News & Blog Archive


  • June 28. 2017

    France To Invest 1 Billion Euros In Nigeria's Oil, Gas Industry - LEADERSHIP

    The French government has said that it has set aside about one billion euros to be invested in the Nigeria Oil and Gas industry, stating that Nigeria remains her first economic trading partner in Africa.

    France Ambassador to Nigeria, His Excellency, Denys Gauer, declared this when the group general manager, group public affairs division (GPAD) of the Nigerian National Petroleum Corporation (NNPC), Mr. Ndu Ughamadu, led a delegation to his office in Abuja.

    Mr. Gauer said that French Development Agency has put in place about one billion Euros to encourage French investors to invest in the Nigeria Oil and Gas sector, adding that the French government is also cooperating with the Federal Government in the fight against Boko Haram insurgency.

    Read More

    June 23, 2017

    CBN Warns against Abuse of the Naira - THISDAYLIVE

    The Central Bank of Nigeria (CBN) has urged members of the public to desist from ill handling of the nation's currency, the naira.

    The central bank stressed that the cost of maintaining the naira note was expensive, while also urging members of the informal sector to embrace the various e-payment options in the economy.

    Read More

    June 23, 2017

    Why we can't devalue Naira - CBN - BREAKING TIMES

    The Central Bank of Nigeria (CBN) has given explanations why it would not succumb to pressure to further devalue or float the Naira.
    CBN Acting Director, Public Communications, Mr. Isaac Okorafor gave the explanations in Umuahia, Abia State during a sensitization forum on CBN intervention programmes for young entrepreneurs, farmers, traders, cooperative societies,and young school leavers.
    He said CBN would not devalue the Naira as that would escalate inflation and worsen the economic situation in the country.
    Okorafor said CBN had the constitutional mandate to regulate the currency and prevent any economic situation that would expose Nigerians to hardship.

    Read More

    June 22, 2017

    7 Tips To Create An Investment Plan

    1 Do not react to the market. Be proactive instead.
    Make your investment moves before any major market action takes place. It's best to have a good plan on paper before executing it, and it's best to execute it during a time when the market isn't dancing around wildly. Get the answers to these questions before you invest and make it a part of your plan:

    What are your investment goals?
    What is your risk tolerance? Evaluate yourself or take some tests to find out!
    What is your time horizon?
    What does your tax situation look like?

    Read More

    June 22, 2017

    Nigeria's Crude Oil Exports to Surpass One-year High in August - THISDAY

    Nigeria's crude oil exports are set to surpass two million barrels per day (bpd) in August, the highest in 17 months, as the country's oil and gas industry nears a full recovery from attacks by the Niger Delta militants that crippled production in 2016.

    It is expected that if the ramp-up in Nigeria's production is sustained, it will put further pressure on efforts by the Organisation of the Petroleum Exporting Countries (OPEC) to trim output in support of oil prices.

    Exports of 2.02 million bpd on 67 cargoes are scheduled so far in August, according to preliminary loading plans compiled by Reuters, along with an additional 97,000 bpd of Akpo condensate.

    Read More

    June 22, 2017

    CBN persuades farmers, SMEs to access loans from intervention funds - VANGUARD

    By Babajide Komolafe AGAINST the backdrop of low level of disbursement Central Bank of Nigeria, CBN, has called on farmers and operators of Small and Medium Enterprises (SMEs) to approach banks and demand for loans from any of its various intervention funds.

    Speaking at seminar for farmers and SMEs operators in Abeokuta, Ogun State, Senior Manager, Development Finance Department, CBN, Dr. Xavier Okon, explained to participants that the apex bank helps to solve the problems most businesses face in Nigeria especially that of long-term financing needs which commercial banks cannot meet because their funds are mainly short term in nature.

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    June 22, 2017

    W'Bank approves $961m for Nigeria's economic recovery plan - PUNCH

    The World Bank on Tuesday approved $961m loan to support the implementation of Nigeria's Economic Recovery and Growth Plan 2017-2020.

    A statement made available to our correspondents on Wednesday by the Senior Communications Officer at the World Bank office in Nigeria, Olufunke Olufon, said the fund would go into two programme-for-results operations totalling $961m.

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    June 21, 2017

    FOREX-Dollar advance stalls as oil slides, pound struggles near 2-month low - REUTERS

    * Dollar index edges away from 1-month highs

    * Crude oil tumble depresses US yields, weighs on dollar

    * Loonie, Norwegian crown also pressured by weaker oil

    * Pound slides to 2-mth low with higher rate hopes doused (Adds details and quotes, updates prices)

    Read More

    June 21, 2017

    I&E FX Window May Stop Nigeria's Demotion from MSCI Index - THISDAY

    The newly introduced Investors' and Exporters' (I&E) foreign exchange window targeted at foreign portfolio investors could earn Nigeria reprieve from being demoted from the MSCI's frontier markets index.

    Nigeria's currency peg between 2015 and 2016 led to the country's delisting from two major indexes for emerging and frontier markets during the period.

    U.S. investment bank, JP Morgan & Chase, in September 2015, first removed Nigeria from its Government Bond Index for Emerging Markets (GBI-EM), while Barclays announced its removal of Nigeria's sovereign debt from its emerging markets local currency government bond benchmark, effective February 1, 2016.

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    June 21, 2017

    This high school dropout who invested in bitcoin at $12 is now a millionaire at 18 - CNBC

    - Erik Finman began investing in bitcoin in 2011, when it was just $12 per token
    - Through selling companies and other investments, he now has 403 bitcoins - worth more than $1 million
    Erik Finman made a bet with his parents that if he turned 18 and was a millionaire, they wouldn't force him to go to college. Thanks to his savvy investments in bitcoin and the current all-time high valuation, he won't have to get his degree.

    Read More

    June 21, 2017

    African Markets - Factors to watch on June 21 - REUTERS

    The following company announcements, scheduled economic indicators, debt and currency market moves and political events may affect African markets on Wednesday.

    - - - - -
    GLOBAL MARKETS
    A renewed slump in oil prices to seven-month lows put Asian investors on edge on Wednesday, overshadowing a decision by U.S. index provider MSCI to add mainland Chinese stocks to one of its popular benchmarks.

    WORLD OIL PRICES
    Oil prices dipped on Wednesday, trading around multi-month lows as investors discounted evidence of strong compliance by OPEC and non-OPEC oil producers with a deal to cut global output.

    Read More

    June 20, 2017

    How To Financially THRIVE

    The rules for financially thriving are different from the tenets of basic survival.

    "What we think, we become." - Buddha
    No one wants to survive.
    We want to succeed to the greatest of our abilities. But many of us are only taught financial survival tactics since childhood that serve us to the lowest level of financial growth possible.

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    June 20, 2017

    CBN mulls new FOREX retail option, pumps $995m - ROYAL NEWS

    The Central Bank of Nigeria is contemplating introducing a new FOREX retail option in Nigeria, just as it released another $195million into the market today.

    The bank last week released $800 million , making a total of $995million injection, in eight days.

    The bank hoped that the fund will adequately meet the requests of customers in the various segments of the market.

    The acting Director, Corporate Communications, Mr Isaac Okorafor , said in a statement in Abuja that the bank would soon introduce a new FOREX retail option. He did not elaborate.

    Read More

    June 16, 2017

    African Markets - Factors to watch on June 16 - REUTERS

    The following company announcements, scheduled economic indicators, debt and currency market moves and political events may affect African markets on Friday.

