Thursday, April 27, 2017
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    Lagos domestic debt hits N311.7bn

Lagos domestic debt hits N311.7bn

Lagos state had a local debt stock of N311.7 billion as of December 31, 2016, according to the Debt Management Office.The state, referred to as the commercial hub of Nigeria, had the highest local debt stock in the country during the period.Domestic debt is the amount of money raised by the any government denominated in local currency and from its [...]

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    CBN injects $186m as forex reserves beat $30bn

CBN injects $186m as forex reserves beat $30bn

Following Tuesday’s assurances by Godwin Emefiele, the CBN says it will continue to intervene in the foreign exchange market, as it injected $185.86 million into the retail Secondary Market Intervention Sales (SMIS).Isaac Okorafor, the bank’s acting director in charge of corporate communications, while confirming the auction sale, disclosed that out of the auctioned amount, only $3.14million was sold as spots, [...]

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    BudgIT: Buhari’s govt has given states N1.75trn extra-statutory bailout with no accountability

BudgIT: Buhari’s govt has given states N1.75trn extra-statutory bailout with no accountability

BudgIT, a data-simplifying civic organisation for good governance, says President Muhammadu Buhari's government has given N1.75 trillion in extra-statutory bailout, with no form of accountability or transparency.Via its policy brief on state of states, BudgIT said the "first clear indicator that Nigeria’s States were teetering into financial ruin came when at least two-thirds of all 36 governors demanded a federal government [...]

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    Collateral is the ‘missing link’ between SMEs and banks

Collateral is the ‘missing link’ between SMEs and banks

A study on financial literacy in Nigeria has identified collateral as the missing link between small-scale business and the financial institutions.The outcome of a survey conducted by the Central Bank of Nigeria (CBN) in partnership with the International Finance Corporation (IFC), a member of the World Bank Group, showed that lack of collateral had been hampering the growth of small [...]

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    Private, public sectors must work together ‘to achieve’ goals of recovery plan

Private, public sectors must work together ‘to achieve’ goals of recovery plan

The American Business Council (ABC) says public and private sectors must work together for the desired effects of the economic recovery and growth plan (ERGP) to be achieved.In a statement released by the council, Lazarus Angbazo, its president, said the objectives and strategies of the ERGP were commendable.Angbazo also said his group believed that faithful implementation of the plan would [...]

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    Sterling, Trump and gold in focus

Sterling, Trump and gold in focus

The Brexit-related jitters may return with a vengeance in the coming weeks if complications arise from the European Union government toughening their negotiation positions.Official Brexit talks have yet to commence, but the EU has already dished out fresh demands, focusing on residency rights and even limits on financial services. While Theresa May continues to suggest that a Conservative victory [...]

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    78,500 Kebbi farmers repay N1bn CBN loan

78,500 Kebbi farmers repay N1bn CBN loan

The Kebbi state government says it has recovered close to N1 billion of the Central Bank of Nigeria (CBN) Anchor Borrowers’ Programme loan from 78,500 farmers.Samaila Yombe, the state deputy governor, made the disclosure to journalists in Bagudo on Wednesday.He said the government had taken steps to fully recover the loan from all the beneficiaries.NAN recalls that the government had threatened [...]

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    Shell resumes operations at Bonga oil field

Shell resumes operations at Bonga oil field

Shell Nigeria says it has resumed production at 225,000 barrels per day at Bonga field, a development that will boost Nigeria's oil production and output.Shell Nigeria Exploration and Production Company Limited (SNEPCo) had shut down the Bonga deepwater oil field for turnaround maintenance on March 4.Earlier in April, the Organisation of Petroleum Exporting Countries (OPEC) had said that Nigeria's oil [...]

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    CBN pumps $150m…but dealers could only buy $96m due to ‘fall in dollar demand’

CBN pumps $150m…but dealers could only buy $96m due to ‘fall in dollar demand’

The Central Bank of Nigeria (CBN) pumped $150 million into the foreign exchange market, via the interbank window, but dealers could only pick up $96.37 million due to fall in dollar demand.CBN also commenced interventions in the new "Investors' & Exporters' FX Window" with the sale of $25 million to customers through authorized dealers.This was disclosed by Isaac Okorafor, the bank's [...]

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    We should be out of recession by third quarter, says Emefiele

We should be out of recession by third quarter, says Emefiele

Godwin Emefiele, governor of the Central Bank of Nigeria (CBN), says the country should be out of recession by the third quarter of 2017.Speaking after a meeting with the leadership of the senate in Abuja, Emefiele said the federal government had done a lot to revive the economy,He promised that the apex bank would continue with its intervention in the [...]

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Exchange Rates

April 27, 2017USDGBPEUR
INTERBANK310.50400.51338.25
LAGOS388497420
KANO387495417
PH390500420
ABUJA388497420
NOTE: The black market rates represent the most prevalent. They could be slightly higher or lower among different sellers.
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