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Business News

China Just Did Something Emefiele Should Be ‘Proud Of’

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The Chinese Forex Regulator (SAFE), according to the tweet below has told banks to limit their purchases of US Dollars on behalf of foreign clients. The tweet was from Wei Gu a Wall street Journal analysts. With this move China appears to be following the way of Nigeria in directing the supply demand flow of its forex. The demand side management currently being implemented by Nigeria has been seen as one of the major causes of the disparity between the parallel and interbank rates as it has created scarcity.

Chinese offshore Renminbi (CHN) has been largely weakening and China is said to have spent over $500b last year defending their official currency against the dollar.

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Nairametrics is Nigeria's top business news and financial analysis website. We focus on providing resources that help small businesses and retail investors make better investing decisions. Nairametrics is updated daily by a team of professionals. Post updated as "Nairametrics" are published by our Editorial Board.

1 Comment

1 Comment

  1. Tanko

    January 12, 2016 at 1:49 am

    They are opposites. These guys have massive inflows in trillions of dollars. Nigeria does not even have enough to settle import bills. Our cbn should quit policies that give us false size advantage we don’t have.

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Business News

Brent crude surges past $40, analyst recommends investment in crude oil derivatives

Brent crude gained about 1.49%, at $40.18, 3.30 am Nigerian time – the highest level since March 6, having gained 3.3% on Tuesday.

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Nigeria Crude Oil Prices, Nigeria wants international oil companies to pay up now , Trade conflict between United States, China continues to affect oil prices, Global oil prices rally to $69.16, as Soleimani killed in US air strike, Crude oil prices continue to rise on the backdrop of US-Iran tension, Coronavirus projected to affect crude oil demand negatively , Worry, as Coronavirus threat pushes oil price below budget benchmark, Coronavirus: FG to review budget as oil price plunges, BOOM: Crude oil price crash below $30 in worst trading day since 1930,Bears ravage Global market, Brent Oil surges 10% trading at $27.29 per barrel, Crude Oil up 10% as Brent crude raises to $27 per barrel, Oil market crisis – possible production shutdown looms, The time crude oil became cheaper than water,, Brent crude surges past $40, analyst recommends investment in crude oil derivatives

The price of Brent crude surged on Wednesday to a near three-month high amid optimism among investors and oil traders that major oil producers will extend oil production cut, as global demand picks up.

Brent crude gained about 1.49%, at $40.18, 3.30 am Nigerian time – the highest level since March 6, having gained 3.3% on Tuesday.

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A meeting by OPEC+ (a group comprising OPEC, Russia and other major oil producers) is expected to be held virtually on Thursday. The oil production cuts are currently due to run through May and June.

“As virus-related lockdown measures continue to be lifted, we expect that demand will gradually recover,” Capital Economics said in a note to Reuters, estimating that global oil consumption will fall to just under 92 million BPD on average in 2020.

“This compared with 100.2 million barrels per day consumed globally last year,” Capital Economics added before the COVID-19 pandemic disrupted global demand negatively. 

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(READ MORE: Brent Crude gains 23% WoW, as oil production cut kicks off)

Meanwhile, Adeagbo Adedayo Sadiq, Country Manager, Scope Markets Ltd, spoke to Nairametrics about why it’s time for Nigerians to consider investing in crude oil derivatives, as the macro fundamentals show a bullish momentum in the energy market. He said:

“Taking a closer look at Nigeria’s main commodity export, crude oil. Every day we need the energy to accomplish a lot of tasks from manufacturing down to the food we eat.  

“Investing in this energy that is involved in our daily activity is very lucrative.  

“As we can see that a lot of events like US/Iran face-off and COVID-19 Pandemic had an impact on the price of crude oil in the first two quarters of the year 2020.  

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“The oil price benchmark fell to its lowest ever in history as of March 8th, 2020, losing about 90% of its market value for the year 2020. This piece of information is very useful as an investor or to anyone who intends to trade crude oil.  

Patricia

“Currently the price of crude oil has risen to more than 40%. This means that if you had invested in this crude oil futures as when the price was low your investment would have appreciated at that level of gain. 

