AbokiNews

A compilation of activities and headlines for the week ended 9th June 2018

1. NEW BDC RATE

CBN REVIEWS BDC BUYING RATE TO N357/$1

https://abokifx.com/news/cbn-r...

2. NEW PARALLEL MARKET RATES

NAIRA STRENGTHENS BASED ON THE NEW CBN BDC RATE REVIEW

https://abokifx.com/ratetypes/...

https://abokifx.com/ratetypes/...

https://abokifx.com/ratetypes/...

3. Air Namibia

AIR NAMIBIA HITS NIGERIA’S SKY JUNE 29, 2018

https://www.abokifx.com/news/a...

4. SCARCE PASSPORT BOOKLETS

SUMMER PASSENGERS STRANDED OVER SCARCITY OF PASSPORT BOOKLETS

https://www.abokifx.com/news/s...

5. ATM RATES 

ATM RATE RANKING FOR THE WEEK

https://abokifx.com/rate_by_currency

6. NAIRA SLIPS THEN STRENTHENS

Fund Repatriation, High Travellers’ Demand Pile Pressure On FX Market

https://abokifx.com/manage/mar...

7. FOREIGN RESERVES SLIP

THE NATIONS FOREIGN RESERVES FELL TO $47.4 FROM $47.6

https://abokifx.com/news/exter...

8. TANZANIA NEEDS NIGERIANS

TANZANIAN ENVOY SAY THEY WANT MORE NIGERIAN TEACHERS AND COMPANIES IN TANZANIA

https://www.abokifx.com/news/w...

9. ABCON ANTI-MONEY LAUNDERING

ABCON COMPLETES ANTI-MONEY LAUNDERING TRAINING

https://www.abokifx.com/news/a...

10. FBN PARTNERS WORLD REMIT

FIRST BANK OF NIGERIAN PARTNERS WITH WORLD REMIT TO DELIVER INSTANT TRANSFER TO ALL LENDERS ACCOUNTS IN NIGERIA

https://abokifx.com/news/money...

11. RISE IN EXPORT

THE NIGERIA BUREAU OF STATISTICS SAID THE COUNTRYS EXPORT ROSE BY 20.02% IN THE FIRST QUARTER OF 2018

https://www.abokifx.com/news/n...

12. CHINESE YUAN AUCTION

NIGERIA TO RELY LESS ON DOLLAR FOR IMPORTS

https://abokifx.com/news/niger...

13. $600m AIRLINE CLEARED

NIGERIA CLEARS $600m BELONGING TO INTERNATIONAL AIRLINES THAT WAS TRAPPED DURING FX CRISIS

https://www.abokifx.com/news/n...

14. NATIONAL CARRIER

STAKEHOLDERS DISAGREE WITH FG’S PANEL SET UP FOR PROPOSED NATIONAL CARRIER

https://www.abokifx.com/news/n...

15.  ASSET SALES

NIGERIA EYES $1.3BN FROM ASSET SALES THIS YEAR TO HELP FINANCE 2018 BUDGET

https://abokifx.com/news/niger...

16. FOREX INFLOW

NIGERIA RECORDS $24.7BN FOREX INFLOW IN THREE MONTHS

https://www.abokifx.com/news/n...

17. NEW CBN DEPUTY GOVERNOR

BUHARI APPOINTS MR FOLASODUN ADEBISI ADENUBI AS NEW CBN DEPUTY DIRECTOR

https://abokifx.com/news/buhar...

1. PARALLEL MARKET RATES

NAIRA REMAINED STABLE ALL THROUGH THE WEEK

See more at https://abokifx.com/ratetypes/?rates=lagos_previous  OR

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2. BDC RATES

BDC RATES REMAINED LOWER THAN PARALLEL RATES

See more at https://abokifx.com/bdc_rate  OR 

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3. ATM RATES

ATM RATE RANKING FOR THE WEEK

• Ecobank USD rate goes up to N363 from N362
• UBA has lowest GBP rate at N487

See more at https://abokifx.com/rate_by_currency   OR

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4.  NIGERIAN GOVERNMENT GETS $1bn DEBT OFFER FROM AFREXIM BANK

Read more at https://abokifx.com/news/government-gets-1b-debt-offer-from-afreximbank-the-guardian

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5.  NIGERIA THWARTS WORLD CUP CHILD TRAFFICKING PLOT AT AIRPORT

Read more at https://abokifx.com/news/nigeria-thwarts-world-cup-child-trafficking-plot-at-airport-reuters

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6.  NIGERIA SEEN AS A HAVEN AMID EMERGING MARKETS

Read more at https://abokifx.com/news/park-your-money-in-nigeria-a-haven-amid-emerging-market-mayhem-bloomberg

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7. NIGERIAN’S INFLATION DIPS TO LOWEST IN MORE THAN TWO YEARS

Read more at https://abokifx.com/news/update-1-nigeria-inflation-dips-to-lowest-in-more-than-two-years-in-may-reuters

