Nigerian FX market, OPEC deal, Telecoms investment: Your Wednesday Briefing

Good Morning

Here’s what you need to know:

• Nigerian FX market calm as rates see stability

The bureau de change (BDC market showed some stability as rates remained unchanged at $/N399.00 all through the previous week, revealing no change from that recorded during the penultimate week-ending November 11, 2016. )  https://goo.gl/VUgK2Q

• OPEC oil deal likely, officials say

Organisation of Oil Exporting Coutnries (OPEC) officials said Tuesday they were close to agreement on the outlines of a production cut deal, but warned there were sticking points to be resolved next week when the group formally meets in Vienna, the Wall Street Journal reports https://goo.gl/PC5Qrg

• FG, Dangote sign MoU to commence 42.5km Obajana-Kabba Road construction

Work is to commence in full as the duo of the Dangote Group and the Federal Government signed a landmark contract document, on Tuesday in Abuja. The long awaited signing of the contract document is for the construction of a 42.5KM Obajana-Kabba Road in Kogi State https://goo.gl/kUCJlt

• Exporters divert N388bn of non-oil exports into informal sector

Exporters have pushed non-oil export activities worth N388 billion into the informal sector in other to take advantage of the higher value of the naira in the black market, half-year analysis non-oil export data by BusinessDay Research and Intelligence (BRIU) shows.https://goo.gl/fHAfwc

• Investments in telecoms hit $68bn in Nigeria

Nigeria’s telecommunica­tions sector attracted $68 billion investment as at July 2016. Of the figure, $35 billion came from Foreign Direct Investments (FDIs), the Nigerian Commu­nications Commission (NCC),said in a statement. NCC Director of Public Af­fairs,  Tony Ojobo, who signed the statement, quoted the imme­diate past Secretary-General of the International Telecommuni­cations Union (ITU), Dr. Ham­adoun Toure https://goo.gl/X5pgbf