“With additional production cuts announced by OPEC alongside Russia/Saudi price deal, we tend to see further upside in the price of crude oil. 

“So while crude oil is appreciating in value at this period, it’s time for anyone who wishes to invest in energy trading to act now.” 

 

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Appointments

Standard Chartered appoints Abbass Husain as new Regional Head of Corporate Finance 

Husain has nearly 24 years of banking experience, out of which he has spent 17 years at Standard Chartered Bank where he had reportedly led one of the largest and most successful Project & Export Finance teams.

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Standard Chartered Bank earlier this week announced the appointment of Abbas Husain as the new Regional Head of Corporate Finance in charge of Africa and the Middle East.

According to a statement that was seen by Nairametrics, Hussain will also combine his new role with that of being the Head of Project & Export for the Middle East, North Africa, and Pakistan. He will be based in Dubai, the statement said.

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Husain has nearly 24 years of banking experience, out of which he has spent 17 years at Standard Chartered Bank where he had reportedly led one of the largest and most successful Project & Export Finance teams. Available information also noted that he has a proven track record in the structuring and execution of finance transactions in the power sector, oil and gas sector, metals and infrastructure, and more.

It should be noted that in his previous role, Husain had advised, structured, and executed more than 50 deals thereby raising as much as $100 billion for the company.

He has received many awards, including the Dealmaker of the Year by EMEA Finance for Europe, the Middle East & Africa in 2017. Under his leadership, the MENAP Project Finance business has been recognized industry-wide as the Best Project Finance House in the region over the last few years. He has also been a key contributor to driving the bank’s Sustainable Finance commitment through leadership in the renewables sector

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Before joining Standard Chartered, he had stints at Citibank where he managed the portfolio of both multinational corporations and local companies. He also worked with Bank of America as a diversified portfolio manager.

While commenting on Husain’s appointment, Standard Chartered’s Regional Chief Executive Officer for Africa and the Middle East, Sunni Kaushal, said:

“The appointment of Abbas demonstrates the commitment we have made in developing top leadership talent within the bank. We are focussed on the continued growth of our business, and he brings a valuable wealth of experience in successfully advising clients across a diverse range of sectors in our footprint. As we navigate the current COVID-19 crisis, Abbas will play a crucial role in supporting our clients across Africa and the Middle East during this challenging period.”

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Coronavirus

Covid-19 Update in Nigeria

On the 2nd of June 2020, 241 new confirmed cases and 15 deaths were recorded in Nigeria bringing the total confirmed cases recorded in the country to 10,819.

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COVID-19: FCMB reschedule operations

The spread of novel Corona Virus Disease (COVID-19) in Nigeria continues to rise as the latest statistics provided by the Nigeria Centre for Disease Control reveal Nigeria now has 10,819 confirmed cases.

On the 2nd of June 2020, 241 new confirmed cases and 15 deaths were recorded in Nigeria.

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To date, 10819 cases have been confirmed, 3239 cases have been discharged and 314 deaths have been recorded in 35 states and the Federal Capital Territory having carried out 65,885 tests.

Covid-19 Case Updates- 2nd June 2020

  • Total Number of Cases – 10,819
  • Total Number Discharged – 3,239
  • Total Deaths – 314
  • Total Tests Carried out – 65,885

The 241 new cases are reported from 14 states – Lagos (142), Oyo (15), FCT (13), Kano (12), Edo (11), Delta (10), Kaduna (9), Rivers (9), Borno (8), Jigawa (4), Gombe (3), Plateau (3), Osun (1), Bauchi (1).

READ ALSO: COVID-19: Western diplomats warn of disease explosion, poor handling by government

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The latest numbers bring Lagos state total confirmed cases to 5277, followed by Kano (970), Abuja at 687, Katsina (371), Edo (336), Oyo (317), Kaduna (297), Borno (296), Ogun (280), Jigawa (274), Rivers (248), Bauchi (241),  Gombe (164), Sokoto (116).

