|Economy|
CBN closes RDAS/WDAS foreign exchange window: The Central Bank of Nigeria (CBN) yesterday published a circular closing down the RDAS Window stating that forthwith, all demands for foreign exchange should be channelled through the Interbank Foreign Exchange Market. The Apex bank also stated that it will continue to intervene in the interbank foreign exchange market to meet genuine/legitimate demands. The development can be tagged a tacit devaluation of the Naira given that the CBN will sell at the pre-existing interbank rates. Whilst this move may suggest that the CBN has jettisoned the managed floating exchange rate regime, the new system still appears to be linkable to a "guided floating exchange rate" as prices will be market driven. Source: Punch

Nigeria outlook brightens as BP predicts OPEC rebound: The predicted death of OPEC oil producers including Nigeria, seems exaggerated as BP’s energy outlook through 2035 released yesterday, sees record demand for the cartel’s crude as shale production slows. Growth in US shale oil is expected to flatten out in coming years, reflecting high well decline rates and less extensive resources than gas. Source:Businessday

|Infotech|
CBO, British Council to provide funding for IT entrepreneurs: CBO Investment Management has provided seed fund worth $2,500 to each of the three information technology (IT) entrepreneurs that emerged winners in this year's online apps competition. The gesture is in furtherance of its vision to provide funding and growth capital for small businesses in Nigeria and West Africa. The beneficiaries emerged as winners and finalists at the Entrepreneurs Pitching Contest organised as part of the recently held British Council Creative Industries Expo in Lagos. Speaking during the presentation of cheques to the finalists in Lagos, Director, CBO Investment Management, Mr. Chuka Mordi, revealed that the early stages of any business are absolutely crucial for entrepreneurs. By supporting these start-ups during their formative years, we are relieving them of their financial concerns, so they can focus on other key areas that will contribute to the overall success and growth of their businesses. Source: Thisday

|Oil & Gas|
Eni to cut spending as crude prices fall: Eni, the Italian oil and gas group, is to cut capital spending this year in response to the collapse in crude prices, reporting on Wednesday a one-third slide in operating profits in the fourth quarter of last year. Adding to the list of big energy companies hit by a near 50 per cent slide in the price of oil since last summer, the company said adjusted operating profit fell 33.8 percent to €2.3bn in the last three months of 2014 from the same period the previous year. The chief executive of the company, Claudio Descalzi, has recently pointed to expectations of industry-wide cuts to capital spending of 10 to 13 per cent in 2015. Source: Punch