The naira recorded further gains against the United States dollar on the parallel market on Wednesday, reversing losses it made earlier in the week. Specifically, the naira rose to ₦505/dollar on February 22, up from ₦512/dollar on Tuesday, as the Central Bank of Nigeria started increasing dollar supply on the official market. The regulator had on February 20 introduced a new forex policy action aimed at boost forex supply to enable commercial lenders to meet the
The CBN has announced that charges on deposits will be re-introduced. In a circular released on its website, the apex bank said the decision was made at the 493rd Bankers Committee meeting that held on February 8. The regulator also announced an expansion of its cashless policy to the remaining 30 states. For individuals, deposits ranging from ₦500,000 to ₦1 million will attract a 1.5% charge, while withdrawals within the range would attract 2% charge. Deposits
Nigeria’s acting president has written to parliament to seek approval for a new $500 million Eurobond sale, a statement said on Wednesday, to help make up for a shortfall in the government’s budget. The new issue would follow the government’s sale of $1 billion worth of 15-year bonds earlier this month. “Following the high oversubscription of the recent $1 billion Eurobond issuance, we wish to take advantage of favourable market conditions
Nigeria’s distributable government revenues rose in January by 16 percent to ₦465.19 billion ($1.5 billion) as it brought in more oil royalties, the accountant general’s office said in a statement on Tuesday. Distributable revenue is government income that is shared at various levels of government including the federal government, state governments and local government councils. Average oil prices rose from $47.30 to $49.57 per barrel during January
There is a situation in the South-West and North-West regions of Cameroon. These, the only English-speaking regions in the country, account for about 19 percent of the population.
In November 2016, lawyers and teachers took to the streets to protest against perceived marginalisation and the use of French in courts and schools in the English-speaking regions of the country.
The government responded by sending soldiers and military police to suppress the protests. The
The naira hit a fresh low of ₦520/$ on the black market on Monday, as retail currency traders tried to digest a new CBN decision to sell dollars to retail users through commercial lenders, one retail trader told Reuters. The regulator plans to sell $1 million weekly to each of the country’s 21 commercial lenders at a rate of ₦375 to clear a backlog of demand for retail users and try to narrow the premium between the official and black market rates
Nigeria has dropped to the fourth position as China’s trade partner in Africa from second, according to the Chinese Ambassador to Nigeria, Zhou Pingjian. Zhou noted that the relationship between both countries had a lot of potential, which could be leveraged to the advantage of the two countries. Speaking during the visit of the House of Representatives Committee on Nigeria-China Relations to the CGCOC headquarters on Friday in Abuja, the envoy stated
Nigeria allegedly lost as much as $100 billion in revenue last year as attacks by militants in the oil-rich Niger Delta cut crude output to a record low. ‘Production fell by 1M to 1.2M barrels a day at the peak of the attacks,’ Emmanuel Kachikwu, minister of state for petroleum, said Tuesday in a video clip on his Facebook page. This resurgence of armed conflict in the delta last year, combined with lower oil prices, blighted the economy and Nigeria suffered its
The CBN sold ₦202.44 billion ($665 million) worth of treasury bills at an auction on Wednesday at yields lower than the inflation rate, the bank said on Thursday. The amount raised was more than ₦142.43 billion it had initially proposed, but it increased its offer due to the volume of demand by investors. The bank raised ₦140 billion in the 1-year treasury bill at 18.44 percent, shy of the 18.72 percent inflation rate for January and compared with 18.54
Nigeria has not decided yet how much it wants to borrow from the World Bank, its budget and national planning minister said on Wednesday, to help pay for record spending of $24 billion this year. Diplomats and officials told Reuters last week the oil producer plans to present the required economic reform proposals to the World Bank this month to borrow at least $1 billion “The figure will depend on the (2017) budget approved by the National Assembly,”