Thursday, November 15, 2018

Ezinne Chima

    Diezani appointed president of Gas Exporting Countries Forum

Diezani appointed president of Gas Exporting Countries Forum

Dieziani Alison-Madueke, minister of petroleum resources, has been appointed president of the Gas Exporting Countries Forum (GECF).The appointment took place at the 16th ministerial meeting of the forum holding in Doha, capital of Qatar, on Tuesday.Alison-Madueke was represented by Shuaibu Ahmed, Nigeria ambassador to Qatar, and David Ige, NNPC’s group executive director, gas and power. She is not attending the [...]

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    Drop in power supply ’caused by sabotage and gas challenges ‘

Drop in power supply ’caused by sabotage and gas challenges ‘

Frank Edozie, senior special adviser on gas to the minister of power, says the country's power generation dropped to 3,500 megawatts due to sabotage of pipelines and inadequate gas supply.Speaking in Lagos on Monday during a telephone interview with the News Agency of Nigeria (NAN), Edozie traced the ongoing epileptic power supply being experienced across the country to the recent vandalism of [...]

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    New N100 note goes into circulation Friday

New N100 note goes into circulation Friday

The Central Bank of Nigeria (CBN) says the commemorative N100 banknote that was recently unveiled by President, Goodluck  Jonathan will go into circulation from Friday, December 19.A statement from the CBN said the new note would be launched by the Godwin Emefiele, CBN governor, at a ceremony in Abuja on Friday and would be immediately followed by a simultaneous issuance of the [...]

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36.9 million Nigerians without bank accounts, survey reveals

Findings from the 2014 survey by the Enhancing Financial Innovation and Access (EFInA) to financial services in Nigeria have shown that 36.9 million adults in the country are un-banked.The survey indicated that 39.5 per cent of the country’s population have no access to financial services.The report also showed that the number of adults nationwide who are banked increased from 28.6 [...]

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    Okonjo-Iweala: Nigeria must not give in to fear

Okonjo-Iweala: Nigeria must not give in to fear

Ngozi Okonjo-Iweala, the coordinating minister of the economy and minister of finance, has urged Nigerians not to give in to fear as a result of the challenges facing the country presently.She said Nigerians should focus on the strength “we have as a country”.The minister said this while delivering a keynote address at the ministerial summit on insurance in Abuja on [...]

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    World Bank lends IHS $200m for tower deal

World Bank lends IHS $200m for tower deal

The World Bank's private sector arm has lent $200 million to IHS, a phone tower company in the country, to help to fund its purchase of about 2,100 tower sites from Etisalat Nigeria.Privately-owned IHS raised $2 billion in equity and $600 million in debt in November and the money from the World Bank's International Finance Corporation (IFC) is part of [...]

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    Contractors in for ‘hard times’ over crude crunch

Contractors in for ‘hard times’ over crude crunch

The revenue decline in the country as a result of the decline in price of crude oil may affect the ability of the federal government and states to pay contractors.Muda Yusuf (pictured), director-general, Lagos Chamber of Commerce and Industry (LCCI), gave this indication in a telephone interview with TheCable on Sunday.According to Yusuf, the private sector is likely going to [...]

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    Emefiele: No reason to be under pressure for oil price decline

Emefiele: No reason to be under pressure for oil price decline

Godwin Emefiele, governor of the Central Bank of Nigeria (CBN), believes there is no reason for the country to be facing challenges as a result of the falling oil prices if it had introduced import substitution policies.He said this in a keynote address delivered at the 48th annual bankers’ dinner organised by the Chartered Institute of Bankers of Nigeria (CIBN) in Lagos [...]

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    External reserves fall to six-month low of $36.7bn

External reserves fall to six-month low of $36.7bn

Nigeria's foreign reserves fell to a six-month low of $36.7 billion as at December 1, down by 4.5 per cent from the $38.450 billion it was as at November 2.The Central Bank of Nigeria (CBN) revealed this on its website on Wednesday.The central bank has been defending the naira from the external reserves. The naira has been under pressure as [...]

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    Diezani: I am OPEC president because of Jonathan’s courage

Diezani: I am OPEC president because of Jonathan’s courage

Diezani Alison-Madueke says she would not have been elected president of the Organisation of Petroleum Exporting Countries (OPEC), were it not for President Goodluck Jonathan's courage in appointing her minister of petroleum resources. Speaking on Wednesday at the end of the weekly federal executive council (FEC) meeting presided over by Jonathan, Alison-Madueke stated that her proposals as OPEC president would ensure that Nigeria [...]

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    CBN unveils framework to strengthen agent banking

CBN unveils framework to strengthen agent banking

As part of efforts to encourage agent banking in the country, the Central Bank of Nigeria (CBN) has unveiled a framework for licensing super-agents.A super-agent is an agent that has been contracted by the principal and may thereafter subcontract other agents in a network while retaining overall responsibility for the agency relationship.On the other hand, agent banking is the provision of [...]

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3 CBN interventions push naira to 181 against $1

Naira rose sharply against the dollar on Tuesday after the central bank intervened three times to lift it from yet another record  low, dealers told Reuters.The naira closed at N181 against the dollar, up 3.6 per cent from its early session low of N187.55.Naira closed at N184.10 on Monday.As oil prices stay persistently weak around five-year lows, the central bank, [...]

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    NSE woos Asian investment community

NSE woos Asian investment community

The Nigeria Stock Exchange (NSE) hopes to trigger participation of foreign investors in the Nigerian capital market, with a  roadshow to Asia between December 1 and December 5, 2014.The objective of the roadshow is to develop partnerships and improve deal flow into the Nigerian capital market.The high-level investment delegation, comprising listed companies, market operators and top Nigerian government officials will visit Singapore, Hong Kong [...]

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    Ezekwesili: Nigeria suffering from resource curse

Ezekwesili: Nigeria suffering from resource curse

Oby Ezekwesili, a former minister of education, believes that Nigeria is suffering from resource curse.Ezekwesili, who is also one of the conveners of the Bring Back Our Girls Group, said this while speaking in Lagos at a forum organised by the Women in Successful Careers (WISCAR).She described resource curse as a paradoxical situation in which countries with an abundance of non-renewable [...]

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    NOI: Oil boom savings ‘spent by state govs’

NOI: Oil boom savings ‘spent by state govs’

Ngozi Okonjo-Iweala, coordinating minister for the economy and minister of finance, says a significant portion of the billions of dollars drained from the oil savings account over the past two years was distributed to states instead of being saved for the rainy day.Nigeria, Africa's biggest oil producer, is grappling with financial difficulties owing to a 30 per cent fall in the [...]

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    OPEC pegs oil output target at 30 million bpd

OPEC pegs oil output target at 30 million bpd

The Organisation of the Petroleum Exporting Countries (OPEC) on Thursday agreed to keep official joint production target at 30 million barrels per day (bpd), the 12-member group said in a statement at the end of its biannual meeting in Vienna.OPEC, which met after oil prices had fallen by more than 30 per cent in five months, expressed concern about the scale [...]

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Exchange Rates

November 13, 2018USDGBPEUR
INTERBANK306397354
LAGOS359475418
KANO359476420
PH360476420
ABUJA359478419
NOTE: The black market rates represent the most prevalent. They could be slightly higher or lower among different sellers.
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