CBN To Sustain Forex Intervention, Releases Fresh $418m
The Central Bank of Nigeria on Sunday vowed to sustain its intervention in the foreign exchange market to ensure liquidity in that segment of the financial sector. The Acting Director, Corporate Communications, CBN, Mr. Isaac Okorafor, stated this in a statement issued in Abuja. He said as part of its determination to make forex available to genuine users, the apex bank on Friday auctioned the sum of $418m at the retail segment at the rate of N310 to a dollar.
Nigeria Naira Slides Past 400 Per Dollar On Black Market
Nigeria’s naira slid pass 400 on the black market on Friday amid tight dollar supply, despite a series of currency forwards sold by the central bank this month to clear demand for the U.S. currency on the official market, traders said. The naira was quoted at 405 per dollar on the black market on Friday. It traded at 306.15 on the official market.
Petrol Price Template Unaffected By Bridging Cost – PPPRA
The Petroleum Products Pricing Regulatory Agency has said that the additional N1 per litre transporters’ bridging fee for Premium Motor Spirit, popularly known as petrol, will not in any way affect the pricing template for the commodity. The PPPRA is the agency of the Federal Government responsible for the fixing and regulation of petroleum product prices across the country.
Nigerian Interbank Rate Rises On Payments For Debt Purchases
Nigeria’s overnight lending rate rose by 2.5 percentage points this week after the central bank debited bank accounts for debt purchases, draining liquidity in the money market. The overnight lending rate increased to 14.5 percent on Friday, up from 12 percent at the start of the week, after central bank debits of bank accounts for cash payments related to dollar and treasury bill purchases.
2017 Budget: Fresh Requests, Delay By Committees Stall Passage
Fresh requests by the Executive and delays by the committees of the National Assembly have stalled the passage of the 2017 budget, according to information available to The PUNCH on Sunday. Findings indicated that the budget size of N7.298tn might increase in order to accommodate the fresh requests. Both the Senate and the House of Representatives had earlier set March 30 as the date they would pass the budget, but later made a U-turn.
Nigeria’s Wema Bank Considers Debt To Boost Capital As Lending Slows
Wema Bank aims to grow loans between one and two percent this year, after it achieved 22.3 percent growth last year, to conserve its capital as Nigeria enters a second year of recession, a senior executive said on Friday. Chief Finance Officer Tunde Mabawonku said the bank had repaid a 50 billion naira ($164 million) seven-year loan it got from the central bank last year which knocked its capital ratio to 11.1 percent at the end of December from 15.1 percent a year earlier.
UBA Shareholders Approve N19.9bn Dividends
The shareholders of United Bank for Africa Plc have approved the payment of N19.9bn as final dividend for the financial year ended 31st December 2016, in addition to N7.3bn interim dividend paid after the audit of its 2016 half-year results. The bank said in a statement that the shareholders unanimously approved the N0.55 per share final dividend on every ordinary share of N0.50 each during its 55th Annual General Meeting on Friday.