1. Cost of Funds Drops on Improved Naira Liquidity
2. Nigeria earns $296,143 dividends from Islamic Dev’t Bank
3. Banks’ total assets decline to N32 trillion
4. CBN’s MPC Outcome: Analysts predict status quo
5. Nigeria’s oil production per barrel costs over $20
6. Nigeria Faces Fragile Economic Recovery in 2017-World Bank
7. UNFPA recruits teachers to train Chibok girls for UTME next year
8. Despite EU restriction, Med-View continues operations on Lagos-London route
9. Nigeria seeks Islamic Bank’s support in infrastructure financing
Cost of Funds Drops On Improved Naira Liquidity
Traders said that a cash squeeze on the money markets on Thursday after lenders provided naira to participate in a central bank currency intervention had pushed the overnight rate sharply higher. The banking system’s cash balance with the central bank stood at N24.61 billion early on Friday before the central bank refund, Reuters disclosed.
Nigeria Earns $296,143 Dividends From Islamic Dev’t Bank
Nigeria has earned $296, 143 dividends from its investments in the Islamic Development Bank for the 2016 fiscal year. The Director of Information in the Federal Ministry of Finance, Mr. Salisu Na’Inna, in a statement from Jedda, Saudi Arabia, yesterday, identified Nigeria as the fourth largest shareholder of the Islamic bank.
Banks’ Total Assets Decline To N32 Trillion
The nation’s Deposit Money Banks suffered a 0.53 per cent decline in value by the end of February this year, just as the industry’s assets and liabilities settled at N32.1 trillion. The lost value, which is about N170.2 billion, showed a sharp contrast from about N32.29 trillion in January, “according to the Central Bank of Nigeria (CBN’s) February report.
CBN’s MPC Outcome: Analysts Predict Status Quo
Analysts have predicted that the 11 member Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) will retain key policy rates at the end of their meeting starting today and concluding tomorrow. Meanwhile the scarcity of funds bedeviling the interbank money market is expected to persist this week with volatility in cost of funds as experienced last week.
Nigeria’s Oil Production Per Barrel Costs Over $20
The cost of producing a barrel of oil in Nigeria at over $20 is very high and uncompetitive compared with what other oil-producing countries, the Group Chief Executive Officer of Oilserv Limited, Mr. Emeka Okwuosa, has said. He said oil production at above $20 per barrel couldn’t be profitable with appropriate cost management. He lamented that the cost of production per barrel in Nigeria is very high at above $20.
Nigeria Faces Fragile Economic Recovery In 2017-World Bank
The World Bank has revealed that Nigeria faces the prospect of fragile economic recovery in 2017 given the high degree of fragility and risks from future shocks to the oil price or further unrest in the Niger Delta region. The World Bank’s in its newly-released Bi-annual Economic Update, however, said Nigeria could build on the oil-driven economic recovery anticipated for it in 2017 by strengthening its macroeconomic policy framework and implementing the structural reforms needed to diversify the economy and break out of a boom and bust cycle. The bank’s Senior Communication Officer in Nigeria, Olufunke Olufon, disclosed this in a statement issued yesterday in Abuja.
UNFPA Recruits Teachers To Train Chibok Girls For UTME Next Year
The United Nations Population Fund (UNFPA) and the Minister of Women Affairs have commenced plans to ensure that the abducted Chibok school girls who were released in October 2016 sit for the Unified Tertiary Matriculation Examination (UTME) conducted by the Joint Admissions and Matriculation Board (JAMB) next year to enable them proceed to the university. Already, UNFPA has recruited teachers to fast-track their preparation for the examination. The teachers are being paid by the UN agency.
Despite EU Restriction, Med-View Continues Operations On Lagos-London Route
Restriction of its aircraft into European Union (EU) member countries notwithstanding, Med-View Airlines Plc yesterday confirmed the running of its Lagos-London-Lagos operations where it operated schedule flights to London Gatwick Airport. The airline, using a wet-leased Boeing 747 aircraft, left the Murtala Muhammed International Airport, Ikeja, Lagos with about 240 passengers at 1:30p.m.
Nigeria Seeks Islamic Bank’s Support In Infrastructure Financing
Nigeria has sought the support of the Islamic Development Bank to fund the construction of the Second Niger Bridge on Private Public Partnership (PPP) and other projects. Nigeria also urged the speedy completion of on-going projects being sponsored by the bank in the country. This was stated at the weekend at the just-concluded 42nd annual meeting of the bank during a business meeting with its Vice President, Operations and Nigeria’s former Minister for Finance, Dr. Mansur Mukhtar.