FG Mulls Recapitalisation Strategy For Power Companies
Following the debate of either to recapitalise or repossess the electricity companies unbundled from the defunct Power Holding Company of Nigeria (PHCN), Vice President Yemi Osinbajo has disclosed of a new strategy to recapitalise them through a new electrification road-map. Click here for more.
Stakeholders seek clarification of forex ban for food import
Industry stakeholders have called for further clarification on the recent pronouncement by President Muhammadu Buhari that Nigeria has attained food security, and as such, the Central Bank of Nigeria (CBN), should not extend access to foreign exchange (forex) for food importation. Click here for more.
AfCFTA: MAN recommends return of SON to seaports
The Manufacturers Association of Nigeria has recommended that the Standards Organisation of Nigeria be returned to the ports for effective implementation of the African Continental Free Trade Area agreement. Click here for more.
Investors Lose N14.71bn As NSEASI Dips By -0.11%
Equities market closed yesterday on a negative note, as NSEASI depreciated by -0.07% to close at 27,052.93 points as against -0.82% depreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at -13.93%. Click here for more.
Headline Inflation Increases By 11.08% YoY in July 2019; 0.14% Lower Than June 2019 Rate
The consumer price index, (CPI) which measures inflation increased by 11.08 percent (year-on-year) in July 2019. This is 0.14 percent points lower than the rate recorded in June 2019 (11.22 percent). Click here for more.
CBN Succumbs to Market Pressures, Raises OMO Auction Rate
Yields in the T-bills market declined by c.30bps from the significant uptrend witnessed in the previous session. This came on the back of the slightly improved system liquidity level in the money market and a slightly lower than expected OMO clearing rate at the auction conducted by the CBN. Click here for more.
CBN Warns MFBs Against Hoarding Lower Currencies
The Central Bank of Nigeria has warned microfinance banks in the country against hawking and hoarding of lower denomination currencies under is latest intervention. The CBN gave this warning. Click here for more.
CBN captured politically, says bank’s ex-deputy gov
A former Deputy Governor of the Central Bank of Nigeria, Dr Obadiah Mailafia, has criticised the directive by President Muhammadu Buhari, to the CBN to stop allocation of foreign exchange for food importation. Click here for more.
Oil prices fall again on recession fears
Crude oil prices tumbled further in early trading on Thursday, after a brief stabilisation overnight crumbled under a new wave of recession fears. The international oil benchmark, Brent crude, was down $1.09 or 1.8 per cent to $58.39 per barrel, according to Investing.com. Click here for more.
NNPC, ICRC, PLAN seek collaboration on oil, gas infrastructure
Nigerian National Petroleum Corporation (NNPC), Pipelines Professionals Association of Nigeria (PLAN), and Infrastructure Concession and Regulatory Commission (ICRC), are seeking collaboration that would guarantee the safety and security of Nigeria’s oil and gas infrastructure. Click here for more.
China Invests $16bn In Nigeria’s Oil Sector
China National Offshore Oil Corporation has invested $16bn in Nigeria’s oil and gas sector. CNOOC’s Executive Vice President, Mr Lu Yan Ji, and the Group Managing Director of the Nigerian National Petroleum Corporation, Mele Kyari, announced this on Thursday. Click here for more.
Trump Says China Talks ‘Productive’; Beijing Vows Tariff Retaliation
U.S. President Donald Trump said on Thursday that U.S. and Chinese negotiators were holding “productive” trade talks and expected them to meet in September despite U.S. tariffs on over $125 billion worth of Chinese imports taking effect Sept 1. Click here for more.