Guinness Nigeria grows revenue by 30% in 2017 first quarter

Guinness Nigeria Plc has posted 30 per cent growth in revenue for the first quarter ended Sept. 30, 2017, the News Agency of Nigeria (NAN), reports.

The company in a result declared on the Nigerian Stock Exchange (NSE) on Friday, said that the revenue stood at N29.9 billion compared to N23.02 billion achieved in the comparative period of 2016.
The company’s gross profit during the period under review grew by 24 per cent as against pre-tax loss profit of N2.12 billion recorded in the comparative period of 2016.

CBN sells $2.64bn to authorised dealers

 

The Central Bank of Nigeria said it sold a total of $2.64bn to authorised dealers in May.

According to the CBN’s Economic report for May, the amount indicated 70.8 per cent and 106.1 per cent increase above the levels in the preceding month and the corresponding period of 2016 respectively.
The bank attributed the development to the increase in inter-bank sales, matured forwards contracts and Bureau De Change sales during the period under review.It explained that of the aggregate sales, forwards contracts disbursed at maturity were valued at $1.85bn or 70.1 per cent of the total, while inter-bank sales amounted to $0.65bn or 24.7 per cent.

Niger Delta Avengers attack Agip, Oando and Shell trunk lines in Bayelsa

Militant group, Niger Delta Avengers, claim its Elite Strike Team 03 yesterday at about 11.45pm, struck Nembe 1, 2 and 3 truck line operated by Agip, Oando and Shell with supply capacity of 300,000 barrel per day to Bonny export terminal in Bayelsa State.

Naira falls to an all time low of N375 to $1 on the black market

Traders were left stunned on Thursday as the Nigerian naira traded weaker on the black market to 375 against the dollar. The Naira crossed 300 to the dollar for the first time on the inter-bank market after the Central Bank last month lifted its peg on the currency to allow it trade freely.