Nigeria’s new forex derivative market offering competitive edge over interbank futures
Businessam Staff
June 9, 2017
An alternative forwards currency market is gradually taking root in Nigeria, Africa’s largest economy, following the introduction of a new exchange window. Nigeria’s traditional currency-forwards market largely controlled by the CBN at the interbank market (NIFEX) is thus facing competition from a relatively new system that came on stream about two months ago. The emergence […]
Oil prices heading for third week of losses as OPEC struggles to clear global surplus
Businessam StaffJune 9, 2017
Global oil prices are seen to be heading for a third consecutive week of losses as rising supplies from the US and Nigeria may compound Organization of Petroleum Exporting Countries’ (OPEC’s) efforts to clear a surfeit of the product in the international markets, businessamlive has gathered from various reports on the market. Global oil price […]
Nigeria’s refineries need $1.2bn for repairs- Minister
Businessam StaffJune 9, 2017
Nigeria’s three refineries in Port Harcourt, Warri, and Kaduna require about 1.2 billion dollars to repair, bringing them up to 100 per cent production level, Ibe Kachikwu, country’s Minister of State for Petroleum Resources said on Thursday in Abuja, explaining that reports of concession of Port Harcourt to Oando and Agip companies were untrue. According to News […]
Bullish sentiments persist as oil & gas, food, banking stocks extend gains at Nigerian bourse
Niyi JacobsJune 8, 2017
The Nigerian equities market extended gains at the end of trade Thursday, June 8, 2017, with the bourse’s All Share Index (ASI) rising 77bps to close at 32,937.98 points. Year-to-date (YTD) returns advanced to 22.6%, while market capitalization increased by N86.9 billion to settle at N11.4 trillion. Thursday’s performance was largely buoyed by oil & […]
Oil prices trim losses despite concerns over rising output from Nigeria
Businessam StaffJune 8, 2017
Oil prices pared losses on Thursday, having hit one-month lows earlier in the day after unexpected surge in U.S. inventories and the return of more Nigerian crude aggravated investor concerns about an already oversupplied market, report Reuters. Brent crude LCOc1 was flat at $48.06 a barrel by 1450 GMT (10:50 a.m. ET), having touched an […]
Global food import bill set to rise above $1.3 trn in 2017
Businessam StaffJune 8, 2017
Total global food import bill is set to rise this year, following a jump in food prices in the month of May, after three prior months of decline, the Food and Agriculture Organisation (FAO), the United Nations food agency, said on Thursday (8 June). According to the FAO, the projected rise in food bill at […]
Small power investors get NERC’s nod to produce, distribute electricity to consumers
Businessam StaffJune 8, 2017
The Nigerian Electricity Regulatory Commission (NERC) has given the nod to small power investors to participate in the mini grid sector of the Nigerian electricity market for increased access to electricity in unserved and underserved parts of Nigeria. The Mini Grid regulation released recently by NERC seeks to simplify the process for private sector participation […]
Nigeria falls behind Egypt in foreign reserves, first time in six years
Businessam StaffJune 7, 2017
Egypt’s foreign-exchange reserves have overtaken Nigeria’s for the first time since 2011. The North African country, which floated the pound and secured international monetary funding in November, has seen overseas holdings of local-currency bonds soar to $7.5 billion from just $100 million earlier. In Nigeria, where the central bank has tried to manage the naira instead of […]
Forex liquidity eases trade financing pressures on Nigerian banks
Businessam StaffJune 7, 2017
The Nigerian Autonomous Foreign Exchange Rate Fixing (NAFEX) mechanism, commonly referred to as the “Investors’ and Exporters’ FX Window”, appears to be boosting forex supply and flow of foreign currency (FC) liquidity into the banking system, which has eased trade financing pressures on the banks, according to Fitch ratings. Foreign currency was in acute short […]
PwC points to global mining rebound as profitability returns to industry
Businessam StaffJune 7, 2017
Mining industry is once again offering opportunities for investment as aggregate returns in the industry are looking north. According to PwC’s Mine 2017 report, the world’s Top 40 miners recovered from a race to the bottom, with bolstered balance sheets and a return to profitability in 2016. The report released today by PWC Africa recognises […]