Latest News and Blog - from the news archive!


  • May 7 2018

    CBN Injects $349.34m Into Retail SMIS - THE BREAKING TIMES

    The Central Bank of Nigeria (CBN), has injected the total sum of $349.34 million in the Retail Secondary Market Intervention Sales (SMIS) segment of the Forex market.

    Figures obtained from the CBN, weekend, showed that the interventions were meant to meet obligations in the agricultural, airlines, petroleum products and raw materials and machinery sectors.

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    May 7 2018

    CBN auctions $559m in three days as reserves near $48 billion - GUARDIAN

    A Combined two foreign exchange (forex) market interventions by the Central Bank of Nigeria (CBN), on Wednesday, at the weekend hit $559.34million, as the monetary policymaker sustained efforts to keep the market liquid and stabilise the local currency.

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    May 7 2018

    Forex - Dollar Holds Near 4-Month High in 4th Week of Gains - INVESTING

    Investing.com - The dollar started the week off in a continuation of recent upward momentum coming off three straight weeks of gains..

    At 4:52AM ET (8:52GMT) Monday, the U.S. dollar index, which measures the greenback's strength against a trade-weighted basket of six major currencies, rose 0.18% to 92.59, close to its 2018 peak of 92.75.

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    May 7 2018

    UPDATE 1-China's April FX reserves fall to 5-month low as dollar bounces - REUTERS

    BEIJING, May 7 (Reuters) - China's foreign exchange reserves in April fell more than expected, to a five-month low, as the U.S. dollar rebounded and on growing signs that Chinese regulators are less worried about capital flight.

    Reserves fell $17.97 billion in April to $3.125 trillion - the lowest since November 2017, compared with a rise of $8.34 billion in March, central bank data showed on Monday.

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    April 27 2018

    Analysts foresee single world currency in growing technology disruption - PUNCH

    Financial and technology analysts have said a single world currency is imminent given the growing technology disruption in the financial services industry typified by the popularity of blockchain adoption and its offshoots, cryptocurrencies.

    The Managing Director and Chief Executive Officer of Precise Financial Systems, Yele Okeremi, and the Lead, Digital and Robotics Practice, Ernst &Young Nigeria, and Akinsope Roberts, gave the insight on Thursday in Lagos at the maiden Business AM/GTI Finance and Investment Dialogue.

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    April 24 2018

    Nigerians living abroad sent $22bn home in 2017 - World Bank - PUNCH

    Nigerians living abroad sent home $22bn in 2017, a 16.4 per cent increase from the amount they repatriated in 2016, a World Bank report revealed on Monday.

    Payments from immigrants back to their home countries rebounded to reach the new record in 2017 but the costs of transferring funds also increased, the World Bank said on Monday.

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    April 23 2018

    CBN Boosts Retail SMIS with $396.18m - PROSHARE

    In its relentless move to guarantee liquidity in the foreign exchange market, the Central Bank of Nigeria (CBN) has intervened in the Retail Secondary Market Intervention Sales (SMIS) segment of the market to the tune of $396.18million.

    According to figures obtained from the CBN on Friday, April 20, 2018, the released sum is meant to meet obligations in the agricultural, airlines, petroleum products and raw materials and machinery sectors.

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    April 23 2018

    What To Expect From The Markets This Week- 230418 - PROSHARE

    Recently, the International Monetary Fund in its April outlook on the global economy stated that earlier cyclical pressure is easing off and emerging economies are beginning to return to normalization. However, the fund was of the opinion that trade frictions and geopolitical tension is downside to global growth. Even though it pointed this out, trade trust seem to be at its lowest ebb largely to concerns of intellectual property rights and the role of subside in external trade.

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    April 9 2018

    CBN, banks plan fresh N60bn disbursement to boost economy - Sun

    The Central Bank of Nigeria (CBN) and the Deposit Money Banks (DMBs) may be fine-tuning plans to disburse N60 billion, being 5 per cent of their profit to buoy various developmental initiatives of the Federal Government.

