Naira gains against dollar as CBN adjusts clearing rate to N196.90k

The nation’s currency, the naira, yesterday, gained over the US dollar by N0.36k or 0.18 percent at the inter-bank market after the Central Bank of Nigeria (CBN) adjusted the clearing rate to N196.90k.

The official exchange rate of the apex bank was adjusted from N196.95k last week to N196.90k this week.

Consequently, after trading on Thursday the local currency closed at N198.42k/ compared with N198.78 the previous day, data from Financial Markets Dealers Quotations (FMDQ) indicated.

On Wednesday, naira weakened 0.6 percent against the USD in the inter-bank and -7.7 percent Year-To-Date on June 10, 2015.

While the inter-bank foreign exchange market is somehow stable, naira short-term outlook is weak due to impact arising from sustained low oil prices, low level of FX reserves and large level of unmet USD demand, according to Ecobank report.

Naira foreign exchange indicator as revealed by Standard Chartered-MNI Business Sentiment Indica- tor (BSI) falls to a series low in May 2015.

We have 1.1b litres fuel stock, says NNPC

The Nigerian National Petroleum Corporation (NNPC) yesterday said  its subsidiary, the Pipelines and  Products Marketing Company (PPMC) presently has a stock level of 1.1billion litres of fuel representing 27 days sufficiency.

It stressed that the stock excludes volumes with confirmed delivery dates within the next couple of days.

NNPC Group Managing Director (GMD), Dr. Joseph Dawha , said the state-run oil firm is ready to work with all relevant stakeholders in the downstream sector of the oil and gas industry to bring to an end the lingering fuel scarcity across the country.

Its Group General Manager, Group Public Affairs Division, Mr. Ohi Alegbe, in a statement, explained that the NNPC boss spoke while on a tour of some filling stations in Abuja with top management staff of the Corporation.

Dawha noted that the NNPC as the supplier of last resort, has improved availability of petrol in the country and would ensure its effective distribution nationwide.

He said arising from the meeting with petroleum products marketing stakeholders last week, the NNPC and its downstream subsidiary PPMC is committed to bringing the fuel queue situation to an end in Abuja and across the other states of the federation.

Nigeria inflation rises to 2-year high on food prices

Nigeria's consumer inflation rose to 9.0 percent year-on-year in May, the upper end of a central bank target, from 8.7 percent in April, marking the highest rate since May 2013, the national statistics office said.

Food inflation edged higher to 9.8 percent year-on-year in May, up 0.3 percentage points from April, due to the late onset of rains which pushed back the harvest season and a hike in transport costs because of a fuel shortage, it said.

"Food prices rose by 1.1 percent in May, the highest month-on-month increase recorded on food prices since September 2012," the National Bureau of Statistics (NBS) said on Thursday.

Major cities in Africa's biggest economy are still suffering from crippling gasoline shortages despite the end of a fuel distribution strike.

After negotiations last Friday with the new administration, fuel will become available both at state-owned retail stations and those owned by major and independent marketers, who are still not importing due to money owed them by the government, to reduce the queues of double-parked cars.

The dispute over subsidy payments disrupted services including telecom services, banking and aviation in May, as Nigeria, which does not have sufficient refining capacity, relies almost wholly on imports.

The NBS in March said it expected inflation to inch up to around 9 percent this year, from its January forecast of 8.78 for 2015, following a currency devaluation meant to counter the effects of lower revenues from crude oil, Nigeria's main export.

DMO to raise N80.2billion worth of bonds on June 17

 

The Debt Management Office (DMO) says it will raise N80.22billion worth of bonds in three categories on June 17.

According to the DMO, in its ‘Bond Circular’ issued on Wednesday, the categories of bonds will include a 20, 10 and five-year bonds. It said that the 20-year bond would attract N40 billion, N15.22 billion for 10-year bond and N25 billion worth for the five-year bond.

It said the three categories of bonds would mature in February 2020, March 2024 and July 2034 respectively.

The DMO added that the three categories of bonds had different coupon rates. The 20-year, 10-year and five-year bonds will have coupon rates of 15.54 per cent and 14.20 per cent respectively while the 10-year bond will attract 12.15 per cent.

 It said that while the bonds would be auctioned on June17, the settlement date would be June19. The DMO said that all the bonds could be re-opened.

DMO to raise N80.2billion worth of bonds on June 17 By Yolanda Onyebuchi on June 11, 2015 @ 3:37 am@todayng Pin It dmo Click here for Nigeria's Largest Newspaper Directory The Debt Management Office (DMO) says it will raise N80.22billion worth of bonds in three categories on June 17. According to the DMO, in its ‘Bond Circular’ issued on Wednesday, the categories of bonds will include a 20, 10 and five-year bonds. It said that the 20-year bond would attract N40 billion, N15.22 billion for 10-year bond and N25 billion worth for the five-year bond. It said the three categories of bonds would mature in February 2020, March 2024 and July 2034 respectively. The DMO added that the three categories of bonds had different coupon rates. The 20-year, 10-year and five-year bonds will have coupon rates of 15.54 per cent and 14.20 per cent respectively while the 10-year bond will attract 12.15 per cent. It said that while the bonds would be auctioned on June17, the settlement date would be June19. The DMO said that all the bonds could be re-opened.

