CBN disburses $13.99bn defending naira in H1’ 2020

CBN disburses $13.99bn defending naira in H1’ 2020

In a bid to strengthen the local currency, Naira, the Central Bank of Nigeria (CBN) supplied $13.99 billion into the market between January and June. The bank disclosed this in its quarterly statistical bulletin on ‘Supply of forex’ for the month of June. According to the CBN, the forex were supplied to the interbank segment, the Bureau De Change operators, and also the Investors & Exporters window, Small and Medium Enterprises and invisibles. It disclosed that $122.9 million, $63.2 million, $2 million, $62.12 million, $55.89 million and $68.86 million were…

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Analysts: Nigeria may return to Eurobond market in 2021

Amidst foggy global economic realities caused by the coronavirus (Covid- 19) pandemic-induced crisis, analysts at Coronation Research have said that Nigeria will likely return to the Eurobond market next year. The analysts, who made the prediction in a note obtained Business Metrics, argued that Nigeria’s position was better than those of some other African countries, such as Zambia and Angola, which have recently sought to restructure private -sector debt, including Eurobonds. The analysts noted that although there was a rise in Eurobond yields a fortnight ago, with Zambia’s 2027 Eurobond…

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FG September bonds oversubscribed by 148% as investors stake N360.22bn

The Debt Managemy Office (DMO) has disclosed that the federal government’s bonds for the month of September worth N145 billion have enjoyed over 148 per oversubscription as they were auctioned on Wednesday. Specifically, the DMO indicated that the bonds were oversubscribed by N215.22 billion, as the total subscription received from investors for the bonds was N360.22 billion. These comprised of N83.83 billion for 12.5 per cent FGN January 2026 bonds; N71.4 billion for 12.5 FGN March 2035 bonds; N41.06 billion for 9.8 per cent FGN July 2045 bonds; and N163.93…

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Naira: The Journey towards Exchange Rate Convergence

CBN resumed dollar to BDC

By Vetiva Analysts In line with how the COVID-19 pandemic is spurring a new normal in business and economy, the Central Bank of Nigeria (CBN) is gradually embracing agelong reforms in the country’s foreign exchange (FX) market. For many years, international financial institutions, such as the International Monetary Fund (IMF), have expressed displeasure with the country’s FX restrictions and multiple currency practices (MCPs). One of such MCPs is the gap between the official exchange rate and the other unofficial rates, that exceeded the 2% divergence guideline. The large gap between…

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CBN defended Naira with $11.5bn forex in Q1

Emefiele MPR, MPC rate cut

The Central Bank of Nigeria (CBN) injected $11.5 billion foreign exchange (Forex) into the economy in the first three months of 2020 to boost the capacity of the local currency, naira. Latest figures from the CBN on the supply of forex showed that $2.96 billion, $3.39 billion and $4.7 billion were injected into the market in January, February and March respectively. The investors’ and exporters’, small and medium enterprises and invisible segments got a total of $7.23 billion; the Bureau De Change segment was funded $3.6 billion, while the interbank…

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Nigerian banks lose N122bn to CBN’s forex rate harmonization drive

Nigerian banks lose N122bn to CBN’s forex rate harmonization drive

Commercial Banks in Nigeria have counted loses to the tune of N122 billion ($338) as the Central Bank of Nigeria (CBN) hit them with extra ordinary debits from their accounts. This happened Friday before the apex bank reduced the value of the naira at a retail auction in a move to unify its multiple exchange rates which is part of its forex management effort during foreign exchange shortages Nigeria’s multiple foreign-exchange rates were imposed to manage dollar demand after oil prices crashed. The bank had earlier hinted of its plans to…

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FirstBank’s inaugural management associate programme graduates 28 candidates

FirstBank adesola adeduntan

First Bank of Nigeria Limited, Nigeria’s leading financial inclusion services provider,  has graduated 28 successful candidates in its inaugural FirstBank Management Associates Programme (FMAP), virtually held recently. The programme, which commenced in 2018 had a total of 48 candidates selected from thousands of entries and applications received nationwide. FMAP is a 24-month fast-track comprehensive developmental programme targeted at young, dynamic, self-motivated and highly driven individuals that possess the right skill set and excellent leadership potential among junior and entry-level cadre staff. Entries and applications for the programme enrolment was also…

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Tier-1 Capital Ranking: Zenith Bank is Nigeria’s number one bank

Tier-1 Capital Ranking: Zenith Bank is Nigeria’s number one bank

Zenith Bank Plc has emerged the Number One Bank in Nigeria, according to a ranking done by Tier-1 Capital in the 2020 Top 1000 World Banks Ranking, published by The Banker Magazine. The ranking which was published in the July 2020 edition of The Banker Magazine of the Financial Times Group, United Kingdom, was based on the 2019 year-end Tier-1 capital of banks globally. Climbing a whopping 29 spots from 415 in 2019 to 386 in the 2020 global ranking of banks, Zenith Bank retained its position as the number…

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NOVA Investment to issue N50bn bond

NOVA Investment, Stanbic IBTC, bond

Stanbic IBTC Stockbrokers has given a heads up regarding imminent commencement of book building, for a N10 billion issuance of seven-year fixed rate subordinated unsecured bond by Nova Merchant Bank Limited (NOVA). The bond will be issued via a funding vehicle, NOVAMBL INVESTMENTS SPV PLC (NOVAMBL) or simply referred to as the Issuer, is announced on Monday. The bonds are being issued under a SEC-approved N50 billion debt issuance programme. Nova Merchant Bank Limited is a licensed merchant bank in Nigeria, which is owned by experienced local and foreign investors.…

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FMDQ admits N100bn MTN, N100bn Dangote Bonds on its platform

MTN, Dangote, Bola Onadele.Koko, FMDQ

Despite the amidst economic downturn and realities of the COVID-19 pandemic, Dangote Cement PLC and MTN Nigeria Communications PLC have successfully tapped the debt market, raising the largest corporate bond and commercial papers, respectively, so far recorded in the Nigerian debt capital market. FMDQ Holdings Plc, wholly owned subsidiary, FMDQ Securities Exchange Limited admitted for listing, the Dangote Cement Plc N100 billion Series 1 Bond under its N300.00 billion Bond Programme, and for quotation, the MTN Nigeria Communications Plc N100.00 billion Series 1 & 2 Commercial Paper (CP) notes  under…

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