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8. CBN INJECTS $210m INTO FOREX MARKET

Read more at https://abokifx.com/news/cbn-injects-210m-into-forex-market-leadership

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9. CBN OFFERS 10% INCENTIVE TO IMPORTERS WITH RENMIMBI INVOICE

Read more at https://abokifx.com/news/cbn-banks-offer-10-incentive-to-importers-with-renminbi-invoice-businessday

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 10. NIGERIA WORKING WITH UK TO DENY, REVOKE TREASURY LOOTER’S VISAS

Read more at  https://abokifx.com/news/nigeria-working-with-uk-to-deny-revoke-treasury-looters-visas-spip-vanguard

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A compilation of activities and headlines for the week ended 8th July 2018

1. PARALLEL MARKET RATES

NAIRA REMAINED STABLE ALL THORUGH THE WEEK

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2. BDC RATES

BDC RATES REMAINED DROPPED TO N357/$1 ON THE BUY SIDE

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3. ATM RATES

ATM RATE RANKING FOR THE WEEK

• Sterling Bank produces the lowest ATM rates for all three core currencies

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4.  NAIRA MAINTAINS STRENGTH AGAINST THE THREE CORE CURRENCIES

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5.  GLENCORE FACES MONEY LAUNDERING INVESTIGATION FOR NIGERIAN DEAL

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6.  IMMIGRATION SERVICE SUSPENDS CHARGES FOR VISA ON ARRIVAL

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7.  PRESIDENT MACRON VISITS FELA’S SHRINE

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 8.  CBN PUMPS $210mn INTO CURRENCY MARKET

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9.  GT BANK REVIEWS INTERNATIONAL SPENDING LIMIT UPWARDS ON YOUR NAIRA MASTER CARD

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10.  NAIRA TO EXCHANGE AT N356/$1 BY YEAR END

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A compilation of activities and headlines for the week ended 15th July 2018

1. PARALLEL MARKET RATES

NAIRA REMAINED STABLE ALL THROUGH THE WEEK

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2. BDC RATES

BDC RATES REMAINED N357/$1 ON THE BUY SIDE

Click the image to see more

3. ATM RATES

ATM RATE RANKING FOR THE WEEK

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4.  NAIRA MAINTAINS STRENGTH AGAINST THE THREE CORE CURRENCIES 

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5.   ABUJA LIGHT RAIL ON STREAM

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6. THIRD MAINLAND BRIDGE TO BE SHUT FOR 27 MONTHS

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7.   NIGERIA’S EXTERNAL RESERVES DECLINE BY $102 MILLION IN 6 DAYS

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8.  NIGERIAN BANKS STOP CASH WITHDRAWAL FROM OVERSEAS ATMS

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9.  FASHOLA TELLS LANDLORDS TO COLLECT RENTS IN ARREARS

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10. CBN SPENDS $2.2bn IN JUNE TO DEFEND NAIRA 

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A compilation of activities and headlines for the week ended 5th August 2018

1. PARALLEL MARKET RATES

RATES NAIRA REMAINED STABLE ALL THORUGH THE WEEK

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2. BDC RATES

BDC RATES REMAINED N357/$1 ON THE BUY SIDE

Click the image to see more

3. ATM RATES

ATM RATE RANKING FOR THE WEEK

Click the image to see more

4.  NAIRA MAINTAINS STRENGTH AGAINST THE THREE CORE CURRENCIES 

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5.   OVIA RECOUNTS HOW ZENITH BANK WAS ESTABLISHED

6. CBN SELLS $210M ON FX MARKET

7.   BANK OF ENGLAND RAISES INTEREST RATES

8.  NAIRA EXPECTED TO HIT N364/$1 THIS WEEK

9.  CBN RELEASES LOWER NOTES TO TRADERS

10. OIL BRACES FOR MAJOR SUPPLY SHOCK

11.  NIGERIA ADOPTS CHINA’S YUAN

YENAGOA, Nigeria, Sept 20 (Reuters) - Police in Nigeria recovered $470.5 million in bank accounts related to the state oil company as part of an exercise to recover stolen funds, and the money will be sent to government coffers, the country’s police force said on Thursday.

President Muhammadu Buhari, who won the 2015 election on an anti-corruption ticket, ordered government revenues to be placed in a Treasury Single Account (TSA) at the central bank as part of an anti-corruption drive. Money recovered from alleged graft would also be put in the account.

The police on Thursday said they had launched a nationwide exercise to recover stolen funds, to be placed in the TSA, during which it discovered money related to the Nigerian National Petroleum Corporation’s (NNPC) Liquefied Natural Gas business unit.

Police recovered “$470,519,889.10 belonging to NNPC Brass/LNG Investment hidden in some commercial banks after the directives of the federal government on TSA,” police spokesman Jimoh Moshood said in an emailed statement.

Moshood, who said the recovery followed an investigation by specialist police units, did not state when the money was recovered.

A spokesman for NNPC did not immediately respond to phone calls and text messages requesting comment.

