CURRENCY SWAP DEAL WILL PREVENT SUBSTANDARD PRODUCTS IMPORTATION — CBN
The Central Bank of Nigeria on Wednesday said it was not possible for an importer to bring in substandard products into the country under the currency swap agreement recently signed with the People’s Bank of China.

The apex bank said adequate measures had been put in place with all the regulatory agencies to check abuse of the terms of the contract reached under the currency swap deal.

The CBN Governor, Mr Godwin Emefiele, said these in Abuja at a currency swap forum for importers in the North Central zone.
Read more at; https://newsbreakers.ng/currency-swap-deal-will-prevent-substandard-products-importation-cbn/


NIGERIA BORROWS N410BN FOR CAPITAL PROJECTS IN 2018 BUDGET – DMO
The federal government sourced about N410 billion funding from the domestic financial market to finance the 2018 capital budget, the Debt Management Office (DMO) said on Tuesday.

About $3 billion was raised through Eurobond to refinance maturing domestic debts as part of the debt management strategy to replace high-cost domestic debt with lower external debt.

The Director General of the debt management agency, Patience Oniha, disclosed this in Abuja while presenting the update on the country’s public debt as at June 30, 2018.
Read more at; https://newsbreakers.ng/nigeria-borrows-n410bn-for-capital-projects-in-2018-budget-dmo/


MTN NIGERIA SIGNS N200BN SYNDICATED LOAN FOR NETWORK EXPANSION
The nation’s largest mobile operator, MTN has signed a seven-year N200 billion medium-term loan facility agreement with 12 local lenders.

The loan deal was sealed in Ikoyi Lagos during a brief ceremony at the law office of Alike and Purpose on Wednesday, August 15, 208.

The step will also assist MTN to provide optimum services and product for its over 55 million and ever-growing subscribers base in the country.
Read more at; https://newsbreakers.ng/mtn-nigeria-signs-n200bn-syndicated-loan-for-network-expansion/


TANKER VESSELS FACE WORST MOMENT AS US-CHINA TRADE WAR LINGERS
This is definitely not the best of time for tanker vessel owners worldwide, as the tragedy of trade war between the United States (US) and China; about 19-month curtailment of crude cargoes; and environmental regulations that are proving uneconomical, hit hard on the fleet.

The tanker market has been in the doldrums and times have been extremely tough for the crude carriers.

In fact, the rate of tanker scrapping is extremely high to the level witnessed in two decades.
Read more at; https://newsbreakers.ng/tanker-vessels-face-worst-moment-as-us-china-trade-war-lingers/


CENTRAL BANK OF GHANA TO PROSECUTE EXECUTIVES OF FAILED BANKS
Ghana’s central bank plans to prosecute executives of failed local lenders suspected of dissipating depositors’ funds and insider dealing, the regulator said on Tuesday.

Deputy central bank governor, Elsie Awadzi, told Reuters in Accra that the central bank was also considering barring culpable directors from operating in the Ghanaian financial sector.

“We are working very hard on submitting a dossier on each of these banks to the law enforcement agencies … to further investigate criminal behaviour or what could potentially be criminal behaviour and to prosecute,” Mrs Awadzi said in an interview in Accra, without naming any of the individuals under investigation.
Read more at; https://newsbreakers.ng/central-bank-of-ghana-to-prosecute-executives-of-failed-banks/

I hope so.... The effect of the swap is yet to trickle down!