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Nigeria’s external reserve has risen to a two-year high of $31.2 billion even as the naira appreciated to N367.5 kobo at the Investors & Exporters (I&E) window. Data from the Financial Market Dealers Quote (FMDQ) showed that the indicative exchange rate for the window, also known as, Nigeria Autonomous Foreign Exchange, NAFEX, dropped from N368.17 per dollar on Tuesday to N367.5 per dollar yesterday, translating to 67 kobo appreciation for the naira. This is in contrast to the N1.73 depreciation suffered by the naira in the market in the first two days of the week. The naira however remained stable at N366 per dollar in the parallel market exchange rate. Meanwhile data from the Central Bank of Nigeria (CBN) revealed that the reserve rose to $31.2 billion on Monday August 8 from $30.88 billion on August 1st. Since July 2015 when it rose to $31.46 billion, the external reserve declined steadily till October 2016. From $23.89 billion on October 19 2016, the reserv...

Nigeria’s highest-priced stock, Nestle Nigeria hit a new high at N1, 200 per share on Wednesday after leading a rally that saw Nigerian equities’ benchmark index crossing the 38, 0000 points. Nestle Nigeria had traded at a low of N570 per share in the past 12 months. This indicates a gain of 110.5 per cent between the food and beverage giant’s lowest and current highest price. Nestle Nigeria recorded the highest gain of N49.07 to close at N1, 200. The gains by Nestle Nigeria and other fast moving consumer goods companies and banks helped to sustain the rally at the stock market, in spite of underlying selling pressure due to profit-taking sales. The benchmark index for Nigerian equities, the All Share Index (ASI), appreciated by 0.38 per cent to cross another level to 38,144.02 per cent as against its opening index of 37,999.56 points. Aggregate market value of all quoted equities at the Nigerian Stock Exchange (NSE) rose from N13.097 trillion to close at N13.147 trillion, rep...

At last Nigeria has resolved to refinance its $3 billion worth of naira-denominated short-term treasury bills with dollar-loan borrowing as from 2017 to 2020. In addition to the fact that it costs less to service dollar- denominated treasury bill, the new policy thrust is part of the government programme to fasten the means to economic recovery for a three-year duration. Finance Minister Kemi Adeosun, disclosing this on Wednesday said her ministry was aiming at borrowing less local currency, the naira, but more in foreign currency. She said the government could borrow at a cost of 7 per cent overseas, roughly half the interest rate it currently pays locally. “As the economy recovers and grows we will be in a much better position to repay instead of just rolling over the debt,” she told reporters after a cabinet meeting where the government approved a spending plan for 2018-2020. “The government expects the economy to recover this year and grow by 2.2 percent. The Int...