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Daily Business News Brief | Friday December 24th, 2021.


Currency swap: CBN sells 3.69bn yuan in three years – Thisday

The Central Bank of Nigeria has said it sold 3.69 billion yuan from the inception of the currency swap deal with China to June this year.  The apex bank disclosed this in its ‘Financial markets department 2021 half-year activity report’.  The CBN had in May 2018 signed the Bilateral Currency Swap Agreement with the People’s Bank of China to facilitate trade between the two countries and enhance foreign reserve management.  The report said, “The Bilateral Currency Swap Agreement between the CBN and the People’s Bank of China, which commenced in July 2018, expired in April 2021 and was subsequently renewed……………….. read more

FG projects 61% growth in GDP per capita by 2025- Punch

The Federal Government has said that it expects Nigeria’s Gross Domestic Product per capita to rise to $3,706.29 by 2025.  This represents about 61 per cent projected growth from the $2300 GDP per capita growth forecast for 2021.  This was stated in the National Development Plan 2021-2025.  The Minister of Industry, Trade and Investments, Niyi Adebayo, had said the country’s GDP which currently hovers around $500bn was experiencing steady growth, projecting that the GDP per capita would rise to $2,300 by the end of the year……………..read more

Presco Attains Improved Performance, Rewards Workers

The Managing Director, Presco Plc, Felix Nwabuko has commended workers for their dedications and contributions to the growth of the company despite various challenges.  Addressing workers at a ceremony to mark the end of the year 2021, Nwabuko explained that the company attained 235,000 tons of Fresh Fruit Bunches (FFB) this year, adding that while 19,000 tones vegetable oil was refined in 2020, 48,000 tones vegetable oil has been refined this year, exceeding last year’s record by about 30,000 tones…………….read more

Nigeria’s oil revenue threatened as Shell stops Forcados exports – Vanguard

Nigeria’s crude oil revenue looks set to decline as Royal Dutch Shell Plc halted crude shipments from the country’s Forcados export terminal amid falling oil production.  Bloomberg reported on Wednesday that Shell Petroleum Development Company of Nigeria Limited issued a notice of force majeure on Forcados shipments, effective from midday on Tuesday, and planned to issue a revised offtake programme in due course.  More than 200,000 barrels per day of Nigerian crude normally pass through the terminal, according to the report……………read more

Turnover in Fixed Income, Currency Markets Decline by 8.8% Amid CBN Cut in FX Interventions- Thisday

Turnover in the Fixed Income and Currencies (FIC) markets dropped by 8.8 per cent to N164.52trillion in first 10 months of 2021 from N180.49 trillion in prior 10 months of 2020 over Central Bank of Nigeria (CBN) reduced interventions in the foreign exchange market.  The FIC markets on FMDQ Exchange comprises of foreign exchange, Treasury bills, OMO bills, CBN special bills, Federal Government of Nigeria bonds, other bonds and money market instruments.  Analysis of trading activities in the FIC markets of the FMDQ showed that the segment started the year on a weaker proportion but picked up between September and October of 2021…………….read more

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