    - - - - -
    GLOBAL MARKETS
    Asian stocks were little changed on Friday, as investors searched for catalysts in the wake of a resumption of the U.S. technology rout overnight.

    Read More

    June 16, 2017

    Nigeria May End Multiple Naira Rates in Quest for Inflows - BLOOMBERG

    Nigeria will end a system of multiple exchange rates that has deterred investment in its stocks and bonds, according to the head of the country's main currency-trading platform.

    The central bank and Lagos-based FMDQ OTC Securities Exchange are taking a "phased approach toward a single foreign-exchange market," according to Bola Onadele.

    "There is opportunity for convergence and there is no better time for it," Onadele, also know as Koko, said in an emailed response to questions Thursday. "It must be on every participant's radar. However, the multiplicity of rates will be dealt with probably over a period," he said, without giving details of the timing.

    Read More

    June 15, 2017

    Oil hits six-week low as OPEC fails to curb oversupply - REUTERS

    Oil prices dropped to six-week lows on Thursday, under pressure from high global inventories and doubts about OPEC's ability to implement agreed production cuts.

    Brent crude oil LCOc1 fell 30 cents to $46.70 a barrel, its weakest since May 5 and just above six-month lows, before recovering a little to trade around $46.85 by 1150 GMT.

    U.S. light crude CLc1 was down 25 cents at $44.48, also not far off six-month lows.

    Both crude benchmarks have lost all the gains made at the end of last year after the Organization of the Petroleum Exporting Countries agreed with other big producers to cut output in an effort to prop up prices.

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    May 26, 2017

    Nigeria to issue first green bond in next few weeks - officials

    CANCUN, Mexico, May 26 (Thomson Reuters Foundation) - N igeria plans to launch its delayed "green" bond - the first for an emerging market country - within a few weeks, the country's former environment minister said.

    Amina Mohammed, now deputy secretary-general of the United Nations, told the Thomson Reuters Foundation proceeds from the sovereign bond - which is expected to raise about 20 billion naira ($63.6 million) from its first tranche - would be used to fund renewable energy, transport and agriculture projects.

    Nigeria's green bond could lay the groundwork for other African countries to follow suit, she added.

    Green bonds have been around for a decade but sovereign borrowers had been absent from the market, which was traditionally dominated by international development banks.

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    May 26, 2017

    Nigeria Attractive for Investment, Says RenCap

    Renaissance Capital analyst, Charles Robertson has said that at their current value and with the ongoing reforms in the economy, the various investment windows in the Nigerian financial market are attractive.

    Robertson stated this in a report thursday.
    He noted that with the naira at around N400/$ on the parallel market, the currency currently offers a five per cent discount to his firm's estimated fair value (this discount will likely disappear due to inflation over 2017), "while we think equities and naira bonds are cheap."

    According to Robertson, after spending most of the past fortnight in Nigeria for the Renaissance Capital's 8th Annual Pan-Africa Investor Conference in Lagos and the 10th African Finance Corporation's (AFC) infrastructure-focussed conference in Abuja, "we believe we have learnt enough to justify a more optimistic stance towards Nigerian assets."

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    May 25, 2017

    Fixing FX: The Currency Trader's New Guide to Ethical Behavior

    The $5.1-trillion-a-day currency market is getting a new playbook as foreign-exchange traders try to change their image from naughty to nice.

    In a worldwide cleanup effort, more than 40 industry participants, steered by central bankers, have hammered out the FX Global Code -- 75 pages of voluntary standards aimed at rooting out misconduct in the world's biggest financial market. Read More


    May 25, 2017

    Central bank body publishes code of conduct for FX traders

    A long-awaited code of conduct for foreign exchange traders has been published in a bid to restore trust in the world's $5tn-a-day currency markets, with major banks, asset managers and trading venues expected to commit to it.

    The global code, published by The Bank for International Settlements, took two years to draw up and followed a series of scandals in the foreign exchange markets, including attempted manipulation.

    Its publication comes a day after BNP Paribas was fined $350m by the New York Department of Financial Services for "nearly unfettered misconduct"within its FX business.

    Read More

    May 24, 2017

    Senate to CBN: Convert lower currency notes into coins

    ABUJA- THE Senate, yesterday, urged the Central Bank of Nigeria, CBN, to urgently convert lower currency notes into coins to facilitate retail transactions in the country.

    The upper chamber said it had become very imperative to make the use of coins compulsory because in developed countries as the United Kingdom, United States of America, USA; Japan, China, European Union, EU; and the entire United Arab Emirate, UAE, coins were used as means of exchange through cash transactions.

    Read More

    May 24, 2017

    Bitcoin Surge Is Driven by People Leaving Riskier Digital Currencies, Say Execs

    Bitcoin's dramatic surge may be more than just a speculative frenzy. The recent rally is being driven partially by enthusiasts rotating out of riskier digital assets and into the more established cryptocurrency, according to industry executives.

    "A lot of the volume into bitcoin right now is actually not dollar or yen or euro into bitcoin, but is rather alt digital assets," said Peter Smith, co-founder and CEO of digital asset software platform Blockchain, at an industry conference Tuesday that brought in 2,700 people on the first day. "People do view a lot of these newer assets as more risky, and so when they make big gains there, they're selling down those gains and rotating into bitcoin."

    Read More

    May 23, 2017

    Naira drops to 381/dollar despite CBN's $205m offer

    The naira depreciated slightly from 380 per United States dollar to 38i/dollar on the parallel market on Monday.

    This came despite a $205m dollar injection into the foreign exchange market by the Central Bank of Nigeria.

    In a statement on Monday, the CBN said ahead of the outcome of the Monetary Policy Committee meeting in Abuja, it had injected over $205m into the foreign exchange market.

    Read More

    May 23, 2017

    CBN Injects Fresh $205m into Forex Market

    The Central Bank of Nigeria (CBN) on Monday injected over $205 million into the foreign exchange market.

    A breakdown of the intervention revealed that while the sum of $100 million was released for the wholesale segment of the market for both spots and forwards; Basic Travel Allowance (BTA), Personal Travel Allowance (PTA) and other invisibles got $50 million while the Small and Medium Scale Enterprises (SME) segment got $55 million.

    However, the naira closed at N381 to the dollar on the parallel market yesterday, lower than the N380 to the dollar it closed last Friday.

    Read More

    May 23, 2017

    Moody's: Nigeria, Other Countries' Recovery from Foreign Currency Shortages Will Take Time

    While foreign currency shortages in sub-Saharan Africa stemming from lower oil and commodity prices are easing, it will take time for Nigeria and other countries in the region as well as banks and non-financial companies to restore their financial health, Moody's Investors Service said in a report on Monday.

    The report was titled: 'Foreign-currency shortages are subsiding but will take time to overcome.'
    Moody's Vice President - Senior Analyst and co-author of the report, Lucie Villa, noted that falling oil and commodity prices over the past two years had led to foreign currency shortages in numerous sub-Saharan African countries, with oil exporters hit particularly hard.

    Read More

    May 23, 2017

    'Make naira convertible international currency'

    CBN ex-official seeks investment in infrastructure to tackle unemployment
    A former Deputy Governor of the Central Bank Of Nigeria (CBN), Dr. Obadiah Mailafia, has called on the Federal Government to take measures that will make naira convertible international trading currency.

    Mailafia made the call in an interview with the News Agency of Nigeria (NAN) in Abuja yesterday. He recalled that about 40 years ago, naira was accepted abroad for trading and other purposes. "In the 70s, Nigerians were spending naira in London. It was accepted.

