Nigeria in 1min: Economic, Business & Financial Headlines – 160616



June 16, 2016 7:30 AM / Proshare News 


Nigeria Records Highest m/m Inflation Rate in Four Years - The latest shocking inflation report from the NBS shows an acceleration in the headline rate to 15.6% y/y in May from 13.7% the previous month. This compares with the average forecast of 14.7% y/y in a wire service poll of analysts, and our own contribution, based on positive base effects, of 14.1%.Source Proshare Read More 

CBN Releases Revised Guidelines for the Operation of the Nigerian Inter-Bank Foreign Exchange Market - In line with the objectives of enhancing efficiency and facilitating a liquid and transparent, Foreign Exchange (FX) market, the Central Bank of Nigeria (CBN) hereby releases the revised guidelines on the operations of the Nigerian Inter-Bank FX market towards the liberalisation of the market.Source Proshare Read More 

Implications for Markets as the CBN finally floats the Naira - In a very remarkable but positive turn of events, the Central Bank of Nigeria (CBN) announced a full float of the Naira such that the FX market will be market driven with only occasional interventions by the Apex Bank. Source Proshare Read More 

FEC approves new debt management strategy - The Federal Executive Council (FEC) met yesterday and approved the 2016-2019 Debt Management Strategy. Source Daily Trust Read More 

FG to borrow more from foreign market - The Federal G+overnment will borrow more abroad in foreign currencies than domestically, to take advantage of lower interest rates and to allow local banks to lend to small businesses, the country’s finance minister said on Wednesday. Source Daily Trust Read More 

Nigeria’s foreign debt rises by $7.18bn in 10 years - Ten years after Nigeria’s historic exit from the Paris Club of Creditors, the country’s external debt balance has climbed to $10.72bn, up from $3.54bn, investigation has shown. Source Punch Read More 

NNPC, PPMC, NAPIMS owe NIMASA $3.78b - The Nigerian National Petroleum Corporation (NNPC),  the Pipeline Products Marketing Company (PPMC) and the National Petroleum Investment Management Services (NAPIMS), a subsidiary of the NNPC are jointly owing the Nigerian Maritime Administration and Safety Agency (NIMASA)  $3.78 billion, the House of Representatives has said. Source THE NATION Read More 

60 MDAs to share N280bn for capital projects - The Federal Government said that about 60 ministries, departments and agencies would benefit from the N280 billion released for the implementation of capital projects captured in the 2016 budget. Source Daily Trust Read More 

NIPC attracts $90million from Japan - The diversification policy of the Federal Government may have begun to receive a boost as the Nigerian Investment Promotion Commission (NIPC) has concluded arrangements to attract investments worth $90 million from Japan into the Agricultural Sector Source BUSINESSDAY Read More 

Govt signs N25b contract to aid school feeding - As part of preparations for the takeoff of proposed free feeding for school children, the Federal Government has signed a N25 billion contract with Tuns Farms to facilitate egg production in the country. Source Guardian Read More 



The Nigerian Managed Float Exchange Rate System - Good afternoon ladies and gentlemen and welcome to the Central Bank of Nigeria (CBN). The Management of the Bank has called this Press Conference in response to one of the commitments contained in the Communiqué of the Monetary Policy Committee (MPC) of 24th May 2016. Having consulted widely and prepared carefully.Source Proshare Read More 

CBN licences two new banks with regional authorization - The Central Bank of Nigeria (CBN) has licensed two new deposit money banks with regional authorization. Source BUSINESSDAY Read More 


MSCI proposes to reclassify Nigeria Index to standalone status - MSCI Inc. (NYSE: MSCI), a leading provider of global equity indexes, announced today that the MSCI Nigeria Index may be removed from the MSCI Frontier Markets Index and reclassified as a stand-alone market due to capital mobility issues (please see simulated index below). Source Proshare Read More 

Stocks erase 8-day loss as CBN unveils framework for flexible FX regime - The equities market closed today on a positive note, as NSE ASI appreciated by 3.17% to close at 27,891.96basis points, compared with the 0.26% depreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at -2.62%. Source Proshare Read More

Nigerian Stock Exchange Reviews Composition Of Market Indices - The Nigerian Stock Exchange (NSE) has announced the expected review of the NSE 30, and the six sectoral indices of the Exchange, which are NSE Consumer Goods, NSE Banking, NSE Insurance, NSE Industrial, NSE Oil & Gas and the NSE Lotus Islamic Indices. The composition of these indices after the review will be effective on July 1, 2016. With the review, we will witness the entry/re-entry as well as exit of some major companies. Source Proshare Read More

Nigerian Stock Exchange Reviews Composition Of Market Indices - The Nigerian Stock Exchange (NSE) has announced the expected review of the NSE 30, and the six sectoral indices of the Exchange, which are NSE Consumer Goods, NSE Banking, NSE Insurance, NSE Industrial, NSE Oil & Gas and the NSE Lotus Islamic Indices. Source Proshare Read More 

The new fully Floated FX Market – In a Nutshell - Yesterday, the CBN governor announced the much awaited changes to the FX market which will see a change in currency regime from a managed floating to flexible exchange rate market architecture. Source Proshare Read More 

Federal Reserve issues FOMC Statement - Information received since the Federal Open Market Committee met in April indicates that the pace of improvement in the labor market has slowed while growth in economic activity appears to have picked up. Source Proshare Read More 

Uranium Prices Set To Double By 2018  - With prices set to double by 2018, we've seen the bottom of the uranium market, and the negative sentiment that has followed this resource around despite strong fundamentals, is starting to change. Source Proshare Read More 

