Top Financial News   

08 June 2018 ( Lagos)

External reserves fall by $169m in six days: The nation’s foreign exchange reserves fell by $169m to $47.436bn on Wednesday, the latest data from the Central Bank of Nigeria showed on Thursday. The reserves, which closed at $47.605bn last month when it recorded its first decline in eight months, slipped to $47.793bn on May 14 from $47.865bn on May 10. ( Source: Punch)

Customs generate highest monthly revenue of N100bn: The Nigeria Customs Service on Thursday said it recorded its highest-ever monthly revenue collection of N100.1bn in May this year.The Customs CG said the feat recorded in the area of revenue generation was as a result of the reforms embarked upon by the management of the NCS under his leadership. ( Source: Punch)

Experts Harp on Increased Private, Public Sectors Collaboration: The Chief Executive Officer of Rand Merchant Bank Nigeria (RMB Nigeria), Mr. Micheal Larbie, has stressed the need for enhanced collaboration between the private and public sector to boost economic growth. This, he also said would help the federal government realise its objective in its Economic Recovery and Growth Plan (ERGP). ( Source: Thisday)

Exploitative Charges: NSC Introduces Competitive Port Levy: After years of exploitative charges by shipping companies operating in the country, the Nigerian Shippers’ Council (NSC) has concluded arrangement to introduce flexible rates in port charges as it begins a regime of competitive pricing.( Source: Thisday)

FG Wins Three Awards for Bond Issuance:Nigeria was celebrated thursday when it won awards in three categories for its securities issuance activities in the domestic and international capital markets.

The awards, according to a statement were: Best Sovereign Bond in Africa – US$3 billion -the dual-Tranche (10 and 30 year) Eurobonds that was issued in November 2017; Most Innovative Bond – US$300 million Diaspora Bond issued in June 2017; and Best Naira Bond – N100 billion 7-year Inaugural Sukuk issued in September 2017.The statement explained that the awards were bestowed on the country by the EMEA Finance (Europe, the Middle East and Africa).( Source: Thisday)

Obaseki Revives N5.1bn Urhonigbe Rubber Plantation: In deliberate step to exposition the state as an agro-based industrial hub, Edo State Governor, Mr. Godwin Obaseki, Thursday revived the Urhonigbe Rubber Plantain by planting a fresh rubber tree, symbolising take-off of the N5.1 billion rubber estate. The rubber plantation situated at Urhonigbe, Orhionmwon local government area of the state is to be operated by a private firm.( Source: Thisday)

FG Seeks Improved Investment from European Businesses: The federal government has called for improved private sector investment in Nigeria by European businesses, saying that the country’s investment climate is now very attractive and conducive.

Minister of Budget and National Planning, Senator Udoma Udo Udoma, who was on the panel discussant on ‘Delivering Jobs, Growth and Global Competitiveness’ at the on-going High-Level Conference on Jobs and Growth in West Africa, in Brussels, Belgium, said the Buhari administration had taken steps to improve the business climate in Nigeria, stating that the country’s business outlook for 2018 and in the medium-term was very positive.( Source:Thisday)

CBN to Commence Bi-weekly Auction of Chinese Yuan: Following the $2.5 billion bilateral currency swap agreement signed last month between the Central Bank of Nigeria (CBN) and the People’s Bank of China (PBoC), the CBN Thursday announced plans to start bi-weekly auctions of the Chinese yuan.

First Bank of Nigeria Limited, Stanbic IBTC, Standard Chartered Bank (SCB) and Zenith Bank Plc are appointed as the settlement banks for the currency swap and the auction might commence this month.The Bilateral Currency Swap Agreement (BCSA) is for a maximum of 15 billion Yuan or N720 billion with a three-year tenor.( Source: Thisday)

Labour to Buhari: Reverse Electricity Privatisation: Organised Labour has restated its call for the reversal of the power sector’s privatisation.

Reacting to President Muhammadu Buhari’s speech on Democracy Day, the United Labour Congress (ULC),  said the power sector has failed Nigerians.( Source: Thisday)

FG makes US$7.8bn from privatisation of assets – BPE: The federal government generated a total of US$7.8bn in foreign direct investment from the sale of 53 publicly-owned companies in the last 18 years, the Bureau of Public Enterprises has said. (Source: Vanguard) 

Reporting for EasyKobo on Friday, 08 June 2018 from Lagos, Nigeria

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