IMF Hints At Fresh Devaluation, Says Naira Is Overvalued
The International Monetary Fund (IMF) says the Nigerian naira is overvalued by about 10 percent to 20 percent. Speaking at a news briefing in Washington on Wednesday, Gene Leon, IMF mission chief for Nigeria, said the Nigerian government has acknowledged the need for reforms, but must implement its reform plans. “The Nigerian economy has been hit by lower oil prices and lower production and the need for adjustment is recognised by the government,” Leon said.
Forex: CBN Makes $10,000 Special Midweek Sales To 2,991 BDCs
The Central Bank of Nigeria (CBN) in its bid to sustain foreign exchange liquidity said it would make a special intervention forex sales of 10,000 dollars to each of the 2991 licensed Bureau de Change (BDC) on Thursday. The Acting Director, Corporate Communications, CBN, Mr Isaac Okorafor said this in a statement on Wednesday in Abuja. According to him, the aim of the special intervention is to meet the upsurge of forex requests of low-end customers, which has been on the sudden increase in the past few days.
Three Banks In Trouble As CBN Releases Stress Test Result
The Capital Adequacy Ratios (CARs) of three big banks have fallen below regulatory capital requirement, the result of stress test conducted by the Central Bank of Nigeria (CBN) on the status of the banking system has shown. Overall, the result of the solvency stress test indicated the potential for high contagion risk through unsecured interbank exposure as three banks including two Systemically Important Banks (SIBs) failed CAR after a 100 per cent default shock.
Buhari: I’ll Tackle Economic Problems The Same Way I’m Fighting Corruption
President Muhammadu Buhari says he will deploy the measures used in fighting corruption to the economic challenges facing the country. Speaking at launch of the Nigeria Economic Recovery and Growth Plan (ERGP) 2017-2020, Buhari assured Nigerians that the days of hardship would soon be over. He approved a special delivery unit in the presidency to monitor the implementation of the plan and remove all bottlenecks.
UK Supply Cut Pushes Oil Prices To One-Month High
Oil rose to a near one-month high on Wednesday on signs of a gradual tightening in global oil inventories and on concerns about a supply cut at a field in the United Kingdom’s North Sea that feeds into an international benchmark price. Brent crude futures, the international benchmark for oil, were at 54.52 dollars per barrel, up 35 cents, or 0.65 percent, from their last close. US West Texas Intermediate (WTI) crude futures were up 33 cents, or 0.65 per cent, at 51.35 dollars a barrel.
FG Approves $1.3 Billion Take-Off Grant For Nigeria Development Bank – Adeosun
The Federal Executive Council has approved a $1.3 billion loan credit facility for the commencement of the Development Bank of Nigeria. The approval came on the heels of a memo submitted by the Finance Minister, Kemi Adeosun seeking council’s ratification on the loan’s request. Mrs. Adeosun, who briefed State House correspondents on the outcome of FEC meeting which was presided by President Muhammadu Buhari, said $500 million of the amount would come from the World Bank.
Forte Oil Emerges Worst Performing Stock In Q1, Declines By 43.39%
Forte Oil Plc has recorded the highest price loss in percentage terms to emerge the worst performing stock on the Nigerian Stock Exchange for the first quarter ended March 31, the News Agency of Nigeria (NAN) reports. Data obtained from the exchange on Tuesday indicated that the stock dropped by 43.39 per cent to close trading at N47.80 per share during the period under review, compared with its opening first quarter price of N84.43 per share. NAN reports that the stock emerged the worst performing stock in 2016 in percentage terms with a drop of 74.42 per cent, having closed trading for the year at N84. 43 per share.
China To Loan Nigeria $4.5 Billion To Boost Agriculture
The Peoples Republic of China has said it will lend Nigeria $4.5 billion to boost local agriculture. The loan is to enable Nigeria purchase farming tools including tractors, bulldozers, graders, irrigation pumps, amongst others. Audu Ogbeh, Nigeria’s minister of Agriculture, and Abdulaziz Yari, Zamfara State Governor, made the disclosure while speaking to journalists in Abuja on Tuesday.
Amid Recession, UBA Announces Promotion Of 3,000 Staff
United Bank for Africa, UBA, Africa’s Global Bank operating in 19 African countries, has announced the promotion of 3,000 staff members, reinforcing its commitment to human capital investment and career progression, at the current challenging operating circumstances. Promotions were made across UBA’s global network.
‘PFAs Pay N52.91 Billion To 169,419 Sacked Workers’
Since the inception of the Contributory Pension Scheme (CPS), Pension Fund Administrators (PFAs) have paid N52.91 billion as 25 per cent of their Retirement Saving Account (RSA) balance to 169,419 workers that lost their jobs and unable to secure other jobs within four months of disengagement. According to the National Pension Commission (PenCom) second quarter 2016 report, the private sector accounted for 95.27 per cent of the 169,419 disengaged workers amounting to 161,402.