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 [...]

Foreign Traders Disagree On Naira’s Future – CBN

    Nigerian officials are increasingly more assured the naira’s troubles are over for good. Some investors, however, disagree. According to Bloomberg, portfolio inflows have risen in the previous three months with crude costs growing above $60 a barrel and cash managers taking coronary heart from a new foreign-exchange buying and selling window, in which the naira has converged with the black-market rate. That triggered Central Bank of Nigeria Governor, Godwin Emefiele, and Read more [...]

Nigeria’s President Buhari Proposes 16% Spending Rise For 2018

Nigerian President Muhammadu Buhari wishes to make bigger spending by means of sixteen percentage subsequent yr to help enhance growth of an economic system emerging from its worst slump in a quarter century. Buhari asked lawmakers to approve spending plans of 8.6 trillion naira ($23.9 billion) in 2018, in contrast with 7.4 trillion naira this year. The government targets a deficit of 2 trillion naira, in contrast with 2017’s estimated 2.3 trillion shortfall, Buhari he stated in his finances Read more [...]

Nigeria’s Exterior Reserves To Hit 3 Year High Of $35 Billion

The nation’s external reserve will this month hit $35 billion, the absolute best in three years. The ultimate time the nation had $35 billion external reserve was once give up of November 2014, when it dropped to $35.24 billion from $36.25 billion at quit of October 2014. Indications to this emerge from the Central Bank of Nigeria (CBN) data which confirmed that exterior reserves rose through $1.37 billion in October to $33.86 billion from $32.49 billion in September. The make bigger recorded Read more [...]

$195 Million Was Injected Into Forex Market By The Central Bank Of Nigeria

Nigeria’s central bank said it had injected $195 million into the interbank foreign change market on Tuesday to meet demand for dollars as it continues its efforts to enhance liquidity and reduce shortages. In an emailed statement, it said $100 million was provided to the wholesale market and it released $50 million for small and medium firms along with $45 million which used to be supplied for such gadgets as clinical fees, training charges and enterprise travel. Nigeria has at least six Read more [...]

US Buys $2.7 Billion Nigerian Crude In Six Months

The import of Nigeria’s crude oil by way of the United States extended by way of 32.1 per cent to 52.36 million barrels in the first half of of this year, compared to the identical duration in 2016. The US Energy Information Administration, the statistical arm of the Energy Department, published in its modern day statistics that the country sold a document 10.24 million barrels from Nigeria in March, the highest monthly import due to the fact July 2013. It imported 9.78 million barrels in Read more [...]