    "The situation has changed that even in Benin Republic, they don't accept naira. "We need to restore the purchasing power, the honour and dignity of the naira as our proud currency and the symbol of national honour,'' he said.

    Read More

    May 19, 2017

    Would You Buy A New House Or An Older Home?

    When making the foray into real estate, have you thought about whether you'd buy a new house or an older home? Does it matter? Here are some pros and cons.
    Thanks to the present housing slump, potential home buyers are finding some great bargains, if they have the patience and the savvy to haggle the final price. Many houses in the market have been erected during the last 5 years and should be pretty much trouble free.

    But, as they say in the construction business, they don't make them the way they used to. Experts also say that a house increases in value over the first 20 years, and then the only valuable property is the land. Land almost never decreases in value, unless there is a toxic landfill underneath. So the important question for potential buyers is: is it better to buy an old house or one recently made?

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    May 19, 2017

    Foreign investors target Nigeria's mining industry

    Nigeria's fast growing mining industry has become a target for global experts, the organisers of the three-day National Mining Summit and Construction and Mining Machinery Exhibition, which begins on June 13, have said.

    The organisers said that with new regulations, there had been increased interest from financiers and international parties ready to offer assistance to the industry.

    "So too do developments in the sector. Last month, the World Bank earmarked $150m to support the Nigerian mining sector and there have been announcements that 30 per cent of Nigeria's energy mix has now been forecast to be met by coal. The sector is moving and it is moving fast," the organisers said in a statement on Tuesday.

    Read More

    May 17, 2017

    First Bank sensitises SME operators to CBN FX window accessibility - GUARDIAN

    As part of its efforts to promote the recent Central Bank of Nigeria (CBN) special Foreign Exchange (FX) window, FirstBank of Nigeria Limited has engaged Small and Medium Enterprises (SMEs), on sensitisation programme to enhance operators' accessibility of the platform.

    The CBN, on April 10, opened a special FX window SMEs for import of eligible finished and semi-finished items not exceeding $20,000 for an enterprise per quarter.

    To this effect, Firstbank of Nigeria organised a one day SME's programme for SME's in Lagos at the weekend to align with the CBN as agent of implementation of the policy and to sensitise them on the requirements and procedures for accessing the forex window.

    Read More

    May 17, 2017

    How To Safely Borrow For A House Purchase

    Buy a house without going broke!
    So you've set your sights on a house that's just perfect and you just cannot contain your excitement. There's just one problem - you're not sure if you can really afford it. But before you turn to the real estate professionals for advice, you may want to develop some idea about what kind of financing you're interested in and even what you could qualify for. To be forewarned is to be forearmed.

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    May 16, 2017

    FOREX-Dollar languishes near 1-week low after weak US manufacturing activity - REUTERS

    SINGAPORE, May 16 The dollar traded near a one-week low versus a basket of major currencies on Tuesday, having come under pressure after a surprisingly soft U.S. manufacturing report.

    The New York Federal Reserve said on Monday its barometer on business activity in New York state unexpectedly fell in May, sinking into negative territory for the first time since October.

    Analysts cautioned that the downturn could be a harbinger of possible deterioration in the manufacturing sector.

    The dollar index, which measures the greenback's value against a basket of six major currencies, last traded at 98.855 . On Monday, it touched a low of 98.787, its weakest level since May 8.

    Read More

    May 16, 2017

    Naira stable at N385/$ as CBN injects $453.3m - VANGUARD

    The Central Bank of Nigeria (CBN) yesterday injected $457.3 million into various segments of the foreign exchange market, even as the naira remained stable at N385 per dollar in the parallel market.

    Meanwhile, the CBN also disclosed that the Investors and Exporters (I&E) foreign exchange window has so far attracted $600 million from autonomous sources and from the apex bank.

    Acting Director, Corporate Communications at the Central Bank of Nigeria, Isaac Okorafor, disclosed these developments saying a breakdown of the $457.3 million offered yesterday indicates that both the spot and forwards segments received a total of $267.3 million while the wholesale segment got $100 million.

    Read More

    May 11, 2017

    Forex: NACCIMA Lauds CBN's Sanction against Banks - THISDAYLIVE

    The Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture (NACCIMA) has commended the Central Bank of Nigeria (CBN's) decision to stop some banks from participating in the SME wholesale window of the forex market following series of complaints that some of the banks were deliberately frustrating efforts by many SMEs to access forex from the window.

    This is as the Chamber has predicted that Nigeria would be out of her current economic downturn by third quarter of 2017.

    Read More

    May 11, 2017

    Oil returns to $50 as US stocks drop - PUNCH

    'Femi Asu with agency report
    Global oil benchmark, Brent crude, recouped some of the losses it recorded in recent days on Wednesday and traded above the $50 per barrel mark.

    Oil prices were bolstered by the biggest one-week drop in the United States' inventories so far this year, and after Iraq and Algeria joined Saudi Arabia in supporting an extension to supply cuts by the Organisation of Petroleum Exporting Countries.

    Read More

    May 11, 2017

    Official exchange rate redundant, Soludo tells CBN - PUNCH

    A former Governor of the Central Bank of Nigeria, Prof. Charles Soludo, says the apex bank's official exchange rate of N306 to the dollar has become redundant, describing it as an instrument for rent seekers and arbitrary allocation of scarce foreign exchange in the country.

    As a result, he said the CBN must achieve a unified market-determined exchange rate by eliminating the current multiple exchange rates as a matter of urgency.

    Soludo spoke in a keynote address at the eight annual Pan-Africa Investor Conference organised by Renaissance Capital, an international investment bank, in Lagos on Wednesday.

    Read More

    May 11, 2017

    African Markets - Factors to watch on May 11 - REUTERS

    The following company announcements, scheduled economic indicators, debt and currency market moves and political events may affect African markets on Thursday.

    - - - - -
    EVENTS:
    KENYA - The central bank holds its weekly Treasury bills auction.

    GLOBAL MARKETS
    Asian stocks rose on Thursday, getting a lift from a record high close on MSCI's global stocks benchmark after strong gains in oil prices buoyed energy shares.

    WORLD OIL PRICES
    Oil prices rose on Thursday, and Brent was firmly back over $50 per barrel, as a fall in U.S. fuel inventories and a bigger than expected cut in Saudi supplies to Asia tightened the market.

    Read More

    May 8, 2017

    3 Traits You Need To Be a Great Investor

    Whether your aim is to be a small town millionaire who collects $25,000 a month in dividends, interest income, and rents, an international real estate baron building hotels around the world, or financial genius with an impressive history with high returns, there are a handful of things that many great investors have in common. These traits fall under three broad categories: the right temperament, the ability to value assets, and an appropriate understanding of risk.

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    May 8, 2017

    Naira to Appreciate Ahead of Heavy Injection of FX by CBN as FX availability excites manufacturers - PROSHARE

    Strong indications emerged over the weekend that the Central Bank of Nigeria (CBN) is set to inject more foreign exchange through intervention segments of the market thereby heightening expectations that the Naira will appreciate significantly during the week.

    The expectations became rife following the inability of the authorized dealers to fully subscribe to various amounts offered by the apex Bank on two consecutive times last week. Those two events alone sent jitters to currency speculators perceiving Dollar glut as imminent in the market.

    Read More

    May 5, 2017

    African Markets - Factors to watch on May 5 - REUTERS

    NAIROBI, May 5 (Reuters) - The following company announcements, scheduled economic indicators, debt and currency market moves and political events may affect African markets on Friday.

