Naira closes up 1.26 per cent on CBN intervention

The naira gained 1.26 percent against the dollar on Friday on the back of intervention by the central bank and dollar sales by a unit of Chevron.

The local currency closed at 179.6 to the dollar, firmer than 181.90 the naira closed at the previous day.

Traders said the central bank sold dollars to some lenders just before the close of trading on Friday.

Chevron sold $57 million to some lenders.

Nigeria’s currency has been trading within a range of 180-182 to the dollar since last week, as central bank regular intervention has helped keep it afloat. It remains outside the bank’s target band of 5 percent plus or minus 168 to the dollar since last month’s devaluation.

The forex reserves of Africa’s biggest crude exporter are down to about $35.88 billion, their lowest since July 2012, on the frequent intervention in the interbank forex market by the central bank.

Nigeria to sell sovereign bonds worth over $406m

Nigeria’s Debt Management Office (DMO) says it plans to sell N65 billion (about $406m) worth of sovereign bonds on December 17.In a statement on its website on Thursday, the DMO said that the bonds’ maturity dates would range from three, 10 to 20 years.

It added that the three-year bonds will be for N10 billion, the 10-year tenor bond would be for N30 billion, while the 20-year tenor bond will be for N25 billion.

The bonds will mature in August 2016, March 2024 and July 2034, respectively

The DMO said that the bonds would attract 13.05 percent, 14.20 percent and 11.15 percent yield rates respectively.

NNPC Will Continue To Seek Market Expansion Of Nigeria’s Crude

 

The Nigerian National Petroleum Corporation (NNPC) on Monday said that it would continue to seek expansion of the market frontiers for the nation’s crude.

The Group General Manager, Group Public Affairs, (NNPC), Mr Ohi Alegbe, told newsmen in Abuja that Nigeria would not ignore any market in its quest to remain competitive in the global oil and gas industry.

This is coming as the Brent crude dropped to $67.35 on Monday, the lowest since the financial crisis of 2009.

The spokesman said that U.S non-purchase or declining purchase of Nigeria crude would not have negative impact on the sector.

He said although U.S. used to be the largest buyers of Nigeria’s crude oil it had since been overtaken by other countries, adding that NNPC had put in place mechanisms to further expand the market frontiers of Nigeria’s crude and to position itself as a major competitor in the hydrocarbon market.

Some of these measures, he said, included participating in different congresses and meetings to access global business opportunities in the petroleum industry.

NNPC Will Continue To Seek Market Expansion Of Nigeria’s Crude

 

The Nigerian National Petroleum Corporation (NNPC) on Monday said that it would continue to seek expansion of the market frontiers for the nation’s crude.

The Group General Manager, Group Public Affairs, (NNPC), Mr Ohi Alegbe, told newsmne in Abuja that Nigeria would not ignore any market in its quest to remain competitive in the global oil and gas industry.

This is coming as the Brent crude dropped to $67.35 on Monday, the lowest since the financial crisis of 2009.

The spokesman said that U.S non-purchase or declining purchase of Nigeria crude would not have negative impact on the sector.
He said although U.S. used to be the largest buyers of Nigeria’s crude oil it had since been overtaken by other countries, adding that NNPC had put in place mechanisms to further expand the market frontiers of Nigeria’s crude and to position itself as a major competitor in the hydrocarbon market.

Some of these measures, he said, included participating in different congresses and meetings to access global business opportunities in the petroleum industry.

Nigeria naira eases on strong dollar demand

Nigeria naira opened weaker to the dollar on Monday, after liquidity for the greenback dried up, with dealers not able to fill demand orders.

The unit opened at 181.10 naira to the dollar, 0.6 percent weaker than its previous close and then quickly traded down to 182.25.

Dealers expect the currency to weaken on Monday, given the level of demand, unless the central bank intervenes or oil companies sell dollars.

FG approves NMRC’s plan to raise N50bn bond

The Federal Government has approved plans by the Nigeria Mortgage Refinance Company (NMRC) to raise N50 billion from the capital market through periodic issuance of Federal Government guaranteed bonds to institutional investors.

Minister of Finance & Coordinating Minister of the Economy, Dr. (Mrs.) Ngozi Okonjo-Iweala,  who disclosed this recalled that “the NMRC was launched on January 16, 2014 by President Jonathan as a PPP initiative with private sector mortgage lenders to encourage and promote home ownership by Nigerians and unlock the socio-economic potentials of the housing sector in Nigeria.

She noted that the establishment of NMRC was supported by a World Bank/IDA credit of $250 million at zero interest, 40-year period and 10 years grace, and 0.7 per cent commitment charge, to be disbursed in six tranches as Tier 2 capital.

Meanwhile, Okonjo-Iweala said the Federal Government has concluded arrangements to promote national building standards in the country in collaboration with private developers.

Natcom wins Nitel takeover with bid of USD 252 mln

The Natcom consortium has won the bidding to acquire Nigerian Telecommunications (Nitel) and its mobile unit Mtel with an offer of USD 252.5 million.

The preferred bidder must still get the approval of the National Council on Privatisation (NCP) and be able pay the sum within a specified time to seal the deal. If all the conditions are met, the transaction would mark an end to years of attempts to privatize Nitel.

The Nettag consortium, the other group qualified for the bidding, was disqualified for failure to enclose a bid bond stipulated by the Bureau of Public Enterprises. The government had initially rejected a USD 221 million bid from Natcom before the company increased the bid to USD 252 million.

Natcom's shareholders include Natspace Telecommunication Investment, PCCW Global and Prime Union Investment. Other members of the consortium are Prime Union Investment, Olutoyl Estate Development & Services, Sahara Energy Resources, Legal Resources Alliance & Co and Ericsson Nigeria.