Kwara State has recorded 111 cases, Plateau (108), Delta (98), Nasarawa (80), Zamfara (76), Yobe (52), Osun (46), Akwa Ibom (45), Adamawa (42), Ebonyi (40), Imo (39), Kebbi and Niger (33), Ondo (28), Bayelsa (21), Ekiti (20), Taraba and Enugu (18), Abia (15), Anambra (11), Benue (9), while Kogi state has recorded only 2 cases.

Lock Down and Curfew

In a move to combat the spread of the pandemic disease, President Muhammadu Buhari directed the cessation of all movements in Lagos and the FCT for an initial period of 14 days, which took effect from 11 pm on Monday, 30th March 2020.

The movement restriction, which was extended by another two-weeks period, has been partially put on hold with some businesses commencing operations from May 4. On April 27th, 2020, President Muhammadu Buhari declared an overnight curfew from 8 pm to 6 am across the country, as part of new measures to contain the spread of the COVID-19. This comes along with the phased and gradual easing of lockdown measures in FCT, Lagos, and Ogun States, which took effect from Saturday, 2nd May 2020, at 9 am.

 

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READ ALSO: Bill Gates says Trump’s WHO funding suspension is dangerous

Patricia
DateConfirmed caseNew casesTotal deathsNew deathsTotal recoveryActive casesCritical cases
June 2, 20201081924131415323972667
June 1, 20201057841629912312271579
May 31, 20201016230728714300768687
May 30, 2020985555327312285667267
May 29, 202093023872612269763447
May 28, 202089151822595259260647
May 27, 202087333892545250159787
May 26, 2020834427624916238557107
May 25, 202080682292337231155247
May 24, 202078393132265226353607
May 23, 202075262652210217451317
May 22, 2020726124522110200750337
May 21, 2020701633921111190748987
May 20, 202066772842008184046377
May 19, 202064012261921173444757
May 18, 202061752161919164443407
May 17, 202059593881826159441837
May 16, 202056211761765147239737
May 15, 202054452881713132039544
May 14, 202051621931683118038154
May 13, 202049711841646107037374
May 12, 20204787146158695936704
May 11, 202046412421521090235894
May 10, 202043992481421777834794
May 9, 202041512391271174532784
May 8, 202039123861181067931154
May 7, 20203526381108460128184
May 6, 20203145195104553425071
May 5, 2020295014899548123704
May 4, 2020280224594641722912
May 3, 2020255817088240020702
May 2, 20202388220861735119522
May 1, 20202170238691035117512
April 30, 2020193220459731715562
April 29, 2020172819652730713692
April 28, 2020153219545425512322
April 27, 20201337644102559942
April 26, 20201273914152399942
April 25, 20201182873632229252
April 24, 202010951143312088552
April 23, 20209811083231977532
April 22, 2020873912931976482
April 21, 20207821172631975602
April 20, 2020665382311884662
April 19, 2020627862221704362
April 18, 2020541482021663562
April 17, 2020493511841593172
April 16, 2020442351311522772
April 15, 2020407341211282672
April 14, 202037330111992632
April 13, 202034320100912422
April 12, 20203235100852282
April 11, 202031813103702382
April 10, 20203051770582402
April 9, 20202881471512302
April 8, 20202742260442262
April 7, 20202541661442042
April 6, 2020238650351982
April 5, 20202321851331942
April 4, 2020214540251850
April 3, 20202092542251800
April 2, 20201841020201620
April 1, 2020174352091630
March 31, 202013982091280
March 30, 2020131202181210
March 29, 2020111221031070
March 28, 20208919103850
March 27, 2020705103660
March 26, 20206514102620
March 25, 2020517102480
March 24, 2020444102410
March 23, 20204010112370
March 22, 2020308002280
March 21, 20202210001210
March 20, 2020124001110
March 19, 20208000170
March 18, 20208500170
March 17, 20203100030
March 16, 20202000020
March 15, 20202000020
March 14, 20202000020
March 13, 20202000020
March 12, 20202000020
March 11, 20202000020
March 10, 20202000020
March 9, 20202100020
March 8, 20201000010
March 7, 20201000010
March 6, 20201000010
March 5, 20201000010
March 4, 20201000010
March 3, 20201000010
March 2, 20201000010
March 1, 20201000010
February 29, 20201000010
February 28, 20201100010

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