Adron Homes Felicitates with Muslim Faithful on the Occasion of Eid Maulud Nabiyy

Adron Homes and Properties Limited extends its warmest greetings and heartfelt felicitations to all our esteemed Muslim customers as they celebrate the auspicious occasion of Eid Maulud Nabiyy, the commemoration of the birth of the Holy Prophet Muhammad (Peace Be Upon Him).

Eid Maulud Nabiyy is a time of reflection, gratitude, and renewed faith. As we join in celebrating this sacred day, we recognize the profound teachings of the Prophet Muhammad (PBUH), who embodied compassion, integrity, and dedication to the betterment of humanity. At Adron Homes, these values resonate deeply with our mission of providing affordable housing solutions and fostering a harmonious community where all individuals can thrive.

We are especially grateful to our Muslim clients and partners for their trust and unwavering support in our vision of making the dream of homeownership a reality for every Nigerian family. Your commitment has been pivotal in helping us shape communities where diversity, respect, and unity are at the forefront.

As we celebrate this blessed day, we remain dedicated to ensuring that our services continue to meet your housing needs while maintaining the highest standards of integrity, transparency, and innovation. Our goal is to contribute to the peace and prosperity that this special celebration represents.

May this Eid Maulud Nabiyy bring you and your loved ones joy, blessings, and renewed hope for a brighter future. We wish you peace, health, and happiness as you reflect on the timeless wisdom of the Holy Prophet.

Once again, Adron Homes celebrates with the entire Muslim Ummah and looks forward to continuing our journey together in building homes, strengthening communities, and fostering unity.

Adeboye Abiodun
Mnipr, Acicrm
Digital Operations and Media Relations Officer
Adron Homes and Properties Limited.
08138432335

Nigeria’s FX Reserves Rise By $621.2 Million In 10 Days

Nigeria’s foreign exchange (FX) reserves rose by $621.2 million in 10 days following the successful sale of a domestic dollar bond.

The gross FX reserves increased from $36.24 billion on September 2, 2024, to $36.87 billion by September 12, 2024.

This is according to the latest data on the reserves from the Central Bank of Nigeria (CBN).

This growth reflects the positive impact of domestic dollar bond at boosting the nation’s reserves.

What the data says
On September 2, 2024, the country’s reserves stood at $36.24 billion. Over the course of the following 10 days, this figure saw steady growth, eventually reaching $36.87 billion by September 12, 2024.

The first notable uptick occurred between September 2 and September 3, 2024, when the reserves rose from $36.24 billion to $36.27 billion, reflecting a modest increase of approximately $30 million.

This growth continued over the next few days, with the reserves standing at $36.30 billion by September 4 and reaching $36.33 billion on September 5. These incremental gains suggest a sustained flow of foreign exchange into the country.

By September 6, 2024, the reserves had risen to $36.39 billion, marking a more significant increase as the CBN’s bond strategy gained traction. The rise between September 6 and September 9, when reserves hit $36.64 billion, reflects a particularly strong phase of accumulation. This $250 million growth over a weekend suggests robust demand for Nigeria’s dollar bond and reflects increased liquidity entering the financial system.

The trend continued into the second week of September, with reserves reaching $36.73 billion on September 10, before climbing further to $36.81 billion on September 11. The largest single-day increase occurred between September 11 and September 12, 2024, with reserves jumping by $54.4 million, culminating in the final figure of $36.87 billion.

What you should know
Nairametrics earlier reported that Nigeria’s FX reserves have dipped by about $505.68 million (1.37%) in August 2024.

The dip represents the steepest monthly decline in Nigeria’s forex reserves since April 2024.

However, this increase can be attributed to Nigeria’s recent domestic bond issuance, which was aimed at attracting foreign capital and improving reserve levels. The rise in reserves comes at a critical time for Nigeria, which has been grappling with economic pressures, including the need to support the naira amidst global currency fluctuations.

Nigeria successfully launched its first-ever domestic dollar-denominated bond, seeing over $900 million in subscriptions.

The $500 million bond, coordinated by the Africa Finance Corporation (AFC), marks a pivotal moment in Nigeria’s economic development and highlights the growing confidence in the country’s capital market.

The five-year bond, which was issued at par with a 9.75% annual coupon, witnessed a 180% subscription.

This overwhelming interest from investors highlights the strong domestic confidence in Nigeria’s economic growth prospects, as well as the strategic role of the AFC in deepening the domestic capital markets.

According to a statement from the AFC, investors for this bond issuance ranged from local Nigerians and non-Nigerians residing in the country to Nigerians in the Diaspora and major institutional investors.

The bond will be available for trading on the Nigerian Exchange Limited (NGX) and FMDQ Securities Exchange Limited (FMDQ Exchange), providing a significant boost to the liquidity of Nigeria’s financial markets.

FG, Dangote reach agreement on petrol supply

The Federal Government, on Friday, disclosed that the supply of petrol from Dangote Refinery will commence tomorrow after both parties reached an agreement on pricing and supply.

NNPC will remain as the sole off-taker of petrol from the refinery with other marketers getting the product from the national oil company.

Speaking in Abuja, a member of the Presidential Committee on the Sale of crude Oil and Refined Products and Chairman of the Federal Inland Revenue Service, Zacch Adedeji said in return NNPC Limited would commence the supply of 385,000 barrels of crude oil to Dangote Refinery on October 1, 2024.

Adedeji announced that “all agreements have been completed and loading of the first batch of PMS from the Dangote Refinery will commence on Sunday 15th September”.

He disclosed that Dangote Refinery will in return supply PMS and diesel of equivalent value to the domestic market to be paid for in Naira.

He said other decisions reached by the committee include the sale of Diesel in Naira by the Dangote Refinery to any interested off-taker while PMS will only be sold to NNPC.

“From 1 October, NNPC will commence the supply of about 385kbpd of crude oil to the Dangote Refinery to be paid for in Naira

“In return, the Dangote Refinery will supply PMS and diesel of equivalent value to the domestic market to be paid in Naira.

“Diesel will be sold in Naira by the Dangote Refinery to any interested off-taker. PMS will only be sold to NNPC, NNPC will then sell to various marketers for now. All associated regulatory costs will also be paid for in Naira”, he added.