Summary of News
 

Nigerians to pay more for alcohol  and cigarettes today:  Consumers of alcoholic beverages and tobacco will from today (Monday) pay more for the products as the new excise duty rates approved by President Muhammadu Buhari in March come into effect. (Source: Punch)

Reps panel wants N9bn recovered from Capital Oil: The House of Representatives Committee on Petroleum Resources (Downstream) has directed the full recovery of N9bn into the treasury of the Federal Government from Capital Oil and Gas Limited. (Source: Punch)

OTC trade settlement CBN banks to pledge N 1bn: The Central Bank of Nigeria has ordered the pledge of N1bn worth of government or the CBN securities as collateral for over-the-counter trade settlement by the Deposit Money Banks. (Source: Punch)

Insurance sector begins rebranding project: Operators of the insurance sector have commenced the implementation of the industry’s N300m rebranding project aimed at giving it a facelift. (Source: Punch)

CBN postpones USSD framework implementation: The Central Bank of Nigeria has extended the start date for the implementation of the regulatory framework for use of unstructured supplementary service data in the country’s financial system. (Source: Punch)

CBN orders banks to pledge N1bn for OTC trade settlement: The Central Bank of Nigeria (CBN) has ordered the pledge of N1bn (US$2.8m) worth of government or CBN securities as collateral for over-the-counter trade settlement by the Deposit Money Banks. The bank said in a circular on Friday that the pledge requirement was mandatory for all banks that wished to participate in OTC trade settlement. (Source: Punch)

Nigeria records US$24.7bn forex inflow in three months: The Nigerian economy recorded a total foreign exchange inflow of US$24.7bn, figures obtained from the Central Bank of Nigeria (CBN) have revealed. Out of the US$24.71bn, funding from the CBN was estimated at US$8.8bn, representing 28.5% of the total inflow. Autonomous sources accounted for the larger balance of US$15.9bn, representing 71.5% of the total. (Source: Punch)

SEC propses Fiscal incentives for listed firms to deepen market penetration.:The Securities and Exchange Commission (SEC) has advocated some measure of fiscal incentives for listed companies on the Nigeria Stock Exchange (NSE) to mitigate their cost burden and encourage more entities to list shares on the bourse.( Source: Thisday)

Bank’s borrowing for CBN windows surges: Commercial and merchant banks in the country visited the Central Bank of Nigeria’s (CBN) Standing Lending Facility (SLF) window, a window for banks to borrow from the CBN more frequently in 2017, compared with the previous year, due to the tight monetary policy stance of the Bank.( Source: Thisday)

Electricity Gencos tackle TCN over allegation of falsified generation capacity: Electricity generating companies (Gencos) yesterday said they do not get paid by Nigeria’s electricity market on the basis of their available generation capacities but only on delivered capacities to the national grid.( Source: Thisday)

Transactions Value on NSE Jumps 114 % to N1.1tn in Four Months: The value of transactions on the Nigerian bourse between January and April 2018 stood at N1.091 trillion, showing a jump of 114.2 per cent compared to N509.4 billion recorded in the same period of 2017.( Source: Thisday)

External reserves fall by $177m in 2 weeks: The appreciation recorded by the naira in the various segments of the foreign exchange market last week is expected to persist this week, even as the external reserves continued on a downward trend, falling by $177 million in two weeks, due to increased dollar sales by the Central Bank of Nigeria, CBN, in its effort to stem the depreciation of the naira.( Source: Vanguard)

6.5m savings accounts opened in 3 months: Nigerians opened 6.5  million savings accounts in the first quarter of 2018, Q1’18, reflecting the impact of the financial inclusion campaign by banks and the Central Bank of Nigeria, CBN.( Source: Vanguard)

Nigeria central bank injects US$331.4m into currency market: Nigeria’s central bank said on Friday it had injected US$331.4m into the interbank foreign exchange market, continuing its efforts to boost liquidity and alleviate dollar shortages. The bank said the funds were allocated to companies in the agricultural, airline, petroleum and machinery sectors. (Source: Reuters)

Nigeria's IPO market shows signs of life after drought: More companies are lining up to list on the Lagos stock exchange, kickstarting Nigeria’s IPO market after a long drought. Sources familiar with matter said two companies - Skyway Aviation Handling Company (SAHCOL) and Nigerian Reinsurance Corporation - were preparing for initial public offerings this year, while Singapore-owned Indorama Eleme Petrochemicals Ltd planned a public float in Lagos next year. (Source: Reuters)