put the machinery in motion to bring down the price of the product...
Read more

‘Nigeria’s crude oil production hit 2.025mbpd in June’

2017-07-07
The Federal Ministry of Petroleum Resources has put Nigeria’s crude oil production, including condensate at 2.025 million barrels per day in June 2017.Besides, the agency said the Federal Government is yet to secure funding for the rehabilitation of the country’s refineries...
Read more

Udoma Puts Nigeria’s Debt Stock at N19tn

2017-07-07
The Minister of Budget and National Planning, Udoma Udo Udoma, has revealed that the country’s debt stock has risen to N19 trillion, accounting for 20 per cent of the Gross Domestic Product (GDP)...
Read more

Banks tap two advisers to manage Etisalat sale

2017-07-07
With calm returning to the relationship between Etisalat and the group of creditor banks from which the company borrowed about $1.25bn, the way is now clear for a process leading to the sale of the telecoms firm to a new core investor. Sources have told BusinessDay that the banks were surprised by the sudden resignation…
Read more

Etisalat debt: Reps want telcos’ financial accounts audited

2017-07-07
The board of the Nigerian Communications Commission (NCC) has held an emergency meeting to review the Etisalat debt issue in its entirety and also the intervention made by the commission...
Read more

Default filing: Stock Exchange suspends trading in 17 companies

2017-07-07
Nigerian Stock Exchange, NSE, has placed the shares of 17 companies on suspension for failing to file their various financial statements as at when due. Most of the companies are in the insurance sector, and are also penny stocks...
Read more

BPE: FG to Divest 20% of Its Shares in Privatised Companies on Stock Exchange

2017-07-06
The federal government will sell up to 20 per cent of its shares in some of the companies it has partially privatised on the Nigerian Stock Exchange (NSE), to allow Nigerians own shares in them, the Director General of Bureau of Public Enterprises (BPE), Mr. Alex Okoh, has disclosed...
Read more

Nipco’s Mobil Oil takeover bid offer extended

2017-07-06
The proposed mandatory takeover bid offer period by Nipco Investment Limited of 3.23 per cent equity stake representing 11,644,544 ordinary shares of 50 kobo each in Mobil Oil Nigeria Plc (held by qualifying shareholders), has been extended...
Read more

Nigeria’s return to JP Morgan Index seen not earlier than 9 months away

2017-07-06
In this fourth part of BusinessDay’s investors series on Looking in from the outside, Publisher, Frank Aigbogun reports on why it could be nine months hence before Nigeria can hope to get back on the JP Morgan emerging market index and the new thinking about the wisdom of a naira convergence. It is part of…
Read more

Nigeria Has Succession Jitters, Again

2017-07-06
Nigeria is awash in nervous speculation over the health of President Muhammadu Buhari, who hasn’t appeared in public since he returned to the U.K. for medical treatment for an undisclosed ailment on May 7. Buhari, 74 and a Muslim, has formally designated his deputy, Yemi Osinbajo, acting president as he did when he was away on medical leave for 49 days from Jan. 20. The prospect of Osinbajo, a 60-year-old Christian, serving out...
Read more

Investors showing interest in power distribution networks —Fashola

2017-07-06
The Ministry of Power, Works and Housing has received lots of proposals from investors who are interested in providing funds for the expansion of power distribution networks across the country, the Minister of Power, Works and Housing, Babatunde Fashola, has said...
Read more

Time for administrative control of Naira over says Emefiele

2017-07-05
In this third part of Businessday’s investors series on Looking in from the outside, Publisher Frank Aigbogun reports on the question and answer session held with investors by Central Bank Governor Godwin Emefiele. It is part of the feedback from a weeklong market development programme conducted in London by leaders of FMDQ OTC exchange. Central…
Read more

Finally, Nigerian Stock Exchange Delists Ashaka Cement

2017-07-05
Ashaka Cement Plc was Tuesday voluntarily delisted from the Nigerian Stock Exchange (NSE). The company had last year notified the exchange of its intention to exit. The shareholders of Ashaka Cement, who have exercised their option to exit the company...
Read more

IOCs to Dispose of More Assets After PIB Passage, Licence Expiration

2017-07-05
International oil companies (IOCs) operating in the country will continue to hold back on the divestment of onshore assets until after the passage of the Petroleum Industry Bill (PIB) that governs fiscal terms, and the expiration of some of the joint venture onshore assets in 2019, investigations by THISDAY have revealed...
Read more

Recession: FG enlists foreign firms to enhance recovery

2017-07-05
The Federal Government is hiring the United States technology giants such as Oracle Corporation and Microsoft Corporation as it steps up efforts to save costs and fight corruption...
Read more

