Major buyers of Nigerian crude in North and South America have slashed their imports from the country, the latest NNPC report shows. According to the report, monthly imports of Nigerian crude by Brazil, the United States and Canada fell to their lowest levels this year in August at 974,577 barrels, 4.14 million barrels and 905,116 barrels, respectively. In July, Brazil bought 2.92 million barrels of oil from Nigeria; the US imported 6.79 million barrels; while
The cash call arrears the FG owes oil majors has swollen to over $8.5 billion (₦2.6 trillion), a development that has seen the government making moves to exit the Joint Venture cash call system. The NNPC’s GMD, Maikanti Baru told the Nigerian Association of Petroleum Explorationists’ 34th Annual International Conference and Exhibition that, “In 2016 alone, underfunding of the NNPC cash calls is estimated to be about $2.5 billion. This is aside from
NNPC says it has paid the sum of ₦827 billion to the Federation Accounts Allocation Committee (FAAC) in 12 months. In its monthly financial report for September released in Abuja, the corporation said the payment was made between Oct. 2015 and Sept. 2016. “A total of eight hundred and twenty-seven billion naira was paid to FAAC in the past 12 months.” It added that NNPC, in the months under review, lifted 243 million barrels of crude oil for the Federal
The NBS on Monday released new data showing that the Consumer Price Index, a measure of inflation, rose to a 94-month high of 18.3 percent in October. The 18.3 percent inflation rate, which is about 0.48 percent higher than the 17.9 percent recorded in September, is the highest since January 2009 when the NBS started publishing the revised CPI. The bureau attributed the increase in inflation rate to pressures recorded in some sub-indexes such as housing, electricity
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
The Central Bank of Nigeria has issued a new circular warning Illegal Money Transfer Operators to stop facilitating illegal transfer of forex into Nigeria (especially at exorbitant rates) without their approval. The regulator said that these MTOs “lure unsuspecting customers with ridiculous exchange rate, use Naira accounts opened in local banks ostensibly for legal business to pay out the proceeds to the beneficiaries while channeling the foreign currencies to fund
The State Security Service and the police raided the offices of black market currency dealers on Thursday, detaining some dealers and ordering others to sell US dollars at a lower rate in a bid to break the fall of the currency. A dealer told Reuters that “the police and state security service officials are raiding black marketers in Lagos and Abuja to compel an appreciation of the naira.” Another trader said security agents visiting bureau de change
The House of Representatives has called on law enforcement agencies to track down, and arrest, the promoters of MMM, which in their words is a “questionable investment scheme”. The Reps also asked the committees on banking and currency, and financial crimes to investigate MMM. Those behind MMM are not known to Nigerian regulatory agencies, including the CBN and the NDIC. The business is not registered with the Corporate Affairs Commission, making
2016 will go down as the year of the roll back. In Nigeria, we are going through our first recession in nearly two decades. Our colonisers, the United Kingdom, turned their backs on four decades of European Union membership, Turkey, a major Nigerian trading partner, has slowly started turning its back on the legacy of its founder, Kemal Atatürk, and the United States has turned its back on the world.
How will this affect Nigeria?
First, it will have a psychological
The NBS on Monday released the capital importation report for the third quarter of 2016 with the country recording an increase of 74.84 percent in investment inflow from $1.04 billion in the second quarter to $1.82 billion. The NBS said that compared with the relative inflow in the third quarter of 2015, the capital imported into the country represents a decline of 33.7 percent. An analysis of the report shows that during Q3, portfolio investment rose by 172.84