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Naira Crashes Against Dollar At Parallel Market


The Naira on Friday depreciated against the dollar at the parallel market in Lagos. The News Agency of Nigeria, NAN, reports that the Nigerian currency lost one point to exchange at N363, weaker than N362 posted on Thursday, while the Pound Sterling and the Euro closed at N496 and N429, respectively. At the Bureau De Change segment, the naira closed at N361.50 to the dollar, ... Read More »

Reps Seek N500bn Recapitalisation For FMBN

Nigerian House of Representatives

The House of Representatives on Tuesday asked the Federal Government to recapitalise the Federal Mortgage Bank of Nigeria to the tune of N500bn. It said this was necessary to make the bank more vibrant and responsive to its functions for effective housing delivery in the country. The recommendation to recapitalise the bank was contained in the report of the House Committee on Housing, which lawmakers ... Read More »

IMF Doubts Nigeria’s Capacity To Repay Debts


The International Monetary Fund on Monday expressed concern over Nigeria’s capacity to repay its debts and stressed the need for the Federal Government to mobilise more revenues domestically. The Washington-based fund, at the public presentation of the Spring 2018 Issue of the Regional Economic Outlook for Sub-Saharan Africa, said the public debt in the region was on the rise. IMF Senior Resident Representative and Mission ... Read More »

FG, Others Plan N1.7tn Investment In Niger Delta

niger delta

The Federal Government on Monday announced that about N1.7tn would be invested by various stakeholders in the Niger Delta between this year and 2021. It said the fund would be spent on the development of the region, adding that about N50bn had been spent on the payment of stipends to ex-militants from the area. The Special Adviser on Niger Delta Affairs to the Minister of ... Read More »

Nigeria’s Oil Output Drops By 150, 000 Bpd Under Shell’s Force Majeure


NIGERIA’s daily oil output has dropped by 150,000 barrels per day (bpd) as a result of the shutdown of Nembe Creek Trunk Line. File photo In its 2018 budget, the Federal Government had earlier projected to produce 2.3 million bpd at the reference price of $51 per barrel. But with this development the target would not likely be met. Already, Shell Petroleum Development Company of ... Read More »

Bearish sentiments push stock market lower


The market capitalisation of equities listed on the Nigerian Stock Exchange saw a decline of 1.34 per cent last week on the back of bearish sentiments. The market capitalisation closed the week at N14.660tn, down from N14.859tn the previous week. It stood at N14.930tn on May 4, 2018. The NSE All-Share Index fell to 40,472.45 basis points on Friday from 41,022.31bps a week ago. Similarly, ... Read More »

MPC to retain policy rates as N266bn inflow boosts interbank liquidity


FINANCIAL market analysts were, weekend, united in their projections about the outcome of the Central Bank of Nigeria’s 118th Monetary Policy Committee, MPC, meeting holding today and tomorrow. They argued that recent developments in the foreign exchange market and in emerging markets have eliminated the possibility of the MPC reducing the Monetary Policy Rate, MPR. In a preview of the MPC meeting, titled: “MPC to ... Read More »

Naira devaluation unlikely before elections —Analysts


Analysts at FBNQuest Capital Limited have said that the monetary authorities are unlikely to devalue the naira or unify the exchange rates before the 2019 elections. The analysts, in their Economic Outlook for the second quarter of this year released on Thursday, noted that since the start of the latest oil price weakness, there had been three devaluations – in November 2014, February 2015 and ... Read More »

Oil price hits $80 per barrel, highest since 2014


Despite the huge N500 billion mark up on the Federal Government’s expenditure outlay in the 2018 Appropriation Bill as passed by the National Assembly earlier this week, the government is still going to hit budget surplus at end of the fiscal year as the price of oil shot up to $80 per barrel, yesterday, the highest since November 2014. Estimated surplus coming with this new ... Read More »

ABCON wants CBN to review exchange rate band


The Association of Bureau De Change Operators of Nigeria has called on the Central Bank of Nigeria to review the exchange rate band at which Bureaux de Change buy dollars to align with commercial banks’ buying rate. According to the President, ABCON, Alhaji Aminu Gwadabe, BDC operators  buy dollars from International Money Transfer Operators as directed by the CBN at N360/$ and sell at N361.5/$ ... Read More »

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