    -----------
    EVENTS:
    * SOUTH AFRICA: Moody's announces its ratings decision on South Africa this week. The agency put South Africa on review for a downgrade after the President Jacob Zuma cabinet reshuffle that saw a respected finance minister being fired.

    * SOUTH AFRICA: World Economic Forum on Africa will be held in Durban, South Africa, on 3-5 May 2017. The meeting will convene regional and global leaders from business, government and civil society to explore solutions to create economic opportunities for all.

    * SOUTH AFRICA: South Africa's Treasury holds weekly auction for 3-month, 6-month 9-month and 1-year treasury bills

    Read More

    May 5, 2017

    Buhari, Emefiele meet over forex crisis - THE GUARDIAN

    President Muhammadu Buhari yesterday met with the Governor of Central Bank of Nigeria (CBN), Godwin Emefiele, at the Presidential Villa, Abuja.

    Addressing State House Correspondents shortly after the closed-door meeting, Emefiele said their discussions centered on the state of the economy and the continued instability in the country's foreign exchange market, which he said, had impacted negatively on the value of naira.

    Emefiele said he also briefed the President on other sundry issues, including what the apex bank was doing to stabilise the foreign exchange market.

    Read More

    May 3, 2017

    CBN Sanctions 14 Banks for Crowding out SMEs in FX Market - THISDAY

    Following persistent complaints that some Deposit Money Banks (DMBs) have deliberately frustrated efforts by many Small and Medium Enterprises (SMEs) to access FX from the window created for small businesses in the country, the Central Bank of Nigeria (CBN) has barred all but eight banks from participating in the weekly SME wholesale spot and forwards interventions effective Tuesday.

    Sources at the CBN disclosed that the banking system regulator took the decision to bar the erring banks based on field reports, which revealed that only eight banks had sold FX to the SME segment since the inception of the window.

    Read More

    May 3, 2017

    Forex: CBN Bars 16 Banks From SME Window - PUNCH

    The Central Bank of Nigeria on Tuesday wielded the big stick on 16 Deposit Money Banks as it stopped them from participating in the Small and Medium-scale Enterprises window of the foreign exchange market.

    The apex bank said this in a statement issued by its Acting Director, Corporate Communications Department, Mr. Isaac Okorafor.

    He said the decision to stop the banks from participating in the SME wholesale window of the forex market was taken following series of complaints that some of them were deliberately frustrating efforts by many SMEs to access forex from the window.

    Read More

    May 3, 2017

    Nigeria to halt petrol import by 20I9 - THE GAURDIAN

    The Nigerian National Petroleum Corporation has unveiled plans to exit importation of petroleum products by 20I9. Group Managing Director, Dr. Maikanti Kacalla Baru, made this known while fielding questions from journalists on the sidelines of the ongoing Offshore Technology Conference (OTC) in Houston, United States, yesterday.

    Baru who was represented by the Chief Operating Officer, Gas & Power, Saidu Mohammed, told reporters that as at today, all the nation's three refineries were producing petroleum products.

    "We load out at least five to six million litres of PMS daily and about that same quantity of AGO daily from the three refineries. That is part of what is making the PMS market in Nigeria stable today. We believe that the set target of exiting PMS importation in 2019 is achievable," he stated.

    Read More

    May 3, 2017

    Nigeria's Foreign Debt $11.4 billion, Domestic N14.02 Trillion By End 2016 - NBS - JS

    The total foreign and domestic debt stocks of the federal and the 36 states governments as at December 31, 2016 stood at about $11.41 billion and N14.02 trillion respectively, the National Bureau of Statistics, NBS, reported on Tuesday.

    The statistics agency in its latest Nigerian Domestic and Foreign Debt report, 2016 said further disaggregation showed that $7.99 billion of the country's foreign debt were from multilateral agencies; $198.25 million were bilateral (AFD) and $3.22 billion from the Exim bank of China credited to the Federal Government account.

    Read More

    April 28, 2017

    We've enough dollars for end users, says CBN

    The Bankers Committee of the Central Bank on Thursday declared that there was adequate stock of foreign exchange to sustain the spate of dollar sales to various segments of forex market.

    The regulator stressed that it was in possession of adequate stock of dollars to ensure that it met the demands of all genuine bank customers in the country.

    The Director, Banking Supervision, CBN, Ahmed Abdullahi, said this at a press briefing held along some chief executive officers of banks shortly after the committee's meeting in Lagos.

    Read More

    April 28, 2017

    Retail Prices Remained Stubbornly Static as Naira Strengthened at the New Forex Window - PROSHARE

    The naira strengthened at the new forex window (investors and exporters) to close at N380/$. At the parallel market the naira also appreciated to N386/$. This concentric movement in exchange rates is beginning to reflect a more realistic value of the naira.

    Retail prices have continued to remain stubbornly static except for diesel where the wholesale price has crashed by 5% to N190 per litre. In the oil markets, Bonny Light climbed marginally to $51.82pb on the news of lower than expected US output.

    The attached report summarizes the commodity price movements for this week.

    Read More

    April 26, 2017

    What Investors Need to Know About Nigeria's New Exchange Window - BLOOMBERG

    There's a lot riding on Nigeria's new foreign-exchange platform.

    The system -- called the Investors' and Exporters' FX Window -- is the government's latest attempt to lure back traders who fled in the past two years. The idea is that by creating a market for some types of investment transactions, policy makers can satisfy calls to float the currency without risking an inflationary spiral that may come from a devaluation. Eventually, it would attract foreign funds and alleviate the shortage of dollars.

    While analysts warn that it may be weeks before they'll have a clear idea of how it's functioning, here is what traders need to know:

    Read More

    April 26, 2017

    Emefiele - "We Have Firepower and Ammunition To Defend The Naira" - NAIRAMETRICS

    The Governor of the Central Bank of Nigeria, Godwin Emefiele, has said that the apex bank is currently practicing a 'managed float regime' of the Naira. He went on to assure Nigerians that this regime will continue as the foreign reserves, which he said has hit $31 billion, has provided the CBN with adequate 'firepower'.

    Here is the CBN Governor in his boisterous best.
    On influencing the new FX Window for Investors
    "Indeed with the kind of firepower that we have, we are also going to play in that market to ensure that as the prices move on based on the managed float regime that we run, that we should be able to control the price based on willing buyer and willing seller basis," he said.

    Read More

    April 26, 2017

    How CBN's New Window Fared On Its Debut? - NAIRAMETRICS

    After its announcement last week Friday of a new window dedicated to for trading dollars with investors and exporters, the Central Bank of Nigeria (CBN) yesterday gave the window its debut. How though, did the window perform?

    Reuters explains that the CBN sold $25 million to investors and exporters while further selling another $96.37 million in currency forwards at an auction. According to a statement by the CBN spokesperson, Isaac Okoroafor, $150 million was actually planned for the auction but authorized dealers could not fully subscribe.

    Read More

    April 26, 2017

    Forex demand shrinks as dealers fail to absorb Central Bank's $150 million offer - PREMIUM TIMES

    Foreign exchange dealers were unable to absorb fully the $150 million offered by the Central Bank of Nigeria, CBN on Monday, as intervention in the new Investors'/exporters' FX window commenced with the sale of $25 million to customers.

    On Monday, the Central Bank supplied a total of $150 million to the interbank wholesale market for auction to authorised foreign exchange dealers.

    But, the dealers were unable to subscribe fully to the offer, CBN spokesperson, Isaac Okorafor, said on Tuesday.

