Nigeria Earns $236bn From Petroleum Exports In Five Years
Nigeria, Africa’s top oil producer, earned a total of $236.15bn from petroleum exports over the last five years, a new report by the Organisation of Petroleum Exporting Countries has shown. OPEC, in its 2019 Annual Statistical Bulletin, put the value of Nigeria’s petroleum exports at $75.196bn in 2014. Click here for more.
FG May Lift Land Border Vehicle Importation Ban – Customs Boss
The Federal Government may relax the ban on importation of vehicles through the land border. The government had in January 2017 ordered a ban on importation of vehicles through the land borders. Click here for more.
AfDB, Partners Launch New Fund To Boost Digital Financial Inclusion
The African Development Bank (AfDB), and its partners, yesterday, launched the Africa Digital Financial Inclusion Facility (ADFI), designed to aid safety and expansion of digital financial transactions in the continent. Click here for more.
Stock market investors lose N533bn in seven days
Investors in the nation’s stock market lost N533bn in the last seven trading sessions as bearish sentiment persisted in the market. The market capitalisation of equities listed on the Nigerian Stock Exchange fell from N13.789tn on May 28 to N13.256tn on Tuesday. Click here for more.
Nigeria Central Bank Quashes Talk of Exchange-Rate Policy Change
Nigeria’s central bank said it made no change to its naira policies, after a revision on its website led some analysts to speculate that it was ending a system of multiple exchange rates. Click here for more.
The Cost Of CBN’s Exchange Rate Policy
Many older Nigerians often reminisce about the halcyon days when ₦1 was equal to $1. In fact, during the 2015 election campaign, it was rumored that President Buhari had promised to make ₦1 equal to $1 again. Click here for more.
CBN Injects $210m Into Forex Market
The interbank segment of the Foreign Exchange Market has received a boost of $210 million from the Central Bank of Nigeria (CBN) following sales concluded on Tuesday, June 11, 2019. Click here for more.
Wapic raises share capital to N15b ahead of regulatory order
Wapic Insurance Plc has secured the approval of its shareholders to increase the authorised share capital of the company from N8.5 billion to N15 billion, by the creation of 13 billion additional ordinary shares of 50 kobo each. Click here for more.
Oando shareholders knock SEC for AGM suspension
Some shareholders of Oando Plc have decried the suspension of the company’s Annual General Meeting by the Securities and Exchange Commission. The Secretary General, Association for Investors’ Liberation, Mr Hamza Ridhwan, spoke on behalf of the minority shareholders at a press briefing on Wednesday. Click here for more.
What US Fed rate cut means for your investment in Nigeria
It is becoming clearer more than ever before that the United States Federal Reserve would most likely cut it monetary policy rate soon as concerns mount over a negative impact of the ongoing trade war on its economy. Being the world’s largest economy, it is evident that this development would impact both equity and fixed. Click here for more.
NADDC Disburses N11bn To 36 Auto Firms
The National Automotive Design and Development Council on Wednesday said it had so far disbursed the sum of N11bn to 36 auto companies. The Director- General, NADDC, Mr Jelani Aliyu, gave the figure in Abuja during a meeting with the Governor of Katsina State, Alhaji Aminu Masari. Click here for more.
The U.S. Budget Deficit Hit $207.8 Billion in May
Here’s a bit of bad news: The U.S. budget has returned to a deficit, one month after posting the first surplus since September. The shortfall was $207.8 billion in May, according to a Treasury Department report Wednesday, more than the median forecast in a Bloomberg survey. Click here for more.