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Tag Archives: business

Power Sector Loses 4,533Mw To Gas Shortage

The Nigerian Electricity Supply Industry (NESI) yesterday said it lost 4,533megawatts (Mw) to gas constraints on Wednesday. For vandalism of gas pipelines that resulted in the gas shortage and 182Mw line constraint, the electricity market would have supplied 6,387Mw to its customers on June 22. “On June 22 2016, average energy sent out was 1716 MWh/hour (down by 138MWh/h). The reported gas constraint was 4533MW. ... Read More »

Nigeria’s Oil Earnings Dip By 34.1% In Q1, 16


Nigeria’S earnings from crude oil and gas, Petroleum Profit Tax (PPT) and Royalties declined by 34.1 percent, to N205.05 billion in the first quarter of 2016, according to data released by the Central Bank of Nigeria, CBN. The CBN, in its Economic Report for the First Quarter of 2016, indicated that the country earned N396.47 billion from the sale of crude oil and gas, PPT ... Read More »

Forex Trading: NSE Loses N163bn On First Day


The stock market started the week with a loss of N163bn in market capitalisation at the close of trading on the floor of the Nigerian Stock Exchange on Monday. A total of 33 losers emerged, with Ecobank Transnational Incorporated Plc, Nigerian Breweries Plc, Nigerian Aviation Handling Company Plc, PZ Cussons Nigeria Plc and Dangote Sugar Refinery Plc emerging as the top five losers. This is ... Read More »

Naira Exchanges At N280/$


There was hope yesterday that the volatile foreign exchange market will soon get stable. The naira exchanged for 280 to the dollar at the opening of the Central Bank of Nigeria’s (CBN’s) Flexible Exchange Rate regime designed to unify the official and the autonomous rates. The rate, which was the outcome of the interplay of demand and supply forces, depressed the value of the local ... Read More »

Investors Inject N760bn Into Stock Market In Three Days


The unveiling of the new foreign exchange guidelines for the country by the Central Bank of Nigeria has prompted stock investors to pump huge amount of funds into the market, STANLEY OPARA writes The Nigerian Stock Exchange reacted positively to the news of the unveiling of the new foreign exchange guidelines by the CBN last Wednesday as the market capitalisation soared by over N760bn, with ... Read More »

Mixed Feelings On Naira Rate As Market Opens Today

Mixed reactions have trailed CBN’s announcement on Wednesday of a flexible exchange rate in the foreign exchange market. While some foreign investors are keeping sealed lips, others are saying they will wait and see the level of the exchange rate depreciation before venturing into the Nigeria market. However, local investors are cautious in their reactions stating that the economy was held down by government control ... Read More »

N9bn AEPB Debt: Hos Warns Mdas Of First Line Charge Deduction


The Head of Service of the Federation (HoS), Mrs. Ekanem Oyo-Ita, has warned Ministries, Departments and Agencies (MDAs) found to be indebted to the Abuja Environmental Protection Board (AEPB) that they risk having a chunk of their overhead expenditure deducted from the first line charge should they fail to settle their outstanding debts to the board. The gross liability owed the AEPB by the government ... Read More »

Ikeja Electric Launches Power Lines Monitoring For Safety

To boost safety measures for lives and properties, Ikeja Electric has launched a novel network safety monitoring initiative. This initiative allows for round-the-clock electrical asset surveillance across its network by special teams, specifically set up for this purpose. The teams made up of safety specialists and technicians, divided into monitoring units, patrol the entire network armed with multimedia gadgets which enables them to capture damaged ... Read More »

Breaking: Finally, CBN Floats the Naira


The Central Bank of Nigeria (CBN) Wednesday announced what it termed the “automatic adjustment mechanism of the exchange rate” in a flexible foreign exchange regime aimed at reducing the pressure on the Naira. CBN has been under immense pressure to devalue the Naira for a while, which has been resisted by both the monetary and fiscal authorities, claiming that past devaluations did not benefit the ... Read More »

New Forex Policy Triggers Market Rebound


The Nigerian Stock Exchange returned to gains as the Central Bank of Nigeria released the much-awaited framework for the foreign exchange market. The All-Share Index rallied by 3.17 per cent owing to this development, which  boosted the NSE market capitalisation by N295bn as capitalisation rose to N9.579tn from N9.284tn, while the NSE ASI hits 27,891.96 basis points from 27,034.05 basis points. An aggregate of 588.427 ... Read More »

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