Nigeria in 1min: Economic, Business & Financial Headlines – 200616

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June 20, 2016 7:10 AM / Proshare News 

PROSHARE ECONOMY
Nigeria’s Economy Attracts $77bn Foreign Investments in Six Years - The Nigeria’s economy attracted $76.89 billion foreign investments between 2010 and 2015 just as analysts have said the new flexible foreign exchange policy will boost foreign investments in the near term. Source Thisday Read More

FG, states spend 4% of budgets on health - The federal and states governments will spend four percent of their N12.2 trillion total budgets on public health this year, Daily Trust investigations have shown. Source Daily Trust Read More

‘Nigeria imports $500m consumable goods monthly’ - Nigerians spent over $500 million, monthly, on  importation of consumable products  from other parts of the world, the President of Business Club Ikeja (BCI), Dr Rotimi Oladele, has said. Source Daily Trust Read More

Diaspora remittances to hit $35b yearly - The implementation of the new flexible foreign exchange regime is expected to raise the annual Diaspora remittances from $21 billion to $35 billion, President, Association of Bureau De Change Operators of Nigeria (ABCON), Aminu Gwadabe, has said. Source THE NATION Read More

States not barred from taking more loans - DMO DG - The Director-General of the Debt Management Office (DMO), Dr Abraham Nwankwo, has said that states have not been barred from raising funds for their developmental projects. Source Daily Trust Read More

NIPC secures N17.7bn agric investment from Japanese firm - The Nigerian Investment Promotion Commission says it has secured an investment of $90m (N17.73bn) in the agricultural sector from a Japanese firm, Toshoku Company Limited. Source Punch Read More 

Chinese firm to build 1,000 houses for civil servants - The Federal Government has signed a Memorandum of Understanding with a Chinese firm to build 1,000 houses for federal civil servants in the country. Source Punch Read More 

‘Bauchi paid N79.3bn as salary in one year’ - The Bauchi State Government has refuted media reports that it received N72bn within the last one year as allocation from the Federal Government, with no commensurate development in the state to show for it. Source Punch Read More 



PROSHARE REGULATOR

CBN expands export credit facilities by N50b - The Central Bank of Nigeria (CBN) has expanded the Export Credit Rediscounting and Refinancing Facilities (RRF) by N50 billion. Source THE NATION Read More 

CBN loans to banks jump by 173% to N281bn - The Central Bank of Nigeria (CBN) loan to banks rose sharply last week by 173 per cent to N281 billion. Vanguard investigations reveal that lending to banks through the CBN’s standing Lending Facility (SLF) rose from N102.89 billion the previous week to N281 billion at the close of business on Friday. Source Vanguard Read More

PROSHARE MARKETS
New FX Policy: The CBN Segregates Banks… Who’s in, Who’s out? - Three weeks after the Monetary Policy Committee’s (MPC) consensus decision to adopt a flexible exchange rate system, the Governor of the Central Bank of Nigeria (CBN) - Godwin Emefiele - at a press briefing on Wednesday, 15th June, 2016 announced the re-introduction of a market driven two-way quote single Interbank Foreign Exchange (FX) Market. Though ultimately inevitable, reneging of the CBN represents a policy backflip against the long-held stance of maintaining NGN/USD peg at N197.00/US$1.00. Source Proshare Read More

Impact of a Unified Exchange Rate and Assessment of Playing Field  - The Central Bank has released its guidelines for implementing a flexible exchange rate. This has been long overdue, with the CBN finally coming to terms with the need for a currency adjustment. Contrary to analysts’ expectations of a dual exchange rate regime, only one market would be at play with a unified exchange rate. Source Proshare Read More

Wisdom Nuggets – Rescuing and Defending the Naira  - First, the urging of a long-standing friend of mine who thought that I had something worthwhile to contribute towards the ongo-ing efforts to stabilise the Naira exchange rate. Second, it is in memory of the late maverick, Egheomhanre Em-manuel Eyieyien, fondly called “Ëghes”, a great patriot and close associate of mine. He died on Christmas Source Proshare Read More

BREAKING: Window for FXPMD has been Thrown Open to every Deposit Money Bank - Application by any intending DMB closed yesterday as per the resolution reached at the meeting of Bank CEOs/Treasurer with the COG yesterday in Lagos. Source Proshare Read More

