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NSE Index Rises 1.03% as Bulls Regain Control of Market

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The Nigerian equities recorded a positive performance on Tuesday with the Nigerian Stock Exchange All Share Index (NSE ASI) appreciating by 1.03 per cent to close at 36,962.48. The positive performance followed the return of the bulls. The market had opened on Monday with a decline of 0.91 per cent majorly due to price losses recorded by bellwether stocks. However, the bulls regained control of the ... Read More »

NBS: Nigeria Recorded $1.8bn Capital Importation in Q2

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The total value of capital imported into Nigeria in the second quarter (Q2) of 2017 has been put at $1.792 billion, indicating a $884.1 million increase over the figure recorded in Q1 2017 and a growing appetite by portfolio investors in Nigerian securities. This represented a 95.02 per cent growth, even as Foreign Direct Investment (FDI) also increased by 29.8 per cent over the previous ... Read More »

Kachikwu, NNPC Disagree on Cost of Crude Oil Production

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The Minister of State for Petroleum Resources, Dr. Ibe Kachikwu has disagreed with the Nigerian National Petroleum Corporation (NNPC) on the actual cost of producing a barrel of crude oil in Nigeria. Speaking at the recent conference of the Association of Energy Correspondents of Nigeria (NAEC) held in Lagos, Kachikwu said the cost of crude oil production was $32 per barrel in the country, adding ... Read More »

CBN Intervenes with Fresh $195 Million

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The Central Bank of Nigeria (CBN) on Monday offered a total of $195million in three segments of the interbank foreign exchange (forex) market. In the wholesale segment of the market, it auctioned $100 million and also intervened in the small and medium enterprises (SMEs) and invisible segments, with the sum of $50million and $45million respectively. The acting Director, Corporate Communications Department, Mr. Isaac Okorafor, said that ... Read More »

Crude Oil Prices Drop By Nearly 2%

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Oil prices fell yesterday by nearly two per cent, pulling back from last week’s rally built on signs the global market is starting to rebalance from chronic oversupply. Global benchmark, Brent crude futures lost two per cent, or $1.07, at $51.65 per barrel after surging more than three per cent on Friday. US West Texas Intermediate crude futures fell 1.9 per cent, or 90 cents, ... Read More »

BDCS Lose Ground To Banks In Forex Sales

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More than 700 Bureaux De Change (BDC) operators are inactive in the Central Bank of Nigeria’s (CBN’s) Forex Window as forex end users embrace commercial banks, The Nation has learnt. The preference for commercial banks followed the uncompetitive rate regime that shifted the business patronage in favour of the lenders. The practice has cut BDCs’ turnover, putting their businesses under threat. Confirming the development at the weekend,  ... Read More »

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

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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. This signified a steady improvement in the country’s current account balance, despite the threat from rising shale oil production ... Read More »

Investors Shun NNPC’s Planned Pipeline Project from Kaduna Refinery to Niger Republic

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The plan by the Nigerian National Petroleum Corporation (NNPC) to build a crude oil pipeline from the Kaduna refinery to Niger Republic may have hit the rocks, as investors have shunned the project because it is commercially unviable, THISDAY has learnt. As part of efforts to address frequent disruptions to the supply of crude oil to the Kaduna refinery, arising from the Niger Delta militancy, ... Read More »

Nigeria’s Oil Exports To Slip In October

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Nigeria’s total exports are set to slip in October, possibly to a five-month low, according to loading programmes. Export plans for most grades were showing levels of roughly 1.72 million bpd, compared with 1.88 million bpd in September, according to a Reuters’ report. While some cargoes would likely be added, the current plan stands at a five-month low, and was expected to remain slightly below ... Read More »

60% Forex Allocation Saved Manufacturing Sector – Report

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Although the Central Bank of Nigeria’s preferential allocation of foreign exchange to the manufacturing sector was short-lived and fraught with controversies, a report has emerged showing that the initiative registered a huge impact and lent a boost to the manufacturing sector during the period. The initiative, which commenced in August 2016, came to an end in February 2017. An executive summary of the Manufacturers Association ... Read More »

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