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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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