1. CBN raises banks’ FX loan limits to resolve breaches
2. OPEC: Nigeria’s oil output still at 1.55m barrels
3. Foreign investors need clarity on forex policy – NESG
4. CBN to raise dollar supply to BDCs to $40,000 weekly
5. Inflation rate declines to 17.26 % in March – NBS
6. FG has micro-credit scheme for artisans—Osinbajo
7. Industrialists target five per cent GDP input by 2020
8. Nigeria, Israel to strengthen bilateral trade ties
9. Nigeria to begin payment of $5.1bn debt to IOCs
10. UN, minister seek private sector intervention in humanitarian crisis
CBN Raises Banks’ FX Loan Limits To Resolve Breaches
The Central Bank of Nigeria (CBN) has increased the limit on banks’ foreign currency borrowings to 125 per cent of shareholders’ fund after some lenders breached its regulatory limit due to the recent fall in the naira, according to a document seen by Reuters. The new regulation replaces a 2014 rule capping foreign borrowings, including Eurobonds, at 75 per cent of shareholders’ funds as Nigeria tries to manage widespread capital shortfalls at lenders due to a currency crisis and bad loans.
OPEC: Nigeria’s Oil Output Still At 1.55m Barrels
The Organisation of Petroleum Exporting Countries (OPEC) says Nigeria oil production is yet to climb to two million barrels per day. Earlier, Ibe Kachikwu, minister of state for petroleum resources, had said Nigeria was now producing oil at about two million barrels per day, while Maikanti Baru, the group managing director of the Nigerian National Petroleum Corporation (NNPC) said the country had progressed to 2.1 million barrels per day.
Foreign Investors Need Clarity On Forex Policy – NESG
The Nigerian Economic Summit Group, a private sector think-tank and policy advocacy group, has said clarity on the nation’s foreign exchange policy is necessary to lure back foreign portfolio investors into the country. The Chairman of the Board, NESG, Mr. Kyari Bukar, stated this at a press briefing after the group’s 21st Annual General Meeting in Lagos.
CBN To Raise Dollar Supply To BDCs to $40,000 Weekly
The Central Bank of Nigeria (CBN) has resolved to raise dollar supply to Bureau De Change (BDC) operators to $40,000 weekly from next week, up from the $20,000 it sold to the currency dealers this week, THISDAY learnt last night. The move is in line with its aggressive bid to achieve exchange rate convergence and stability.
Inflation Rate Declines To 17.26 % In March – NBS
The National Bureau of Statistics (NBS) yesterday said the inflation rate dropped by 0.52 per cent in March to close at 17.26 per cent, the second decline recorded in two months. NBS had announced the first decline in in February when inflation dropped by 0.94 per cent to close at 17.78 per cent. According to the Bureau, “This is the second consecutive month of a decline in the headline Consumer Price Index (CPI) on a year-on-year basis. “It represents the effects of stabilising prices in already high food and non-food prices, as well as favourable base effects over 2016 prices
FG Has Micro-Credit Scheme For Artisans—Osinbajo
The Federal Government has commenced the establishment of a micro-credit programme for market women, artisans and other unskilled individuals in the country. The Vice President, Professor Yemi Osinbajo, announced this, yesterday, in Yola while on a one-day official visit to Adamawa State. He said with the successes so far achieved in the fight against insurgency, corruption and economic recession, government would now focus on unemployment.
Industrialists Target Five Per Cent GDP Input By 2020
Industrial pharmacists under the aegis of the Association of Industrial Pharmacists in Nigeria (NAIP) have yesterday disclosed their plans to scale up the industry’s contribution to the country’s Gross Domestic Product (GDP) by five per cent come 2020. The industrialists, who disclosed this in Lagos at a press briefing, noted that the current GDP contribution of the pharmaceutical industry has been modestly put at about 0.001 per cent and it’s not encouraging.
Nigeria, Israel To Strengthen Bilateral Trade Ties
Nigeria and the Israel have entered into a partnership to strengthen their bilateral trade relation. Bank of Industry (BOI) Acting Managing Director Mr. Waheed Olagunju,told Israeli Ambassador to Nigeria Mr. Guy Feldman, who visited him that the deal was timely. He said the ambassador came when Nigeria was trying to increase its agro-processing capacity, urging domestic and foreign investors to take advantage of the opportunity to invest in the agricultural sector.
Nigeria To Begin Payment Of $5.1bn Debt To IOCs
The federal government says that it would begin payment of a $5.1 billion debt owed to five international oil companies (IOCs) by the end of April. The debt, which was incurred from 2010 to 2015 due to Nigeria’s inability to make its share of capital contributions to the joint ventures, will be settled through crude sales over five years and will be interest-free. The government formally exited the joint venture cash calls arrangement it had with the IOCs in December.
UN, Minister Seek Private Sector Intervention In Humanitarian Crisis
The United Nations (UN) Resident and Humanitarian Coordinator, Edward Kallon and the Minister of State for Budget and National Planning, Mrs. Zainab Ahmad, have made an urgent appeal to the private sector in Nigeria for financial intervention to save the lives of 8.5 million people affected by insurgency in the North-East. Kallon noted that the UN has made straightforward efforts towards scaling up the humanitarian assistance in north-eastern Nigeria, with its agencies and partners stabilising their staffing and engaging experienced people to assist in the humanitarian crisis.