Business news
Amaka Obiefuna. Abraham Nwankwo, director-general of the Debt Management Office (DMO), on Thursday revealed that the nation’s total debt profile as of December 31, 2016, was $57.39 billion dollars (N17.36 trillion). He made this known while defending the agency’s 2017 budget before the senate committee on local and foreign debts in Abuja. Nwankwo said the […]
Amaka Obiefuna. The National Economic Council (NEC) on Thursday urged the Central Bank of Nigeria (CBN) to immediately review the exchange policy. The Deputy Governor of Nasarawa, Mr Silas Agara, disclosed this at the end of the council’s meeting at the Presidential Villa, Abuja. He said that the decision followed the presentation by the CBN […]
Amaka Obiefuna. The Central Bank of Nigeria (CBN) has directed banks to file their returns on the sale of foreign currency in dollars to avoid ambiguities. The Acting Director of Communications in CBN, Mr Isaac Okorafor, announced the new directive in a statement on Thursday in Abuja. He said that the new directive was to […]
Amaka Obiefuna. PriceWaterHouseCoopers (Pwc) says that the continued lack of clarity around foreign exchange risk discouraged foreign investment into Nigeria in 2016. Pwc in its 2016 Africa Capital Market Watch report released on its website on Thursday said that investments to Nigeria declined due to disconnect between official and parallel rates for the Naira. The pwc […]
Amaka Obiefuna. The FMDQ Over-the-Counter Securities Exchange is set to admit the pioneer listing of the $1bn Federal Government of Nigeria Eurobond to its platform. The move, according to the Exchange, is in consolidation of the strategic and value-adding initiatives spearheaded by FMDQ platform in developing the Nigerian financial market. The FGN, on February 9, […]
Allan Gray Ltd., the largest manager of non-government investment funds in Africa, has increased its stake in Nigerian Zenith and Access banks. The South African investor, based in Cape Town, is betting on Nigeria’s banking industry despite poor performances by the oil companies it depends on and widespread calls for the naira to be further […]
Amaka Obiefuna. The Nigerian Government has attributed the delay in raising one billion dollars Eurobond to fund the 2016 budget to late implementation of the 2016 budget. The Ministry of Finance in a statement said that the 2016 budget spending cycle had been extended to the end of March 2017 to accommodate the lateness. The […]
Amaka Obiefuna. The Central Bank of Nigeria, CBN, has raised 177.22 billion naira via the sale of a one-year treasury bill but had to offer a yield well in excess of its benchmark interest rate to lure investors in the face of galloping inflation. The one-year bill yielded 18.54 percent, in line with December’s 18.55 […]
Amaka Obiefuna. The Securities and Exchange Commission (SEC), has slammed a life ban on Mr Albert Okumagba, the group Managing Director, BGL Group and his deputy, Mr Chibundu Edozie. A statement pasted on the commission’s website on Wednesday said SEC has also cancelled the licenses of Assets Management Limited and BGL Securities Ltd belonging to […]
Amaka Obiefuna. The Minister of Budget and National Planning, Senator Udo Udoma, says the Federal Government is working hard to ensure that Nigeria’s exchange rate is stabilised in 2017. The minister made the assertion at an interactive meeting on the 2017-2019 Medium Term Expenditure Framework and Fiscal Strategy Paper with a joint committee of the […]