N3.57tn borrowed in 21 months to finance budget deficit –FG

2017-07-05
The Federal Government said on Tuesday that it borrowed N3.57tn between June 2015 and March 2017 to finance budget deficits...
Read more

Nigeria to raise up to 450 bln naira in bonds by Q3 -debt office

2017-07-05
LAGOS, July 5 (Reuters) - Nigeria plans to raise between 360 billion naira and 450 billion naira ($1.18 bln-$1.48 bln) in sovereign bonds maturing between five and 20 years in the third quarter, the Debt Management Office (DMO) said on Wednesday...
Read more

Naira appreciates marginally against dollar

2017-07-05
The Naira on Wednesday appreciated marginally against the dollar at the parallel market, the News Agency of Nigeria (NAN) reports...
Read more

Crude Oil Price Rises for Eight Days, the Longest Since 2012

2017-07-04
Crude oil price recovered from early losses Monday to resume the longest stretch of rallies for eight days in a row, the longest in more than five years...
Read more

Nigeria’s tax revenues could hit N19 trillion annually

2017-07-04
A new scheme targeted at taking Nigeria’s tax to GDP ratio from six percent to 15 percent by 2020 could add some N19 trillion to public funds and prove the country’s biggest step yet, along the painstaking road to revenue diversification. Fifteen percent of Nigeria’s $415 billion GDP (in 2016) equates to $62 billion- N19…
Read more

Nigeria rated Africa’s 19th most attractive investment destination

2017-07-04
Nigeria is the 19th most attractive economy for investments flowing into the African continent, a new report has indicated...
Read more

CBN pumps $195m into interbank market

2017-07-04
The Central Bank of Nigeria (CBN), in continuation of its drive to ensure liquidity and stability in the foreign exchange (forex) market, yesterday injected $195 million into various segments of the inter-bank forex market...
Read more

Seplat Gets Extension on $150m Revolving Credit Facility

2017-07-04
Seplat Petroleum Development Company Plc, a leading Nigerian indigenous oil and gas company listed on both the Nigeria Stock Exchange (NSE) and London Stock Exchange, is set rebuild cash on its balance sheet and...
Read more

Zenith, FBN, GTbank, Access, UBA, Diamond among Top 1000 Global Banks

2017-07-04
Six Nigerian banks which included Zenith Plc, FirstBank Nigeria Limited, Guaranty Trust Bank Plc, Access Bank Plc, United Bank for Africa Plc and Diamond Bank Plc were...
Read more

UPDATE 1-Regulators step in to save Etisalat Nigeria from collapse

2017-07-04
LAGOS, July 4 (Reuters) - Nigeria's central bank and its telecoms industry regulator have intervened to save the country's fourth largest telecoms firm from collapse after talks with local banks to renegotiate a $1.2 billion loan failed, a regulatory source said on Tuesday...
Read more

Nigeria bank shares suffer losses as Etisalat woes stoke sell-off

2017-07-04
LAGOS, July 4 (Reuters) - Nigerian banking shares dropped 2.3 percent on Tuesday after regulators said they had intervened to save the country's fourth largest telecoms firm from collapse as talks with local lenders to renegotiate a $1.2 billion loan failed...
Read more

Nigerian state oil firm says saved $2 bln with cheaper contracts

2017-07-04
ABUJA, July 4 (Reuters) - Nigeria's state oil company has saved $2 billion in the past year by renegotiating its upstream servicing contracts, it said in a statement on Tuesday, as it tries to reduce high overheads...
Read more

UPDATE 1-Guinness Nigeria starts $126 mln share sale to cut funding costs

2017-07-04
LAGOS, July 4 (Reuters) - Guinness Nigeria on Tuesday launched a share sale to raise 39.7 billion naira ($126 million) from existing shareholders to help lower its financing costs after reporting its first annual loss in 30 years last year...
Read more

Sack of former PENCOM DG lands Buhari, others in court

2017-07-03
The Registered Trustees of Ethics and Corporate Compliance Institute (ECCI) has dragged President Muhammadu Buhari, Attorney General of the Federation (AGF) and Minister of Justice, Abubakar Malami SAN and four others before the Federal High Court sitting in Abuja over alleged unlawful sack of the Board Chairman of the National Pension Commission (PENCOM)?, Adamu Muazu…
Read more

Naira appreciates against dollar

2017-07-03
The Naira on Monday appreciated against the dollar at the parallel market, the New Agency of Nigeria, NAN, reports...
Read more

