Naira Trades At N455 To A Dollar At Black Market
The Naira traded at N455 to a dollar amid liquidity boost in the Bureau de Change and parallel market segments on Friday in Abuja. It also appreciated against the Pound Sterling and Euro as it traded at N545 and N470 to the pound sterling and Euro respectively. At the Bureau De Change (BDC) window, the naira continued to trade for N399 to a dollar, N580 to the Pound Sterling and N525 to the Euro. The Nigerian currency also traded at N305.8 to the dollar at the interbank window.
FG To Raise N213.7bn Treasury Bills Next Week
The Federal Government plans to raise N213.75bn ($681m) from short-dated Treasury bills at an auction on March 15, the Central Bank of Nigeria said on Wednesday. It plans to raise N39bn in three-month debt, N48.45bn in six-month bills and N126.30bn in one-year notes, using a Dutch auction system. Payment will be due the day after the auction, according to Reuters.
Lagos Suffer Shortfall Of Electricity Supply
Lagos State is expected to witness more shortfalls in power supply due to the inability of Egbin Power Plant to generate enough electricity in the state. According to the Transmission Company of Nigeria (TCN), due to insufficient gas at Egbin, only two units are fired and these could not generate enough Volt-Ampere Reactive (VARs) to meet up with the voltage requirements in the area hence the manifestation of the low voltage.
Naira Steady After Buhari Return From UK Medical Leave
Nigeria’s naira exchange rate was steady on both the official and black markets on Friday after President Muhammadu Buhari’s return home from extended medical leave in Britain. The naira was quoted at 310.50 on the official market while black market rate stood at 458. The central bank has been intervening on the official market over the past two weeks to boost liquidity and support the currency.
Buhari’s Return Boosts Stocks As Nigerian Equities Hit A One Month High
Nigerian equities hit a one month high shortly after the stock market opened for trade on Friday following President Muhammadu Buhari’s return home from an extended medical leave in Britain. Stocks rose 1.29 percent at 0936 GMT to levels last seen in February, according to Thomson Reuters data. Stocks, which are down 6.3 percent on the year to date, had climbed to a one week high in its previous session on Thursday.
CBN, NCC To Assist Etisalat Over $1bn Loan
The Central Bank of Nigeria (CBN) and the Nigerian Communications Commission (NCC) resolved to intervene in the over $1billion loan repayment issue between Etisalat and its local creditors. According to the NCC, the decision was taken yesterday afternoon after a meeting in Abuja between the NCC Executive Vice Chairman Prof. Umar Danbatta and CBN Governor Godwin Emefiele.
Minister Restates FG’s Commitment To Ease of Doing Business in Nigeria
The Minister of Information and Culture, Alhaji Lai Mohammed, has reiterated the Federal Government’s commitment to improving Nigeria’s ranking in the World Bank Ease of Doing Business Index, saying the current ranking of 169 out of 190 countries is unacceptable. The Minister, who gave the pledge in Abuja on Thursday when he received Dr. Jumoke Oduwole, the Coordinator and Secretary to the Presidential Enabling Business Environment Council (PEBEC) on a courtesy visit to his office, lauded the various initiatives being implemented by the Council to move Nigeria 20 steps upwards in the index.
Industrialist Says Nigeria’s Over-Dependence On Import Shameful
Nigeria’s inability to produce goods and services for its domestic needs has been described as shameful. Dr. Lema Jubril, elder statesman and industrialist, passed the verdict at a farewell dinner for exhibitors to mark the end of the recently concluded Kaduna Chambers of Commerce, Industry, Mines and Agriculture (KADCCIMA). Although he absolved current leadership of blame over the economic recession, Jubril blamed low domestic production as a key reason behind the economic recession.
Ship-Owners Decry Taxes In Dollars, Low Access To Funding
Newly elected President of Ship Owners Association of Nigeria (SOAN), Mr. Greg Ogbeifun, has cited payment of taxes in dollars, poor access to funding and training of cadets as major challenges to the growth of the shipping industry in Nigeria. Speaking at SOAN’s general election in Lagos, yesterday, Ogbeifun canvassed the need for the reversal of the dollar tax payment to ease compliance among ship owners.