SABINEWS DAILY UPDATE ON THE NIGERIAN ECONOMY

SABINEWS DAILY UPDATE ON THE NIGERIAN ECONOMY

Sabinews Daily Update on the Nigerian Economy for August 2, 2014sabi-economy

 

CBN Wants Fresh Bids for Enterprise Bank

THE Central Bank of Nigeria, CBN, has ordered the Asset Management Corporation of Nigeria, AMCON, to conduct a fresh final bid for the sale of Enterprise Bank. Investigations have revealed that the apex bank has doubted the integrity of the process that led to the final bids submitted by the five shortlisted financial institutions last month. Read more

 

Nigerian yields seen falling, Kenyan steady

Yields on Nigerian treasury bills are likely to drop slightly at next week’s auction as the market gradually responds to the new central bank governor’s move to lower interest rates.

Governor Godwin Emefiele has stated his plans to see interest rates lower in the medium term in a bid to stimulate productivity in Africa’s biggest economy.

Nigeria plans to raise 195.17 billion naira ($1.21 billion) in treasury bills on Wednesday as part of its usual short-dated debt issuance to plug the budget deficit. Read more

 

Recapitalisation: 70% Bureaux De Change Operators Miss Deadline

As the July 31, 2014 deadline given by the Central Bank of Nigeria (CBN) to bureau de change (BDC) operators in the country to recapitalise or have their licenses withdrawn closed last night, the president of the Association of Bureau De Change Operators of Nigeria (ABCON), Alhaji Aminu Gwadabe, has said more than 70 per cent of its members did not meet up with the deadline.

Speaking with LEADERSHIP in a phone interview yesterday, Gwadabe said most of its members had sold off their “properties at giveaway prices and some even had to go and obtain loans at cut- throat rates to meet the deadline, but I can assure you that many of our members will not be able to meet the recapitalisation deadline.” Read more

 

Dangote to invest $1b in rice project in five states

President, Dangote Industries Limited, Aliko Dangote, announced on Friday that his company would invest $1billion in modern integrated rice projects and commercial rice farming in five states in Nigeria.

Dangote stated this on Friday at the headquarters of the Federal Ministry of Agriculture and Rural Development in Abuja, during an interaction with the Minister of Agriculture. Edo, Jigawa, Kebbi, Kwara and Niger states have been selected for the project. Read more

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