CBN Introduces New FX Rates
The Central Bank of Nigeria on Monday introduced new Forex rates and would no longer trade the naira at N375 per dollar for invisibles, such as school fees, medical bills and travel allowances. The regulator said Nigerians can now get the dollar at N360 across all commercial banks within the country.
External Debt Servicing Gulps $1.62bn In 5 Years
Amid attempts by the country to borrow more from external sources, Nigeria has in the past five years spent $1.62bn to service its external debts that include loans secured for what turned out to be white elephant project. In the past five years, Nigeria has spent $1.62bn for servicing of external loans contracted by both the federal and state governments. A breakdown of statistics obtained from the Debt Management Office showed that the country paid $293,003,540 for external debt servicing in 2012. The following year, the amount stood at $297,329,300.
AMCON Hands Over Keystone Bank To New Investors
The Sigma Golf-Riverbank consortium, the new investors that acquired Keystone Bank Limited from the Asset Management Corporation of Nigeria (AMCON), at the weekend took control of the financial institution. The new investors have pledged to reposition the bank on a growth path with immediate effect. AMCON recently announced Sigma Golf Nigeria Limited and Riverbank Investment Resources Limited as the new owners of the bank.
Nigeria’s 2016 Capital Spending Reaches Record 1 Trillion Naira – Adeosun
Capital released to Nigeria’s ministries and government agencies under the 2016 budget has reached a record 1 trillion naira ($3.3 billion), the finance minister said on Sunday. Development in Africa’s largest economy has been stunted by a lack of much needed investment to improve its ailing road, rail and electricity network. “With the current stability in the oil price and the return of normalcy in Niger Delta, I am sure we will do more this year (2017),” said Kemi Adeosun, after stating that 2016 capital spending was the “highest so far in the history of this country”.
CBN Upbeat About Further Naira Appreciation
The Central Bank of Nigeria (CBN) has expressed optimism that the United States dollar would crash further this week as it plan to carry out further interventions in the interbank market. Also, following its intervention through wholesale forex auction last Thursday, the CBN at the weekend revealed that of the $100million earlier offered at the interbank market to meet customers’ demands, authorised dealers were only able to pick $81.347million after an initial bid for $91million. Commenting on the offer, the acting Director of Corporate Communications at the CBN, Isaac Okorafor, attributed the inability of authorised dealers to pick up the entire offer of the CBN to increasing dollar supply and sense of apprehension among dealers who anticipate a further crash in the rate of the dollar.
Quoted Firms Get 5-day Deadline On Annual Reports
Quoted companies that have not submitted their yearly reports and financial statements must do so to the Nigerian Stock Exchange (NSE) in the next five days to avoid poor corporate governance tag and sanctions that may range from N100,000 to about N100 million. Regulatory filing calendar of the NSE at the weekend indicated that most of the quoted companies are required to submit their reports and accounts by the close of work on Friday, March 31. Post-listing rules at the NSE require quoted companies to submit their audited earnings reports, not later than 90 calendar days, or three months, after the expiration of the period.The rules also require quoted companies to submit interim report not later than 30 calendar days after the end of the relevant period.
Nigeria’s State Oil Company Says To Recover $184m In Crude Swap Under-Deliveries
Nigeria’s state oil company said on Friday it was set to recover $184 million in crude oil swap under-deliveries recorded against three oil companies during the now defunct crude for product swap system. Last year the OPEC producer replaced crude oil swap deals with a system under which it will directly sell crude oil to refiners and purchase refined oil products from them. The Nigerian National Petroleum Corporation (NNPC) is in the process of reconciling transactions made as part of the defunct system, Group Managing Director Maikanti Baru told journalists in the capital Abuja. He said the companies involved were AITEO Energy Resource Limited, Ontario Oil and Gas Limited and the Taleveras group.
NSE: Foreign Investments Inflow Down To N16.10bn In February
Investors’ apathy for investment in the stock market has continued to rise as both foreign and domestic investors’ participation on the Nigerian Stock Exchange, NSE, took a downward turn during the month ended February 28, 2017. Data polled by the NSE showed that total foreign investors’ transaction on the NSE slowed by 21.52 per cent to N34.54 billion from N44.01 billion to during the same period.
‘Nigeria Imports 70m Generators’
No fewer than 70 million generators have been imported into the country, the Chief Executive Officer, Consistent Energy Limited, Mr Segun Adaju, has said. Adaju told The Nation that shortatge of gas, which is the feedstock for power plants across the country, is the reason for the high incidence of generation units importation in the country.. Adaju said a research by his organisation showed that Nigeria is the net importer of generators with about 70 million generators brought in the past few years.