FILE PHOTO: Central Bank of Nigeria's logo is seen on the headquarters building in Abuja, CBN

CBN recorded $40.9 billion FX inflow in 9-month

Between January and September last year, a total foreign exchange inflow of $40.93 billion was recorded by the Central Bank of Nigeria. The inflow of $40.93 billion, when compared with the $27.95 billion recorded in the first nine months of 2017, represents an increase of $12.98 billion. An analysis of the third quarter economic report […]

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Debt Management Office, DMO

Investors’ quest for higher rates to define DMO’s ₦150 bln bond offer

The outcome of the ₦150 billion FGN bond offer by the Debt Management Office, DMO, this week will be determined by investors’ quest for higher interest rates on fixed income instruments in line with recent upsurge in the inflation rate. At the last auction held in November 2018, the DMO sold only ₦39.5 billion representing […]

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Traders work at the Nigerian Stock Exchange in Lagos

Corporate Bond Issuance Declines as FG Dominates Market

The continued dominance of the bond market by the federal government is crowding out corporates as only ₦31.47 billion was raised by companies in 2018, compared with ₦1.16 trillion by the government. Since the 2008 and 2009 market crash that impacted negatively on domestic investors, the primary equities market has remained dormant. Most companies have […]

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oil barrel

NPDC seeks ₦967 bln to develop 416 million barrels of oil

The Nigerian Petroleum Development Company is making efforts to raise $3.15 billion through third party financing to develop the country’s oil and gas reserves from Oil Mining Lease 13, Okechukwu Nnodim reports The flagship subsidiary of the Nigerian National Petroleum Corporation, the Nigerian Petroleum Development Company, is interfacing with third-party financiers to raise $3.15bn (N967.1bn […]

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Patience Oniha

DMO commences intensive diversification of bonds’ investors base

The Nigeria’s Debt Management Office, DMO, has commenced intensive diversification of investors base in Federal Government bonds, given the tight monetary policy, which has affected banks’ investment in the debt instruments. Director-General of the DMO, Ms Patience Oniha, who said this in Abuja yesterday, explained that private investors’ interests in the bonds had been growing […]

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Babatunde Fashola

Fed Govt. issue ₦100 billion Sukuk bond for road construction

The Federal Government has decided to use the ₦100 billion Sovereign Sukuk bonds proceeds to construct 642.69 kilometres of roads across in Nigeria. The cheque for the money was presented by the Finance minister, Zainab Ahmed, to Mr Babatunde Fashola, Minister of Power, Works and Housing on Thursday in Abuja. Fashola said that the money […]

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CBN hq

CBN set to auction ₦908 billion Treasury Bills in Q1

The Central Bank of Nigeria (CBN) yesterday released its Treasury Bills Issuance Programme for the first quarter of 2019. In all, the central bank will sell treasury bills worth ₦907.880 billion this quarter. A breakdown of the debt instrument showed that while a total of 91-day bills valued at ₦50.977 billion would be auctioned; ₦178.843 […]

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Ondo govt commences sale of 165,000 bags of state owned rice

The Ondo State government, Monday, announced the sale of its own rice product branded as Golden Sun Rice and L’ondo. Announcing the development in an interview with journalists in Akure, Ondo State, the Senior Special Assistant to the State Governor on Agriculture and Agribusiness, Pastor Akin Olotu said the product has hit the market with […]

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Yemi Kale, NBS

India, Nigeria’s biggest commodity trading partner in third-quarter 2018 – NBS

India was Nigeria’s biggest trading partner in the third quarter of 2018, gulping ₦719.2 billion of crude and ₦37.7 billion of natural gas exports from the country. India also bought cashew nuts worth ₦4.7 billion. The News Agency of Nigeria stated that the latest figures from the National Bureau of Statistics, covering July, August and […]

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Maikanti Baru

Report filling stations selling Petrol above ₦145 per litre to DPR, NNPC says

The Group Managing Director of the Nigerian National Petroleum Corporation (NNPC), Dr Maikanti Baru, has urged Nigerians to report any filling station selling petrol above the official pump price of ₦145 per litre. Baru gave the charge in a statement signed by the NNPC Spokesman, Mr Ndi Ughamadu, in Abuja, on Monday. He said reports […]

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Oil price continues to threaten Nigeria’s 2019 budget as it rally $52.72

The execution of Nigeria’s 2019 budget will likely encounter a serious threat as the price of Bonny Light, the nation’s premium oil grade, yesterday, hovered at $52.72 per barrel in the international market. The price, which had dropped to as low as $48 last week, before hovering at the current level, showed $7.28 below the […]

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Crude price drops $12 below 2019 budget benchmark to $48/barrel

The price of crude oil, yesterday, dropped from $50 to $48 in the international market, showing $12 below Nigeria’s $60 per barrel 2019 budget reference price. Specifically, the price of Brent, West Texas Intermediate, WTI and the Organisation of Petroleum Exporting Countries, OPEC, basket of 15 crudes stood at $48.00, $43.38 and $47.92 per barrel […]

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