Banking and Finance

Debt Office starts sale of ₦100b debut Sovereign Sukuk

Nigeria has started the sale of a 100 billion naira ($326 million) debut sovereign sukuk on the local market to fund road infrastructure, the Debt Management Office said on Thursday.

The seven-year Islamic bond which is structured as a lease will yield a 16.47 percent rental rate, payable semi-annually. Subscription for the bond, which is guaranteed by the government, will close on Sept 20.

According to Reuters report, the debut sukuk was originally planned to go on sale in June for three days via book building.

Nigeria Plans ₦140b Treasury Bill Sale

Nigeria plans to sell 140.9 billion naira ($433.5 million) worth of treasury bills at an auction next week, the central bank said on Wednesday.

The bank said it plans to offer 28.12 billion naira of three-month debt, 23.68 billion in six-month bills and 89 billion in one-year notes, using the Dutch auction system, on Sept 21. Settlement will be made next day after the auction, Reuters reports.

The central bank issues treasury bills twice a month to help the government fund its budget deficit, support commercial lenders in managing liquidity and curb inflation.

Nigeria Reforms Capital Importation to Attract Foreign Investors

Nigeria’s central bank on Monday will start issuing electronic certificates for capital imported into the country, in a bid to improve its currency transfer process, it said.

The new certificate will replace a hard copy now issued when capital is imported, according to a circular from the central bank. The bank said the move would enhance transparency and efficient processing of foreign investment, Reuters reports.

Afreximbank Offers $300 million to Private Investors in Equity

The African Export-Import Bank (Afreximbank) is offering up to $300 million in depositary receipts to private investors to boost capital for lending to industries on the continent, a top executive of the bank said on Thursday, Reuters reports.

The depositary receipts offer investors the same rights as normal shareholders, but issuing them does not come with the same regulatory requirements as issuance of normal shares.

Experts want Monetary, Fiscal Policies Strengthened

Some financial experts on Wednesday advised the Federal Government to strength current monetary and fiscal policies which exited the country out of economic recession.

The experts gave the advice in separate interviews with the News Agency of Nigeria in Lagos while reacting to the second quarter report of National Bureau of Statistics (NBS) which indicated that Nigeria was out of recession.

They lauded the Federal Government for getting the country out of recession, but called for more efforts to sustain economic growth.

FIRS Generates ₦2.11tr in 7 months

The Federal Inland Revenue Service (FIRS), through tax collections, generated the sum of N2.11 trillion as revenue from January to July, 2017.

This is contained in a progress report of the FIRS from Jan. to July, 2017 obtained by the News Agency of Nigeria on Monday, showing their revenue performance and impact of the new tax regime.

The aggregate revenue projected in the 2017 budget is N4.94 trillion, out of which oil revenue will contribute N1.98 trillion.

Nigeria’s Forex Buffer at 2-1/2 Year High of $31.6b –CBN

Nigeria’s foreign exchange reserves stood at a two and a half-year high of $31.59 billion as of Aug. 18, central bank data showed yesterday, Reuters reports.

Nigeria’s dollar reserves have climbed back to a level they last reached in January 2015, the data showed, shortly before general elections in Africa’s biggest economy.

The bank did not provide a reason for the increase in reserves.

Central Bank Injects $547m in a Week

In anticipation of Sallah holiday, the Central Bank of Nigeria (CBN) on Thursday raised the total intervention for the week to 547 million dollars as against 195 million dollars offered the previous week.

The CBN spokesman, Mr Isaac Okorafor in a statement in Abuja, said that the intervention would uplift the Naira exchange rate, boost liquidity in the forex market and ensure timely execution and settlement of eligible transactions.

EFCC Recovers ₦409b, $69m in 8 months

The Economic and Financial Crimes Commission, EFCC, between January and August 2017 recovered about N409 billion and secured 137 convictions nationwide, the acting chairman, Ibrahim Magu said today.

He spoke at an interactive meeting with media executives that held in Abuja.

“Between January and August 30, 2017, the EFCC recovered N409,270,706,686.75; $69,501,156.67; 231,118.69 Pounds; 610,816.20 Euros; Dirham 443,400.00 and 70,500.00 Saudi Riyal,” he said.