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  #20461 (permalink)  
Old 1st December 2016, 09:11 AM
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Default Re: Economicwatch

Quote:
Originally Posted by duduspace View Post
Oil prices are surging as OPEC hashes out a deal to cut production

Good news for the Nigerian Economy. Between 40 and 50 would have been okay, between 50 and 60 even better. Would help exit the recession quicker.
Exit wetin?

How much crude oil do we now export after these Scavengers have finished destroying the pipelines?
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  #20462 (permalink)  
Old 1st December 2016, 09:25 AM
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Default Re: Economicwatch

National Bureau of Statistics | HOME

NBS publishes q3 2016 foreign trade in goods report


1. Total trade value in q3 2016 was N4.72tn from N4.06tn in q2 2016 representing an increase by 16.3% or N0.661bn

2. Total exports stood at N2.30tn representing an increase of N0.520tn or 29.1% while imports rose to N2.41tn an increase of N0.140tn or 6.2%

3. Mineral products accounted for largest share of exports (97.3%) in q3 2016, then prepared food and beverages(1.1%), vegetable products(0.4%)

4. Trade balance remained negative but improved to -N104.14b in q2 2016 from -N484.23b in q2 2016, -N235.4b in q1 2016 & N644.98b in q3 2015
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  #20463 (permalink)  
Old 1st December 2016, 10:04 AM
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Default Re: Economicwatch

Quote:
Originally Posted by overload View Post
Exit wetin?

How much crude oil do we now export after these Scavengers have finished destroying the pipelines?
1.9m when Kachikwu last spoke as Sharkbite and Crocodile Smile have ensured the damage is not as bad as earlier in the year and also the vexed people are probably tired of the nonsense hence more receptive of the millitary in their domains for security as everybody seems to be suffering with PMB not leaving till 2019 or 2023 according to some people.
But even if it were back at below 1m, every little helps as we get more for even that little.
The Reserves are still recovering unlike before. At the current rate, we will be back above $25b before 2017 which would imply a recovery greater than $1b over a 2 month period.
Like you said, hopefully lessons have been learnt and we will all remain Nigerians regardless of who or what party is in governmenr until 2019 when we have another decision to make.
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  #20464 (permalink)  
Old 1st December 2016, 10:49 AM
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Default Re: Economicwatch

FG approves 2017 budget, shifts N290/$1 benchmark

https://www.thecable.ng/fg-approves-...2901-benchmark

Quote:
Naturally, the estimates… every time you improve on your estimate based on the latest estimates. For instance, one of the issues they raised was about the exchange rate.

“That we used 290 as the exchange rate, and that was the exchange rate of the time. So, you only use the exchange rate that is valid at that time. Naturally by now you will change that.

“But that MTEF was extremely well prepared consistent with the best possible methods of ‎preparation by people who are very experienced in preparing MTEFs.”
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  #20465 (permalink)  
Old 1st December 2016, 11:09 AM
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Default Re: Economicwatch

Oil soars above $51 as OPEC agrees deal - Punch Newspapers

This news should epp some local oil coy shares na...

OANDO....
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  #20466 (permalink)  
Old 1st December 2016, 11:16 AM
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Default Re: Economicwatch

FG to probe banks over stamp duty collection - Punch Newspapers

Quote:
The Revenue Mobilisation, Allocation and Fiscal Commission had placed an embargo on the use of the funds accruing through the stamp duty as a result of the appeal instituted by a bank to challenge the ruling of a lower court directing the banks to pay arrears of what they were supposed to have collected as stamp duty since 2004.
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  #20467 (permalink)  
Old 24th December 2016, 05:35 PM
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Default Re: Economicwatch

Quote:
Originally Posted by waaan5 View Post
Customs CG cries out: No line demarcating Nigeria0‰9¢ã6¾4s borders with neighbours - Vanguard News
this part of the reasons why Nigeria will remain a poor and ill secured country.

We need a high WALL separating the NW/NE from Niger and Chad. If we want to make progress
i tell u my brother; a quarter of chadians, nigeriens and camerounians claim to be nigerians because of d pourous border and they have d same tribe on each side of d border.
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  #20468 (permalink)  
Old 21st January 2017, 03:42 PM
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Default Re: Economicwatch

IMF links Nigeria’s economic woes to poor management - Punch - abokiFX
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  #20469 (permalink)  
Old 24th January 2017, 05:45 PM
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Default Re: Economicwatch

CENTRAL BANK OF NIGERIA COMMUNIQUÉ NO 111 OF THE MONETARY POLICY COMMITTEE MEETING OF 23RD AND 24TH JANUARY 2017

https://www.cbn.gov.ng/Out/2017/MPD/...ary%202017.pdf
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  #20470 (permalink)  
Old 25th January 2017, 08:59 PM
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Default Re: Economicwatch

PPPRA To Review Pterol Price Template On Thursday | Nairametrics
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  #20471 (permalink)  
Old 4th March 2017, 07:26 PM
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Default Re: Economicwatch

https://abokifx.com/news/cbn-takes-b...-naira-thisday

https://abokifx.com/news/ops-sees-cb...nd-businessday
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  #20472 (permalink)  
Old 10th March 2017, 10:25 AM
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Default Re: Economicwatch

Reserves crosses over $30 billion, the government's ERGP forecasts dollar exchange rate of N305 to year 2020. Still waiting for devaluation?

