Saturday, February 17, 2018

Ezinne Chima

    Austerity measures ‘answer to falling oil prices’

Austerity measures ‘answer to falling oil prices’

Financial market analysts have stressed the need for the federal government to enforce the recently announced measures to cushion the effect of falling oil prices on the Nigerian economy.They pointed out that unlike most government policies that are trailed by lip service, these measures must be implemented to save the Nigerian economy from collapse and exogenous shocks.The federal government had [...]

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    CBN: Nigerians must patronise local goods to help the naira

CBN: Nigerians must patronise local goods to help the naira

The Central Bank of Nigeria (CBN) has urged Nigerians to be more patriotic by patronising locally manufactured goods so as to preserve the foreign exchange reserves and strengthen the naira.Bayo Adelabu, deputy governor (corporate services) of CBN, said this when members of the house of representatives committee of banking and currency, paid a courtesy visit on the CBN on Wednesday.“What [...]

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    AMCON completes sale of Enterprise Bank to Heritage

AMCON completes sale of Enterprise Bank to Heritage

The Asset Management Corporation of Nigeria (AMCON) on Wednesday announced the successful completion of the sale of the entire issued and fully-paid-up ordinary shares of Enterprise Bank limited to Heritage Bank for a consideration of N56.1 billion.AMCON revealed this in a statement on Wednesday.The transaction, according to AMCON, was structured as a broad public auction process, which attracted interest from [...]

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Naira devaluation ‘too harsh’ on banking system

The decision of the Central Bank of Nigeria’s (CBN) monetary policy committee (MPC) to further increase the monetary policy rate (MPR) and the private sector cash reserve ratio (CRR) will be “too drastic and is a bit too harsh” on the banking system, a report has stated.It also estimated that the increase in CRR on private sector deposit would quarantine approximately N500 billion [...]

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    NSE delists 4 companies for flouting post-listing rules

NSE delists 4 companies for flouting post-listing rules

 The Nigerian Stock Exchange (NSE) on Tuesday announced the delisting of four companies from its daily official list for non-compliance to post-listing requirements.This was contained in a statement by the company made available to (NAN) in Lagos.The affected companies are Pinnacle Point Group Plc, Afroil Plc, Starcomms and Big Treat.The stock exchange said the affected companies failed to take any appropriate [...]

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It’s official: CBN devalues the naira

The Central Bank of Nigeria (CBN) has officially allowed the national currency to depreciate, amid falling crude oil prices and pressure on foreign exchange.The naira can now officially exchange for N168 to a dollar with the moving of the midpoint from N155.At the end of the Monetary Policy Committee (MPC) meeting on Tuesday, CBN governor, Godwin Emefiele, said the bank had also raised its [...]

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    Carlyle Group invests $147m in Diamond Bank stake

Carlyle Group invests $147m in Diamond Bank stake

Carlyle Group (CG), an American-based global asset management firm, has invested $147 million in Diamond Bank Plc as part of its expansion in Nigeria. Carlyle, the world’s second-largest manager of investment alternatives to stocks and bonds, bought the stake through its sub-Saharan Africa Fund in the recent rights issue that was issued by Diamond Bank, the bank revealed in a statement obtained [...]

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    Electricity tariffs to rise from December 1

Electricity tariffs to rise from December 1

Electricity tariffs will rise from December 1 as a result of increase in gas prices, the Nigerian Electricity Regulatory Commission (NERC) has said.NERC on Thursday announced the take-off of the regulated price of $1.8 per million British thermal unit (MBTU) for natural gas in 2014 to power plants.Gas price increased to $3.30 as against the regulatory authorities’ assumption of $2.30.Muhammad Lawal Bello, vice [...]

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Naira falls to record low

The naira closed at a new low on Thursday, falling 1.25 per cent despite the intervention of the Central Bank of Nigeria (CBN), which weakened the currency at its official foreign exchange window.The central bank unexpectedly sold dollars at N158.41 at the window, having earlier auctioned the greenback at N156.59, unnerving dealers about the risk of a possible devaluation.That left [...]

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    States seek $2bn from excess crude account

States seek $2bn from excess crude account

Nigeria's 36 state governmentshave requested to withdraw $2 billion from the $4.11 billion excess crude account (ECA), Nigeria’s oil savings account.They said it would help them complete projects and provide security ahead of February polls.Timothy Odah, the chairman of the states' commissioners of finance forum, said after the federation accounts allocation committee (FAAC) meeting that a proposal on the withdrawal had already [...]

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    Access Bank, Airtel launch Access Money

Access Bank, Airtel launch Access Money

Airtel Nigeria Limited in collaboration with Access Bank plc on Wednesday unveiled a mobile money platform known as Access Money powered by Airtel.This service allows customers to perform simple, secure and instant financial transactions using their mobile phones.With this innovative service, customers on the mobile network can send and receive money, make deposits and withdrawals, pay their utility bills and [...]

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    NSE, London Stock Exchange sign capital markets agreement

NSE, London Stock Exchange sign capital markets agreement

The Nigerian Stock Exchange (NSE) and London Stock Exchange Group (LSEG) have signed a capital markets agreement to strengthen cooperation and promote mutual development between the two exchanges.Aimed at supporting African companies seeking dual listings in London and Lagos, the agreement was signed at the UKTI and the Emerging Capital event held at the Nigerian Stock Exchange on Tuesday.Signatories at [...]

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    Lagos refinery to start running in 2018, says Dangote

Lagos refinery to start running in 2018, says Dangote

Dangote group, one of the most diversified business conglomerates in Nigeria, expects an oil refinery it is building in Nigeria to come on stream in late 2017 or the first half of 2018.The plant, which would be located in Lagos, will be able to process 500,000 barrels of crude a day on completion.George Nicolaides, Dangote Industries’ operations director for petroleum refining, [...]

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Exchange Rates

Feb 16, 2018USDGBPEUR
INTERBANK360.45487.18428.32
LAGOS364497448
KANO364495430
PH363498435
ABUJA365497434
NOTE: The black market rates represent the most prevalent. They could be slightly higher or lower among different sellers.
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