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Oando Acquires Oil Block In Angola

Oando Plc  Favour Ifeoluwa & Akinola Ajibade  Oando Plc  says it has completed and won the bid for the operatorship of oil block KON 13 in Angola. The firm which recently acquired Eni of Italy’s oil assets in Nigeria, said that the award of the oil block located in Angola’s onshore Kwanza Basin followed a competitive bidding process by the country’s oil and gas sector regulator. It further said hat the asset in which it owns 45 per cent participating interest, has estimated prospective resources of 770 to 1,100 million barrels of oil. Oando is handling its operations relating to the asset through its upstream subsidiary, Oando Energy Resources (OER). “Oando Plc,  Africa’s leading indigenous energy solutions provider listed on both the Nigerian Exchange Limited and Johannesburg Stock Exchange is pleased to announce that its upstream subsidiary, Oando Energy Resources (OER), has been awarded operatorship of Block KON 13 in Angola’s Onshore Kwanza Basin, following a...
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'CBN Will Enhance Market Liquidity Soon'

CBN's Headquarters 

By Favour Ifeoluwa & Akinola Ajibade 


The Central Bank of Nigeria (CBN) will be enhancing supply of liquidity and stability in the foreign exchange market soon.

The apex banking regulatory body, in a statement,  will achieve this goal, byselling foreign exchange to authorised  dealer banks and licensed Bureaux De Change (BDCs), a development, which aligns with its mandate to ensure  price stability and commitment to provide  a well-functioning market in the country. 

Recall that there have  been fluctuations in the foreign exchange market, a situation which was  attributed to demand pressure from corporate entities and seasonal summer demand.

And to address this, CBN has promised to make  liquidity support to various segments of the official markets over the next few weeks. 

The apex banking institution had on July 18 and 19, 2024  sold $106.5 million to 29 authorized dealer banks at exchange rates ranging from N1,498.00/US$1 to N1,530.00/US$1.

Conversely, it purchased $9.5 million from four authorized dealer banks at rates between N1,510.00/US$1 and N1,550.00/US$1, with a value date of July 19, 2024.

The CBN will continue to monitor authorized dealer banks’ compliance with trading rules and regulations to promote ethical conduct and support stability in the foreign exchange market.

The public is advised to direct their foreign exchange demands to their banks and BDC operators, adhering to prevailing market regulations.

This move demonstrates the CBN’s commitment to ensuring a stable and liquid foreign exchange market, promoting economic growth and development.

By increasing supply and supporting authorized dealers, the CBN aims to mitigate demand pressure and stabilize exchange rates.

The regular sale of foreign exchange will help maintain a well-functioning market, fostering economic stability. 




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