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Challenged CBN Releases Flexible Forex Guidelines This Week

cbn

Any time this week, which analysts believe may be Friday, when the Central Bank of Nigeria usually takes bids from authorised dealers of foreign exchange, the apex bank will unveil its much awaited guidelines on flexible foreign exchange regime. This is coming after two weeks of intensive consultations with major stakeholders, including investors, bankers, fund managers and money market operators in a bid to strike ... Read More »

NSE Records First Gain Of N64bn This Week

Trading-floor-NSE-

The market capitalisation of the Nigerian Stock Exchange appreciated by N64bn at the close of trading on the Exchange’s floor on Thursday with Unity Bank Plc, Nestle Nigeria Plc and Total Nigeria Plc emerging as the top gainers. The market recorded 18 gainers and 17 laggards at the close of trading. The NSE market capitalisation appreciated to N9.370tn from N9.306tn recorded on Wednesday, while the ... Read More »

Oil Slump, Opportunity For Economic Restructuring, Says Minister

crude-oil

The Federal Government has acknowledged that Nigeria has been rendered helpless by the crude oil industry and its price volatility. The Minister of Industry, Trade and Investment, Dr. Okechukwu Enelamah, stated this during the national conference of the Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture. Enelamah disclosed that the government had been consistent in its determination to restructure  the economy adding that ... Read More »

W’Bank Cuts 2016 Global Growth Forecast to 2.4%

World-Bank

The World Bank is downgrading its 2016 global growth forecast to 2.4 per cent from the 2.9 percent pace projected in January. The move is due to sluggish growth in advanced economies, stubbornly low commodity prices, weak global trade, and diminishing capital flows. According to the latest update of its Global Economic Prospects report, commodity-exporting emerging market and developing economies have struggled to adapt to ... Read More »

Investors’ Woes Continue As Stock Market Value Drops By N42.3bn

Trading-floor-NSE-

Investors’ woes continued for the second stock market trading day as market value (market capitalisation) on the Nigerian Stock Exchange, NSE, yesterday declined further by N42.3 billion. On Monday, investors lost over N12.3 billion, thus making it a total loss of over N54.6 billion in two trading days. In the same vein, another major stock market indicator, the NSE All Share Index yesterday declined by ... Read More »

Naira Falls To 361 As Dollar Demand Rises

The naira, which has come under pressure in recent days, fell to 361 against the United States dollar at the parallel market on Tuesday, as traders and investors continued to await details of the proposed flexible foreign exchange policy from the Central Bank of Nigeria. The value of the local currency dipped further as customers, trying to hedge against a possible currency depreciation when the ... Read More »

Fixing Nigeria’s Ailing Economy With ICT

Experts have said the Nigerian telecommunications sector has the potential to take the country’s economy back to recovery and reverse the downturn. This assertion has been an “old song”.  But what has always constituted a clog in the wheel is  lack of political will and policies to drive this potential to fruition. Regarded as the fastest growing sector of the economy, the telecoms industry has ... Read More »

Stumbling Dollar, Nigeria’s Militancy Push Oil Prices above $50

Crude-Oil

Stumbling dollar and attacks on Nigeria’s oil and gas facilities by the Niger Delta Avengers (NDA), which also tightened crude oil supplies to the international market, pushed up Brent crude oil prices yesterday above $50 per barrel, even though signs of recovering US production capped the gains. Brent crude futures were up 59 cents at $50.23 a barrel, while the US crude futures, West Texas ... Read More »

Adeosun Meets Bond Investors In London Today

kemi-adeosun1

ndications have emerged that Nigeria may issue another Eurobond any time soon as a Federal Government delegation led by the Minister of Finance, Mrs. Kemi Adeosun, meets bond investors in London on Tuesday (today). The Federal Government has hinted of plans to borrow from multilateral agencies and the international capital market to fund its huge budget deficit. Nigeria, which is currently on the brink of ... Read More »

CBN Sells $2.188bn to Banks in Three Months

cbn

As the Central Bank of Nigeria (CBN) continues with its demand management policy in foreign exchange (forex) allocation to financial institutions, the returns on foreign exchange utilisation have shown that it sold a total of $2,177,999,996 to commercial and merchant banks as well as the Bank of Industry (BoI) between March 1st and May 31st 2016. A breakdown of the weekly returns on forex utilisation ... Read More »

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