    Mr. Okorafor said the dealers were only able to subscribe to about $96.37 million. He did not give reasons for the inability of the dealers to fully subscribe to the offer in the inter-bank market.

    Read More

    April 24, 2017

    Nigeria central bank introduces FX trading window for investors - REUTERS

    Nigeria's central bank will now allow investors to engage in foreign exchange trading at rates the buyers and sellers set, a move it hopes will increase the amount of dollars available in Africa's biggest economy.

    People or businesses who need dollars to repay loans, pay dividends, repatriate capital or settle trade-related obligations will be eligible for the new trading system, according to central bank circular seen by Reuters on Monday.

    Read More

    April 24, 2017

    Nigeria Said to Let Market Decide Naira Rate on Exchange Window - BLOOMBERG

    Nigeria's central bank will let the market determine the naira's rate in a new foreign-exchange window for portfolio investors as the nation struggles to revive its economy amid a dollar shortage.

    Governor Godwin Emefiele told senior bankers that he would tolerate the naira weakening in the window, which starts today, according to a person who attended meetings with the policy maker over the past two weeks. While the currency may depreciate to its black-market level, the central bank probably won't devalue the naira's official rate, the person said, declining to be identified because he wasn't authorized to speak publicly.

    Read More

    April 21, 2017

    Nigeria to boost growth with non-oil revenues, anti-corruption war - Adeosun - PREMIUM TIMES

    Nigeria's Minister of Finance, Kemi Adeosun, has said the nation plans to get out of recession by boosting government non-oil revenues and cracking down on corruption.

    Reuters reports that Mrs. Adeosun made the remarks while fielding questions from reporters at the World Bank conference in Washington on Thursday.

    Analysts said the Nigerian government's anti-corruption war received a boost recently when the government suspended the Secretary to the Government of the Federation, SGF, David Lawal, and ordered an investigation into the allegations of violations of law and due process made against him in the award of contracts under the Presidential Initiative on the North East, PINE.

    Read More

    April 21, 2017

    Nigerian first-quarter output improved - BLOOMBERG

    Abuja - Nigeria's economy, which contracted in 2016, performed better in the first three months of this year than during the previous three quarters on improved oil production and factory output, according to Statistician-General Yemi Kale.

    "From the numbers we are seeing, certainly things are improving, and if the data doesn't show Nigeria out of recession, it will show Nigeria is on its way out of recession," Kale, who is also chief executive of Nigeria's National Bureau of Statistics, said in an interview at his Abuja-based office on Thursday.

    Read More

    April 19, 2017

    How to Buy a Home with Good Resale Value

    The time to think about selling your home is the day you buy a home. If you buy a home with good resale value, it should be fairly easy to sell if and when that time comes. But some home buyers never consider resale value when they buy. They make the mistake of focusing solely on whether the home suits their own needs.

    Number One Rule of Home Resale Value: Location
    You hear agents repeat the phrase in triplicate: location, location, location.

    If you choose a home in a desirable location, odds are that location will remain in favor, which will always attract a larger pool of home buyers. Alternatively, if the location is less than desirable, it's possible that your future sales price will always be less than the other homes around it, and you may attract a smaller pool of home buyers.

    Read More

    April 19, 2017

    Whistle blowing: We are chasing those who stole money - Adeosun - DAILY POST NIGERIA

    Nigeria's Finance Minister, Kemi Adeosun, has told the World Bank and parliamentarians across the world that the whistle-blowing policy of her ministry has yielded positive results.

    She said the federal government was currently on the trail of those who looted the nation's economy dry.

    She made this comment while speaking at the global parliamentary conference hosted on the sidelines of the World Bank and IMF spring meetings in Washington DC on Tuesday.

    The minister during the event highlighted Nigeria's economic reform agenda and the need for strong executive and legislative collaboration.

    Read More

    April 19, 2017

    World Bank to revive Nigeria's livestock sector with $200m - Official - THE SUN

    The World Bank is injecting 200 million US dollars into Nigeria's agricultural sector to revitalise its livestock sub-sector.

    World Bank's FADAMA Team Leader, Dr. Adetunji Oredipe, disclosed this in an interview, in Abuja, on Wednesday.

    He said that the World Bank was working in tandem with the Federal Government to formulate the intervention policy, adding that discussions with the government team on the modalities for the project execution had also started.

    Read More

    April 19, 2017

    Liquidity boost to BDCs narrows exchange rate gap, says Gwadabe - DAILY TRUST

    The President of Association of Bureau De Change Operators of Nigeria (ABCON), Alhaji Aminu Gwadabe, has said lower exchange rate gap is due to liquidity boost to the BDCs sector.

    Gwadabe said yesterday in Lagos that the increase in the weekly volume of foreign exchange offered to BDCs had seen the reduction in the exchange rate gap from N418 to N403 to the dollar.

    "The review of volumes upward of the proceeds of International Money Transfer Services Operators (IMTSOs) and the removal of disparity in applicable exchange rates is impacting the rates positively,'' Gwadabe said.

    The ABCON chief said that the naira rebounded to an all time low of N360 from N520 to the dollar at the onset of the CBN's injection of liquidity to the inter-bank market.

    Read More

    April 19, 2017

    African Markets - Factors to watch on April 19 - REUTERS

    NAIROBI, April 19 (Reuters) - The following company announcements, scheduled economic indicators, debt and currency market moves and political events may affect African markets on Wednesday.
    ---------

    GLOBAL MARKETS
    Sterling stole centre stage in Asia on Wednesday amid speculation Britain's surprise decision to call a snap election could ultimately deliver a more market-friendly outcome in its divorce from the European Union.

    Read More

    April 13, 2017

    UPDATE 1-Nigeria raises banks' FX loan limits to resolve breaches - REUTERS

    Nigeria's central bank has increased the limit on banks' foreign currency borrowings to 125 percent of shareholders' fund after some lenders breached its regulatory limit due to the recent fall in the naira, according to a circular seen by Reuters.

    The new regulation replaces a 2014 rule capping foreign borrowings, including Eurobonds, at 75 percent of shareholders' funds as Nigeria tries to manage widespread capital shortfalls at lenders due to a currency crisis and bad loans.

    "A major consequence of this development was the inadvertent breach of the regulatory limit for foreign currency borrowings by some banks," the central bank said in a circular.

    Read More

    April 13, 2017

    Nigeria's inflation dropped by 0.52% in March says Bureau of Statistics

    The National Bureau of Statistics (NBS) on Thursday said that inflation dropped by 0.52 per cent in March, the second decline recorded on the year- on- year basis.

    The first decline was recorded in February when inflation dropped by 0.94 per cent.

    In its latest Consumer Price Index (CPI) for March released in Abuja, the bureau stated that the index, which measured inflation increased by 17.26 per cent year-on-year.

    It, however, stated that the increase was a slower pace in March when compared to February consumer activities, which was 17.78 per cent.

    Read More

    April 11, 2017

    Shell finally admits to dealing with money launderer - LONDONLOVESBUSINESS

    For the first time Shell has admitted to dealing with a convicted money-launderer. This came about when it was in talks to gain access to an oil field in Nigeria.

    Emails revealed that Shell were negotiating with Dan Etete, he was later convicted of money-laundering in a different case.

    To gain access to the field both Shell and Italian oil company ENI paid out $1.3bn (1bn Euro) to the Nigerian government.

    Investigators have claimed that a total of $1.1bn was passed on to a company called Malabu which was controlled by Etete.

