CBN MPC meeting, foreign reserves, other Nigerian market updates you need to know today
Markets, company reports and other financial activities as businesses resume in Nigeria after Easter break
As at the last business day in March 2018, Nigeria's foreign exchange reserves gained 8.8% to $46.2 billion compared to same period in February 2018, according to data from the Central Bank of Nigeria.
The recent increase in external reserves was as a result of government's debt sales such as Eurobond offering which has helped the country to accrue billions of dollars in foreign reserves.
Here are few market updates:
The Naira opened trading on Tuesday, April 3, 2018, at N362 to the dollar at the street market. The currency also opened trading at N508 and N443 against the Pound and Euro respectively at the same market.
The currency is flat at CBN official rate at N305 to the dollar
Nigeria’s foreign reserves currently at $46.2 billion as of March 28, up 8.8 percent from a month earlier, Central Bank data showed on Saturday
Nigeria government is yet to take a decision after the expiration of the tax amnesty programme, known as Voluntary Assets and Income Declaration Scheme (VAIDS). Calls from private and individuals requested for more time but the government said it is considering the requests.
The Central Bank of Nigeria released it half year 2017 report on Financial markets.
The Central Bank monetary policy committee meeting begins in Abuja, nation's capital on Tuesday and through till Wednesday, April 4, 2018, to decide on the country key lending rates, the first statutory meeting in 2018.
Power generation peak at 5027mw as at Friday, March 27, 2018
Ministry of Power, Works and Housing said the nation is exporting 780MW and 760MW to Niger and Benin, respectively by 2025 as contained in its 'Transmission Expansion Plan’.
Brent crude oil which Nigeria and other international communities trade on is above $67 per barrel.
Bitcoin, the highest trading digital currency is up by $283.83 to $7,049.79 to open trading on Tuesday after a little crash last week.
Dangote Sugar Refinery Plc - Dangote Sugar Plc posted a profit before tax of N53.599 billion in its full year ended December 31, 2017.
The management of the company proposed a final dividend of N1.25 per share, bring the total dividend for the 2017 business year to N1.75 per share.
The company had earlier paid an interim dividend of 50 kobo per share.
The company’s result released on the Nigerian Stock Exchange at the weekend revealed that profit before tax for the period increased by 173% to N53.599 billion from N19.614 billion recorded in the corresponding period of last year
Terragon, Africa’s mobile marketing company, has raised a $5 million funding from TLcom Capital to further develop its marketing technology.
Facebook, the social networking site, said it is overhauling its privacy settings and other important tools to make it easier to find for users and control.
LinkedIn, the world's largest professional networking platform has introduced a video marketing ads as a standalone post in a news feed to engage with business decision-makers on the platform
Phil Spitzer, Product Manager at LinkedIn, said the product will be available to all businesses in the next few weeks where marketers and brands can leverage video for Sponsored Content and Company Pages to reach and engage the right audiences, the right way.
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