Exchange Traded Derivatives can support Nigeria’s growth ambition – NSE Vee Pee

2017-07-03
AHEAD of the launch of Exchange Traded Derivatives, ETDs, by the Nigerian Stock Exchange, NSE, later in the year, the 2nd Vice-President of the NSE Council, Mr. Abimbola Ogunbanjo, has expressed optimism that the ETD initiative will develop into a robust market that could support the nation’s growth ambition...
Read more

UPDATE 1-Etisalat Nigeria chairman resigns after debt talks collapse -sources

2017-07-03
LAGOS, July 3 (Reuters) - Etisalat Nigeria Chairman Hakeem Belo-Osagie has resigned after talks to renegotiate a $1.2 billion loan collapsed and prompted a major foreign shareholder to exit the telecoms company, two company sources told Reuters...
Read more

Again, Nigeria’s Manufacturing Index Expands in June

2017-07-03
The Manufacturing Purchasing Managers’ Index (PMI) increased to 52.9 index points in June 2017, showing expansion in the manufacturing sector for the third consecutive month...
Read more

FG’s N140b debt threatens PenCom’s N7.2tr target

2017-07-03
A plan by the National Pension Commission (PenCom) to boost funds contributions from N6.4 trillion to N7.2 trillion by the end of 2017 may be jeopardised by the current pension outstanding estimated at N140 billion...
Read more

Equities: Investors reap over N2.2tr gain in first half

2017-07-03
Equities’ investors at the stock market are smiling to the bank as they netted more than N2.2 trillion gains in the first half of the year...
Read more

Ahead of public listing, MTN woos institutional investors

2017-07-03
The planned public listing of the shares of MTN Nigeria on the Nigerian Stock Exchange offers both institutional and individual investors the opportunity to get a slice of the...
Read more

Forex reserves dip to $30.25b as CBN issues N32b debt

2017-07-03
The Nigeria’s foreign exchange reserve stood at $30.25 billion by June 28, down by 0.36 per cent from a month ago, Central Bank of Nigeria (CBN) data...
Read more

Schlumberger Signs $700 Million Oil-Field Deal in Nigeria

2017-06-30
Nigeria’s state-owned oil company said it signed a deal with Schlumberger Ltd. to provide $700 million for the development of two oil fields in the country’s crude-rich south.
Read more

W’Bank approves $961m for Nigeria’s economic recovery plan

2017-06-22
The World Bank on Tuesday approved $961m loan to support the implementation of Nigeria’s Economic Recovery and Growth Plan 2017-2020.
Read more

Nigeria to issue more bonds

2017-06-22
As Nigeria continues to savour the success of its maiden Diaspora bond and prepares for the issuance of its first-ever sovereign Sukuk, the Federal Government yesterday affirmed that it will explore issuance of more innovative bonds to provide opportunities for all segments of populace to participate in the national economic development.
Read more

Panic as oil price drops to $43.90 per barrl

2017-06-22
For the first time, the price of crude oil has dropped from $46 to $43.90 per barrel in the international market, showing $0.60 cents below Nigeria’s $44.50 per reference price for the 2017 budget.
Read more

Minister Facilitates $4bn Telecoms Investment to Nigeria

2017-06-22
The Minister of Communications, Adebayo Shittu, who is Nigeria’s Head of Delegation to the just concluded World Summit on the Information Society, WSIS FORUM 2017 in Geneva, Switzerland, has struck a business deal that will facilitate over $4 billion telecommunications investments from India to Nigeria.
Read more

I&E FX Window May Stop Nigeria’s Demotion from MSCI Index

2017-06-21
The newly introduced Investors’ and Exporters’ (I&E) foreign exchange window targeted at foreign portfolio investors could earn Nigeria reprieve from being demoted from the MSCI’s frontier markets index.
Read more

Investors bullish on Nigerian assets as economic prospects improve

2017-06-21
A slightly more flexible foreign exchange (FX) market, combined with the proposed record budget spending for 2017 by the Federal Government is helping to bid up Nigerian assets as investors bet the worst may be over for Africa’s largest economy.
Read more

$1.2bn loan: GTBank, Access, others get 45% stake in Etisalat

2017-06-21
The ownership structure of Etisalat Nigeria is now set to change after talks with lenders to restructure its $1.2bn (N541bn) loan failed.
Read more

Julius Berger, Petrolan Energy Partner to Acquire Oil Fields

2017-06-21
As part of efforts to diversify its operations into the oil and gas sector, a leading construction company, Julius Berger Nigeria (JBN) Plc has entered into a strategic partnership and joint investment agreement with Petrolan Energy Limited.
Read more