    This was as the CBN Governor, Mr. Godwin Emefiele, at the weekend rejigged portfolios of Deputy Governors of the apex bank with Aisha Ahmad taking over the Financial System Stability (FSS) Directorate from Dr. Joseph Nnanna Okwu, who now moves to the Economic Policy Directorate. Mr. Edward Lemetek Adamu, has been assigned the portfolio of Deputy Governor, Corporate Services, while Mr. Adebayo Adelabu retains his portfolio as Deputy Governor, Operations Directorate.

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    April 9 2018

    $46.7b foreign reserves keep naira stable - The Nation

    The naira remains stable at the official and parallel markets, with the foreign exchange (forex) reserves standing at $46.7billion, a report by Exotic Capital, an investment and research firm, has said.

    The naira exchanges at 362 to the dollar in the parallel market and 305.6 in the official market. It has remained at those rates since April, last year, after the Central Bank of Nigeria (CBN) resumed forex interventions in the market.

    The report said although the level of reserves was still below the record high of $64 billion realised in August 2008, it is nearly double the $24 billion recorded in October 2016, increasing by more than $22 billion in 15 months.

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    March 14 2018

    10 Quick Steps To Achieve Financial Freedom

    1. "Decide You Want It More than You Are Afraid Of It"
    OK - that quote is from the recently discredited Bill Cosby, but it's brilliant nonetheless. And it's an important point too. One of the reasons more people don't reach financial independence is they're afraid - not of being financially independent, but of the changes in their lives they'll have to make to get there.

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    March 14 2018

    Nigerian Inflation Slows for 13th Consecutive Month in February - BLOOMBERG

    Nigeria's inflation slowed for a 13th consecutive month in February, but may still be too high for the central bank to start cutting rates from a record.

    Consumer-price growth in Africa's most populous nation decelerated to 14.3 percent from 15.1 percent in January, the Abuja-based National Bureau of Statistics said in an emailed statement. The median estimate in a Bloomberg survey was 14.6 percent. Prices rose 0.8 percent in the month.

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    March 5 2018

    Thailand to establish rice mills in Nigeria - Minister - PUNCH

    The Federal Government on Sunday announced that Thailand had commenced moves to establish rice mills in Nigeria.

    The Minister of Information and Culture, Lai Mohammed, disclosed this during a tour of some rice farms in Kebbi State.

    He said the Federation Government had won its fight against rice importation, particularly from Thailand, as Nigeria had reduced its importation of rice by over 90 per cent.

    "As we speak today, Thailand rice growers are making passionate appeal to the Federal Government. What they are doing now is that they want to set up rice mills in Nigeria, which means we have won," Mohammed stated.

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    March 5 2018

    Foreign investors inject $10.6bn in I&E in 2 months

    FOREIGN investors have injected $10.6 billion into the economy through the Investors and Exporters (I&E) window since the beginning of the year, even as they intensified demand for Nigerian Corporate Eurobonds listed on the London Stock Exchange (LSE).

    Financial Vanguard analysis of dollars traded in the Investors and Exporters (I&E) window from January 2 till last week, showed that foreign investors have supplied $10.6 billion, implying sustained investors confidence in the window, which was introduced April 21 last year. The $10.6 billion traded year-to-date (YTD) represents 38.5 percent of the $26 billion traded in the window last year.

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    February 21 2018

    Forex, others delay privatisation of $5.7bn NIPP GenCos - DAILY TRUST

    The fluctuating foreign exchange rate, gas, transmission and distribution constraints are key challenges delaying privatisation of the 10 Generation Companies (GenCos) built by the Niger Delta Power Holding Company (NDPHC), its former Managing Director, James Olotu has said.

    Olotu who disclosed this in an interview said the National Integrated Power Projects (NIPP) plants' sale was bided for $5.7 billion (about N2.057 trillion) for 80 percent shares in 2014 but the transaction was yet to be completed nearly four years after.

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    February 21 2018

    CBN amendment act passes second reading after heated debate in Senate - DAILY POST

    A bill to amend the Central Bank of Nigeria (CBN) sponsored by Senator Samuel Anyanwu representing Imo East Senatorial district scaled second reading in the Senate.

