14 Nov

Daily Watch – Senate to consider loan request, Oil unions to resist NNPC sale

  • FXTM is enhancing its product offering to Nigerian traders, by making its leading standard and ECN trading accounts available in Naira. The launch of the new Naira currency accounts is exclusive to citizens and residents of Nigeria, demonstrating FXTM’s commitment to providing tailored products and services for local investors. As part of the new service, Nigerian traders can open Cent Accounts with as little as ₦1,000, and Standard Accounts with ₦20,000, while also continuing to benefit from the excellent trading terms available across all FXTM’s Standard and ECN accounts, which include floating leverage up to 1:1000, low deposits fees and instant withdrawals, and the ability to implement hedging strategies via the MT5 ECN account. Additionally, FXTM’s clients in Nigeria can rely on the broker’s instant execution and competitive spreads, while account funding will be easier than ever – with local transfer methods also available on the new Naira accounts.
  • The Punch is reporting that the leadership of the Senate and the Presidency have reached a deal on the 2017-2019 Medium Term Expenditure Framework and Fiscal Strategy Paper earlier rejected by the Senate. The Senate, which returned the MTEF and FSP to the Presidency last week, had accepted to receive a detailed version of the document from the Executive this week. The paper quoted Senate Majority Leader, Ali Ndume, as saying that the issues would be resolved this week. The preparation of the 2017 budget and the proposed $29.96 billion external borrowing would be fast-tracked by the legislature.
  • Unions in the oil industry have said that they would resist any attempt by the FG to sell some of its stake in the NNPC. The Federal Ministry of Petroleum Resources released a draft policy document on the reform of the oil sector late on Thursday in which it proposed the sale of some of its stake in the national oil firm. Reuters reported on Friday that the country had been mulling the sale of oil assets to raise foreign exchange as a slump in vital oil revenues was eroding the budget. The proposal stated that a newly formed corporation could sell the stake “so long as the government shareholder retains effective control and ownership.” However, the spokesman of PENGASSAN, Emmanuel Ojugbana however said, “We are not in support of the sale of our national assets; we will only give support to policies that aim to create adequate governance structures, as this will provide more business opportunities, which is good for the Nigerian people. In times like this, the government should not consider the sale of assets belonging to the NNPC, for we will oppose it seriously.”
  • NIPOST says it is working closely with banks to serve as intermediaries where customers can withdraw and save money in rural communities where there are no banking facilities. According to Hajiya Simbiat Lawal Lawal, senior assistant postmaster general, “NIPOST is working closely with banks to serve as intermediaries where customers can withdraw and save money in rural communities where there are no banking facilities. This innovation is being done with the support of the Central Bank of Nigeria.”