Central Bank of Nigeria | Movement in Foreign Reserves | Up to 3/10/2017 1:19:35 AM

http://www.nationalplanning.gov.ng/i...EAN%20COPY.pdf
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  #20473 (permalink)  
Old 15th March 2017, 10:49 AM
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Default Re: Economicwatch

https://www.bloomberg.com/news/artic...ency-criminals

Nigeria Puts Naira Float to Bed, Slams Currency `Criminals'



Nigeria’s central bank Governor Godwin Emefiele said he is committed to a currency regime that sent foreign investors fleeing from the nation’s markets and exacerbated a dollar shortage.

The Central Bank of Nigeria won’t allow “faceless and criminally minded people to destroy the currency under the guise of a free float as is being canvassed,’’ Emefiele said in a speech on Saturday in Abuja, the capital, while accepting an award from a local newspaper. Independent estimates and “purchasing power parity analysis” by the regulator showed that the currency shouldn’t be so low on the unofficial market, which has been influenced by “criminal activities,” he said.
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  #20474 (permalink)  
Old 20th March 2017, 04:57 AM
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Default Re: Economicwatch

During this damage control period if you are lucky to get USD @#450 mop as much as you can because our next port of call is N600.

Thank me later.

*ThE OcToPuS*
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  #20475 (permalink)  
Old 20th March 2017, 11:08 AM
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Default Re: Economicwatch

Oil drops on rising U.S. drilling, steady OPEC supply | Reuters

Oil drops on rising U.S. drilling, steady OPEC supply


Oil prices fell on Monday, with already-bloated markets pressured by rising U.S. drilling activity and steady supplies from OPEC countries despite touted production cuts.

As of 0800 GMT, prices for benchmark Brent crude futures were down 34 cents, or 0.66 percent, at $51.42 per barrel.

U.S. West Texas Intermediate (WTI) crude futures slipped 48 cents, or 0.98 percent, to $48.30 a barrel.

Traders said that prices came under pressure from rising U.S. drilling........
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  #20476 (permalink)  
Old 20th March 2017, 11:18 AM
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Default Re: Economicwatch

Nigerian central bank head urges cooperation on monetary, fiscal policy | Reuters

ABUJA (Reuters) - Nigeria's monetary and fiscal authorities must cooperate on their policies to help Africa's largest economy to develop, the central bank governor said, according to his spokesman.

Central Bank Governor Godwin Emefiele made the comments at a two-day retreat for members of the bank's Monetary Policy Committee and the ministers for finance, budget and investment. The closed-door meeting, which takes place about three times a year, ended on Saturday.

OPEC member Nigeria is in its first ...........
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  #20477 (permalink)  
Old 20th March 2017, 12:47 PM
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Default Re: Economicwatch

https://www.bloomberg.com/news/artic...r-power-plants


GreenWish to Invest $280 Million in Nigeria Solar Plants



GreenWish Partners, a Paris-based independent power producer, will invest $280 million to build solar-power plants in Nigeria that are expected to start producing electricity in the first quarter of next year.

A plant in the southeastern state of Enugu will produce 100 megawatts, while the company will build two others of 50 megawatts each in the northern Kaduna and ...........
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  #20478 (permalink)  
Old 21st March 2017, 04:49 PM
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Default Re: Economicwatch

Quote:
Originally Posted by PETERICHY View Post
During this damage control period if you are lucky to get USD @#450 mop as much as you can because our next port of call is N600.

Thank me later.

*ThE OcToPuS*
Una don dey adjust little by little abi ? at least no more flights of fancy of a N1000 rate ?
Albeit, I am still seeing Reserve Accretion, albeit at a slightly lower rate since the interventions begin. I will notify you when it reverses and begins to go southwards afterall na 30 days MA so we will know what negative effects (if any) the CBN interventions are having on the reserves by this time next month.

Last edited by duduspace; 21st March 2017 at 04:52 PM.
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  #20479 (permalink)  
Old 22nd March 2017, 03:03 PM
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Default Re: Economicwatch

Quote:
Originally Posted by duduspace View Post
Una don dey adjust little by little abi ? at least no more flights of fancy of a N1000 rate ?
Albeit, I am still seeing Reserve Accretion, albeit at a slightly lower rate since the interventions begin. I will notify you when it reverses and begins to go southwards afterall na 30 days MA so we will know what negative effects (if any) the CBN interventions are having on the reserves by this time next month.
Naira now exchanging for between 400-410.

www.abokifx.com

Price of rice needs to come down fast.
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  #20480 (permalink)  
Old 22nd March 2017, 06:02 PM
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Default Re: Economicwatch

Quote:
Originally Posted by migiets View Post
Naira now exchanging for between 400-410.

www.abokifx.com

Price of rice needs to come down fast.
The reserves actually reversed marginally yesterday just after i spoke so Oga Nosa's message of caution is a timely one and sustainability of CBN interventions is still very much under scrutiny. I however still think the country is on the right track. Still watching the trend, rate of accretion has been slowing down recently but this is the first sign of a reversal since late October 2016.
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