Nigeria's new FX policy - Implication & Impact @Friday - Following the Central Bank of Nigeria's (CBN) decision to liberalise the exchange rate system, we detail our thoughts on its implication and impact on markets and the economy. Please see key highlights below. Source Proshare Read More

Sentiment Analysis Report – W/E June 17, 2016 - Analysis of the market activity in the week ended June 17, 2016 technically revealed a surge in optimistic trading pattern as sentiments turned bullish while investors displayed growing risk appetite towards investement in equities in the week. Source Proshare Read More 

ETI Shareholders Approve $48.2m Dividend Pay-out - Shareholders of Ecobank Transnational Incorporated (ETI) have approved a dividend pay-out of $48.2 million earlier declared by the pan-African bank. The dividend pay-out amounted to two cents per share. Source Thisday Read More



Fitch: New Forex Policy Can Spur Growth; Harps on Implementation
- One of the leading global rating agencies, Fitch Ratings yesterday joined other institutions and agencies in endorsing the decision of the Central Bank of Nigeria (CBN) to end currency peg, saying that the shift to a more flexible foreign-exchange regime could aid the country to adjust to lower oil prices and support growth. Source Thisday
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Nigeria banks to set naira rate on Monday without c.bank intervention: banker - Nigeria's commercial banks will set the first exchange rate of the naira versus the dollar when the currency is allowed to float freely on Monday after the central bank abandoned its dollar peg, a senior banking source said on Friday. Source Reuters Read More

SPDC’s revenue to Fed Govt hits $43b - Shell Petroleum Development Company Limited (SPDC) Joint Venture contributed $43 billion to the national treasury in five years, the Managing Director and Country Chairman, Shell Companies in Nigeria, Mr. Osagie Okunbo, has said. Source THE NATION Read More 

Shell Commits $195.5m On Social Investments In Nigeria - Oil giant, Shell spent a total of $195.5 million in Nigeria in 2015, thus making the country the largest concentration of social investment spending within the Shell group. Source Leadership Read More 

Global Energy To Support Bresson’s 500mw Plant - The Global Energy giant, General Electric, has thrown its weight behind Bresson AS plans to provide 500megawatts of electricity to the national grid by next year. Source Leadership Read More 

Power sector loses N36bn to gas shortage - In less than three weeks, Nigeria’s power sector lost over N36bn, primarily as a result of gas shortage caused by the recent bombing of pipelines supplying gas to electricity generation plants. Source Punch Read More

Electricity users groan as grid dips to 1,600mw - The national electricity grid has continued its drop to 1,600 megawatts (mw) since Saturday with many electricity consumers decrying the situation Source Daily Trust Read More

NNPC unpaid bills hit $1.8bn - The drop in the nation’s crude oil production and exports largely in recent months may have drastically worsened the inability of the Nigerian National Petroleum Corporation to meet its cash call obligations to its joint venture partners. Source Punch Read More 

PROSHARE BUSINESS
Guinea's CBG gets $1 bln loan to boost bauxite production - Guinea's Bauxite Company (CBG) has reached an agreement in principle over a $1 billion loan to increase production capacity at the Kamsar treatment plant, the firm's general director told Reuters on Friday. Source Reuters Read More 

Abu Dhabi Stocks Surge Most Since 2014 on Mideast Mega Bank Deal - Abu Dhabi stocks climbed the most in 18 months as two of the emirate’s biggest banks said they’re in talks to merge in a deal that would form one of the Middle East’s largest lenders by assets. Source Bloomberg Read More 



PROSHARE TECHNOLOGY

N1.04trn MTN Fine: Senate summons AG, CBN gov, Accountant General, others - THE Senate has taken a swipe at the executive arm of the government over the alleged manner MTN’s N1.04 trillion fine was reduced to N330 billion. Source Vanguard Read More 

MTN fine, a closed deal - Shittu - The  Minister of Communications, Barrister Adebayo Shittu, has described as “a closed matter” the issue of penalty imposed by the federal government on the giant telecoms operator, MTN, following its breach of the laws guiding telecoms operation in the country. Source Daily Trust Read More 

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