Naira To Appreciate Further As CBN Boosts Forex Sale
The naira is set to appreciate further in the week as the Central Bank of Nigeria (CBN) plans to inject more foreign exchange (forex) into the market to meet the requests of genuine customers. The spokesman of CBN, Mr. Isaac Okorafor, said this yesterday in Lagos. The News Agency of Nigeria (NAN) reported that the CBN has so far kept to its promise of continuing to supply enough forex to guarantee liquidity in the market.
Financial Stocks Contribute 82.9% To Total NSE’s Turnover
The financial services industry dominated in volume terms at the end of last week’s transactions on the trading floor of the Nigerian Stock Exchange. The sector led the activity chart with 853.414 million shares valued at N4.269 billion traded in 7,904 deals, contributing 82.91 per cent to the total equity turnover.
NNPC Stockpiles Petrol As CBN Sells FX To Marketers For Diesel, ATK Imports
The Nigerian National Petroleum Corporation (NNPC) on Sunday said it has increased its petrol stock in the country and now has a robust inland supply of over 1.2 billion litres which it said would be sufficient for 34 days forward consumption nationwide. It also said in a statement from its Group General Manager, Public Affairs, Ndu Ughamadu, that the Central Bank of Nigeria (CBN) has released foreign exchange (forex) to oil marketers to import diesel and Aviation Turbine Kerosene (ATK). NNPC noted that its petroleum product supply outlook for March to May 2017 was looking good and that it has taken adequate steps to ensure stability in supply of diesel and aviation fuel.
CBN Loans To Commercial Banks Rise To N9.85trn In 11 Weeks
Loans from the Central Bank of Nigeria (CBN) to commercial banks operating in the country has soared to N9.85 trillion in 11 weeks due to illiquidity in the economy, LEADERSHIP checks have revealed. It was also gathered that the increase in borrowings by the banks may have been triggered by demand for funds to participate in the special foreign exchange (FX) auctions conducted by the apex banking regulating body.
World Bank Announces Record $57bn For Sub-Saharan Africa
Following a meeting with G20 finance ministers and central bank governors, World Bank Group President, Jim Yong Kim, yesterday announced a record $57 billion in financing for sub-Saharan African countries over the next three fiscal years. Kim then left on a trip to Rwanda and Tanzania to emphasise the bank’s support for the entire region.The bulk of the financing – $45 billion – will come from the International Development Association (IDA), the bank’s fund for the poorest countries.
Recession: CBN, 3 Ministries To Collaborate On Monetary, fFscal Policies
Worried by the divergent positions of monetary and fiscal policy managers on key national economic issues in recent times, the Central Bank of Nigeria (CBN) and leaders of three key ministries driving the economy met at the weekend to seek ways of harmonising monetary and fiscal policies. The high level meeting held in Abuja involving the governor of CBN, Godwin Emefiele, Minister of Finance, Kemi Adeosun; Minister of Budget and National Planning, Udo Udoma, and Minister of the Trade and Investment, Okechukwu Enelamah, came as part of efforts to evolve best strategies to pull the Nigerian economy out of recession.
FG Settles PenCom, Naicom Face-off Over Annuity Business
In an effort to ensure harmonization of pension and insurance regulatory operations in Nigeria, the Minister of Finance, Kemi Adeosun, has intervened and brokered a resolution in the dispute between the National Pension Commission (PenCom) and the National Insurance Commission (NAICOM). Recall that trouble started when PenCom issued a circular in November 2016, directing life insurance companies to transfer their annuity asset holdings to Pension Fund Custodians (PFCs), citing Section 56 of Pension Reform Act 2014 that requires the life insurance underwriters to transfer their RLA assets to licensed PFCs.
CBN ‘ll Retain Interest Rate, Says Expert
As the Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) prepares for its second meeting of the year, Nigerians have been forewarned not to expect any rate hike from the apex bank. According to Dr Uche Uwaleke, Head of Banking and Finance Department, Nasarawa State University, Keffi, the CBN would likely retain all the rates to monitor inflationary trends.
Africa Trade Meeting Has No Africans After US Visa Denials
Each year, the University of Southern California brings delegations from Africa to meet with business leaders, government officials and others in the U.S. But this year, the African summit has no Africans. All were denied visas.
Visa issues are not uncommon for people travelling from African nations. During her prior three summits, Mary Flowers saw a high percentage of her attendees at the African Global Economic and Development Summit unable to attain visas.