Read full story here: http://www.today.ng/business/dmo-to-raise-n80-2billion-worth-of-bonds-on-june-17/

CBN registers 2,688 Bureau De Change

The Central Bank of Nigeria (CBN) says it has registered 2,688 Bureau De Change (BDC) operators in the country. The CBN said this in a circular issued and released to all the BDC operators by the Financial Policy and Regulation Department of the bank on Thursday.
According to the circular, the list contains the names of confirmed operators that have complied with its new requirements on recapitalisation.

NAN recalls that the CBN had in August 2014 released the names of 2,442 BDC operators and later in February 2015, published a list of 2,586 licensed BDC firms. There were 3,208 registered BDC operators in the country before the expiration of the deadline.

 The CBN on June 23, 2014 announced a new minimum capital requirement of N35 million for the operation of BDC in Nigeria, up from N10 million that it was previously. In order to ensure that the forex dealers comply with the new capital requirements, the CBN had extended the deadline to July 31, 2015.

The apex bank had also said interest would be paid on the mandatory cautionary deposit of N35million, based on banking industry savings account rate. The financial sector regulator had equally raised the mandatory caution fee from N10 million to N35million.

CBN registers 2,688 Bureau De Change operators By Yolanda Onyebuchi on June 11, 2015 @ 3:00 pm@todayng cbnn Click here for Nigeria's Largest Newspaper Directory The Central Bank of Nigeria (CBN) says it has registered 2,688 Bureau De Change (BDC) operators in the country. The CBN said this in a circular issued and released to all the BDC operators by the Financial Policy and Regulation Department of the bank on Thursday. According to the circular, the list contains the names of confirmed operators that have complied with its new requirements on recapitalisation. NAN recalls that the CBN had in August 2014 released the names of 2,442 BDC operators and later in February 2015, published a list of 2,586 licensed BDC firms. There were 3,208 registered BDC operators in the country before the expiration of the deadline. The CBN on June 23, 2014 announced a new minimum capital requirement of N35 million for the operation of BDC in Nigeria, up from N10 million that it was previously. In order to ensure that the forex dealers comply with the new capital requirements, the CBN had extended the deadline to July 31, 2015. The apex bank had also said interest would be paid on the mandatory cautionary deposit of N35million, based on banking industry savings account rate. The financial sector regulator had equally raised the mandatory caution fee from N10 million to N35million.

Read full story here: http://www.today.ng/business/cbn-registers-2688-bureau-de-change-operators/

Dog meat dealers say it's business as usual in FCT

Dealers in dog meat at the Ushafa Bridge in Bwari, FCT, say that media reports about people who died from consuming dog meat and local gin will not to deter them from doing their business.

The traders spoke in separate interviews with the News Agency of Nigeria (NAN) correspondent on Thursday in Bwari.

The tragedy was said to have happened in Woji Obio/Akpor council area in Rivers State.

One of the dealers, Mr Naboth Zachariah, told NAN he had never received any complaint from his customers since he started the business in 2013.

Zachariah, who hails from Kaduna State, said although the story generated anxiety and apprehension among people in the community, he was bent on continuing with the business.

She, however, advised people to always examine bush meat they buy before consumption, to avoid health complications.

 According to her, such complications often occurred through the consumption of animals that died from poisoning.

 ``Therefore, people need to be cautious before eating them,'' she said.

According to her, the regular demolition of the bush meat spot is the only challenge to the growth of the business in the area.

She, therefore, appealed to the Bwari Area Council authority to build a befitting market where people could legitimately engage in bush meat and dog meat trade, in order to attract fun seekers and promote business growth. 

Ghana to add 1,000 MW of power and end blackouts in 2015: Minister

 

Ghana will add 1,000 megawatts to its power capacity by the end of 2015 and end a series of rolling blackouts.

The country's Minister for Power Kwabena Donkor, told newsmen, that already some power plants are under-construction, repeating a promise to resign if the problem is not resolved by Dec. 31.


Power generation has become a serious political and economic issue in the West African nation due to cuts that frequently last 24 hours, raising the cost of doing business, hampering the economy and angering voters.

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Other power plants are being expanded and the government will also introduce new forms of electricity generation using power barges and gas, he said, adding that the government would increase Ghana's grid capacity from 2,850 megawatts now.


The power cuts are a sign of wider problems facing Ghana, which entered an aid agreement with the International Monetary Fund in April to stabilise an economy grappling with inflation at 16.9 percent, a high debt-to-GDP ratio and sliding currency.

President John Mahama faces reelection in 2016 when he will likely face opposition leader Nana Akufo-Addo. If left unresolved, power generation could become a key issue. Mahama is yet to confirm he will run for what would be a second term.

Ghana generates much of its power from three hydro-electric dams. It also imports natural gas from Nigeria via the West African Pipeline Company.