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Daily Business News Brief |  Friday, February 11th,  2022.


CBN to stop forex sale to banks by December targets $200bn non-oil exports – Thisday

The Central Bank of Nigeria has revealed that it will stop the sale of foreign exchange to Deposit Money Banks by the end of the year. According to the CBN Governor, Godwin Emefiele, banks must begin to source their forex from export proceeds, hence the need to support non-oil exporters in the country.  He pointed out that the decision was in line with the apex bank’s new commitment to boost the country’s foreign reserves through proceeds from non-oil exports.  He made this known at a press briefing on the launch of the bank’s new forex repatriation scheme, RT200 held after the Bankers’ Committee meeting on Thursday in Abuja……………. read more

Naira slides again, exchanges for 417.51/dollar – Punch

The naira continued its downward trend as the dollar was sold for N417.51 at the official market on Thursday. This was contained in data obtained from Central Bank of Nigeria official website showing the exchange rate result and its Monthly Moving Average on Thursday.  According to the data, the dollar sold for N417.51 while it was bought at N416.51.  With the development, the naira took a dip in devaluation against the U.S. dollar twenty-four hours after it recorded a slight gain at the spot market segment……………… read more

Sanwo-Olu: Lagos Will Explore NGX To Fund Infrastructure Projects – Daily Independent.

The Governor of Lagos State, Babajide Sanwo-Olu yesterday said the State will explore capital raising via Nigerian Exchange Limited (NGX) to fund infrastructure projects through equities, green, Sukuk, and Blue Bonds.  Sanwo-Olu further expressed confidence in the opportunities available in the capital market and indicated an interest in deepening synergies between the State and The Exchange……………..read more

NNPC may spend N201bn to clean 170.25m litres of dirty fuel – Punch

The Nigerian National Petroleum Company Limited may need an estimated N201bn worth of clean Premium Motor Spirit (petrol) to bring 170.25 million litres of adulterated product imported the country up to standard, an analysis of industry data has shown.  The Nigerian Midstream and Downstream Petroleum Regulatory Authority had said on Tuesday that for every 200 litres of the adulterated product, 800 litres of petrol with good quality would be required for the blending that would be done………………. read more

CBN extends five per cent interest rate on intervention loans – CBN- Vanguard

The Governor, Central Bank of Nigeria, Godwin Emefiele, has said that that bank will extend its five per cent interest rate on its intervention loans introduced to cushion the effect of COVID-19 on the economy by one year.  He disclosed this at a Bankers’ Committee press briefing in Abuja which was also held virtually.  Emefiele said to restore stability to the economy by providing assistance to individual households, SMEs and businesses that had been severely affected by the pandemic, as well as by the lockdown measures, it reduced the interest rate on CBN intervention loans from nine to five per cent………………… read more


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