Nigeria Overnight Lending Rate Drops After Cash Injection
Nigeria’s overnight lending rate dropped to around 12 percent on Friday from 16 percent a week earlier as maturing bills and government budget disbursements pumped more cash into the money markets. Traders said the market opened on Friday with a cash balance of 9 billion naira, against a deficit of about 2.3 billion naira last week. The central bank repaid about 70 billion naira in matured bills on Thursday to boost liquidity. Borrowing costs in Africa’s biggest economy reflect liquidity in the money market, which tends to lead to lower or higher rates depending on the number of borrowers.
Naira Crashes Against Foreign Currencies Upon Buhari’s Return
The Nigerian Naira, on Friday, crashed against the American Dollar, Pound Sterling and Euro at the parallel market, hours after President Muhammadu Buhari’s return from London. According to reports, the local dropped one point against the dollar to N463 per US dollar as against the N462 rate it was on Thursday.
Nigeria’s Reserves Hit $30 Billion — Second Time Under Buhari
For the second time since President Muhammadu Buhari assumed office in May 2015, the nation’s foreign reserves has hit the 30 billion dollar mark. Data retrieved from the central bank’s website show that the reserves, which have experienced a steady day-on-day increase of between 2.30 and 2.75% since January 5, 2017, closed the trading week above $30 billion. The gross amount in the reserves is $30 billion, of which $29.3 billion is liquid and about $703 thousand is blocked. The last time the reserves crossed the $30 billion mark was in July 2015, and went as high as $31.63 billion in August before it began to decline.
Adeosun Hosts American Ambassador, Says Nigeria’s Economy Resilient
The Minister of Finance, Kemi Adeosun, on Friday reaffirmed the commitment of the Muhammadu Buhari-led administration to return the economy on a path of sustainable growth having weathered the storm of a difficult macroeconomic environment over the years. She said this during a courtesy visit in her office by the U.S. Ambassador to Nigeria, Stuart Symington. According to Mrs. Adeosun, in spite of the oil price shock and drop in production volumes, the Federal Government has succeeded in utilising the situation to reposition the Nigerian economy which would ultimately be to the advantage of the nation. She emphasised the investment in infrastructure, citing that over N1 trillion had so far been released.
Nigerian Govt Launches Scheme To Improve Women’s Access To Healthcare, Nutrition
The Federal Government has launched a programme for informing pregnant women and breastfeeding mothers across the country about health and nutrition issues, using mobile phones. The programme, tagged “mNutrition,” is a process of using mobile technology to send text messages to Nigerians with a view to expanding access to health and nutrition services. According to a press statement on Friday by the Ministry, the Minister of Health, Isaac Adewole, at the launch said the programme was a step towards achieving Universal Health Coverage (UHC).
Nigerian Postal Service Generated N8.84 Billion Revenue In 2016
The Nigerian Postal Service, NPS, earned a total sum of N8.84 billion as revenue in 2016, the National Bureau of Statistics, NSE, has said. According to a report released by the bureau titled “Annual Postal Services Data 2016”, Stamp Duty generated the highest amount of revenue of N4.09 billion, representing about 46.34 percent of the total
revenue generated in the year. The report stated further that EMS/Speed Post and Parcel clearance/delivery fee followed closely with N1.36 billion and N726.85 million revenues generated, representing 15.38 percent and 8.23 percent of the total revenue generated respectively.
BUA Supports 2,000 Farmers With N600m Loan
BUA Group of Companies has supported 2,000 farmers with N600m loan to boost rice production in Kano State. Group Executive Director of the company, Alhaji Kabiru Rabiu, who made the disclosure while distributing tools to the farmers at Kura Local Government Area of the state, said that the company ventured into the project in line with President Muhammadu Buhari’s agenda of diversifying into agriculture as an alternative to oil.
GCA Set To Fund SMEs In Nigeria, Others
Gradient Consulting Africa, an investment and business management consultancy firm operating from Europe, has concluded plans to provide financial access for Small and Medium-scale Enterprises in Nigeria and the entire sub-Saharan Africa. The Founder, GCA, Mr. Ajibade Yusuf, said in a statement on Friday that lack of funding was the bane of SME growth in Nigeria, adding that this was frustrating entrepreneurs’ efforts to build profitable ventures and provide jobs for the country’s unemployed youths.