Nigeria Plans 117 Billion Naira Treasury Consignment Public Sale On Nov 29

The central financial institution plans to offer 26.14 billion Naira in three month paper, eleven billion Naira in six-month consignment and 80.03 billion Naira in one-year note. Results of the auction will be announced subsequent day.

The bank problems treasury bills twice a month to assist the authorities to finance its budget deficit, curb money furnish boom and provide an avenue for lenders to control liquidity.

Nigerian Monetary Growth Quickens As Oil Output Increases

Nigeria’s economic increase accelerated in the 1/3 quarter as oil output rose to the absolute best considering the begin of remaining year. The gross domestic product of Africa’s biggest crude producer accelerated 1.4% in the three months thru September from a year earlier, compared with a revised 0.7% in the 2d quarter, the Abuja-based National Bureau of Statistics said Monday in an emailed report. The median of 13 economists’ estimates in a Bloomberg survey was for 1.5% growth. The Read more [...]

Economy Increases Quickens As Oil Output Increases In Nigeria

  Nigeria’s monetary growth accelerated in the 1/3 quarter as oil output rose to the best possible considering that the begin of remaining year. The gross domestic product of Africa’s greatest crude producer multiplied 1.4% in the three months through September from a 12 months earlier, compared with a revised 0.7% in the second quarter, The financial system reduced in size 1.6% in 2016, the worst annual droop in 25 years. The International Monetary Fund forecasts GDP growth of Read more [...]

Nigeria Currency (Naira) Crashes Against Dollar

On Tuesday, Naira  traded at N362.5 to the greenback at the parallel market,while Pound Sterling and the Euro closed at N476 and N426 respectively. At the Bureau De Change window, the Naira flattened at N362 to the dollar, while the Pound Sterling and the Euro closed at N476 and N426 respectively. Trading at the interbank window saw the Naira closed at N359.87, whilst the CBN fee closed at N305.9 to the dollar. According to traders, patronage at the market was gradual as they awaited the Read more [...]

Nigeria Raises 119.9 Billion Naira At Treasury Invoice Public Sale

Nigeria raised 119.9 billion Naira at a treasury invoice public sale on Wednesday after allocating nearly ninety percentage of the debt to the longer maturities, merchants said. The central financial institution sold 107.93 billion Naira of one-year debt at a price of 15.60 percent, 43.26 billion Naira greater than it had in the beginning offered to sell in that maturity. Investors bid as excessive as 18.23 percent for the one-year paper. However, the authorities has been imparting debt at Read more [...]

Nigeria Raises 119.9 Billion Naira At Treasury Consignment Public Sale

On Wednesday Nigeria raised 119.9 billion Naira at a treasury consignment auction after allocating nearly ninety percentage of the debt to the longer maturities. Still on that Wednesday, the Debt Management Office stated it deliberate to promote 100 billion Naira in 5years and 10years bonds on Nov. 22. The central financial institution sold 107. 93 billion Naira of 1year debt at a rate of 15.60 percent, 43.26 billion Naira extra than it had initially provided to promote in that maturity. While Read more [...]

Naira Appreciates To N359 Against Dollar

The Naira on Thursday liked to N359.56 in the Investor and Exporter (I&E) Foreign Exchange, forex. The indicative alternate fee for the I & E Forex Window, recognized as Nigerian Autonomous Foreign Exchange, NAFEX, liked to N359.56 per dollar. It jumped from Wednesday’s market charge which stood at N360.70 per dollar. This shows an appreciation of N1.14 kobo in the fee of the neighborhood currency. Meanwhile, the extent of dollars traded in the window, yesterday, used Read more [...]

We Have To Spend $3billion Refinancing Debts Inherited From Jonathan

Kemi Adeosun, minister of finance, says the federal authorities will spend $3 billion refinancing money owed from the administration of former President Goodluck Jonathan. The minister also said the $5.5 billion mortgage which President Muhammadu Buhari is seeking to get the approval of the countrywide meeting for, is made up of two factors – refinancing of heritage debts to the tune of $3billion and new borrowing of $2.5 billion for the 2017 budget. “The borrowing will allow the u . s Read more [...]

Nigeria’s 650,000 Barrels Per Day Dangote Refinery Viewed On-stream

A refinery with capability to procedure 650,000 barrels per day (bpd) of oil being built in Nigeria is due to come on-stream via the quit of 2019, the oil minister said on Tuesday. “That be adequate to meet neighborhood needs,” Minister of State for Petroleum Resources Emmanuel Ibe Kachikwu advised an oil and convention in Cape Town, referring to the Dangote refinery. State oil firm NNPC final 12 months launched bidding to locate companions to overhaul its ailing refineries, which infrequently Read more [...]

Nigeria Moves Toward Border Controls On Challenging Foreign Money

During the forex crunch most corporations have sought greenbacks on the black market the place the neighborhood naira, at the begin of the year, traded around 30 percent weaker than on the legitimate market. To attempt resolve the currency crisis, the OPEC member nation has set up at least one-of-a-kind six trade rates. The bill, examine in the House of Representatives, is designed to substitute a law passed in 2004. It would ban people and corporations from exporting extra than $50,000 Read more [...]