    Read More

    April 11, 2017

    CBN opens special forex window for SMEs... shortens forex settlement period as naira weakens - Punch

    The Central Bank of Nigeria on Monday said it had opened a special foreign exchange window for the Small and Medium Enterprises.

    The window would enable them to import eligible finished and semi-finished items not exceeding $20,000 for an enterprise per quarter.

    The Acting Director, Corporate Communications of the CBN, Mr. Isaac Okorafor, who disclosed this in a statement, explained that the apex bank's special intervention was necessitated by its findings that a large number of the SMEs were being crowded out of the forex space by large firms.

    Read More

    April 5, 2017

    HOW MONEY FROM NIGERIA FUNDS FLAMBOYANT REAL ESTATE IN A LEBANESE VILLAGE - VENTURES

    The rise of the flamboyant real estate in the village of Miziara in Lebanon has been attributed to the inflow of revenue from Lebanese citizens working in Nigeria. Many indigenes of Miziara work in Nigeria, become very successful and use a bulk of their fortune to develop real estate back home.

    "Everything was built with money from Nigeria; our entire economy relies on emigration to Western Africa. Today, about 80 percent of the village works there because they make much more money there than here," said Pierre Daaboul, deputy mayor of Miziara.

    Read More

    April 5, 2017

    COCOA POWDER BUSINESS: BECOME MILLIONAIRE IN 3MONTHS - TRIBUNE

    Before the oil boom, Agriculture was considered as one of the mainstay of our economy. Meanwhile, Cocoa Business was one of the most profitable money making business. Google is your friend. During this economic reset, there is a need for you to shift your paradigm.

    Imagine you moving out from your comfort zone, activities like 9 - 5 jobs and attitudinal reliance on only one source of income - into creating additional source (sowing bountifully), with the view to create more earnings that will enable you cater for the rising cost of your needs - and also have more to save (Reaping Bountifully).

    Read More

    April 5, 2017

    Naira Gains On Fresh Dollar Supply, Now 390/dollar

    The naira recorded a gain against the United States dollar on the parallel market on Tuesday, a day after the Central Bank of Nigeria injected $240m into the foreign exchange market.

    The local unit rose from 395/dollar on Monday to 390/dollar on Tuesday as the new forex supply weighed on the market.

    Read More

    April 5, 2017

    African Markets - Factors to watch on April 5 - Reuters

    NAIROBI, April 5 (Reuters) - The following company announcements, scheduled economic indicators, debt and currency market moves and political events may affect African markets on Wednesday.
    - - - - -

    GLOBAL MARKETS
    Asian stocks rose on Wednesday, helped by a bounce in Chinese shares, though the underlying sentiment was still cautious with investors wary of taking big positions before Presidents Donald Trump and Xi Jinping start their summit on Thursday.

    Read More

    April 4, 2017

    Warren Buffett's Face Will Adorn Cans of Cherry Coke in China - Bloomberg

    Warren Buffett's face will appear on cans of Cherry Coke in China, an attempt by Coca-Cola Co. to capitalize on its biggest and most famous investor.

    The company, which introduced Cherry Coke in the Asian nation on March 10, will offer the Buffett cans for a limited time while supplies last, according to its website. Coca-Cola cited Buffett's renown in China, where investors have sought to copy his tactics.

    Read More

    April 4, 2017

    Forex scam: Reps to drag NNPC officials to EFCC - Vanguard

    As oil firm denies receiving $26.486m forex
    ABUJA-THE House of Representatives Ad-Hoc Committee on the Review of Price of Petroleum Products has threatened to drag officials of Nigerian National Petroleum Corporation, NNPC, to the Economic and Financial Crimes Commission, EFCC, over alleged foreign exchange scam within the sector.

    This is even as some oil companies which names appeared on the Central Bank of Nigeria, CBN, list as those that accessed forex for oil activities have denied having collected such monies.

    Read More

    April 3, 2017

    April Should be a Good Month for Pound Sterling say Bank of America Merrill Lynch - PSL

    Analysts at a leading global investment bank say the British Pound will still plunge below 1.20 against the Dollar and 1.13 against the Euro through the course of 2017.
    But the picture is a nuanced one as we are also told to expect a near-term bout of strength before the longer-term decline commences.

    Read More

    April 3, 2017

    Banks avoid fresh Eurobond issues as appetite for dollar debts fizzle out - BUSINESSDAY

    Nigerian banks have lost interest in fresh issues or refinancing of Eurobonds because firms no longer have appetite for dollar denominated debts in the country.

    The volatility in the naira-dollar exchange rate in the last one year, has killed the appetite for dollar loans by Nigerian firms who before now, had preferred such loans due to the lower interest rates they attract.
    The recent weakening of the naira has increased the naira value of dollar denominated loans, forcing many firms to either default on their obligations, or seek a restructuring of the facilities.
    The naira has lost more than 40 percent of its value since a devaluation last June, putting pressure on firms with dollar denominated debts on their books.
    On the supply side, banks are also facing increased prospects of refinancing at a higher cost, with the closest fixed-rate corporate Eurobonds currently trading at a spread of 250-300 basis points to FGN Eurobonds and the recent United States Federal Reserve rate hike which was only the first of more to come this year.

    The median yield on outstanding Eurobonds taken up by the banks alone is 12.3 percent, according to BusinessDay

    Read More

    April 3, 2017

    External Reserves Gain $4.45bn In 2017 Q1 - LEADERSHIP

    Nigeria's foreign reserves appreciated by $4.45 billion in the first three months (Q1) of 2017 as the Central Bank of Nigeria (CBN) sustained pressure in bridging the gap between official foreign exchange and parallel market rates.

    Statistics on the CBN website at the weekend revealed that the foreign exchange reserves increased by 17.2 per cent to $30.29 billion on March 30, 2017 from $25.84 billion it opened this year.

    Read More

    April 3, 2017

    FOREX-Dollar wobbles but holds above 4-month lows -REUTERS

    TOKYO, April 3 The dollar wobbled in Asian trading on Monday as some lacklustre U.S. data and comments from Federal Reserve officials gave investors few catalysts to build on their U.S. currency exposure.

    Read More

    April 3, 2017

    Nigeria: CBN's Complicity in Naira Crash - VANGUARD

    LCCI blames CBN over depreciating Naira" was a title on pg 17 of the Guardian of 19/1/2009, in which, Otunba Onafowokan, the chairman, Lagos Chamber of Commerce and Industry, blamed the Central Bank (CBN) for "the drastic drop in the naira value".

    The Chamber's Chairman noted that "through acts of omission or commission, CBN created an environment which spurred speculative activities, leading naturally to bloated demand for foreign

    Read More

    April 3, 2017

    Fund Managers Reveal Their Currency Strategies - BLOOMBERG

    Short the dollar on any bounce. Bet on a recovery of the euro after the French elections. Position for the yuan to strengthen.

    These are some of the strategies fund managers such as AMP Capital Investors Ltd. and Amundi SA are adopting as the dollar becomes rangebound amid concern President Donald Trump will fail to enact his reflation policies.

    Read More

    March 31, 2017

    Should investors keep giving the Buhari administration the benefit of the doubt? - GLOBAL RISK INSIGHTS

    After the release of Nigeria's Economic Growth & Recovery Plan assessing the urgent need for reform in an economy in recession for the first time in 25 years, investors keep buying Nigerian bonds. But will the Buhari administration deliver on economic reform?