Nigerian fuel retailer Nipco launches $16 mln offer for Mobil Oil shares

2017-06-21
LAGOS, June 21 (Reuters) - Nipco Plc has launched a 4.84 billion naira ($16 mln) offer for the shares it needs to take its stake in Mobil Oil to 70 percent to comply with Nigerian takeover rules, its advisers said on Wednesday.
Read more

BPE to firm: Conclude equity investment in 60 days

2017-06-21
The Director-General of the Bureau of Public Enterprises (BPE), Mr. Alex A. Okoh, has given Lead Capital Consortium a deadline of 60 calendar days to conclude the strategic equity investment by the National Sovereign Investment Authority (NSIA) into the Nigeria Commodity Exchange (NCX).
Read more

REFILE-UPDATE 2-Nigeria's Aug oil exports to top 2 mln bpd, 17-month high

2017-06-21
(Changes headline to barrels per day from barrels) By Libby George and Julia Payne LONDON, June 21 (Reuters) - Nigeria's crude oil exports are set to exceed 2 million barrels per day (bpd) in August, the highest level planned for 17 months, as the nation's oil industry nears a full recovery from militant attacks that crippled production in 2016.
Read more

Etisalat Nigeria Faces Hunt for New Owner After Talks Fail

2017-06-20
Etisalat Nigeria faces a search for a buyer and operator after a consortium of banks seized control of a 45 percent stake from Emirates Telecommunications Corp. following the failure of talks about a $1.2 billion loan.
Read more

FG to Release N350bn Immediately for Capital Projects

2017-06-20
After a six-month wait for the budget’s passage, the Minister of Finance, Mrs. Kemi Adeosun, has expressed the readiness of her ministry to immediately release N350 billion...
Read more

Nigeria’s Half-Measures on Currency Are Only Half-Working

2017-06-20
A year after Nigeria scrapped a currency peg that sent foreign investors fleeing, it’s still battling to entice...
Read more

Oil price rises to $44.58, still threatens 2017 budget benchmark

2017-06-20
OIL price, which dropped below Nigeria’s 2017 benchmark price of $44.50 per barrel, weekend, has leaped from $44.38 to $44.58 per barrel in the international market. Prices have trended downwards in the past two weeks...
Read more

RMB Nigeria unveils N80bn commercial paper

2017-06-19
Rand Merchant Bank Nigeria Limited has received approval from FMDQ OTC Securities Exchange to register its N80bn commercial paper programme on the FMDQ platform...
Read more

Nigerian govt to use N559 billion recovered loot to fund 2017 budget – Minister

2017-06-19
The federal government said on Monday it would use a fraction of the looted funds recovered so far to finance part of the...
Read more

Nigeria seeks improved tax and customs revenue collection to fund 2017 budget -minister

2017-06-19
ABUJA, June 19 (Reuters) - Nigeria seeks to improve its collection of revenues from taxes and customs duties to fund the country's record 7.44 trillion-naira ($22.99 billion) 2017...
Read more

Nigeria records first trade deficit with UK in seven years

2017-06-19
The negative growth of the economy and low crude oil output has weakened Nigeria’s international trade with most of its partners, particularly the United Kingdom, IFE OGUNFUWA writes...
Read more

Economic recovery: Banks anticipate increased demand for loans in Q3

2017-06-19
BANKS are anticipating increased lending and borrowing activities in the third quarter of the year, driven by expected upsurge in economic activities during the quarter...
Read more

NECA tasks FG on constitution of SEC, PenCom Boards

2017-06-19
THE Nigeria Employers Consultative Association, NECA, has expressed concern over the non-approval by the National Assembly of Board of some key regulatory agencies, including the Securities and Exchange Commission, SEC; National Pensions Commission, PenCom; Financial Reporting Council of Nigeria, FRCN; and Nigerian Social Insurance Trust Fund, NSITF.
Read more

Kale: Nigeria Will Exit Recession Next Year

2017-06-19
Barring further economic upheavals or exogenous shocks, the Nigerian economy is expected to exit the recession in 2018, the Statistician General of the Federation, Dr. Yemi Kale has said...
Read more

Nigeria: RMB Nigeria to Raise 80 Billion From FMDQ for Projects

2017-06-18
Infrastructure projects' financing by corporates in the country would soon receive added boost as Rand Merchant Bank (RMB) Nigeria got approval from FMDQ OTC Securities Exchange to register its...
Read more

Nigeria’s inflation rate drops to 16.25% in May

2017-06-15
WorldStage Newsonline-- Nigeria’s Consumer Price Index (CPI) which measures inflation dropped by 0.99 percent to 16.25 percent (year-on-year) in May 2017 from 17.24 percent in April, according to the data released today by the National Bureau of Statistics...
Read more