    The bill, if passed into law would mandate the Apex bank to subject its annual appropriation to the approval of the National Assembly.

    It also proposed to create a different board of the Central Bank against the current situation where the CBN governor doubles as the board Chairman.

    Sponsor of the bill, Anyanwu argued that separation of the office of the Chairman of board would pace way for effective running of the Apex financial body. He also added that there was need for separation of powers.

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    February 19 2018

    CBN bars banks with huge bad loans from paying dividends - PUNCH

    The Central Bank of Nigeria has stopped the payment of dividends to shareholders by Deposit Money Banks and discount houses with huge bad loans and low capital base.

    This is due to the rising non-performing loans and the need to stop further erosion of the capital base of the banks and discount houses.

    The directive is coming barely a week to the release of the 2017 financial year's annual reports by commercial banks and discount houses in the country.

    The development has dashed the hope of many shareholders as a number of the banks will be affected by the directive and consequently unable to pay dividends.

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    February 19 2018

    Eurobond: Nigeria external reserves to hit 54 months high of $45bn

    NIGERIA's external reserves will rise to 54 months high of $45 billion this month following the conclusion of federal government's $2.5 billion Eurobond this week. The Eurobond, which commenced last week with the announcement of its pricing on Thursday, will be concluded on Friday.

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    February 15 2018

    Nigerian naira stable at N305.90/$ at official forex window - BUSINESS A.M

    The Nigerian naira at the inter-bank (official) rate remained unchanged on Wednesday at N305.90 it traded previously. It, however, lost 0.04 percent value at the Investors and Exporters (I&E) FX window.

    The naira opened the day on the I&E window at N360.06, traded high at N361.50 and eventually closed at N360.37, representing 0.04 percent depreciation against Tuesday's closing price

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    February 15 2018

    Month-on-month: Turnover in fixed income, currencies market decreases by N150bn - BUSINESSDAY

    The turnover in the Fixed Income and Currencies (FIC) markets for the month of January 2018 amounted to N11.71trillion; which represents 1.28percent decrease (N150billion) from the value recorded in December 2017 and 28.17percent increase (N2.57trrillion) year-on-year (YoY), according to FMDQ OTC monthly, a report by the market development group of FMDQ OTC Securities Exchange.

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    February 9 2018

    Nigeria makes N7.3tr from oil in 2017-CBN - VANGUARD

    Nigeria's total revenue from crude oil rose by 29 percent to N7.3 trillion in 2017, reflecting impact of increases production and in crude oil price.

    The revenue from oil represented 69 percent of the total federation revenue, which rose by 22 percent to N10.6 trillion in 2017.

    However, the deficit spending by the federal government rose by 22 percent to N2.7 trillion during the year.

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    February 9 2018

    FG Targets $24bn Investments through Policy - THISDAY

    The federal government has said that its newly launched Economic Recovery Growth Plan (ERGP) focus lab would help the country attract$24 billion worth of investments, saying 80 per cent of the amount is expected to come from the private sector of the economy.

    Vice President, Professor Yemi Osinbajo disclosed this thursday in Agbara, Ogun State during his working visit to Beloxxi Industries Limited.

    Osinbajo explained that the focus lab was launched to accelerate the intervention of the government's ERGP.

    He said that the policy was a euphemism that describes a relationship between the public, private sector as well as other state holders coming together in a room to look at the problems plan together and resolve of investments in specific area.

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    February 5 2018

    Nigeria ranks lowest in industrial GDP, says AfDB - THE NATION

    Nigeria may have lost her position as the biggest economy on the continent, according to a report by the African Development Bank (AFDB).

    The report, made available to The Nation, showed that South Africa is the highest in Industrial Gross Domestic Product (GDP) with 44.8 percent.

    It is followed by Egypt, with 30.1 per cent; Cote d'Ivoire, 29 percent; Kenya, 23.3per cent and Ghana 21 per cent.

    Others are Ethiopia 21 per cent, Cameroon 17.9 percent and Nigeria 13.1 percent.

