1. Naira watch: Naira rises to N382 as CBN injects $246m
2. CBN must scrap multiple exchange rates, says Soludo
3. Analysts upbeat about new FX window for exporters, investors
4. FG begins talks with illegal crude oil refiners
5. Oil recovers lost ground, but market under pressure
6. Long contracting cycle threatens multi-million dollar oilfield investments
7. FG to procure 20 aircrafts for aviation college
8. Famine: aid to North-east may dry up in June – UN
Naira watch: Naira Rises To N382 As CBN Injects $246m
The naira Monday rose to $382 per dollar in the parallel market even as the Central Bank of Nigeria (CBN) injected another $246.2 million into the foreign exchange market. Vanguard survey of the parallel market revealed that the parallel market exchange rate which closed on Friday at N385 per dollar, dropped to N382 per dollar due to expectation of dollar sales to Bureaux de change (BDCs) by the CBN.
CBN Must Scrap Multiple Exchange Rates, Says Soludo
A former Governor of the Central Bank of Nigeria, Prof. Chukwuma Soludo, on Monday highlighted steps the Federal Government needed to return the country out of the biting economic challenges and get back on the path of growth. Soludo said policymakers must get the country out of the current multiple exchange rates’ regime and reduce the wide spread between the official and parallel market exchange rates of the naira to a maximum of three to five per cent.
Analysts Upbeat About New FX Window For Exporters, Investors
The special foreign exchange (FX) window for investors, exporters and end-users that was recently created by the Central Bank of Nigeria (CBN) as well as the new index – the Nigerian Autonomous Foreign Exchange Fixing (NAFEX) – is expected to engender liquidity in the market, analysts at Ecobank Nigeria have stated. They also noted that the NAFEX would engender flexibility and transparency in the pricing of naira-settled OTC FX Futures and other derivatives in the market.
FG Begins Talks With Illegal Crude Oil Refiners
The Federal Government on Monday announced that it had commenced discussions with illegal refiners of crude oil in order to have them work as duly recognised modular refinery operators. It also stated that it would ensure that militancy in the Niger Delta ended by the end of this year, adding that it would sustain its engagements with stakeholders in the region in that respect.
Oil Recovers Lost Ground, But Market Under Pressure
Oil prices recovered some ground on Monday following last week’s big losses, driven by expectations that the Organisation of Petroleum Exporting Countries, OPEC will extend a pledge to cut output to cover all of 2017, although a relentless rise in U.S. drilling capped gains. The United States, U.S. West Texas Intermediate (WTI) crude oil futures added 23 cents, or 0.5 percent, but were still below the $50 mark pierced last Friday at $49.85 a barrel, while Brent crude futures rose 27 cents, or 0.5 percent, to $52.23 per barrel.
Long Contracting Cycle Threatens Multi-million Dollar Oilfield Investments
The long tendering process in Nigeria’s oil and gas industry is threatening multi-million dollars’ worth of investments in chemicals deployed in oilfields, according to participants at the recent Second National Oil and Gas Production/Process Treatment Chemical Seminar held in Lagos In his presentation at the event, a former President of Nigerian Society of Chemical Engineers (NSChE), Dr. John Erinne said long contracting cycle had created uncertainty in investments in oilfields.
FG To Procure 20 Aircrafts For Aviation College
The federal government is to buy 20 aircraft to equip Nigeria College of Aviation Technology (NCAT) Zaria and make it a centre of excellence. Minister of State for Aviation, Mr. Hadi Sirika, confirmed in Abuja, yesterday, that NCAT had also taken delivery of a brand new Diamond DA24NG for training of its students, and plans to acquire additional 19 trainer aircrafts. The Minister of State, Aviation, Senator Hadi Serika said the purchase of the aircraft for training came because the existing ones are very expensive to maintain.
Famine: Aid To North-east May Dry Up In June – UN
Aid organisations working to stop the famine in Nigeria will run out of money by June if donors do not give the cash they pledged at a conference in February. Deputy humanitarian coordinator of the United Nations (UN), Peter Lundberg, who disclosed this yesterday said this will amount to worsening an already difficult situation. The UN had in March noted that the famine in the northeast of the West African country is one of four hot spots, together with South Sudan, Yemen and Somalia, that constitute the worst humanitarian crisis the world has faced since 1945.