| Punch
98% of documents in crude sale transactions fake — NNPC The Nigerian National Petroleum Corporation on Sunday announced that about 98 per cent of all documents involved in the sale of crude oil were fake. Exchange rate: Foreign airlines raise fares The international airfares from Lagos to various destinations across the globe have recorded a further increase following the announcement of a new dollar exchange rate for the sale of air tickets. Insurance stocks: Operators, NSE move to attract investors Operators in the insurance industry and the Nigerian Stock Exchange are strategizing on how to improve the value of insurance stocks and attract investors to the industry. Naira closes at 370 as dollar supply declines The naira closed at 370 to the United States dollar on Friday, as dollar supply from the Central Bank of Nigeria continued to wane. This Day Shell, Chevron Unaware of NNPC’s Plan to Extend $1bn Gas Pipeline to Cote d’Ivoire Shell and Chevron, which are major shareholders in the Chevron-run West African Gas Pipeline Company Limited (WAGPCo), owners of the $1 billion West African Gas Pipeline, are not yet aware of the plan by the Nigerian National Petroleum Corporation (NNPC) to extend the 678-kilometre pipeline to Cote D’Ivoire. Nigeria’s E-commerce Market Value to Hit N15.45tn in 10 Years Currently worth around $13billion (about N4.01trillion), experts in the Nigerian financial service sector have estimated that Nigeria’s e-commerce market value could rise to $50billion (N15.45trillion) over the next decade. Market Remains Bearish on Continuing Profit-taking After five weeks of positive performance, the market had the previous week, the market succumbed to the pressure of profit taking, leading to the Nigerian Stock Exchange (NSE) All-Share Index to close 3.35 per cent lower, despite the release of improved results for the half year results by Access Bank Plc, United Bank for Africa Plc and Ecobank Transnational Incorporated, profit taking continued last week. CBN Pumps $9.96bn into FX Market in Six Months, Attains Stability This has helped to ease pressure on Nigeria’s forex market, which prior to the action by the regulator had been pummeled by speculators. Caverton Shares Rise 16% as Investors React to Chevron Contract Investors last week renewed demand for the shares of Caverton Offshore Support Group Plc (COSG), following the news of award of a contract to it by Chevron Nigeria Limited (CNL). The Nation $14.1b forex deals attract investors Foreign investors’ confidence in the economy has been on a rise as a result of the $14.1 billion combined foreign exchange (forex) deals from the Investors’ & Exporters’ FX Window – I&E FX Window- and the Central Bank of Nigeria’s (CBN’s) weekly dollar interventions. LCCI: Why refineries, others are not attracting investments The Lagos Chamber of Commerce and Industry (LCCI) has identified inappropriate and unimplemented policies, as well as unfriendly business environment, as part of the reasons the refineries and other sectors of the economy have failed to attract the required investments. Vanguard Unilever Nigeria Plc: Investment gains in Rights Issue defy bear run Despite recent profit takings in the equities investors in the Rights Issue of Unilever Nigeria Plc are still on massive discount of over 27 per cent following the price surge in the equity shortly after the offer opened last month. Cost of funds to fall as N193bn inflow is set to boost interbank liquidity The interbank money market will, this week, receive liquidity boost of N193 billion from maturing treasury bills prompting further decline in cost of funds. Reuters Nigeria overnight lending rate drops on liquidity injection Nigeria’s overnight lending rate dropped to 12 percent on Friday after spiking to almost 100 percent on Wednesday due to a liquidity squeeze as lenders paid for hard currency and treasury bills purchased from the central bank. |
