Nigeria To Extend Oil-For-Fuel Swaps For More Than 2 Years
Nigeria will extend its Oil-for-Fuel swap deals to not less than two years after the inability to have fully operational refineries. Mele Kyari, Nigerian National Petroleum Corporation’s new managing director, said Nigeria will persist with an annual swap program until the refineries are fixed by 2023. Click here for more.
Nigeria earned N35tn from tax in eight years – FIRS
Within an eight-year period covering 2011 and 2018, the country earned a total of N35.56tn as tax revenue, statistics obtained from the Federal Inland Revenue Service have revealed. An analysis of the tax revenue statistics showed that the tax income was earned in two major tax revenue items. Click here for more.
Mambilla project: Nigeria risks another $2.3bn fine
Nigeria may face another $2.3bn fine in arbitration in France over an alleged breach of contract on Mambilla Hydroelectric project. This is coming after a British commercial court awarded $9.6bn against the country in favour of Process and Industrial Development Company in a botched gas processing deal. Click here for more.
Fighting Over Grazing Land Is Spreading to Nigeria’s South
Fighting between farmers and cattle herders in Nigeria is spreading from the center to the south and fueled by a proliferation of weapons, according to a United Nations envoy. “Nigeria needs urgent action to end the pressure cooker of violence, which is claiming thousands of lives,” Agnes Callamard, UN Special Rapporteur. Click here for more.
NSEASI Inches Up Further By 0.14% To Open The Week Positive
Equities market closed today on a positive note, as NSEASI appreciated by +0.14% to close at 27,565.09 points as against +0.37% appreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at -12.30%. Click here for more.
Treasury Market Opens Bearish as Market Players React to Higher CBN OMO Rate
The FGN Bond market opened the month on a firmly bearish note, with yields trending higher by c.14bps, as market players reacted to the hike in the 1yr OMO rate by the CBN to 13.50% (15.60% yield), which weakened bid prices further, especially on the short end of the curve. Click here for more.
External Reserves Sink to Five-Month Low of $43.67bn
The nation’s foreign exchange reserves have dropped to a five-month low of $43.67bn, losing $1.23bn in 29 days, latest data obtained from the Central Bank of Nigeria on Sunday showed.The external reserves, which rose to a high of $45.18bn on June 10, 2019 from $43.17bn on January 1, dropped to $44.90bn on July 31. Click here for more.
Recapitalisation: NAICOM Seeks Agencies’ Support For Insurers
The National Insurance Commission is engaging other regulatory bodies on how to assist the insurance companies to meet up with its recapitalisation requirements. The Acting Commissioner for Insurance, Mr Sunday Thomas, said this during a one-day conference. Click here for more.
Pound Slides As Brexit Uncertainty Dents UK Manufacturing
Manufacturing fuelled by Brexit uncertainty and wider global growth weakness, traders said. Sterling was down around half a percent versus the dollar and euro approaching midday in London. Click here for more.
US-China trade risk unsettles emerging market investors
Emerging markets are once again at the mercy of the United States-China trade war after investors spent an exhausting August pivoting between disappointment and optimism for a truce. Click here for more.