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    February 5 2018

    CBN Mops Up N2.2trn Through OMO In Jan 2018 - LEADERSHIP

    Liquidity at the Nigerian money market remained tight with the Central Bank of Nigeria (CBN) mop up of N2.185 trillion from the system through Open Market Operations (OMO) auctions which it held all through the month of January 2018.

    This is 41.7 per cent higher than N1.542 trillion it mopped up through OMO auctions in December 2017. In January it held OMO auctions almost every day taking out N344.47 billion and N553.17 billion in the first and second week of the month.

    It also mopped up N369.41 billion in the third week, N477.92 billion in the fourth week and N440.21 billion in the last three days of the month. Traders said the constant OMO auctions of the CBN ensured a tight liquidity with money market rates, particularly overnight rates expanding.

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    January 30 2018

    $1bn Inflow Catapults Nigeria's Stocks to Among World's Best - THISDAYLIVE

    Nigeria's stocks have been rated among the world's best-performers in the past four months, and foreign investors are a big reason for that, Bloomberg reported Monday.

    The New York-based financial software, data, and media company said net foreign inflows to Nigerian equities totalled N337 billion ($940 million) last year, the first time flows have been positive since at least 2013.

    It said December 2017 was the best month since Bloomberg started compiling data at the beginning of 2014, with net inflows of N140 billion, signalling a switch in sentiment towards equities in Africa’s biggest oil producer.

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    January 30 2018

    Naira Depreciates slightly despite $210m FX intervention by the CBN - PROSHARE

    Bonds


    The bond market remained scantily traded in today's session, with slight sell on the 26s and 27s bond offset by some buys on the short-end of the curve. Yields consequently closed flat on the average, as market players preferred to stay square on their positions. We expect this trend to persist in the near term on the backdrop of a relatively lacklustre demand for bonds.

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    January 26 2018

    Currency hoarders risk huge losses over naira's positive outlook - GUARDIAN

    The naira is set for a smooth sail against other currencies from now till a greater part of 2018. This could spell doom for hoarders including politicians who may have reserved some of such currencies for the 2019 electioneering.

    The positive outlook is riding on the back of resurging reserves' profile, now nearing $41 billion, and stable crude oil prices at the international market, oscillating between $68 and $71 per barrel.

    It is also bolstered by the sustained management of the foreign exchange (forex) market, which has reduced the country's import bill to $1.5 billion monthly from a record high of $5.5 billion as at February 2017. This is as items like rice, starch, toothpick and margarine are being substantially controlled in the importation bill and produced locally.

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    January 26 2018

    Nigeria to Target Tax Defaulters in Bid to Spur Economy - BLOOMBERG

    Nigeria's finance minister plans to drag tax defaulters who don't make use of an amnesty to court as she seeks funds to plug the nation's $25 billion infrastructure gap.

    In the nine months of reprieve ending March, some penitent taxpayers have said "you got me" and cleared arrears without paying interest and or penalties, Kemi Adeosun said in an interview on Tuesday in her office in the capital, Abuja. But some have said "we wish you luck with this, catch us if you can," she said.

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    January 19 2018

    Nigeria Passes Major Oil Reform Bill After 17 Years - REUTERS

    Nigeria has moved closer to turning an oil industry bill into law after a 17-year struggle to complete the legislation that aims to increase transparency and stimulate growth in the country's oil industry.

    Nigeria's lower house of parliament has passed a version of the bill which is the same as one approved by the Senate last year. This is the first time both houses have approved the same version of the bill. It still needs the president's signature to become law.

    The legislation, known as the Petroleum Industry Bill (PIB), was broken up into sections to help to get it through.

    The House of Representatives passed the first part called the Petroleum Industry Governance Bill (PIGB) on Jan. 17.

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    January 19 2018

    Nigeria unlikely to hold interest rate meeting next week -c.bank sources - REUTERS

    ABUJA (Reuters) - Nigeria's central bank is unlikely to hold an interest rate setting meeting on Jan. 22 as scheduled because several new members of the monetary policy committee (MPC) have yet to be approved by lawmakers, two central bank sources told Reuters.

