In the news: CBN sells forex to manufacturers, airlines

Punch

CBN rules out naira fall as external reserves hit $34bn

The nation’s external reserves have hit $34bn from $33.6bn attained on October 25, the Central Bank of Nigeria has stated.

IMF wants Nigeria to stop tax holidays

The International Monetary Fund has advised the Federal Government to urgently revisit tax holidays and exemptions given to companies.

Recoveries from whistle-blower policy exceeded our expectations – Adeosun

The Minister of Finance, Mrs. Kemi Adeosun, on Sunday said that the recoveries, which the Federal Government had made through the implementation of the whistle-blower policy, had exceeded its expectations.

TCN yet to access $1.5bn power project loans – MD

Transmission Company of Nigeria says it has yet to access the power infrastructure expansion loans totaling $1.5bn from foreign creditors.

2017 budget: FG records 49% non-oil revenue shortfall

The Federal Government recorded a 49 per cent shortfall in non-oil revenue needed to finance the 2017 budget, figures obtained from the Budget Office of the Federation have revealed.

Naira closes at 363/dollar, CBN sells forex to manufacturers, airlines

The Central Bank of Nigeria has injected $285.7m into the Inter-Bank Foreign Exchange Market to meet requests in four sectors of the economy.

This Day

CBN Reads Riot Act to Exporters over Non-repatriation of Export Proceeds

The Central Bank of Nigeria (CBN) has reiterated its resolve to heavily sanction exporters that fail to repatriate their export proceeds within the stipulated days for oil and gas as well as for non-oil exports.

Nigerian Bourse Plunges Despite Positive Results, Retention on MSCI Frontier Index

The Nigerian stock market remained bearish last week to close 0.34 per cent lower despite impressive nine months results by most companies and the decision of the MSCI to retain Nigeria indexes in the MSCI Frontier Markets.

IEA: Global Oil Supply Rose 90,000b/d in September to 97.5mb/d

Global oil supply rose 90,000 b/d in September to 97.5 mb/d as non-OPEC output edged higher with output standing at 620,000 b/d higher than last year.

IMF Advises Nigeria to Recapitalize Banks

Following the intense weakening of Nigeria’s macroeconomic environment, resulting in the deterioration of asset quality and rise in non-performing loans (NPLs) in the banking industry, the International Monetary Fund (IMF) has advised the Central Bank of Nigeria (CBN) to consider asking the country’s lenders to recapitalize.

Nigerian Breweries Records N24bn Profit, Declares N7.9bn Interim Dividend

Nigerian Breweries posted revenue of N254.7 billion in 2017, up from N222.7 billion in the corresponding period of 2016.

Guardian

BDCs seek CBN’s intervention in rising transaction charges by banks

The Association of Bureaux De Change Operators of Nigeria (ABCON), an umbrella body of Bureaux de Change (BDCs) operators is seeking the intervention of the Central Bank of Nigeria (CBN) over what it described as “burden” on operators in the form of charges for transactions by banks.

Investors worried about N10 million fraud allegations against SEC

Stock market investors have expressed concern over the alleged N104million fraud levelled against the Director General (DG), Securities and Exchange Commission (SEC), Mounir Gwarzo, saying that such crisis would definitely have a multiplier effect on market.

Fresh trouble for Atiku’s INTELS as OGFZA alleges rules’ violation

Oil and gas logistics giant and port concessionaire, INTELS Nigeria Limited (INL), is in fresh trouble as the Oil and Gas Free Zones Authority (OGFZA) has ordered a comprehensive audit of a decade of its operations (2006-2016).

The Nation

Union Bank closes application for N50b rights issue

Union Bank of Nigeria (UBN) Plc will today close application for its N50 billion rights issue which was opened on September 20, 2017.

Quoted firms have tomorrow as deadline to submit Q3 earnings reports

Quoted companies that have not submitted their operational reports and financial statements for the third quarter must submit their reports to the Nigerian Stock Exchange (NSE) before the close  of work tomorrow in order to avoid poor corporate governance tag and sanctions that may range from N100,000 to about N100 million.

Guinness Nigeria’s N40b rights issue records full subscription

Guinness Nigeria Plc has secured additional N39.7 billion new equity funds from its existing shareholders as shareholders picked up the entire rights offered by the brewer.

Vanguard

Excess liquidity to persist as N214bn inflow boost interbank

The interbank money market will  this week enjoy inflow of N214 billion which will reinforce the volume of idle cash (excess liquidity) in the market leading to further moderation in cost of funds.

Business Day

Nine banks make N485bn in Q3 from Treasury Bills

Cumulative interest income from fixed income securities of nine Nigerian banks that have released third quarter (Q3) 2017 results spiked by 58.64 percent to N484.46 billion in the three months ended September 2017.

Reuters

Fitch Affirms Kaduna State at ‘B’; Outlook Stable

Fitch Ratings has affirmed Kaduna State’s Long-Term Foreign- and Local-Currency Issuer Default Ratings (IDRs) at ‘B’ and National Long-Term Rating at ‘A+(nga)’.

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Source: Blog