Nigeria central bank asks lenders to bid for Chinese Yuan

Nigeria central bank asks lenders to bid for Chinese Yuan: Nigeria’s central bank asked lenders on Friday to submit bids for the Chinese yuan, in the first auction after it agreed a US$2.5bn swap with its Chinese counterpart in May. The auction is part of an attempt to encourage the use of an alternative trading currency, particularly given the high level of imports from China, which amounted to US$2bn last year. (Source: Reuters)

FG to issue another green bond to fund 2018 budget: The federal government (FG) will fund part of the 2018 budget through the issuance of green bonds. This followed the successful issuance of the debut N10.69bn (US$29.6m), 5-year, federal government sovereign green bond at a coupon rate of 13.48% by the country last year. (Source: Thisday)

FG plans mass production of cashew for export: The FG has initiated moves to encourage mass production of cashew and other agricultural products for exportation in a bid to boost the country’s non-oil revenue. (Source: Punch)

State House, Budget Office, 306 others spent N149bn illegally – Auditor-General: The Auditor-General of the federation, Anthony Ayine, has queried 308 ministries, department and agencies of government over extra-budgetary spending of N149.5bn (US$413.8m) in 2016. This is contained in the 2016 annual report of the Auditor-General of the Federation. Some of the indicted MDAs are the National Centre for Women Development, National Emergency Management Agency, Police Service Commission and Tertiary Education Trust Fund. (Source: Punch)

Revenue allocation: Finally, FG, states, LGs share N668.8bn: After weeks of horse-trading over revenue underpayment by the Nigerian National Petroleum Corporation, the three tiers of government have finally received the sum of N668.8bn (US$1.85bn ) as allocation for the month of May. (Source: Punch)

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