1. CBN auctions $186m through Retail SMIS
2. Nigeria naira’s new investors rate eases for second day
3. Nigeria’s Buhari seeks approval to borrow $6.93 bln from China, World Bank
4. Naira Watch: CBN auctions $185.86m in Retail SMIS as Naira stable at N382/$
5. PIB: Nigeria loses $235bn investments amid $9bn debt
6. Raw Material: NB targets 60% local content by 2020
7. Digital economy to generate $88 bn, three million jobs in 10yrs
8. ‘Nigeria saves $7b from local content law application’
9. NUPENG backs FG’s plan to build second refinery in Northern Nigeria
10. Edo-Azura power plans attracts World Bank, IMF interest
CBN Auctions $186m Through Retail SMIS
Following last Tuesday’s assurances by the Governor of the Central Bank of Nigeria (CBN), Mr. Godwin Emefiele, that the CBN would continue to intervene in the foreign exchange market, the bank wednesday auctioned the sum of $185.86 million through retail Secondary Market Intervention Sales (SMIS). This is just as the CBN yesterday settled the 10th Over-the-Counter (OTC) foreign exchange (FX) Futures Contract valued at $965.29 million which matured on the FMDQ OTC Securities Exchange. The FMDQ revealed this on its website.
Nigeria Naira’s New Investors Rate Eases For Second Day
The value of Nigeria’s latest naira exchange rate, set specifically for portfolio investors, eased for a second straight day on Wednesday even as the central bank stepped up dollar sales on the spot and forward markets. The naira closed at 380.39 on the new foreign exchange trading window introduced by the central bank for investors, data from market regulator FMDQ OTC Securities Exchange showed, after it opened at 378.54 to the dollar. The official interbank market rate for the currency was quoted at 305.90 naira. It was 388 naira on the black market on Wednesday. The central bank said on Monday it would allow investors to trade the naira at market determined rates, a move intended to improve the dollar supply and attract foreign investors that fled the country at the start of the latest currency crisis. The move introduces yet another exchange rate to the five existing ones.
Nigeria’s Buhari Seeks Approval To Borrow $6.93b From China, World Bank
Nigerian President Muhammadu Buhari is seeking parliament’s approval for a proposal to borrow $5.85 billion from China to modernise its rail network and another $1.075 billion from the World Bank to help rebuild the insurgency-torn northeast. Buhari urged parliament in a letter to approve the railway borrowing because China has a limit on funds available from its China Africa Fund. The president wants to sign loan agreements as soon as China approves the project. “These loans form part of the overall money for the rail strategy,” Buhari said in the letter. The loans are part of the government’s 2016-2018 foreign borrowing plan, he said.
Naira Watch: CBN Auctions $185.86m In Retail SMIS As Naira Stable At N382/$
The Central Bank of Nigeria (CBN) yesterday sold $185.86million at the retail Secondary Market Intervention Sales (SMIS), even as the naira remained stable at N382 per dollar in the parallel market. CBN’s Acting Director, Corporate Communications, Department, Mr. Isaac Okorafor confirmed this development disclosing that out of the auctioned amount, only $3.14million was sold as spots, while the sum of $182.72million was sold as forwards. Okorafor further explained that the overall picture of the inter-bank forex market was that of optimism, going by the level of access now being enjoyed by different categories of customers in both the wholesale and retail segments of the market.
PIB: Nigeria Loses $235bn Investments Amid $9bn Debt
Nigeria has lost about $235bn worth of investments on the back of the failure to reform the oil and gas industry, even as the Federal Government struggles to pay up over $9bn cash call arrears to oil firms. Oil workers under the aegis of the Petroleum and Natural Gas Senior Staff Association of Nigeria and National Union of Petroleum and Natural Gas Workers on Wednesday said the Petroleum Industry Bill should be passed to address the funding challenges in the industry. The Chairman, PENGASSAN and NUPENG National PIB Committee, Mr. Chika Onuegbu, stated this at the 2nd Save Nigeria Oil and Gas Industry Roundtable Conference in Port Harcourt while making a presentation, a copy of which was made available to our correspondent.
Raw Material: NB Targets 60% Local Content By 2020
Nigerian Breweries (NB) Plc is set to achieve 60 percent local content in its raw materials sourcing by 2020 in line with federal government’s backward integration policy. Speaking at a pre-annual general meeting media briefing in Lagos, Managing Director/Chief Executive Officer, NB, Mr. Nicolaas Vervelde, said that about 50 percent of the company’s raw material are sourced locally, adding that packaging cost in terms of cans, bottles, crowns, among others have either been reduced or are almost 100 percent locally sourced.
Digital Economy To Generate $88bn, Three Million Jobs in 10yrs
The federal government has estimated that the financial services within Nigeria’s digital economy could add as much as $88 billion and also create over 3 million new jobs over the next 10 years. This is as the ministers from developing countries -Nigeria, Mexico, Kenya, Argentina, Colombia, Sri Lanka, Uruguay, Chile, Costa Rica and Pakistan, under the auspices of Friends of E-Commerce for Development (FED), have resolved to put forward a policy agenda to bridge the digital divide as well as provide development solutions in the long term.
‘Nigeria Saves $7b From Local Content Law Application’
The Local Content Act signed into law in 2010 have begun to yeild fruits as over $7 billion has accrued to the nation’s treasury since the implementation of the Act and the oil industry has become more viable, the Oil and Gas Trainers’ Association of Nigeria (OGTAN) President, Dr. Mayowa Afe, has said. Because of the increased participation of Nigerians in the oil and gas industry, he said, following the enactment of the local content, the nation was able to save the said sum of money in the last seven years of the existence of the Act’s implementation through retention of value in-country.
NUPENG Backs FG’s Plan To Build Second Refinery In Northern Nigeria
Benjamin Rotimi, the Vice-Chairman, South-West Chapter of the Nigeria Union of Petroleum and Natural Gas Workers (NUPENG), on Wednesday commended the Federal Government on the proposed second refinery in the Northern part of the country, Premium Times reports. On April 22, Ibe Kachikwu, Minister of State for Petroleum Resources, told journalists in Bauchi State that the federal government planned to build a second refinery in the northern part of Nigeria. Mr. Kachikwu said plans to put the Kaduna refinery in better shape were also underway.
Edo-Azura Power Plans Attracts World Bank, IMF Interest
The Edo State Government’s performance index in promoting Independent Power Plants (IPP) as a business model and opening up economic opportunities has received international recognition, as it became the cynosure of over 10,000 international personalities at the World Bank, International Monetary Fund (IMF) Annual Spring Meeting last week in Washington DC. This was as the Azura Independent Power Plant, financed by the International Finance Corporation (IFC), which was expected to provide electricity to 14 million residential consumers, was highlighted to display how the World Bank Group’s collaboration supports the development and implementation of infrastructure development.