Economy

Nigeria to raise N129b in T-Bills Dec. 2

Nigeria to raise N129b in T-Bills Dec. 2

Economy, Finance
THERE were indications that Nigeria would raise N129.17 billion ($649.10 million) worth of local currency denominated Treasury Bills (T-Bills), with varying maturities of three months and one year on December 2. The debt instrument, according to Central Bank of Nigeria, will be made up of N17.85 billion for the three-month paper; N18 billion in the six-month paper; and N93.32 billion in the one year bill, through the Dutch Auction System. Meanwhile, yields on Nigeria’s bonds fell below 10 per cent across maturities on Wednesday’s trading session, a day after the apex bank announced a surprise interest rate cut aimed at stimulating lending. Traders said they are expecting lower returns on the short-date paper at the auction next week in tandem with the prevailing trend in the secon
Pimco, others sue Citigroup over billions in mortgage debt losses

Pimco, others sue Citigroup over billions in mortgage debt losses

Economy
Pacific Investment Management Co and other investors have sued Citigroup Inc over the bank's alleged failure to properly monitor toxic securities backed by more than $13.8 billion of mortgage loans, resulting in $2.3 billion of losses. According to a complaint filed Tuesday night in a New York state court in Manhattan, Citigroup breached its duties as trustee for the 25 private-label trusts dating from 2004 to 2007 by ignoring "pervasive and systemic deficiencies" in how the underlying loans were underwritten or being serviced. The investors said Citigroup looked askance at the loans' "abysmal performance" out of fear it might "jeopardize its close business relationships" with loan servicers including Wells Fargo & Co and JPMorgan Chase & Co, or prompt them to retaliate over ...
FG Plans Bill to Encourage Patronage of Made-in-Nigeria Products

FG Plans Bill to Encourage Patronage of Made-in-Nigeria Products

Economy, News
The Minister of Trade, Industry and Investment, Dr. Ikechukwu Enelemah, has disclosed that the Federal Government is planning a bill to be sent to the National Assembly to encourage the patronage of made-in-Nigeria products. Speaking in Abuja during the commemoration of the Africa Industrialisation Day, the minister said the bill, when passed into law, would assist the Federal Government to expand the domestic market and return Nigeria to the path of industrialisation. The minister noted that owing to its potential to create jobs, the textile sector would be a major beneficiary of the legislation. He said, “The ministry intends to make manufacturing much more competitive and vibrant than what is presently on the ground. “We are mindful of the fact that manufacturing and industr
CBN’s foreign exchange policy hurting economy

CBN’s foreign exchange policy hurting economy

Economy
The demand management foreign exchange policy currently being used by the Central Bank of Nigeria is having a negative impact on the economy, the Institute of Fiscal Studies of Nigeria has said. The Senior Fellow and Monetary Policy Lead, IFSN, Mr. Rislanudeeen Muhammad, said this in Abuja while stating the position of the institute on some recent developments in the economy. He said the wide gap between the official and parallel exchange rate was depleting the nation’s external reserves, adding that except urgent actions were taken by the monetary authorities, the country’s external reserve might not be able to adequately finance its import. Muhammad said owing to this wide gap, there was a need for the CBN to devalue the naira by between five and seven per cent in order to provi
Again! Stock Market Loses 0.07% on Protracted Bear Trend

Again! Stock Market Loses 0.07% on Protracted Bear Trend

Economy
Trading activities on the floor of the Nigerian Stock Exchange, NSE, retained its southward movement on Wednesday, November 4, as the All-Share Index shed 0.07 per cent losing 20.43 points to close at 29,032.44 points against 83.98 points lost on Tuesday, November 3 to close at 29,052.87 points. Similarly, Market capitalization dropped N7.02 billion to close at N9.977 billion against N28.9 billion lost on Tuesday to close at N9.984 trillion. Price movement on the Equity board showed that Oando Plc topped 18 gainers chart with a 7.22 per cent or 47 kobo gain to close at N6.98 per share, followed by Guinness Nigeria Plc which added 4.99 per cent or N6.49 to close at N136.42 per share, while Stanbic IBTC Holdings Plc increased 4.97 per cent or 94 kobo to close at N19.85 per share.
Govs Want Funds in Excess Crude Account Shared

Govs Want Funds in Excess Crude Account Shared

Economy
The 36 state governors have told President Muhammadu Buhari to approve the sharing of funds in the Excess Crude Account among the three tiers of government in order to improve the liquidity position of the states. Currently, the ECA, which was set up when crude oil price was above $100 per barrel to save anything above the budget benchmark price in a special account for use in lean period, currently has a balance of $2.259bn. The governors, under the aegis of Nigeria Governors Forum, made the request at the Presidential Villa, Abuja on Thursday during a meeting with the President on the current economic crisis facing the states, which has culminated in the inability of the state governments to pay workers’ salaries. The Chairman of the forum and Zamfara State Governor, Abdulaziz Yari,