09 Mar

Daily Watch – Etisalat defaults on loan, Customs rejects Senate order on vehicle duties

An analysis of the Economic Recovery and Growth Plan by the Punch shows that the FG has abandoned a crude oil production target of 4 million barrels per day seven years after it was set. The new target is 2.5 million barrels per day by 2020. Nigeria’s oil output had hit a peak of 2.88 million bpd in October 2010, according to data from the CBN, but suffered declines on the back of a slew of militant attacks, natural decline in production from existing fields

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08 Mar

Daily Watch – Economic Recovery Plan released, Stocks see biggest half-year rise

The CBN aims to achieve a market-determined exchange rate regime, according to an official economic plan released on Tuesday, as pressure mounts to let the naira float freely. The government will also review and possibly remove a ban on accessing foreign exchange for 41 goods and services, said the Economic Recovery and Growth Plan 2017-2020, released by the Budget Ministry. Nigeria also sees 2017 inflation at 15.74 percent, and at 12.42 percent next year, the

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07 Mar

Daily Watch – Police share ₦36b pensions pot, Shell shuts down Bonga

The CBN has provided $367 million to the interbank foreign exchange market at forward rates. The CBN said it sold $144 million for 45-day forward contracts and $223 million for 60-day contracts – part of a pattern of such sales in recent weeks. The move “was in line with the bank’s determination to ease the foreign exchange pressure on various sectors through forward sales under the new flexible foreign exchange regime”. The interbank

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06 Mar

Daily Watch – Trade balance goes north, DMBs get 24hr FX clearance window

The FG announced on Sunday that mortgages below ₦5 million would not attract the initial payment of 10 percent equity from off-takers. It stated that this was part of efforts to ensure the provision of affordable housing to Nigerians, especially the low-income earners. The Minister of State for Power, Works and Housing, Mustapha Shehuri, stated this while inaugurating a 125-unit housing estate that was financed by the Federal Mortgage Bank of Nigeria and developed

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03 Mar

Daily Watch – Zenotech bids Nigeria goodbye, Malabu legal saga deepens

The EFCC has filed new corruption charges against Royal Dutch Shell, Eni SpA and others regarding the $1.3 billion purchase of a long-disputed oilfield in 2011, according to court documents released on Thursday. The charges of conspiracy to commit a felony and official corruption were made after an investigation by the financial crime watchdog found new evidence, Jonson Ojogbane, an EFCC senior prosecutor named in the documents, told Reuters. Shell and Eni did

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02 Mar

Daily Watch – PMI shriveled in February, BRT users moan increased fares

Nigeria plans to target retail investors with a new savings bond that will go on sale this month, the Debt Management Office said on Wednesday. Two- and three-year maturities will be offered, with interest paid quarterly. The interest rate has yet to be announced, but the debt office paid 16.5 percent on a five-year bond sold to institutional investors last month. The bonds will be “good for savings towards retirement, marriage, school fees, house projects,&#8221

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01 Mar

Daily Watch – 2016 was negative, Fewer Nigerians online in January

Nigeria’s economy contracted 1.5 percent in 2016 due to lower oil revenues and a shortage of hard currency, the NBS said on Tuesday, its first annual contraction in a quarter of a century. Africa’s largest economy slid into recession in the second quarter of 2016 as a slump in crude prices hammered its public finances and battered the naira. Crude sales make up two-thirds of government revenue. “This contraction reflects a difficult year for

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28 Feb

Daily Watch – Date set for Malabu ruling, Zenith weathers the recession

A court will rule on a request by Royal Dutch Shell and Italy’s Enion, March 13, to lift the temporary seizing of a long-disputed oilfield. The court last month ordered the temporary seizing of assets and the transfer of operations of the OPL 245 field owned by Shell and Eni, among others, to the FG at the request of the EFCC. The case is the latest of several inquiries, following those by Dutch and Italian authorities, into the 2011 purchase of the OPL

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27 Feb

Daily Watch – Dollar rush fuels naira surge, AMCON faces impending Arik backlash

The FG has reviewed the visa process for foreigners who wish to visit Nigeria for business and tourism purposes, with a view to removing bureaucratic bottlenecks and encouraging business travellers and tourists, thus providing a boost to the economy. A statement issued on Sunday by the Information and Culture minister, Lai Mohammed, said the measures were part of the action plan for the ease of doing business as well as efforts to boost tourism, within the overall

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24 Feb

Daily Watch – SWF plans $760m Niger Bridge investment, Xenophobia bad for MTN Nigeria

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

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