Finance

NAIRA

NAIRA CONTINUES FREE FALL AGAINST THE DOLLAR

The naira/US dollar exchange rate fell by 0.69% on Thursday morning, September 29, 2022, to trade at N730/$1 in the parallel market, down from N725/$1 on Wednesday.According to information obtained from black market traders, this is the case.Similarly, the official Investors and Exporters window recorded a 0.01% depreciation to close at N436.37/$1 on Wednesday, September 28th 2022, from N436.33/$1 the previous session.Meanwhile, on Wednesday, September 28th, 2022, a total of $119.49 million was traded on the official market, a 20.17%  increased from $99.43 million traded on Tuesday.

Nigeria

Nigeria to receive investments to the tune of $618 million from AfDB, Islamic Development Bank and France

The African Development Bank (AfDB), the Islamic Development Bank (IsDB), and the French Development Agency (FDA) have announced intentions to invest $618 million in Nigeria’s Digital and Creative Enterprises Programme (I-DICE) in an effort to increase funding for the country’s creatives.This information was presented by Dr. Akinwumi Adesina, head of the AfDB, during the Nigeria International Economic Partnership Forum held in conjunction with the 77th United Nations General Assembly in New York.According to the AfDB, the fund would assist 451 digital SMEs and 225 creative start-ups in the use of new technology. The AfDB chief added that the bank had invested 4.5 billion dollars in Nigeria thus far, and that the country remained an appealing investment destination. In addition, the International Fund for Agricultural Development and the IsDB provided $540 million to develop Special Agro-industrial Processing Zones in Nigeria to help unlock agricultural potential, boost food and agribusiness value chains, and make Nigeria more competitive. Adesina emphasized the importance of reducing Nigeria’s infrastructure deficit, citing the National Integrated Infrastructure Master Plan, which shows that Nigeria will require 759 billion dollars in total financing to support infrastructure over a 23-year period (2020-2043). Deutschepartners.com

NIGERIA’S NNPC BECOMES PRIVATE

The official unveiling took place on July 19, 2022, at the presidential banquet hall in Abuja .The company’s operations will now be regulated by the Companies and Allied Matters Act (CAMA). The legal transition, based on the new Petroleum Industry Act (PIA), took effect July 1. The NNPC Limited was then floated with an initial …

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Oil

Oil Prices Fall Below $100, Nigeria’s Production Hit 1.158mb/Day

Brent, the international benchmark for crude, fell below $100 per barrel on Tuesday as the latest figures released by the Organisation of Petroleum Exporting Countries showed an increase in Nigeria’s oil production from 1.024 million barrels per day to 1.158mb/d. Industry data indicated that Brent dropped in price by $7.72 or 7.21 per cent to close at …

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Quota

NIGERIA’S OPEC QUOTA SHORTFALL RAISES SERIOUS CONCERNS

Nigeria’s inability to meet the Organization of Petroleum Producing Countries, OPEC’s quota of 1.7 million raises serious economic concerns. The Nigerian National Petroleum Company NNPC Ltd, reported that Nigeria produces less than 1.5million bpd of the crude oil quota. This shortfall has resorted to borrowing to complement budget deficits, since oil is still the mainstay …

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POST COVID-19 INFRASTRUCTURE FINANCING IN NIGERIA

The Capital Market Option Deutsche Partners Holding with the special consent of the securities and exchange commission Nigeria under the platform infra dialogue is holding a dialogue termed ” Post covid-19 infrastructure dialogue” where it will hold intellectual and practical discourse about the infrastructure status in Nigeria, its deficit, investment opportunities and the role the …

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CBN insists BDC ban has helped stabilize the Naira

According to the Central Bank of Nigeria (CBN), the discontinuation of FX allocation to Bureau De Change operators  helped the Naira remain constant at the Investors and Exporters Window (I&E). However, since the BDC prohibition policy, the currency has dropped significantly in the underground market. The statement was made at the CBN’s 32nd Seminar for Finance Correspondents and Business Editors on Thursday in Akure, Ondo, by Governor Godwin Emefiele, who was represented by Mr Edward Adamu, Deputy Governor, Corporate Services. The naira and the US dollar exchange rate at the official Investors and Exporters (I&E) market remained steady from the previous day at N417/$1. The parallel market saw a drop in the currency rate, with the average selling for N583/$1, down 0.87 percent from the previous session’s rate of N578/$1. This is the case, according to data gathered from BDCs in Nigeria.

February 2022 FGN Bond Oversubscribed to the tune of N407.7 billion

The federal government of Nigeria bond issuance for the month of February 2022, by the Debt Management Office (DMO), reported an oversubscription from investors amounting to N407.7 billion over the expected N150 billion offered by the DMO. This is according to the February 2022 FGN Bond auction result, released by the Debt Management Office. The …

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OIL PRICES CROSSES A $100 PER BARREL FOR THE FIRST TIME IN 7 YEARS

For the first time since 2014, Brent oil prices has moved past $100 a barrel, as Russia-Ukraine crises continue to escalate. These tensions subsequently sparked fears of disruption to the region’s critical energy exports. Russia is a major energy supplier to a number of countries, distributing about ¼ of Europe’s oil requirements and 1/3 of …

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