NDIC to recover N17.6b Fortune Bank debt - The Nigeria Deposit Insurance Corporation (NDIC) has filed a debt recovery suit against former chairman of defunct Fortune Bank Plc, Mr Henry Adawari MacPepple, at the Federal High Court in Lagos. Source THE NATION Read More 

Naira positive to new FX policy, closes stable - The naira yesterday responded positively to the Central Bank of Nigeria (CBN) newly introduced single foreign exchange market as it traded stable against the US dollar at the autonomous and parallel market. Source BUSINESSDAY Read More 

UK's Financial Conduct Authority Signs The Women in Finance Charter - We are proud to have signed the Women in Finance Charter. We have a strong gender profile and believe that a diverse workforce makes us a better regulator and a great place to work. Source Proshare Read More

DANGCEM Appoints Mrs Dorothy Udeme Ufot as an Independent Non-Executive Director - Mrs. Ufot is one of Nigeria most experienced legal practitioners. She has more than 26 years’ experience in commercial litigation at trial and appetite levels, having been admitted to the Nigerian to the Inner Bar as a Senior Advocate of Nigeria (SAN) in April 2009. She also qualified as a chartered arbitrator from the Chartered Institute of Arbitrators London, in 2003.Source Proshare Read More 

Livestock Feeds Prepares to Raise N2bn to Boost Operations - Livestock Feeds Plc has commenced the process of raising additional capital to boost its operations. Shareholders of the company had last year approved that about N2 billion should be raised through a rights issue. Source Thisday  Read More 

FBN Merchant Bank records N3.8bn PBT - FBN Merchant Bank Limited, the merchant banking subsidiary of FBN Holdings Plc recorded a profit before tax of N3.851bn for the year ended December 31, 2015. Source Punch Read More 

US imports of Nigerian oil rise by 558% - imports of Nigerian crude oil by the United States grew significantly in the first three months of the year, after plunging to record lows in recent years on the back of the US shale oil boom. Source Punch Read More 

Firm plans to add 500MW to national grid - The Obijackson Group has said its subsidiary, Century Power, is looking to add 500 megawatts to the nation’s power grid. Source Punch Read More 

S/Africa’s Petrocam to build refinery in Nigeria - The list of International Oil Companies (IOCs) wishing to build refineries in Nigeria has swollen with the latest interest coming from Petrocam, a South African-based oil firm. Source THE NATION Read More 

‘Why $200b oil, gas markets remain untapped’ - An estimated $200 billion oil, gas and power markets are yet to be tapped in Nigeria and other countries in West Africa due to problems, such as poor financing and lack of capacity building, the Managing Director, Lagos Deep Offshore Logistics base (LADOL), Dr. Amy Jadesinmi has said. Source THE NATION Read More



Wary Fed Rethinks Pace of Rate Hikes - The Federal Reserve held short-term interest rates steady and officials lowered projections of how much they’ll raise them in the coming years. Stocks Fall 5th Day in Row Source WSJ Read More 

Investors Flee Banks in U.K. and Europe as ‘Brexit’ Jitters Mount - The beleaguered European banking sector is bracing for another hit to funding costs and profits should Britain decide to exit the European Union in next week’s referendum. Source WSJ Read More 

Yuan Shudders Despite China’s Push to Steady the Currency - Anxiety is building around the yuan, with the Chinese currency briefly breaching a psychologically important barrier to touch its weakest level against the dollar in more than five year Source WSJ Read More 

India's Eximbank to loan $176.3 mln to Ivory Coast: Ivorian PM - India's Export-Import Bank (Eximbank) will issue a $176.3 million loan to Ivory Coast for public works initiatives, including projects in construction and information technology, Ivorian Prime Minister Daniel Kablan Duncan said on Wednesday. Source Reuters Read More 

Botswana inflation unchanged at 2.8 percent year/year in May - Botswana's consumer inflation was unchanged at 2.8 percent year-on-year in May, compared with April, data from the statistics office showed on Wednesday. Source Reuters Read More 

Yen Surges as BOJ Maintains Policy; Asian Stocks Sink With Oil  - The yen surged and Japanese stocks extended losses after the nation’s central bank refrained from easing monetary policy. Shares elsewhere in Asia also declined as oil fell for a sixth day, while haven assets including gold and sovereign bonds advanced. Source Bloomberg Read More 

U.K. Jobless Rate Hits 11-Year Low as Pay Growth Picks Up - The U.K. labor market remained resilient in the face of the referendum on European Union membership and lackluster global growth. Source Bloomberg Read More 

Oil Industry to Cut $1 Trillion in Spending After Price Fall - The oil and gas industry will cut $1 trillion from planned spending on exploration and development because of the slump in prices, leading to slower growth in production, according to consultant Wood Mackenzie Ltd. Source Bloomberg Read More 



Orange launches Orange Money in France to allow money transfers to 3 African countries - Orange Money is available in Metropolitan France. This service is offered to Orange mobile subscribers(1) in France and enables them to transfer money via their mobile to other Orange Money customers in Côte d'Ivoire, Mali, Senegal, and within Metropolitan France. Source Proshare Read More 

MTN to more than double spending in Nigeria this fiscal year - MTN Group will more than double capital spending in Nigeria in the 2016 fiscal year, it said, days after agreeing to pay a heavily reduced penalty to settle a regulatory dispute with the west African country. Source Reuters Read More 



CBN Governor explains Flexible FX regime plan

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