Buhari plans to seek a second term in a presidential elections scheduled to take place in February 2019.

Nigeria, Africa’s top crude oil producer and which has one of the continent’s largest economies, in early 2017 emerged from its first recession in 25 years, which was largely caused by low oil prices. (Reporting by Tife Owolabi; Writing by Alexis Akwagyiram Editing by Leslie Adler)

By Dipo Olowookere

The local currency traded mixed against the United States Dollar at the various segments of the foreign exchange (forex) market this week.

Specifically, at the close of the trading week, the NGN/USD exchange rate, according to Cowry Asset, remained unchanged at both the Bureau De Change (BDC) segment and the parallel market to close at N359/$ and N362/$ respectively.

This was as the Central Bank of Nigeria (CBN) continued with its weekly intervention of which the sum of $210 million was injected by CBN into the foreign exchange market via the Secondary Market Intervention Sales (SMIS).

A breakdown of the intervention showed that $100 million was allocated to Wholesale SMIS, $55 million was allocated to Small and Medium Scale Enterprises, while $55 million was sold for invisibles.

At the close of the week, the Naira gained against the Dollar at the Investors & Exporters Forex Window (I&E FXW) by 0.05 percent to close at N363.84.

However, the local currency fell by 0.08 percent to N362.82/$ at the interbank foreign exchange market.

Meanwhile, most dated foreign exchange forward contracts at the interbank over-the-counter (OTC) segment appreciated – 1 month, 2 months, 3 months and 6 months gained 0.07 percent, 0.06 percent, 0.04 percent and 0.07 percent to close at N367.26/$, N370.69/$, N374.08/$ and N384.99/$ respectively.

However, spot and 1-year rates depreciated by 0.02 percent and 048 percent to close at N306.55/$ and N411.87/$ respectively.

By Clara Nwachukwu, Business Editor

Explains non-revocation of privatisation licences • BPE misses N300bn contribution to national budget funding

The Federal Government yesterday said that it would boost the operations of the Bank of Agriculture (BOA), with N250 billion to enable it to grant credit access to farmers.

Disclosing this in Lagos, yesterday, at a Stakeholders Media Interactive Forum, organised by the Bureau of Public Enterprises (BPE), its Director-General, Dr. Alex Okoh, said the recapitalisation of BOA became imperative, as current capitalisation is negative.

Okoh explained that equity holding in the recapitalised bank will be in the ratio of 40 per cent to the Central Bank of Nigeria (CBN), and Ministry of Finance Incorporated (MOFI); 20 per cent to the private sector, and the remaining 40 per cent to active farmers.

He added that the recapitalisation, which is in line with current restructuring/commercialisation efforts, will also “lead to the emergence of an Agriculture Micro Finance Bank that will provide capital for small scale farmers thereby boosting productivity in the sector,” just as “the process of appointing a Transaction Adviser to superintend the process is nearing completion.” This comes as the Bureau admitted that it would not be able to meet its share of about N300billion contribution to the N8.612 trillion 2018 National Budget before year end as expected.

The sum was expected to have been generated from the sale of some power plants in Nigeria, including Afam, Geregu, Calabar, and Omotosho, which process should have been completed this year.

Okoh revealed that the Yola plant, which was returned back to the government in 2015 by its previous core investor, Integrated Energy and distribution Management Services, was expected to have reached financial close by November, but for the delay in the appointment of transaction advisers for the process.

However, the sale of the asset and others billed for such purpose have now been moved to January 2019. Regarding the success and perceived failure of the privatisation of the power sector, the Minister of Information, also Chairman, Stakeholders’ Engagement Committee, National Council on Privation (NCP), Lai Mohammed, insisted that the process was a success given the milestones so far achieved by this administration.

Mohammed, during a Q&A, defended that the reason the Federal Government has not revoked some of the sales as being clamoured is because of its respect for the sanctity of contracts, contrary to accusations.

He said: “We (Government) did not want to send the wrong signals, so we didn’t want to revoke any agreement entered into in the power sector,” even as he agreed that the generation and distribution companies have not performed optimally. As far as the Minister is concerned, significant milestones had been recorded in the sector since 2015, including plans to pump into the national grid, additional 2,000 megawatts (MW) by December, to bring capacity to about 9,000MW from less than 3,000MW upon takeover. This is in addition to expanding the transmission capacity to 5,000MW.

Aside from the provision of a N701-billion Power Assurance Guarantee, to assure gas suppliers and GenCos that government will pay for whatever power supplied to the DisCos, Mohammed reassured that once ongoing reforms gain higher ground, more impact would be felt. He pleaded with all stakeholders, including the media to pass on the true information regarding the privatisation exercise to stem the push-backs and criticisms the process had generated.

He reiterated that the parts of the objectives of the commercialisation and privatisation exercise include abrogating public sector monopoly to give room for private sector participating in key sectors of the economy as well as creating policies to encourage and guide such participation and a host of others.