    On March 21st 2017, Standard and Poor's affirmed Nigeria's B/B rating, a stable economic outlook. A couple of weeks before this cautiously optimistic assessment of the country's economic recovery, high profile investors were competing on the London Stock Exchange for Nigerian debt, a 15-year, $1 billion Eurobond issued while President Buhari was receiving care in London for an undisclosed illness. Will such enthusiasm for a Nigeria in recession last, when the country's wavering leadership has not yet delivered on the promises of change made after the first-ever defeat of an incumbent president in 2015?

    Read More

    March 31, 2017

    CBN increases forex sale to BDCs, releases fresh $100m - Punch

    The Central Bank of Nigeria on Thursday said it would from next Monday begin the sale of foreign exchange to Bureau De Change operators twice weekly.

    The Acting Director, Corporate Communications Department, CBN, Mr. Isaac Okoroafor, who confirmed this, stated that the move was part of the apex bank's determination to sustain the liquidity in the forex market.

    Specifically, he said that the BDC operators would henceforth enjoy twice weekly purchases at the sum of $10,000 each.

    Read More

    March 31, 2017

    Dump multiple exchange rates, forex curbs, IMF tells FG - Punch

    The International Monetary Fund on Thursday urged the Federal Government to lift the remaining foreign exchange restrictions and scrap the system of multiple exchange rates in order to revive the Nigerian economy.

    The recommendation came in the Washington-based fund's regular assessment of Nigeria's economy.

    The report came on the heels of a recent visit by a team of the IMF officials to Nigeria to assess the economy.

    Read More

    March 29, 2017

    African Markets - Factors to watch on March 29 - REUTERS

    The following company announcements, scheduled economic indicators, debt and currency market moves and political events may affect African markets on Wednesday.

    - - - - -
    EVENTS: Rwanda's central bank to announce its key repo rate decision. GLOBAL MARKETS Asian shares inched ahead on Wednesday while the dollar and commodities held gains as investors shook off disappointment about U.S. President Donald Trump's failed healthcare bill and focussed on an improving outlook for global growth.

    WORLD OIL PRICES Oil prices on Wednesday extended gains from the previous session, lifted by supply disruptions in Libya and expectations that an OPEC-led output reduction will be extended into the second half of the year.

    Read More

    March 29, 2017

    Dangote Leads Nigerians' Chase For Dollars - PM NEWS

    Nigeria 's hard-currency shortage is forcing companies to get creative in their hunt for dollars. For many, including Dangote Cement Plc, that's meant a bigger focus on exports.

    The continent's largest producer of the building material has about 1,500 trucks hauling cement across the border to Benin, Ghana and Chad to access hard currency, Chief Executive Officer Onne Van Der Weijde said in an interview. Diageo Plc's Nigerian unit said it was considering shipping products including Guinness stout to South Africa, while imported clothing entrepreneur Chris Aniagolu is talking to local factories about bulk purchases of shoes he'll export to other West African countries.

    Read More

    March 29, 2017

    In Show of Strength, CBN Lowers Dollar Rate for BDCs to N360/$1 - THISDAY

    In line with its resolve to achieve a rate convergence, the Central Bank of Nigeria (CBN) on Tuesday lowered the rate at which dollar inflows from International Money Transfer Operators (IMTOs) are sold to Bureau De Change (BDC) operators to N360/$1, from N381/$1.

    With this directive, BDCs are now expected to sell the greenback to retail end-users at not more than N362/$1, lower than N400/$1 it was sold in this segment of the market.

    This emerged barely 24 hours after the central bank directed commercial banks in the country to sell FX obtained from it to retail end-users at not more than N360/$1 for invisibles.

    Read More

    March 29, 2017

    Dollar Rises Most in 4 Weeks, Tracking Gain in Treasury Yields by Dennis Pettit

    The dollar posted its biggest gain since March 2 as a rise in the 10-year Treasury yield provided some incentive to buy back shorts that were set earlier in the day. The currency extended gains after Fed vice chair Stanley Fischer reiterated that two more rate hikes in 2017 seem appropriate.

    Trading flows were modest overall amid several idiosyncratic drivers. Markets continued to recalibrate expectations for the dollar and global growth after the Republican health-care bill was withdrawn on Friday, posing a potential hurdle to fiscal stimulus that was a keystone of the Trump legislative agenda.

    Read More

    March 27, 2017

    NIGERIA AND POLAND SEEK TO DEVELOP ECONOMIC, MILITARY TIES - AP

    WARSAW, Poland (AP) -- The foreign minister of Nigeria is in Poland in an effort to develop economic, military and security ties with the fast-growing economy in central Europe.

    Geoffrey Onyeama, on his first visit to Poland, said he was "extremely impressed" by the economic development he has seen in Poland, a country that threw off communist rule 28 years ago.

    Read More

    March 27, 2017

    Ogungbesan: Despite Lull, There are Potentials for Capital Market, Economy - THISDAY

    The Chief Executive Officer, Stanbic IBTC Stockbrokers Limited, Mrs. Titi Ogungbesan, speaks with Kunle Aderinokun on factors inhibiting investment in the Nigerian capital market, which has principally caused drop in prices in the equities segment of the market, pointing out that, despite the economic slowdown, there are great opportunities for discerning investors to make good returns on investment

    It is generally believed that there is no better time to invest in the Nigerian capital market than now when prices of equities are falling. On the other hand, analysts have predicted a possible elongation of the present economic impairment. What will be your advice to an investor caught in this dilemma?
    The downward trend in the equities market presents buying opportunities, in my view, as many of the listed stocks are believed to be under-priced compared with their intrinsic value. We at Stanbic IBTC believe it is the right time for investors to take position in the market, especially in quality names with attractive valuation supported by compelling outlook.

    Read More

    March 27, 2017

    Official, black market rates' gap narrows over CBN's interventions - THE NATION

    The gap between the official and the black market rates narrowed at the weekend, after the local currency firmed to N380 per dollar on the black market on Friday.

    On the official interbank market, the currency was quoted N307 over the weekend. February's partial devaluation effectively created multiple exchange rates in the economy.

    The naira, in recent months, exchanged at over N510 to dollar, until the Central Bank of Nigeria (CBN) began massive interventions in the market.

    The figures showed nearly three per cent appreciation from the previous sessions and near the CBN rate for consumers, traders said.

    Read More

    March 27, 2017

    Bureaux de Change at risk as naira gains more muscle - THE NATION

    Business seems bad for Bureaux De Change (BDCs) - no thanks to the naira's new strength that has hit them with heavy losses.

    The naira has strengthened below N381 to the dollar, the rate at which BDCs buy International Money Transfer Operators (IMTOS) cash from the Central Bank of Nigeria (CBN).

    The naira exchanged at N375 to the dollar in the parallel market at the weekend.

    It is tipped to gain more within the week as the CBN sustains dollar interventions in the interbank market.

    Read More

    March 24, 2017

    Forex: Central Bank injects fresh $100 million into interbank market - Premium Times

    Consistent with its pledge to sustain its intervention in the foreign exchange market to boost the inter-bank market and enhance the value of the Naira against other international currencies, the Central Bank of Nigeria, CBN, on Thursday injected another $100 million to meet the requests of wholesale customers.

    Out of the amount, about $91 million was taken by buyers.

    Read More

    March 24, 2017

    4 Benefits of Early Investment Planning

    We all aspire to become wealthy but shy away from the rudiment of financial investments. Investing is the process of growing the portfolio of your future and also, nurturing your assets until retirement.

