Nigeria in 1min: Economic, Business & Financial Headlines – 170616



June 17, 2016 6:10 AM / Proshare News 


Exchange-rate flexibility beyond expectation - The CBN has exceeded our own, and most expectations with the more flexible exchange-rate policy it promised in the communiqué after the meeting of the monetary policy committee on 24 May. Source Proshare Read More 

How the CBN Naira-Settled OTC FX Futures Market Will Work - The proposed Naira-settled OTC FX Futures are Non-Deliverable Forwards. (i.e. a contract where parties agree to an exchange rate for a predetermined date in the future, without the obligation to deliver the underlying US Dollar (notional amount) on the maturity date i.e. the settlement date). On the maturity date, it will be assumed that both parties would have transacted at the Spot FX market rate.  Source Proshare Read More 

Five states have applied for loan – Governor - Five states have so far completed the process of borrowing from the Federal Government’s facilitated N90bn budget support loan from the private sector. Source Punch Read More 

FG shuts NERFUND, sends workers on indefinite leave - The Federal Government on Thursday shut the operations of the National Economic Reconstruction Fund following the crisis that had crippled the agency in the last three weeks. Source Punch Read More 

MDAs’ electricity debt’ll be cleared before December – FG - The Federal Government on Thursday announced that it would liquidate the historical electricity debts owed power distribution companies by its various Ministries, Departments and Agencies before the end of this year. Source Punch Read More 

Africa spends $35 billion on food importation - Africa needs to increase its investment in science and technology to become more efficient and competitive in agriculture and to diversify its economies; this is according to Akinwumi Adesina, President of the African Development Bank. Source Guardian Read More 

‘Benin Republic Agric Exports $200 Higher Than Nigeria’s’ - Agricultural products exported from the Republic of Benin are bought at $200 more than the amount offered for agriculture exports from Nigeria, the chairman of the Commodity Exporters Association of Nigeria (CEAN), Mr Bunmi Olumekun, has said. Source Leadership ReadMore 

New Lagos airport terminal ‘near completion’ - Passengers and stakeholders at the Murtala Mohammed International Airport (MMIA) Ikeja, Lagos will soon witness improved services at the airport as the new terminal under construction has reached completion stage. Source Daily Trust Read More 



How Japan's SEC Surveillance Commission tracks Insider Trading - Japan's Securities And Exchange Surveillance Commission: Recommendation For Administrative Monetary Penalty Payment Order For Insider Trading Of Shares Of GameOn Co., Ltd. By Employee Of Tender Offeror Residing Abroad Source Proshare Read More 

Guidelines for Primary Dealership in Foreign Exchange Products - In line with the Central Bank of Nigeria’s (CBN’s) mandate to foster depth, stability and liquidity in the Nigerian Foreign Exchange (FX) market, CBN has the responsibility to enhance the transparency, efficiency and effectiveness of the market. One of such efforts is to deepen the inter-bank FX market by establishing an institutional framework for Primary Dealership in FX products. Source Proshare Read More 

CBN sets aside N500b for loans to non-oil exporters - The Central Bank of Nigeria (CBN) is setting aside N500 billion (about $2.5 billion) for loans to non-oil exporters, after a slump in oil revenues led to the worst crisis in Africa’s biggest economy in decades. Source THE NATION Read More 

CAP reassures as shareholders approve N1.64b dividend - The board and management of CAP Plc have assured that the company would continue to explore opportunities to grow its business and deliver competitive returns to shareholders in spite of the macroeconomic challenges. Source THE NATION Read More 



Expectedly, S&P rates Skyebank a CCC+ on back of Economic & Liquidity Concerns - Earlier today, Standard & Poors (S&P) lowered their global scale ratings on Skye Bank Plc to 'CCC+' from 'B-' and the national scale rating to 'ngB+' from 'ngBB' and placed both on the CreditWatch with negative implications. Source Proshare Read More 

Investors remain bullish as stocks post 5.32% gain in 2days - The equities market closed today on a positive note, as NSE ASI appreciated by 2.14% to close at 28,489.87basis points, compared with the 3.17% appreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at -0.53%.Source Proshare Read More

Summary of Auction Results for June 2016 - Successful bids for the 15.54%FGN FEB 2020, 12.50% FGN JAN 2026 and 12.40% FGN MAR 2036 were allotted at the Marginal Rates of 14.2000%, 14.40000% and 14.9800%, respectively.Source Proshare Read More 

Naira in steady rally, gains 15k on new forex regime - Nigeria’s currency, the naira, yesterday continued to gain more value against foreign currencies a day after the Central Bank of Nigeria (CBN) released the details of the flexible policy for the management of the foreign exchange in the country. Source Guardian Read More 

IMF, NEC Welcome Decision to End Currency Peg - The International Monetary Fund (MF) and National Economic Council (NEC) both endorsed the decision by the Central Bank of Nigeria (CBN) to abandon its currency peg and adopt a flexible exchange rate policy, saying this was important to reduce fiscal and external imbalances. Source Thisday Read More 

Nigerian central bank "optimistic" naira will settle at 250 per dollar: document - Nigeria's central bank is "reasonably optimistic" the naira will settle at around 250 to the U.S. dollar after an initial period of weakness following a flotation on Monday, the bank's governor has said in a letter to President Muhammadu Buhari. Source Reuters Read More 

Lafarge Africa Raises N60 billion from Bond Issuance - Lafarge Africa Plc on Thursday announced the conclusion of its Series I and II N60 billion Bond Issuance. It three year 14.75 per cent Bond due 2019 ( Series 1 Bond) and N33.614 billion five year 14.75 per cent bond due 2021 (Series 11 Bond). Source Thisday Read More 

TUC concludes majority take with N80bn investment in Unity Bank - The Trade Union Congress (TUC), one of Nigeria’s two labour centres, has perfected investment transactions with Unity Bank plc, to enable it take up majority shareholding in the bank. Source BUSINESSDAY Read More  

Sapele Power’s planned plant expansion targets 1,000MW electricity generation - Sapele Power Plc, managers of one of Nigeria’s gas-fired power plants, is planning an expansion of its plant to boost recovery of installed capacity and introduce new generation capacity. Source BUSINESSDAY Read More 

Government to save N1.4tr from subsidy yearly, says Kachikwu - The Federal Government would be saving a huge N1.4trillion subsidy annually on the deregulation of the downstream sector of the oil sector, Minister of State for Petroleum Resources, Dr. Ibe Kachikwu has said. Source Guardian Read More



Egypt raises key interest rates by 100 basis points - Egypt's central bank raised its key interest rates by 100 basis points at its monetary policy meeting on Thursday, following a jump in inflation last month. Source Reuters Read More

Gold Tops $1,300 After Fed Holds Off on Rate Increase - Gold fell from the highest in almost two years as traders pared bets on the outcome of next week’s U.K. vote on membership in the European Union, reducing demand for the metal as a haven. Source Bloomberg Read More 


Uber's big Chinese rival raises more than $7 billion - Didi Chuxing, the dominant force in the Chinese market, said Thursday it has raised $7.3 billion in its latest financing round. Source CNN Money Read More



BoI, Abia float N1bn lifeline for SMEs - The Bank of Industry and the Abia State Government have signed a Memorandum of Understanding to provide N1bn to the Small and Medium Enterprise operators in the state. Source Punch Read More 

Zuckerberg backs Andela, a startup more elite than Harvard - Andela, a two-year-old startup, trains software developers in Africa and gives them full-time roles at international companies. Source CNN Money Read More 



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