    At least five of the MPC's 12 members are due to be replaced after retiring last year. "The indications that the MPC might not hold are there because of quorum," one of the sources said.

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    January 8 2018

    ECONOMIC TREND AND OUTLOOK FOR 2018 - CRESCENTPILLARS

    The Reserves : Nigeria's current reserves stands at about $39bn, getting close to $40bn. How the reserves fare this year will be vital to the nation, particularly its ability to respond to any shock in the economy.

    The Exchange Rate: Last year the Central Bank of Nigeria brought far-reaching reforms to the foreign exchange market. Currently, the official exchange rate is N306/$ while the parallel market is N364/$. The performance of the foreign exchange market will be a key indicator to watch.

    Growth rate: Nigeria exited recession last year with a growth rate of 0.55% by Q2, 2017 and 1.40% by Q3, 2017. Will Nigeria sustain its growth level or experience a decline in 2018?

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    January 5 2018

    10 Refined Quotes About Investment - CRESCENTPILLARS

    Revisiting what experts have said over the years on the topic of investing cannot be overemphasized. Buffett has made the point that you don't have to be a genius to be a good investor, but there is a lot of hard work and due diligence involved. Please take cognisance that!
    The words of successful traders and investors not only give us inspiration but also guide us on how to be on the right path and avoid investment mistakes.

    Though they might be volatility in the market, good investing quote is undying. Below are 10 of the most insightful and useful concise quotes about investing.

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    January 4 2018

    Appetite for debt instruments increases, T-bills yields slide - PUNCH

    The secondary market for Treasury bills was characterised by buying pressure, as the average T-bills yield declined by 0.37 per cent, to settle at 14.51 per cent. The yields on all instruments witnessed declines, save for the one-month tenor which advanced by 0.33 per cent.

    The average money market rate declined by 0.13 per cent on Wednesday to settle at 4.96 per cent. The overnight rate declined by 0.33 per cent, while the open buy-back rate advanced by 0.08 per cent, to close at 5.17 per cent and 4.75 per cent, respectively.

    Similarly, bullish sentiments prevailed in the Treasury bonds space, as the average bond yield settled at 14.01 per cent. Yield declines were recorded on all instruments, save for the May 2018 instrument, which advanced by 0.04 per cent. Consequently, the average yield declined by 0.08 per cent.

    The naira depreciated by 0.15 per cent against the United States dollar in the interbank foreign exchange market, to settle at 305.95. However, the currency remained unchanged in the parallel FX market.

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    January 4 2018

    African Markets - Factors to watch on Jan 4 - REUTERS

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

    - - - - -
    GLOBAL MARKETS
    Asian shares flirted with 10-year highs on Thursday as solid economic data from the United States and Germany reinforced investors' optimism, while oil prices hovered at a 2-1/2-year high with unrest in Iran stoking supply disruption concerns.

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    January 3 2018

    African Markets - Factors to watch on Jan. 3 - REUTERS

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

    - - - - -
    EVENTS:
    TOGO - President Faure Gnassingbe addresses the nation on the crisis that has led to months of street protests.

    GLOBAL MARKETS
    Asian stocks struck a decade peak on Wednesday as risk appetites were whetted by a bevy of upbeat manufacturing surveys that confirmed a synchronised upturn in world growth was well under way.

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    June 19 2018

    3 Horrible Mistakes You're Making With Investments - CRESCENTPILLARS

    Making mistakes is part of the learning process. Nearly 95% of investors, new or experienced, had fallen astray from common sense and made a mistake or two. Knowing these common investing mistakes can help you closer to avoiding losses while making gains.

    1. Underestimating Your Abilities
    Some investors tend to believe they can never excel at investing because stock market success is reserved for sophisticated investors. This perception has no truth at all. Investors can become well equipped to control their own portfolio and investing decisions - and be profitable. Remember, much of investing is sticking to common sense and rationality.

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    December 21 2017

    Role of shipping in Nigeria's economic revival strategy - BIZCOMMUNITY

    igeria's shipping history will forever make reference to how foreign ship owners made record profits in demurrage charges from country during the 1970s and port congestion that trailed massive importation of post-civil war reconstruction materials into the nation.

