Short Takes

Short Takes

$285.7 million

Nigeria’s central bank said it had injected $285.7 million into the interbank foreign exchange market on Friday to meet requests in four industries for dollars, extending efforts to boost liquidity and alleviate shortages.

The four industries targeted are agriculture, airlines, petroleum and raw materials, the Central Bank of Nigeria said in a statement.

The central bank will “continue to play its role in easing the foreign exchange pressure on manufacturing and agricultural sectors” through dollar sales, said the statement.

$85 million

Nigeria has recovered $85 million in funds from an oil licence deal that had been deposited in Britain, the West African country’s attorney general said.
President Muhammadu Buhari has, since taking office in 2015, sought help from several nations to recover money he said was taken from public coffers.
It is not immediately clear who deposited the money in Britain. The money was frozen at the request of prosecutors as a result of an Italian investigation. There is no suggestion of wrongdoing by British authorities.
The investigations into the $1.3 billion sale in 2011 of oil prospecting licence (OPL) 245, which could hold more than 9 billion barrels of oil, have involved Italian, Nigerian and Dutch authorities and two of the world’s largest international oil companies.
It was initially awarded in 1998 to Malabu Oil and Gas before Royal Dutch Shell and Eni were awarded the rights in 2011 for $1.3 billion.

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