Buhari Praises Adesina for Increasing AfDB’s Capital to $208bn

President Muhammadu Buhari at the weekend congratulated the President of African Development Bank (AfDB), Dr. Akinwunmi Adesina, Board of Governors and members of staff on the historic increase of the bank’s capital from $93 billion to $208 billion.  Click here for more.

Nigeria’s border closure to last at least until end-Jan  – Spokesman

Nigeria will keep its land borders closed to trade until at least January 31, 2020, the customs spokesman told Reuters on Sunday. Nigeria launched a partial border closure in August to tackle smuggling of rice and other goods. Last month the head of customs confirmed that all trade via land borders was halted indefinitely. Click here for more.

FG Cuts Farming Equipment Prices By 50%

The Minister of State for Agriculture and Rural Development, Mustapha Shehuri, in a statement on Sunday, was quoted as saying that the move was to show government’s determination at improving the production capacity of farmers. Click here for more.

$83 a Month for Government Workers May Be Too Much for Nigeria

Tope Ajao earns 18,000 naira ($50) a month cleaning floors at Nigeria’s Ministry of Agriculture. She’ll soon start benefiting from a government decision to almost double the minimum wage — even though it’s not clear her country can afford it. Click here for more.

Investors Lose N26.98bn WoW As NSEASI Dips By -0.21% To Close The Week Negative

Equities market closed Friday on a negative note, as NSEASI depreciated by -0.24% to close at 26,293.30 points as against +0.17% appreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at -16.34%. Click here for more.

External Reserves Drop by 6% to $40.5bn in 10 Months

Nigeria’s external reserves have reduced by $2.575 billion or six per cent to $40.5 billion as of last Thursday, compared with the $43.075 billion it was at the beginning of the year. The development was attributed to outflows from foreign portfolio investors as well as the payment for debt services. Click here for more.

CBN releases October T-bills auction results

The Central Bank of Nigeria has released the results of its Treasury bills auctioned on October 30, 2019. It said the range of bid rates for the 91-day tenor was 9.2500 to 11.0000 while that of the 182-day tenor was 10.3000 to 15.0000; and 10.5000 to 14.0000 for the 364-day tenors. Click here for more.

CBN Moves to Recover N36bn Loan from Farmers in North-east

The Central Bank of Nigeria (CBN) has put in place a task force in all local governments in the Northeast to recover N36 billion advanced to farmers. The loan facilities were advanced to the farmers through the Northeast Commodity Association (NECAS) as part of the Anchor Borrowers Programme of the Federal Government. Click here for more.

PenCom To Open PFAs Transfer Window June 2020

Some executives of the Pension Fund Operators Association of Nigeria, who spoke during a seminar organised by the association in Lagos on Friday, said the window had not been opened because the operators were still trying to get the biometrics right. Click here for more.

Experts want monitoring of debtors over rising NPL

The rise in the bank’s Non-Performing Loan (NPL) ratio due to huge exposure to some sectors, has become a source of worry to financial experts, as they urge financial institutions to a adopt proactive risk management measures. Click here for more.

Vitol Pulls out of $1.5bn Deal to Buy Nigerian Oil Fields

Oil trader, Vitol, has quit a consortium that was set to buy a stake in two Nigerian oil fields from Brazil’s Petrobras  its former partner said at the weekend. Africa Oil said it would conclude the $1.5 billion purchase alone after Vitol and Delonex Energy pulled out of the deal to buy half of Petrobras Oil and Gas. Click here for more.