Economic News Brief - 08/09/17

Currency in Circulation Jumps By 5.6% to N1.86trn in August – CBN
The Central Bank of Nigeria (CBN) has disclosed that currency in circulation appreciated to N1.86 trillion in August 2017, a 5.6 per cent increase over N1.76 trillion in July. The N1.86 trillion currency in circulation is the third lowest, after N1.76 trillion in July and N1.87 trillion in June as the apex bank continued to mop up excess liquidity in a bid to reduce money supply in the nation’s economy. The currency in circulation, which is the physical money used for transactions between consumers and businesses, had opened 2017 at N1.99 trillion and closed in February at N1.97 trillion. Currency in circulation, at N1.99 trillion, fell by 8.5 per cent from N2.22 trillion in 2016.
 
Telecoms Sector Adds N1.5tn to GDP In Q2 – Danbatta
The Executive Vice Chairman of the Nigerian Communications Commission (NCC), Prof Umar Garba Danbatta has said the telecoms sector contributed N1.549 trillion to the Gross Domestic Product (GDP) in the second quarter of 2017, representing 6.68 per cent increase from the first quarter of the year (N1.452 trillion). Speaking while receiving the Chairperson of Liberia Telecommunications Authority (LTA) Madam Angelique Weeks, who paid him a courtesy visit yesterday in Abuja, Danbatta, said the figures were derived from recently released Bureau of Statistics (NBS’s) report on the economy. The NBS’s report has confirmed that the telecommunications sector, during the second quarter of 2017, contributed 9.5 per cent to the GDP in contrast to 9.1 per cent contribution in the first quarter of the year.
 
NNPC, ExxonMobil JV to Improved Crude & Gas Production
The Nigerian National Petroleum Corporation (NNPC) said it is has held useful discourses with its upstream joint venture partner, ExxonMobil, to expand existing operational portfolio in the country with a view to increasing crude oil production and gas for power generation. Consequently, ExxonMobil has hinted that it is set to increase its JV budget for 2018 operations. A statement issued by the Corporation’s spokesperson, Ndu Ughamadu, said the joint venture with ExxonMobil, which until recently was the highest producer of crude oil in the country, was primed to make a rebound. According to the statement the Group Managing Director of NNPC, Dr. Maikanti Baru, disclosed this in Abuja after a meeting with a high-powered ExxonMobil delegation led by Mr. Jack Williams, Senior Vice-President of the United States-based global oil Corporation.
 
CBN Moves to Mitigate Risk in USSD Transactions
As part of efforts to mitigate risk by bank customers that carry out transactions through Unstructured Supplementary Service Data (USSD), the Central Bank of Nigeria (CBN) has unveiled to members of the public an exposure draft on the regulatory framework for banking platform. The central bank stated this in the draft framework that was posted on its website Thursday. It pointed out that the implementation of the system in Nigeria has created multiple USSD channels to customers, thereby increasing their exposure to risk, without common standard for all. The proposed framework, according to the CBN, therefore seeks to establish rules and risk mitigation considerations when implementing USSD for financial services offering in Nigeria.
  
TCN: 11 Discos Rejected 22,277.53MW of Electricity in Eight Days
The Transmission Company of Nigeria (TCN) has disclosed again that the 11 electricity distribution companies (Discos) in the power sector are still in the habit of refusing to take maximum electricity loads allocated to them for distribution to their various consumers. The TCN said in a weekly electricity allocation log it posted on its twitter handle – @TCN_Nigeria, which THISDAY obtained yesterday in Abuja that between August 27 and September 3, 2017 – a period of eight days, the 11 Discos comprising of Abuja, Benin, Eko, Enugu, Ibadan, Ikeja, Jos, Kaduna, Kano, Port Harcourt, and Yola, refused to take up and distribute a total of 22,277.53 megawatts (MW) of power produced by power generation companies (Gencos).
 
Kale: Economic Recovery is a Gradual Process
The Statistician General of the Federation, Dr. Yemi Kale, Thursday reiterated that economic recovery was a gradual process, stressing that Nigerians would not feel the impact of the country’s exit from the recession overnight. After contracting for five consecutive quarters, the Nigerian economy exited the recession in the second quarter of 2017, as data on the country’s gross domestic product (GDP) growth rate released by the NBS Tuesday showed that the economy grew at 0.55 per cent in the second quarter (Q2) of 2017.

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