    Top notch investors started very early by investing in qualified startups, a fast growing brand name with a good stock growth. And today they get a fantastic return on Investments (ROI) even in this down economy.

    No one has ever been too young to manage great portfolios. The old saying "the early bird gets the worm" certainly applies to investing early.

    Read More

    March 23, 2017

    Naira nears N350 "fair value" as it hits N400 in black market - BUSINESSDAY

    The exchange rate of the naira in the unofficial black market hit a new seven-month high of N400 to the US$ yesterday, N50 above N350 exchange rate which sources in the Central Bank of Nigeria (CBN) claim is the fair value of the naira.

    The unofficial exchange rate of the naira has seen a steep appreciation since February 20, when the CBN took the decision to raise its interventions in the official foreign exchange window with dollars for school fees and other invisibles.

    The naira has gained N120 or 23.1 percent since the intervention began after falling to a low of N520 per dollar in the parallel market. Godwin Emefiele, Governor of the CBN, has promised to sustain the intervention, warning that speculators against the naira will have their fingers burnt.

    Read More

    March 23, 2017

    Naira gains N20 against dollar - Ships & Ports

    The naira appreciated significantly against the dollar on Wednesday to trade at N410 to the dollar.

    The local currency gained N20 to exchange at N410 to the dollar from N430 posted on Tuesday.

    It also firmed against the pound sterling and the Euro as it was traded at N510 to the pound and 435 to the Euro from N530 and N450, respectively.

    At the Bureau De Change window, the naira was sold at N400 to the dollar, while it closed to the pound sterling and the Euro at N530 and N465, respectively.

    Read More

    March 22, 2017

    Nigeria remains 'critical' market in Africa despite recession, say investors - The Guardian

    Investors have expressed confidence in the resurgence of Nigeria's struggling economy, describing it as 'very critical' to building African companies that could join the league of top 500 in the next eight years.

    A panel of discussants, including chief executives of MTN, Honeywell, KPMG, CFAO and the Casablanca Finance City Authority, at the Africa CEO Forum in Geneva, Switzerland, yesterday said despite the volatility in Nigeria's economy, it is still an important market.

    "The fact that it is passing through volatility is not enough to reconsider investment of $16 billion invested in the last 10 to 12 years," said Mr. Phuthuma Nhleko, MTN's non-executive chairman.

    Read More

    March 22, 2017

    CBN has capacity to stop Naira from falling out of control - Emefiele - Daily Post

    Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, has said its intervention on the value of the Naira is to bring about a convergence of all the rates.

    There have been many critics of CBN's ability to sustain its intervention, but Emefiele insists they have the capacity to stop the Naira from falling out of control

    Speaking to reporters after the Monetary Policy Committee (MPC) meeting in Abuja on Tuesday, he warned speculators that "they are taking a risk and they will lose in this bid to want to place the wrong bet on the direction we are going.

    Read More

    March 21, 2017

    UPDATE 1-Nigeria weakens naira in attempt to close black market spread - traders

    LAGOS, March 21 (Reuters) - The Nigerian central bank has weakened the naira by 0.6 percent in the last two weeks through dollar interventions on the official market aimed at narrowing the spread with the black market, traders said on Tuesday.

    The naira was trading at 307.50 on the interbank market on Tuesday, almost 30 percent weaker than on the unapproved retail market where it was quoted at 435 per dollar.

    The central bank had been selling dollars at 305 levels since August to support the Nigerian currency. However it devalued the naira last month for individuals, paving the way for a possible broader move to narrow black market rates.

    Read More

    March 21, 2017

    Naira stronger as CBN assures of more dollar supply - NIGERIAN TRIBUNE

    THE naira appreciated further on the parallel market on Friday, closing the week at N450.00/US$1.00 stronger than the N453 to a dollar it closed the previous day. But the buy rate of the greenback appreciated to $445 to the dollar.

    Meanwhile, the local currency is set to appreciate further in the week as the Central Bank of Nigeria (CBN) plans to inject more Foreign Exchange (Forex) into the market to meet the requests of genuine customers.

    Read More

    March 21, 2017

    Forex: Central Bank injects fresh $180 million for school fees, medical fees, others - Premium Times

    As the monetary authorities were meeting in Abuja on Monday to review the impact of policies in an effort to stabilise the market and strengthen the value of the national currency, the Central Bank of Nigeria, CBN, for the umpteenth time injected a total of $180 million into the foreign exchange market.

    The CBN spokesperson, Isaac Okorafor, said the offer, through the inter-bank window, was to enable banks meet bids for wholesale auction and requests for invisibles such as medical and school fees as well as personal/basic travel allowances, which got an allocation of about $80 million.

    Mr. Okorafor, who confirmed the fresh injection of forex to the market, said the wholesale requests would be settled on Tuesday.

    Read More

    March 21, 2017

    World Bank approves $57 billion for Nigeria, other Sub-Sahara African countries - Premium Times

    The World Bank Group has announced the approval of $57 billion for Nigeria and other sub-Saharan African countries for the next three years.

    A statement posted on the bank's website on Monday said the World Bank Group President, Jim Yong Kim, made the announcement before leaving for a trip to Rwanda and Tanzania. Mr. Kim will be visiting the two countries to emphasise the bank's support for the entire region.

    The announcement, which followed a meeting with G20 finance ministers and central bank governors, said the fund would be used to scale up investments and de-risk private sector participation for accelerated growth and development in Sub-Saharan Africa.

    Read More

    March 20, 2017

    Nigeria: CBN Releases Fx to Oil Marketers for Fuel Import - NNPC - Daily Trust

    The Nigerian National Petroleum Corporation (NNPC) has said that the Central Bank of Nigeria (CBN) has released foreign exchange (Forex) to marketers to import diesel and aviation fuel.

    The Corporation in a statement yesterday said it will also continue to import diesel and aviation fuel to supplement local refining.

    Read More

    March 20, 2017

    Nigeria: Naira Sells for N444/$ As CBN Sustains Fx Intervention - Daily Trust

    Lagos - Following last Wednesday's sale of a total of $150 million through foreign exchange, forex, forwards by the Central Bank of Nigeria, the Naira slightly appreciated at the street market closing Friday at N444 to the dollar.

    The CBN sold a total of $150 million to authorised forex dealers in the interbank at the highest bid rate of N335/$1 and a marginal rate of N320/$1.

    Read More

    March 20, 2017

    African Markets - Factors to watch on March 20 - REUTERS

    The following company announcements, scheduled economic indicators, debt and currency market moves and political events may affect African markets on Monday.

    -----------
    GLOBAL MARKETS Asian stocks were mixed on Monday in thin trade, following Wall Street's declines and the G20's decision to drop a pledge to avoid trade protectionism, while the Federal Reserve's less hawkish-than-expected comments continued to drag the dollar lower.

    WORLD OIL PRICES Oil prices fell on Monday as rising U.S. drilling activity and steady supplies from OPEC countries despite touted production cuts pressured already-bloated markets.

    Read More

    March 20, 2017

    Lagos fraudster exchanges fake $7,000 for N3.4m - PUNCH

    A suspected fraudster, John Eze, has been arrested by the Zone 2 Police Command, Onikan, Lagos State, for allegedly defrauding a Bureau De Change operator, Ismaila Ali, in the Ikoyi area of the state.

    learnt that 34-year-old Eze had approached Ali sometime in January 2017, to exchange the sum of $7,000 for the naira equivalent.

    Ali was said to have paid Eze N3,451,000, buying the dollars at the rate of N493 per dollar.

    Read More