Top News Update 05/06/2017
1. CBN Pledges to Sustain Dollar Injection in FX Market
2. Senate to invite CBN, banks over high interest rates
3. ‘CBN’s exporter, importer window attracts $1b deals’
4. Afreximbank seals $1.2b dual currency deals
5. Forex: 3,239 BDCs access $520m in four weeks
6. CIS engages finance minister, SEC on 10 year capital market master plan
7. Buhari’ll return before June 11 —Orji Kalu
8. NNPC Incurs Losses as Marketers Shun Petrol Importation
9. Nigeria’s June oil exports to hit 15-month high on Forcados loading plan
10. Eagles hit Uyo today as Ramadan fast threatens team’s preparations
CBN Pledges To Sustain Dollar Injection In FX Market
Basking in the euphoria of the near rate convergence achieved in the foreign exchange (forex) market, indications emerged yesterday that the Central Bank of Nigeria (CBN) would sustain its dollar injection in the market this week. The sell side of the naira exchange rate against the dollar appreciated significantly by N12, to close at N363 to the dollar on the parallel market on Friday, as against the N375 to the dollar as was last Thursday.
Senate To Invite CBN, Banks Over High Interest Rates
Senate President Bukola Saraki has said the Senate is concerned about the high interest rates on loans, stating that lawmakers will this week discuss the issue with the Central Bank of Nigeria and the Deposit Money Banks. He stated that in an economy where workers were being retrenched and people were losing investments, it was immoral for certain sectors to be making astronomical profits.
‘CBN’s Exporter, Importer Window Attracts $1b Deals’
The Exporter/Importer Forex Window launched by the Central Bank of Nigeria (CBN) to deepen dollar inflows to the economy has recorded $1 billion deals in the last six weeks, Managing Director, Financial Derivatives Limited, Bismarck Rewane, has said. In the company’s economic report, released at the weekend, he said the CBN introduced a new foreign exchange window for investors and exporters targeted at increasing forex supply in the market and allowing the timely settlement of transactions.
Afreximbank Seals $1.2b Dual Currency Deals
The African Export-Import Bank (Afreximbank) has concluded a record $1.16 billion dual-tenor and dual-currency syndicated term loan facility, structured as $632.9 million and 499.6 million euros. The move will help the multilateral financial institution devoted to financing and promoting intra- and extra-African trade to pursue its avowed regional trade integrations and financing goals, support corporate organizations, as well as repay existing debt and general corporate purposes.
Forex: 3,239 BDCs Access $520m In Four Weeks
The 3,239 bureaux de change (BDCs) approved by the Central Bank of Nigeria (CBN) got $520 million from the apex bank dollar interventions in the last four weeks, The Nation has learnt. The funds, followed $40,000 per BDC weekly dollar allocations from the CBN, in its commitment to deepen liquidity in the foreign exchange market. A circular from the CBN confirmed the number of BDCs, even as the regulator has reiterated its commitment to continue funding key segments of the FOREX market.
CIS Engages Finance Minister, SEC On 10 Year Capital Market Master Plan
AS part of effort to addressing the lull in the Nigerian capital market occasioned by the economic recession, the Chartered Institute of Stockbrokers, CIS, said it will engage the Minister of Finance and the Securities and Exchange Commission, SEC, on the 10-year Capital Market Master Plan (CMMP) in order to make the market more attractive to investors. The Plan, which was launched in 2015 is a very detailed and thoroughly researched document that is intended to guide the evolution of the Nigerian capital market into a global masterpiece by the year 2025.We will engage with government authorities to ensure the fullest implementation of this plan.
Buhari’ll Return Before June 11 —Orji Kalu
Former Abia State Governor, Orji Uzor Kalu, yesterday, said President Buhari would be returning to Nigeria before June 11 and urged Nigerians to desist from spreading messages of hate and division about the health of the President who he said is fast recuperating. Speaking in an interview at Murtala Muhammed Airport, Ikeja, Lagos, Kalu said the President’s health has improved considerably when he visited him in London last week.
NNPC Incurs Losses As Marketers Shun Petrol Importation
This translates to a loss of N350 million daily at the current estimated daily domestic consumption of 35 million litres of petrol. Investigations further revealed that for both NNPC and the marketers to import petrol and sell at the official price without incurring losses, the appropriate pump price should be N155 per litre. But NNPC spokesman, Mr. Ndu Ughamadu told THISDAY at the weekend that the corporation has not said it was subsidising petrol, stressing that even though the corporation also plays the role of a social supplier of products in periods of national challenges, there was no room for corruption under the present management.
Nigeria’s June Oil Exports To Hit 15-Month High On Forcados Loading Plan
Nigeria issued its first Forcados oil loading plan since 2016, putting the nation’s June oil exports on track to hit their highest level in at least 15 months, reports. The plan, if realised, would return loadings by Nigeria, normally West Africa’s biggest oil exporter, to levels not seen since militant attacks in the oil-rich Niger Delta first shut down Forcados exports in early 2016.
Eagles Hit Uyo Today As Ramadan Fast Threatens Team’s Preparations
The Super Eagles are expected to depart for Uyo from Abuja today to continue their preparation for the Cameroun 2019 African Nations Cup (AFCON) qualifier against South Africa. The match is billed for the Godswill Akpabio Stadium on June 10. The Eagles were in France in the last two weeks preparing for the game some friendlies against Corsica and Togo. And now the team, together with some of the players that did not make the Paris camp, are expected to continue their build up to the game tomorrow.