    The inadequacy of the Apapa Port alone to handle the chartered ships resulted in many of them being stemmed at the Lagos anchorage for up to six months! Incidentally, the congestion coincided with Nigeria's oil boom, which made the millions of dollars paid in demurrage relatively easy for the government to offset.

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    December 21 2017

    Currency control measures instill fears in investors - THE GUARDIAN

    The International Monetary Fund (IMF) has said investors still express concerns on how to repatriate funds out of Nigeria, due to currency controls introduced last year.

    Besides the IMF also submitted that government must roll that would help reduce the rate of inflation in the country to reposition the economy on a steady growth trajectory in 2018, and increase the nation's access to domestic funds.

    The Senior Financial Sector Expert, Debt and Capital Market Instruments Division, Monetary and Capital Markets Department, IMF, Miriam Tamene, who stated this during a visit of IMF Team to the Securities and Exchange Commission (SEC) in Abuja, said investors are still concerned about the repatriation of their funds out of Nigeria, due to currency controls introduced last year.

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    June 20 2018

    12 Books Every Investor Should Read

    If you're looking for something to read that will improve your ability as an investor, I'd recommend any of these books. All 12 of them are deeply informative and will leave an impact on you.

    Keep in mind that if investing were as easy as buying a book and reading it, we'd all be rich.

    The Intelligent Investor by Benjamin Graham

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    November 7 2017

    5 Step Rule To Prioritize Your Tasks

    Mahatma Gandhi once said "Action Expresses Priorities". Prioritizing is the capacity of people to recognize which activities demand more attention, energy and time. Time is limited. We all are endowed with only 24 hours. We also are restricted in terms of our energy and resources available to us to complete the required tasks. Lot of efforts that we put in , sometimes goes in vain, leading to exasperation and bitterness towards our work. Prioritizing our goals proves to be an effective solution.

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    October 31 2017

    Central bank-issued digital currency is the future, not cryptocurrency, economist says - CNBC

    Digital currencies issued by central banks will make transactions more efficient while cryptocurrencies serve as a vehicle for illicit activity, economist Barry Eichengreen told CNBC Monday.

    Asked whether he thought cryptocurrencies like bitcoin and ether would play a major role in the economy, he said: "Not really."

    "I think there is a role for central bank-issued digital currencies which are a very different thing than crypto, anonymous currencies," he said

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    October 31 2017

    'Nigeria's economic future is in its hands' - THE GUARDIAN

    In a small, rural community outside Kaduna, a woman is starting her day. Her business is selling produce. Of all the tools she uses, the most important is one that fits in her pocket.

    Each day, she completes dozens of transactions using her mobile phone-buying crops from growers, selling to her customers, paying school fees and other family bills. Using her mobile phone remotely to access low-cost and secure mobile money services, she has been able to stabilize her finances, save for the future, expand her business, and invest in her family's welfare.

    Mobile money isn't a futurist fantasy, requiring new technologies that are generations away. If a phone can send and receive text messages, it can send and receive money. Eight out of 10 Nigerian adults already own a mobile phone with that capability. But only two out of 100 have a mobile money account-a lost opportunity to extend financial access to millions of Nigerians who are currently excluded from the financial system.

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    October 18 2017

    The USD is the strongest. The NZD is the weakest in the NY morning snapshot. - FOREXLIVE

    The dollar is getting a boost from rates, and gold and perhaps comments and stocks continue to add wealth (even IBM is talking about a turnaround)
    The USD is leading the currency league table today. It is the strongest currency of the major pairs rising the most vs. the NZD and the JPY. Those two currency pairs are the weakest today. BOJ's Sakurai said that it is vital to stick to current monetary policy.

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    October 18 2017

    Notable Rise In Foreign Exchange Purchase By India: US

    WASHINGTON: There has been a notable rise in India's net foreign exchange purchases, the US Department of Treasury has said in its report on forex policies of its major trading partners. In the report given to the US Congress, the department said it will closely track India's foreign exchange and macroeconomic policies.

