CBN Offers $367m For Forex Forwards
The Central Bank of Nigeria on Monday said it carried out another round of retail intervention in the inter-bank foreign exchange market by providing a total of $367,134,329.93 to meet the forward requests of customers. A breakdown of the funds shows that the sum of $144,073,753.07 was for 45 days, while $223,060,576.86 was for 60 days.
Nigeria Says 80 Illegal Oil Refiners Shut Down In Delta Region
Nigerian troops have destroyed 80 oil refineries in the restive Niger Delta region in the last 10 days, a military spokesman said on Monday, weeks after the vice president said work needs to be offered to people who make a living from the practice. The government has been holding talks with militants to end attacks on oil production facilities which cut the OPEC member’s output by 700,000 barrels a day for several months last year.
Shell Shuts Down 225,000bpd Bonga Deepwater Field For Maintenance
Shell Nigeria Exploration and Production Company Limited (SNEPCo) has shut down the Bonga deepwater oilfield and commenced turnaround maintenance, executing statutory activities that will ensure continuous optimum operations at the field. The turnaround maintenance involves inspections, re-certification, testing and repair of equipment as well as engineering upgrades with Nigerian companies and subsea professional playing key roles.
NLNG Predicts Demand Growth From China, India
The Nigeria Liquefied Natural Gas Limited (NLNG) has stated that with the current LNG demand growth from China, India, and some Asian markets, there would be a boost in LNG supplies in 2017. The company said while the global LNG market experienced some very difficult periods in 2016 as a result of the dip in oil prices, some Asian markets were beginning to take up centre stages in LNG demand growth just as demand from European market could likely drop within the period.
Abuja Airport Closure: Nigerian Govt Offers Free Bus, Train Rides To Travellers
The Minister of State for Transportation who is in charge of Aviation, Hadi Sirika, has explained the logistics arrangements put in place for persons travelling by air from or out of Abuja. Speaking at a press conference in Abuja to formally announce the closure of Abuja Airport beginning Wednesday, and the use of Kaduna Airport as alternative, Mr. Sirika said all travellers from Abuja will head to the Abuja Airport and not Kaduna directly.
Oil Production Dips 225,000bpd Over Shell’s Bonga Closure
Despite recent peace moves by the Federal Government to engage with Niger Delta militants on modular refineries, Nigerian troops operating under the “Operation Delta Safe” task-force yesterday said they have destroyed 80 oil refineries in the restive Niger Delta region in the last 10 days. The government has been holding talks with militants to end attacks on oil production facilities using the scheme as a bait to stave off fresh attacks from the agitators.
Banks Begin Compliance With Directive On FX Teller Points
Some commercial banks have heeded the Central Bank of Nigeria’s (CBN) directive on the opening of teller points for retail foreign exchange transactions, THISDAY investigations have shown. The CBN had said the new directive was a reaffirmation of its willingness, capability and determination to meet FX demand in the market.
CBN Targets N1.13trn Earning From Treasury Bills In Q2
The Central Bank of Nigeria (CBN) has concluded plans to raise N1.129 trillion through auction of treasury bills (TBills) in the second quarter of 2017. In its TBills issuance programme, running from March 16 to June, the apex bank said, while it will raise the bill in 91, 182 and 364-day bills, N1.086 trillion worth of bills will mature during the same period. The CBN noted that there will be a rollover of maturing 91 and 182-day bills of N39.006 billion and N48.453 billion respectively
Recession: Experts Urge Nigerians To Patronise Made-in-Nigeria Medicines
The unprecedented increase in prices of medicines required to safeguard healthcare of Nigerians has become a real cause for concern in recent times. Findings from a new independent study however show that high quality made in Nigeria medicines remain more affordable when compared to similar imported brands. A comparative price analysis of local and imported brands of medicines supports this discovery.
Nigeria Lost $30b To Foreign-controlled Monopoly
Nigeria may have lost in excess of $30 billion in the past 30 years to poor infrastructure and foreign- controlled monopoly playing out in the country’s oil and gas sector, stakeholders said in Lagos. The experts, who gathered to discuss, “Pushing the Boundaries in the Development of Local Capacity and Nigerian Content in the Oil and Gas Industry,” at the March breakfast meeting of the Nigerian-British Chamber of Commerce (NBCC), were optimistic of the huge potential in the sector