In the news: CBN pumps 4.4m into FX market
The Association of Bureaux De Change Operators of Nigeria (ABCON) has said the federal government’s plan to open talks with JPMorgan Chase & Co. for their reinstatement in the local-currency emerging-market bond index will bring great benefits to the economy.
The Kaduna Refining and Petrochemical Company (KRPC) shut down operations on January 15 due to the non-availability of crude oil.
The Central Bank of Nigeria (CBN) at the weekend intervened in the Retail Secondary Market Intervention Sales (SMIS) of the interbank foreign exchange market to the tune of $304.4 million.
Nigeria’s external reserves rose to $40.33 billion last week, the highest in four years.
With the nod said to have been given to Teleology Holdings as the preferred bidder for 9Mobile by the interim board of the company, all eyes are now on industry regulator, Nigerian Communications Commission, NCC, to authenticate or disavow the said sale.
The Senate has said it will amend the Nigeria Oil and Gas Industry Content Development, NOGICD Act, 2010, noting that the existing law was not achieving the aims for which it was enacted.
The Nigerian Stock Exchange (NSE) will today begin the implementation of its amendments to the pricing methodology and par value rules, which remove the stopgap that has supported stocks at their nominal value and will allow shares of quoted companies to trade as low as one kobo.
Nigerian equities came under intense profit-taking pressure last week as investors turned round to monetize capital gains that had accrued in three consecutive weeks of strong rally.
Nigerian Breweries has listed 67.8 million ordinary shares of 50 kobo each, increasing its outstanding issued shares from 7.929 billion ordinary shares to 7.997 billion ordinary shares.
Underwriting firms in the nation’s insurance industry, who fail to pay genuine claims, risk losing substantial part of their cumulative N30billion statutory deposits, while managing directors of such firms would be sacked, industry regulator, National Insurance Commission (NAICOM) has warned.
Africa’s top oil producer plans to make gas flaring more costly for companies that have escaped the payment of billions of dollars despite being fined, Nigeria’s Finance Minister Kemi Adeosun said.
MTN Group Ltd., Africa’s biggest mobile-network operator by sales, said it returned to profit in 2017, recovering from a $1 billion fine it paid for its Nigerian business in the prior period.