    "Over the first half of 2017, there has been a notable increase in the scale and persistence of India's net foreign exchange purchases, which have risen to around $42 billion (1.8 per cent of Gross Domestic Product) over the four quarters through June 2017," the Treasury Department said in its latest half-yearly report to the Congress.

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    October 12 2017

    Sterling rises against weaker dollar despite Brexit worries - REUTERS

    LONDON (Reuters) - Sterling edged higher on Thursday against a tepid dollar, despite a backdrop of uncertain Brexit negotiations.

    Signals from the U.S. Federal Reserve that central bankers were still concerned about persistently low inflation helped bump the pound to $1.3244, its highest point since October 4th.

    "The cable's gains have been driven primarily by weakness in the dollar rather than strength in the pound," said Fawad Razaqzada, a market analyst at Forex.com.

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    October 12 2017

    Bitcoin trades above $5,000 for first time ever - REUTERS

    LONDON (Reuters) - Bitcoin smashed through the $5,000 barrier for the first time ever on Thursday, jumping as much as 7 percent to chalk up its biggest daily rise in over two weeks.

    Bitcoin, the original and still the biggest cryptocurrency, has been on a tear recently, rallying nearly 75 percent in barely a month.

    It has chalked up a more than fivefold increase in price since the start of the year.

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    September 20 2017

    Insider abuse: CBN probing bank directors, says Emefiele - PUNCH

    The Governor of the Central Bank of Nigeria, Mr. Godwin Emefiele, on Tuesday said the regulator was currently looking at some cases of insider abuse by members of the board of directors of commercial banks and other financial institutions in the country.

    As a result, Emefiele said the CBN would go tough on errant board members of banks and other financial institutions.

    According to the governor, the recent economic recession has revealed corporate governance weaknesses in the financial services sector.

    He listed some of the governance weaknesses as: unreported losses, huge exit packages for directors, insider non-performing loans, over-domineering executive management, and contravention of regulatory/prudential guidelines.

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    September 20 2017

    LCCI worried about impact of poor logistics sector on economy - THE GUARDIAN

    Despite the opportunities in the global logistics sector, the Lagos Chamber of Commerce and Industry (LCCI) has expressed worry about the slow-paced growth of the sector occasioned by poor infrastructure thereby affecting operations in the services and manufacturing sectors.

    According to the chamber, the deplorable state of roads leading to the Lagos Ports - Apapa and Tincan Island Ports, both of which account for over 60 per cent of the cargo into the Country and an estimated 70 per cent of customs revenue, has begun to take its toll on the private sector, economy and the citizens.

    Presenting LCCI's review of the economy to the media, its President, Dr. Nike Akande decried the parlous state of the roads, describing the effects as multifarious and mainly affecting the ease of doing business in the state.

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    September 18 2017

    Investors Pressing for Nigeria's Coal, Nickel, Gold, Zinc, Bitumen - THE NIGERIAN VOICE

    Foreign investors are showing increasing interest in Nigeria's mineral deposits and preliminary discussions are going on with the government representatives, particularly on key mineral deposits including, gold, coal, lead, bitumen, iron ore, barite and limestone.

    "Comet Minerals Limited, the Australian firm operating in Nigeria, discovered nickel in Kaduna state. From discussions at the just concluded African Down Under Conference in Australia, many companies and organisations are showing interest in prospecting for nickel, " Yinka Oyebode, special assistant to the Ministry of Mines and Steel told BusinessDay.

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    September 18 2017

    Nigeria: Forex Restriction On 41 Items Has Curbed Dumping in Nigeria - Manufacturers

    Lagos - Although there has been renewed calls for the removal of the exclusion of 41 items from the list of eligible foreign exchange by the Central Bank of Nigeria (CBN), manufacturers have said the restriction of importers of the items from the official foreign exchange window has curbed the level of products dumping in the country.

    In 2015, the CBN had listed 41 items that were no longer eligible for foreign exchange in an effort to encourage local production and conserve the depleting foreign reserves of the country and the depreciating value of the naira.

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