Naira Extends Gains, Moves Towards Convergence With FX Rate For Invisibles
Currency speculators and others who had stockpiled the greenback continued to count their losses on Thursday, when the naira extended its gains on the parallel market and inched closer towards a convergence between the street price for the dollar and the rate offered by the Central Bank of Nigeria (CBN) for invisible transactions. The naira sold for between N380 and N385 in Lagos on Thursday, stronger than N399 from the previous day. The FX rate for invisibles has remained at N375 since the CBN announced new policy measures for the FX market a month ago. The central bank also sustained its intervention by auctioning an additional $100 million through wholesale FX forwards to banks for onward sale to their customers in all sections of the economy. Of the $100 million offered by the CBN, $91 million was taken up by currency dealer.
Labour Cautions FG On N500b Paris Club Refund To States
Trade Union Congress of Nigeria (TUC) has urged the Federal Government to compel states to invest the N500 billion London-Paris Club refund on projects. It said the measure would prevent a repeat of what happened last year when the first tranche of N388 billion released in December was allegedly diverted into other uses, or embezzled. In a statement, TUC National President Comrade Bobboi Kaigama said: “We are afraid the governors might come cap-in-hand for another round in no distant time if the necessary things are not put in place.
Zenith Bank Shelves Plan To Raise N100bn
Zenith Bank Plc has shelved plan to raise N100 billion via a combination of bonds and share sales due to weak capital markets, it said on Thursday. The bank had expected market conditions to improve when it announced plans to seek approval for the funds last month, said Zenith’s head of investor relations Michael Anyimah, but the lender cancelled them due to the struggling economy. “The request for shareholders’ approval to raise fresh capital has been withdrawn,” Reuters quoted Anyimah to have said, adding that the bank had strong buffers to support its operation. Zenith Bank shares which had shed 6.4 per cent this year on the Nigerian Stock Exchange closed at N13.60 per share Thursday.
BUA Among Top 50 Companies To Work For In Nigeria
BUA Group has been named among the first 50 companies to work by Jobberman in its “Best 100 Companies to Work For” which focuses on recognising and celebrating top employers in the country. The company was rated ahead of some financial institutions, telecom operators, fast moving consumer goods (FMCGs) and other corporate outfits that featured on the list. According to the Group Head, Human Resources, Dotun Adako, the feat is indicative of BUA’s consistent commitment to employee welfare, human capital development, work-life balance, competitive remuneration and an equal opportunity policy.
Road Repairs: FG’ll Reimburse States Through Bonds – Fashola
The Minister for Power, Works and Housing, Mr. Babatunde Fashola, has reiterated the commitment of the Federal Government to reimburse the various states of the federation the money they expended on its behalf for the rehabilitation of some federal roads in their domains. The minister said President Muhammadu Buhari had announced the intention of the Federal Government to raise bonds to fund the reimbursement of the states. He, however, did not disclose the total amount being owed the states and when the money would be paid. Fashola stated this during a courtesy visit to the Ondo State Governor, Mr. Rotimi Akeredolu, at the Governor’s Office, Akure on Thursday.
FG Raises N2.07b From Retail Savings Bond
The Debt Managment Office (DMO) yesterday said it raised N2.07 billion ($6.6 million) from a new two-year savings bond intended for retail investors. Nigeria forecasts a budget deficit of N2.36 trillion this year, half of which it aims to fund through domestic borrowing. The DMO has said it offered the bond to help broaden the country’s funding base. It will be available for purchase on a monthly basis and have a maximum subscription of N50 million. It carries a coupon of 13.01 per cent.
Nigeria Offers 1-Year Treasury Above Inflation For Second Time – CBN
Nigeria’s central bank said on Thursday it sold one-year treasury notes at 18.69 percent, above inflation rate for the second consecutive time in a bid to maintain positive yield and attract investors. The bank said it raised 83.16 billion naira by issuing the one-year bill, which it had sold at a yield of 18.55 percent at its previous auction on March 15. Nigeria forecasts a budget deficit of 2.36 trillion naira in 2017, half of which it aims to fund through domestic borrowing. It has been trying to keep costs down as it grapples with the country’s first recession in 25 years amid galloping inflation. Annual inflation in Africa’s biggest economy fell for the first time in 15 months to 17.78 percent in February but remained outside the central bank single-digit target. It raised a total of 134.96 billion naira from a treasury bill auction on Wednesday.
‘Nigeria Remains Choice Investment Space’
Mrs. Titi Ogungbesan is the Chief Executive Officer of Stanbic IBTC Stockbrokers Limited, acclaimed to be the largest stockbroking company in Nigeria. The expert, who has overseen the company develop online real time platform for seamless stockbroking, spoke to Chijioke Nelson on germane issues of the financial market and economy at large. The downward trend in the equities market presents buying opportunities, in my view, as many of the listed stocks are believed to be under-priced compared with their intrinsic value. We at Stanbic IBTC believe it is the right time for investors to take position in the market, especially in quality names with attractive valuation supported by compelling outlook.
NEPC, Japan Partner On Packaging Agric Produce For Export
The Nigerian Export Promotion Council (NEPC) has partnered Japan External Trade Organisation (JETRO) to improve the quality of packaging of agricultural produce for export. NEPC Executive Director Mr. Segun Awolowo announced this at a capacity building programme in Lagos. The theme of the programme was: “Logistical packaging technology for agricultural products.” Awolowo said the synergy would reduce post-harvest losses arising from poor packaging. According to him, there is no shortcut to producers of vegetables and perishable products to be competitive in the global market without quality packaging.
FG Sanctions 313 Mining Firms
No fewer than 313 mining companies have been sanctioned by the Federal Government over non fulfilment of environmental obligations. The Director, Mines Environmental Compliance Department, Ministry of Mines and Steel Development, Mr. Salim Salaam, stated this in Abuja. Salaam said the operators were issued sanction letters on March 20 for failing to conduct Environmental Impact Assessment (EIA), Environmental Protection and Rehabilitation Programme (EPRP) and the Community Development Agreement (CDA).