CBN, Police Clamp Down On New Note Vendors In Lagos
In a fresh bid to end the abuse of currency in the country, the Central Bank of Nigeria (CBN) in collaboration with the police have begun a major onslaught against naira abusers, arresting no fewer than 12 vendors in Lagos. The vendors, all women, were apprehended at different parts of the metropolis selling naira notes to party lovers and socialites. The suspects were arrested during a raid carried out by officials of the CBN and operatives of the State Criminal Investigation and Intelligence Department (SCIID), Panti-Yaba.
Investors Stake N44.39bn On Shares In January And February
The stock market recorded a turnover of 12.07 billion shares worth N44.39 billion in the first two months of 2017, showing the weak investor demand for equities. An analysis of the performance showed that January accounted for the highest turnover as investors traded 7.68 billion shares valued at N47.33 billion. The month of February accounted for 4.39 billion shares worth N37.06 billion, showing a decline compared to the month of January.
CBN New Forex Policy Fails To Excite Foreign Investors
While the nation’s forex market has seen increased liquidity in recent days on the back of the Central Bank of Nigeria’s new policy action, foreign investors are not keen on bringing back capital into the country. Industry experts, including the Chief Executive Officer, Financial Derivatives Company Limited, Bismarck Rewane, say the issue of investor confidence remains unaddressed.
Banks Get 24hrs For BTA, PTA Requests
Banks have up to 24 hours to meet all foreign exchange requests for Personal Travel Allowances (PTA) and Business Travel Allowances (BTA), the Central Bank of Nigeria (CBN) has directed. The maximum volume of BTA approved for sale per customer is $5,000 quarterly. A PTA customer gets $4,000.
US Increases Imports Of Nigerian Crude By 287%
The United States almost tripled the volume of crude oil bought from Nigeria last year, seven years after it began to depend less on the country’s crude as shale oil production surged, reports. The latest data from the US Energy Information Administration on Friday showed that the country imported 76.9 million barrels of Nigerian oil in 2016, up from 19.9 million barrels in 2015. In 2014, when global oil prices started to fall from a peak of $115 per barrel, Nigeria saw a further drop in the US imports of its crude from 87.4 million barrels in 2013 to a record low of 21.2 million barrels.
Survey Shows CFOs Remain Pessimistic About 2017
Chief Financial Officers (CFOs) of companies in Nigeria are less confident about the prospects for growth in the economy than they were in 2016, according to a CFO survey conducted by KPMG. The reasons given for the pessimistic outlook were: the volatility of foreign exchange rates and the poor state of infrastructure in the country.
Crude Theft: Govt Ramped Up Production To 2.1m bpd
Last week’s disclosure by the Group Managing Director of the Nigerian National Petroleum Corporation (NNPC), Mr. Maikanti Baru, that the country is now producing as much as 2.1 million barrels of oil per day (bpd) from about 1.4 million bdp last year, rekindled hope among stakeholders that light seems to be at the end of the tunnel for operators in the oil and gas industry. Baru, who made the disclosure at the 2017 Nigeria Oil and Gas (NOG) Conference and Exhibition, in Abuja, said the ongoing negotiations with stakeholders in the Niger Delta was responsible for the surge.
NGC: Oando To Take FID On 20mmscf/d Mini-LNG Plant
Oando Gas and Power (OGP) is set to take the final investment decision (FID) on its planned multi-million $20 million standard cubic feet per day (mmscf/d) mini-liquefied natural gas (LNG) plant to be located in Ajaokuta, Kogi State, before end of June. Its Managing Director, Mr. Bolaji Osunsanya, said after taking the FID, construction of the facility would begin in the third quarter of the year.
IEI Gets Shareholders’ Approval To Recapitalise
Shareholders of International Energy Insurance Plc (IEI), have given the company’s Interim Board the approval to recapitalise the company for growth and competitiveness. Besides, the expected new capital when injected would enhance the firm’s working capital, improve IT infrastructure, meet solvency requirement as well as for investment opportunities.
London Magazine Faults FG’s Borrowing Plan
Leading International business journal, the London Economist at the weekend took a swipe on the Federal Government’s borrowing habit in its quest to exit recession. In its latest report on the Nigerian government economic policy, the paper noted that the country has continued to take out expensive domestic and foreign loans. It noted that while debt remains relatively low as a proportion of GDP, at around 15 per cent, servicing it is eating up a third of government revenues.