CAPITAL MARKET
NGX open to collaborating with NNPC on financing opportunities’
The Nigerian National Petroleum Corporation (NNPC) has expressed its willingness to collaborate with Nigerian Exchange (NGX) Limited on financing options in the near term. It gave this indication during a courtesy visit of the NGX management to NNPC led by its Chairman, Abubakar Balarabe Mahmoud, recently in Lagos. Mahmoud stated that as an exchange, the NGX is always interested in developing strong relations with notable institutions such as NNPC, adding that it was pleased with some of the recent developments it has seen. “We would therefore, like to congratulate you on the successful signing of the Petroleum Industry Act which we are confident will transform the sector and in turn, open up opportunities for both NGX and NNPC to explore going forward. The Sun
BANKING
CBN Directs Banks, PSBs to Disaggregate Bulk Payments
The Central Bank of Nigeria (CBN) has instructed banks and Payment Service Providers (PSBs) to separate all transactions that would normally categorised as bulk payment upon transition. The apex bank in a circular posted on its website yesterday signed by the Director, Payments System Management Department Musa Jimoh, stated that the directive is in a bid to ensure transparency and clarity for auditing within the banking system. The regulator directed banks and PSBs to comply with the directive and all other payment system regulations. According to the CBN, “The Central Bank of Nigeria has noticed the inherent problems associated with the processing of bulk transfers by banks and payment service providers. This Day
ECONOMY
Nigeria’s oil production falls to 1.24 million bpd – Report
Nigeria’s crude oil production plunged to a record low of 1.24 million barrels per day last month as a result of lingering disruptions, S&P Global Platts reported on Wednesday. The report quoted industry and ministry sources as saying that the country’s oil output had fallen sharply in the past few weeks due to an oil spill near the key Forcados export terminal. Nigeria has been facing many operational and technical problems in the past few months. Key crudes such as Bonny Light, Escravos, Forcados and Qua Iboe have all faced production issues in 2021. The country has the capacity to produce around 2.2 million to 2.3 million bpd of crude and condensate, but production has averaged around 1.50 million bpd for the first eight months of 2021, according to S&P Global Platts estimates. Punch
GDP rising, inflation falling, yet poverty worsening – Rewane
The Chief Executive Officer of Financial Derivatives Company Limited, Mr Bismarck Rewane, has said Nigeria’s Gross Domestic Product is rising and inflation rate is falling, but more people are living below the poverty line. Rewane, a member of the Presidential Economic Advisory Council, said this at this month’s edition of the LBS Breakfast Session in his presentation, a copy of which was obtained by our correspondent on Wednesday. The economic expert posed what he described as five tough questions for Nigerian policymakers. Punch
FEC directs deployment of 5-G Network
The Federal Executive Council (FEC) has approved the policy on deployment of Fifth Generation network, popularly known as 5-G. The Minister of Communication and Digital Economy, Prof. Isa Pantami, made this known to State House Correspondents at the end of the Council meeting presided over by President Muhammadu Buhari, in Abuja on Wednesday. According to the minister, the new network will help open up opportunities in the economic, educational and health sectors, adding that security agencies will also benefit a lot from the network. Pantami said: “I presented (a memo) before the Federal Executive Council which was approved after deliberations, that is the National Policy on 5th Generation network for Nigeria’s digital economy. That policy has been approved by the Federal Executive Council today. The Sun
Naira extends freefall as dollar hits N535
The Nigerian currency extended its slide against the dollar on Wednesday, dropping to a new all-time low at the parallel market in Lagos. The naira has been falling steadily since the start of this month amid the lingering scarcity of foreign exchange in the country, despite the rise in forex reserves. The value of the naira fell against the US currency at both the parallel market and the Investors’ and Exporters’ forex window on Wednesday. The local currency, which stood at 526/$1 at the end of last month, fell to 535/$1 at the parallel market on Wednesday from 532/$1 on Tuesday. It has lost 5.73 per cent of its value since August 4, when it closed at 506/$1. Punch
