In the news: Nigeria-India Trade Volume Hits bn
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CBN injects $364m into inter-bank forex market The Central Bank of Nigeria (CBN) yesterday intervened in the inter-bank foreign exchange market to the tune of $364 million in a bid to sustain liquidity. Nigeria’s mutual funds attract local, foreign investors The Securities and Exchange Commission (SEC) has said the total Asset Under Management (AUM) of mutual funds in Nigeria topped N300 billion for the first time. GTBank records 18% increase in profit for mid-year Guaranty Trust Bank (GTB) says it has recorded an 18 per cent increase in Profit Before Tax (PBT) for the financial half-year ended June 30, 2017. Modular refiners to get pioneer status, duty waivers The Federal Government has unveiled plans to assist investors in modular refineries to obtain pioneer status, secure various duty waivers, import facilitation of equipment and engineering review to enable Nigeria become self-sufficient in petroleum refining. Punch Stocks fall by N294bn, near two-week low The Nigerian stock market recorded a N294bn decline on Tuesday, nearing its lowest level in two weeks. Naira drops to 370 on lack of dollar supply The naira depreciated against the United States dollar at the parallel market on Tuesday to 370, down from 368/dollar on Monday. Fashola makes a U-turn, says consumers can pay for meters The Federal Government has said that it will not oppose the wishes of electricity consumers that are willing to pay for meters from their distribution companies based on agreement between both parties as endorsed by the power sector regulator. The Nation Dangote to sell N200b shares in block divestment Dangote Industries Limited (DIL), the majority core investor in Dangote Cement Plc, plans to sell shares valued at more than N200 billion in a partial divestment that will widen the float for Dangote Cement. NCC: Telecoms sector FDI hits $68 billion Prof Umar Dambatta, Executive Vice Chairman/CEO who spoke during a sensitization workshop on code of corporate governance for the telecoms industry at the Derenassance Hotel, Ikeja, said these achievements were accomplished in spite of the crushing recession ravaging the economy. This Day Nigeria-India Trade Volume Hits $10billion The Indian High Commissioner to Nigeria, Nagabushana Reddy has disclosed plans by his country to organize an international expo on Information Communication Technology in Nigeria as part of efforts at deepening bilateral relations with Nigeria, even as trade relations between Nigeria and India increased to $10 billion in 2016. Reuters Protesters drag Shell Niger Delta oil facility shutdown into fifth day Protesters on Tuesday dragged the shutdown of a Shell crude oil facility in the Niger Delta into its fifth day, after storming the flow station demanding jobs and infrastructure development last week. Business Day CBN eases port charges paid by oil marketers The Central Bank of Nigeria (CBN), on Tuesday, says payment for port charges to the Nigerian Ports Authority (NPA) and other agencies by oil marketing companies can now be accommodated by the Bank using Form ‘A’. Nigeria retreats to coal while rest of the world moves on A new report by the International Energy Association, (IEA) a Paris-based energy sector think tank, shows that global coal production fell by 458 million tons in 2016, but Nigeria is incentivizing coal producers, putting coal top on a list of industries to be granted pioneer status.
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