Tuesday, September 22, 2020
Naira stable as 5,090 BDCs await $50.9m sales from central bank Tuesday
Nigeria’s currency was stable on Monday, trading at N465 on the black market as 5,090 Bureau De Change (BDC) operators await $50.9 million allocation from the Central Bank of Nigeria (CBN) on Tuesday. The CBN has changed the dollar purchase days for BDCs to Tuesdays and Thursdays from Mondays and Wednesdays, Aminu Gwadabe, president, National… Read more
How pension funds reel from negative real interest rates
A collapse in yields on Nigerian assets is leaving pension fund administrators (PFAs) with no choice but to plough back pensioners’ funds into assets offering rates below inflation. Nigeria’s biggest institutional investors, the PFAs, are reeling from a negative real interest rate environment, after a host of Central Bank of Nigeria’s (CBN) policies aimed at… Read more
Shell-funded investor All On signs $1.5m plant expansion deal with Auxano
All On, a Shell-funded impact investment company has announced a $1.5m investment in Auxano Solar Nigeria Limited, one of the biggest solar panel assembly plants in Nigeria to scale its operations over the next five years. “This investment would guarantee the expansion of Auxano’s solar panel assembly capacity by over 50 percent and is a… Read more
FG slashes spending on JV oil assets by 62%
Amid the coronavirus-induced sharp drop in its revenues, the Federal Government reduced its spending on oil and gas assets being developed through joint ventures with private firms by 61.83 per cent in July. The Nigerian National Petroleum Corporation, which represents the Federal Government in the JVs, has an obligation to make cash call payment for the development of the assets. Read more
Oil falls to $41 as economic outlook dims
The international oil benchmark, Brent crude, declined by about five per cent on Monday, as rising coronavirus cases stoked worries about global demand and a potential return of Libyan production bolstered oversupply fears. Brent, against which Nigeria’s crude oil is priced, fell by $1.63 to $41.52 per barrel as of 8:15pm Nigerian time as of Monday. Read more
CBN decries speculation as naira plunges, exchanges for 465/$
Declining export receipts from oil and speculative activities of the Bureau De Change operators among other challenges of the COVID-19 pandemic on the economy will put more pressure on the naira. The Central Bank of Nigeria said this in its report on ‘Monetary, credit, foreign trade and exchange policy guidelines for fiscal years 2020/2021’. Read more
Governor condemns push for resource control
As Niger Delta governors continue to push for resource control, their counterparts in the northern region believe current structure, which confers ownership of all natural resources on the Federal Government’s and prescribes the allocation of 13 per cent derivation is most suitable for Nigeria. Read more