Naira posts marginal gain, closes at 364/dollar

2017-06-13
The naira posted a marginal gain against the United States dollar at the parallel market on Monday, closing at 364/dollar...
Read more

Derivatives’ll trigger financial market growth – NSE

2017-06-13
The First Vice-President, Nigerian Stock Exchange, Mr. Abimbola Ogunbanjo, has said the development of new and intricate financial instruments, otherwise called derivatives, will trigger exponential growth of the country’s financial market...
Read more

CBN injects $413.5m in economy to sustain Naira value

2017-06-13
The Central Bank of Nigeria (CBN) yesterday intervened in the inter-bank Foreign Exchange market to the tune of 413.5 million dollars to further shore up the international value of the Naira. In a statement in Abuja by its acting Director, Corporate Communications...
Read more

Naira soars in parallel market, gains further against dollar

2017-06-12
Naira continued its impressive form against the dollar at the weekend as it exchanged at N365 to the greenback. The local currency had closed at 367/dollar on Friday, after closing between 367/dollar and 368/dollar for most days of last week...
Read more

WEEKLY ECONOMIC INDEX: NIGERIA’S FOREIGN RESERVES DECREASES AS THE NAIRA CONTINUES TO APPRECIATE

2017-06-12
Since the global oil price crash in 2014, Nigeria has been one of the hardest-hit economies due to its over-dependence on oil as its main source of revenue. China’s economic slowdown, as well as the United States’ rate hike, also affected its economy adversely. As a result, Nigeria’s economic growth...
Read more

Acting President Osinbajo signs 2017 budget

2017-06-12
Acting President Yemi Osinbajo has signed the 2017 appropriation bill into law. Mr. Osinbajo signed the budget at about 4:40 p.m. on Monday inside his conference room in the presence of the...
Read more

Osinbajo to sign 2017 budget today

2017-06-12
Nigeria’s President Muhammadu Buhari has directed the acting president, Yemi Osinbajo, to sign the 2017 Appropriation Bill into law. The National Assembly passed the budget on May 11, more than four months after it was submitted to it by the President. It is expected that Osinbajo, who is currently in Anambra, would append the budget when he returns to Abuja later on Monday...
Read more

FMDQ approves registration of Rand Merchant Bank’s N80bn Commercial Paper

2017-05-26
FMDQ OTC Securities Exchange has approved the listing of Rand Merchant Bank’s N80 billion Commercial Paper, CP, programme on its platform.
Read more

CBN injects $205m as Naira falls to N379/$

2017-05-23
The Central Bank of Nigeria (CBN) yesterday injected $205 million into the foreign exchange market even as the naira depreciated to N379 per dollar in the parallel market.
Read more

Nigeria: Naira Watch - CBN Injects $186.5 Million for Invisible, SMEs As Naira Stable At N379/$

2017-05-23
The Central Bank of Nigeria (CBN) injected $186.5 million into the foreign exchange market even as the naira remains stable at N379 per dollar in the parallel market.
Read more

Central bank of Nigeria

2017-05-22
The Monetary Policy Committee (MPC) met on the 22nd and 23rd of May, 2017, against the backdrop of slowly improving global growth prospects even as international cooperation continues to be threatened by anti-globalization sentiments in major advanced economies.
Read more

Osinbajo signs three executive orders

2017-05-18
In exercise of the presidential authorities, Acting President Yemi Osinbajo on Thursday signed three executive orders that will significantly change some of the ways government business and operations are conducted in the country forthwith.
Read more

MPC's Warped Monetary Policy

2016-03-28
After a massive easing of monetary policy in its meeting in November 2015, the monetary policy committee (MPC) of the Central Bank of Nigeria (CBN) again tightened liquidity last week.
Read more

Therapy for Nigeria's Traumatised Economy

2016-03-23
The federal government needs to develop a long-term economic plan to help address the challenges facing the economy, writes Obinna Chima
Read more

Economic Outlook and Review

2016-02-18
This report is an analysis of the Nigerian economy over the 2010 through 2015 periods with particular focus on the nation's Gross Domestic Product, Inflation, and Merchandise Trade Statistics. The report also includes forecasts for the aforementioned variables over the 2016- 2019 period.
Read more

Central Bank of Nigeria Communique No. 105

2016-01-26
The Monetary Policy Committee met on 25th and 26th January, 2016 against the backdrop of weakening global economic prospects as well as increased risks in the domestic economic environment. In attendance at the meeting were 10 out of the 12 members.
Read more