The Central Bank of Nigeria (CBN) on Tuesday, injected another $210million into the forex market to boost liquidity in the inter-bank Foreign Exchange Market. Disclosing this in Abuja, the acting Director, Corporate Communications Department, CBN, Mr. Isaac Okorafor said the sum of $100million was offered to the wholesale segment, while the small and medium enterprises (SMEs) segment got an allocation of $55 million.
Miyetti Allah Kautal Hore Rejects Anti-Open Grazing Laws
Fulani cattle breeders under the aegis of Miyetti Allah Kautal Hore have rejected the anti-open grazing laws passed by some state governments including Benue state. The National President of the association, Abdullahi Bello Bodejo made the position of the group known on Monday in Abuja during a brief chat with newsmen. According to him, though the cattle breeders do not have anything against ranching in the country, the specie of cows they have in the country are not good for ranching.
Nigeria To Host 30 Countries For Trade, Investment Forum
Major world economies and more than 30 African country representatives will converge on Abuja on Nov. 2 and Nov. 3 for Trade and Investment Facilitation Partnership Forum, says Ministry of Industry, Trade and Investment. The Minister of Industry, Trade and Investment, Mr Okechukwu Enelamah, announced this at a news conference in Abuja.
Dangote Sets Up $500M Cement Plant In Congo
Dangote Cement Plc would on Thursday inaugurate a cement plant worth $500m in Congo. The Company made this known on Monday in a statement released to newsmen in Lagos. The statement hinted that the plant would produce 1.5 million metric tons of cement per annum upon commissioning.
Bitcoin Hits All-Time High
Cryptocurrency Bitcoin jumped to an all-time high above $6,300 on Tuesday, after the world’s largest futures market operator CME Group said it would launch a regulated trading venue for cryptocurrencies in the fourth quarter of 2017, Reuters reports. The new futures contracts will be settled in cash, based on the CME ‘CF Bitcoin Reference Rate’, a once-a-day reference rate of the U.S. dollar price of bitcoin, the company said.
Participants Must Adapt To New Regulations To Succeed - SEC DG
Mr Mounir Gwarzo, the Director-General, Securities and Exchange Commission (SEC) has called on capital market participants to adapt to new and changing economic, regulatory and business environment.
Economic Growth In Sub-Saharan Africa To Rise To 3.4%
Economic growth is expected to rise to 3.4 percent in sub-Saharan Africa in 2018 from 2.6 percent in 2017. The International Monetary Fund (IMF) said this in a report on Monday and they further warned that the rising debt and political risks in larger economies would weigh down future growth.
TCN Raises Asaba 330MW Power Line To 600MW
The Transmission Company of Nigeria says it has raised the Asaba 330mw Power line to 600mw by reconnecting it to the Benin transmission line. The spokesman of TCN, Mrs Ndidi Mbah made the disclosure on Thursday in a statement released to newsmen in Abuja. According to her, the line which is the second transmission route in the area was energized on November 3, 2017 but was completed since October 22, 2016.
Unity Bank Appoints IBB’s Son As Chairman
The management of Unity Bank says it has appointed Aminu Babangida, son of Ibrahim Babangida, former military head of state, as chairman of the bank. In a notice posted on the Nigerian Stock Exchange website on Thursday, the bank said his appointment had been approved by the Central Bank of Nigeria (CBN).
Nigeria’s $2.5bn Eurobonds Given ‘B+’ Rating By Fitch
Global rating agency, Fitch Ratings, yesterday assigned a ‘B+(EXP)’ rating to Nigeria’s upcoming $2.5 billion Eurobond. The rating implies the presence of default risk with a limited margin of safety.
Dangote Refinery To Come Onstream End 2019, Private Firms To Invest N720bn ($2Bn) In Kaduna, PH, Warri Refineries – Kachikwu
The new 650,000 barrels per day refinery being built by Aliko Dangote, Africa's richest man in Nigeria is expected to come onstream by the end of 2019, Nigeria's Minister of State for Petroleum Resources Emmanuel Ibe Kachikwu said on Tuesday. Nigeria's state oil firm NNPC last year launched bidding to find partners to overhaul its ailing refineries, which hardly produce any petrol due to decades of mismanagement and widespread graft.