Business & Finance

CBN to resist pressure to devalue Naira

Sep 5, 2013

Central Bank of Nigeria, CBN will resist pressure to devalue the naira since it retains ample funds to defend the currency, its spokesman, Ugochukwu Okoroafor has said. Naira has fallen in recent months, trading outside the CBN’s target band of 150-160 naira to the U.S. dollar since June, initially due to foreign investors booking profits…

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OPEC daily basket price stood at $111.20/b on Tuesday 3rd of September 2013

Sep 4, 2013

The price of OPEC basket of twelve crudes stood at 111.20 dollars a barrel on Tuesday, compared with $110.32 the previous day, according to OPEC Secretariat calculations. The new OPEC Reference Basket of Crudes (ORB) is made up of the following: Saharan Blend (Algeria), Girassol (Angola), Oriente (Ecuador), Iran Heavy (Islamic Republic of Iran), Basra…

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Total Nigeria Plc – Battling with high finance costs

Sep 4, 2013

When shareholders of Total Nigeria Plc, the highest priced stock in the petroleum products marketing sector of the Nigerian Stock Exchange (NSE) met last June, they commended the board and management of the firm for its 2012 performance. They were so pleased for receiving a bumper harvest of dividend that stood at N11 per share.…

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Insurance sector grappling with inadequate infrastructure – Wiggle

Sep 4, 2013

Managing Director of Linkage Assurance Plc, Mr. Gus Wiggle has said that the insurance industry is grappling with inadequate infrastructure and unstable weather which exposed insured assets to natural disasters such as floods. According to him the current performance of the industry has not been sufficient for it to reach the critical mass necessary to…

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Oil firms borrow N3.44trn from Nigerian banks

Sep 4, 2013

Oil and gas firms’ operating in the country borrowed about N3.443 trillion from banks in Nigeria in a two- year period between 2011 and 2012. According to data obtained from the Nigerian Deposit Insurance Corporation, NDIC, of the N15.424 trillion facilities given out by the banks to operators in the economy during the period in…

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Expert urges NAICOM not to relax insurance regulations

Sep 4, 2013

An insurance expert has encouraged the Nigerian insurance regulator, National Insurance Commission (NAICOM), not to drop its guard on the regulation and supervision of insurance formations under its purview. The insurance broker, who pleaded anonymity, made the call in an interview with THISDAY in Lagos recently. According to him, both the regulator and regulated in…

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UBA to invest $2 billion in power sector

Sep 4, 2013

United Bank for Africa (UBA) has invested $700 million this year in financing power assets in the country and plans to put $2 billion into power projects across the continent over the next three years, its Group Managing Director/Chief Executive Officer, Mr. Phillips Oduoza said. Oduoza also said he expected the bank to grow loans…

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Brent eases, holds above $114

Sep 4, 2013

Brent futures eased on Tuesday as worries over a military strike on Syria eased, but held above $114 per barrel as investors focused on prospects of a revival in demand growth with factory output across most of the world improving. Better data from Europe and China and a steady recovery in the US pointed to…

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OPEC daily basket price stood at $110.35/b on Monday 2nd of September 2013

Sep 3, 2013

The price of OPEC basket of twelve crudes stood at 110.35 dollars a barrel on Monday, compared with $111.55 the previous Friday, according to OPEC Secretariat calculations. The new OPEC Reference Basket of Crudes (ORB) is made up of the following: Saharan Blend (Algeria), Girassol (Angola), Oriente (Ecuador), Iran Heavy (Islamic Republic of Iran), Basra…

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CBN sells forex worth $258.5m

Sep 3, 2013

The Central Bank of Nigeria on Monday sold $258.5m (N40.06bn) worth of foreign exchange at its bi-weekly Wholesale Dutch Auction System. The News Agency of Nigeria reported that the CBN sold $263.67m at the previous WDAS on August 28. Some dealers attributed the decrease in forex sales to the drop in oil price at the…

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