|Economy|
External reserves drop to $32.66 billion: The Central Bank of Nigeria (CBN) spent $380 million in two days to prop up the ailing naira, after conducting special forex interventions to shore up the local currency. Latest data on the central bank website yesterday showed that the forex reserves fell to $32.66 billion as at February 16, down by 1.2 per cent from $33.04 billion by February 13. Foreign reserves have fallen by 5.3 percent from a month ago as huge demand for the greenback continues to depress the naira. The central bank intervened for the third straight session yesterday to defend the naira by selling dollars below its official band, but the currency traded weaker in the interbank market. Dollar sales by oil firms were traded at a weaker level than in the earlier sale by the central bank, dealers said. The bank once again sold dollars below its official band, at N198 to the US currency, and again banned banks from reselling dollars bought at its currency auction to other banks to curb speculation. Source: Thisday

FG relaxes condition for N220bn MSME fund: The Federal Government has slashed the collateral requirement introduced by the Central Bank of Nigeria for banks to access the N220bn intervention fund for the Micro, Small and Medium Enterprises sector from 75 per cent to 50 per cent. Before the downward review, part of the conditions for banks to access the N220bn fund was the need for them to collaterise whatever amount they were applying for from the CBN to the tune of 75 per cent. Source: Punch

Govt’s daily fuel subsidy bill hits N632.8 million: As the prices of crude oil at the international market got close to its 2015 high Tuesday, rising to $62 a barrel, the Petroleum Products Pricing Regulatory Agency (PPPRA) has increased it price template for fuel to N15.82k per litre. With this latest development, subsidy burden on the government have increased to over N632.8 million daily as the nation consumes about 40 million litres per day. Brent crude rose by 65 cents to $62.05 a barrel Tuesday. US crude was 60 cents higher at $53.38 a barrel. Source: Guardian

NIPC secures N10tn investment pledge: The Nigeria Investment Promotion Commission on Tuesday said a total pipeline investment of N10.08tn had been secured from local and foreign investors. The Executive Secretary, NIPC, Mrs. Saratu Umar, gave the figure in an interview shortly after she signed a Memorandum of Understanding with the Executive Director, Nigerian Export Promotion Council, Mr. Segun Awolowo. The pact, sealed at the headquarters of the NIPC in Abuja, is aimed at boosting investment in the non-oil sector of the economy. It will also enable both agencies to enhance the Nigerian investment ecosystem to attract more foreign and local direct investments to the non-oil sector. Source: Punch