1. Naira hits 400/dollar on CBN’s investors FX window
2. CBN offers $81.2m for PTA, tuition fees, SME segments
3. Nigeria seeks $5.2 billion from World Bank for power industry
4. Osinbajo harps on public, private partnership for economic growth
5. NAPIMS, Shell, Total, Agip disagree over selection of gas projects for $10bn LNG trains 7, 8
6. Nigerian oil sales slow as uncertainty surrounds DSDP
7. Global oil rig counts hit 956 in April
8. TCN gets $1.5bn to finance power transmission projects
Naira Hits 400/Dollar On CBN’s Investors FX Window
The naira traded at 400 to the United States dollar in deals for investors on Monday, traders told Reuters, two weeks after the Central Bank of Nigeria introduced the Investors FX Window. The window was designed to allow investors, trade in the currency at market-determined rates. Trading sources said investors were demanding rates above N400/dollar while locals were quoting rates as low as N350/dollar.
CBN Offers $81.2m For PTA, Tuition Fees, SME Segments
Following last Friday’s injection of $389 million into the retail segment of the forex market, the Central Bank of Nigeria (CBN) on Monday intervened with another $81.2 million in the invisibles and small and medium scale enterprises (SMEs) segments of the market. A breakdown of the interventions indicated that the bank provided the sum of $44 million to meet customers’ requests for invisibles such as Basic Travel Allowances (BTA), Personal Travel Allowances (PTA), medical bills and tuition fees, among others. In addition, the SMEs segment also received a boost of $37.2 million.
Nigeria Seeks $5.2 Billion From World Bank For Power Industry
Nigeria is seeking $5.2 billion from the to expand electricity generation and help the economy recover from its first contraction in 25 years. The bank’s private-sector lending arm, the International Finance Corporation, may invest about $1.3 billion in power projects and electricity distribution companies. Its political-risk insurer, the , could provide equity and debt of $1.4 billion for gas and solar power programs, according to Power, Works and Housing Minister Babatunde Fashola.
Osinbajo Harps On Public, Private Partnership For Economic Growth
Acting President, Prof. Yemi Osinbajo, yesterday, underscored the need for public/partnership, saying it was necessary for Nigeria’s economic growth. He said government alone could not achieve the objective but assured that it would provide the enabling environment for business to thrive.
NAPIMS, Shell, Total, Agip Disagree Over Selection Of Gas Projects For $10bn LNG Trains 7, 8
The National Petroleum Investment Management Services (a subsidiary of the Nigerian National Petroleum Corporation), Shell, Total and Agip – have disagreed over the selection of new gas projects for the $10 billion Liquefied Natural Gas, LNG trains 7 and 8. Shell, Total and Agip – holding 25.6 per cent, 15 per cent and 10.4 per cent interests respectively in the Nigerian Liquefied Natural Gas Limited with the NNPC that has 49 per cent interest had separately selected and presented many gas projects for development to NAPIMS for approval.
Nigerian Oil Sales Slow As Uncertainty Surrounds DSDP
Trade of Nigerian crude oil has slowed with offers not meeting buying interest and uncertainty remains over the nation’s direct sale of crude oil and direct purchase of products’ programme for 2017. A short-list of winners emerged for the swaps but final contracts have yet to be signed, Reuters quoted sources as saying. Total was said to have sold a cargo of Bonga to Cepsa loading at the end of May, while ExxonMobil was still offering a cargo of Usan loading at dated Brent minus 50 cents, loading June 25-26. It originally offered the cargo last week.
Global Oil Rig Counts Hit 956 In April
There are strong indications that oil exploration and production have increased in different parts of the world as the global rig counts hit 956 in April 2017, showing an increase of 13 against 943 recorded in March, this year. Baker Hughes report released over the weekend also showed that the international offshore rig counts for April 2017 was 201, up four from the 197 counted in March 2017, but still down by 19 units against the 220 counted in April 2016.
TCN Gets $1.5bn To Finance Power Transmission Projects
The Transmission Company of Nigeria (TCN) has secured about $1.5 billion dollars from donor agencies to finance power transmission projects in Ogun State and other parts of the country. The Managing Director of the company, Mr. Usman Gur Mohammed, disclosed this during a courtesy visit to the state Governor, Senator Ibikunle Amosun, in his office in Abeokuta. According to him, “TCN would require land in places, such as, Lukosi, in Abeokuta; Redemption Camp and Mountain of Fire Ministries area, along the Lagos-Ibadan Expressway corridor as well as Ajegunle, very close to Agbara and Arigbajo axis.