Short Takes

Short Takes

• 17.95%
The Central Bank Nigeria (CBN) sold N207 billion in Treasury Bills on Thursday to mop up liquidity, a day after it raised more money than planned via a debt auction as it moved to keep borrowing costs high to support the currency, traders said.

The bank is aggressively mopping up funds from the banking system to help curb inflation and battle weakness in the local currency.
• N20 bn
Forte Oil has put a planned N20 billion ($64 million) share sale on hold, after it received regulatory approval for the offer, due to a pending restructuring.
• 80 percent
Union Bank said it planned to spend 80 percent of the funds from its N50 billion naira ($159 mn) equity sale to enhance its regulatory capital and boost working capital.
The mid-tier bank said the rights issue opens for subscription on Sept. 20 and closes on Oct. 30. It plans to offer 12.1 billion shares at 4.10 naira each, issuing five new shares to investors for every seven already held.


Patrick Atuanya

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