CBN Disburses $221.37m For BTA, School Fees
The Central Bank of Nigeria (CBN) says it has sold 221.37 million dollars to 16 banks through the inter-bank foreign exchange (Forex) market. The apex bank disclosed this in its Forex Forward Sales Report on the second wholesale intervention, obtained by the News Agency of Nigeria on Sunday in Abuja. It said that the move was to enable the banks meet demand for Basic Transport Allowance (BTA), school fees and medicals by customers and to ease the stress of genuine customers in obtaining foreign currencies.
Nigeria To Get $500m World Bank Loan For Out-Of-School Children
The World Bank, yesterday, expressed readiness to grant Nigeria a loan of $500 million to enable the country tackle the issue of its teeming out-of-school children. World Bank’s senior education specialist, Dr Olatunde Adekola, disclosed this in Sokoto, yesterday, when he led a five-man team of the bank on a courtesy call on Sokoto State governor, Aminu Waziri Tambuwal.
Govt, Others Consider Non-Associated Gas Fields
The Federal Government, Nigerian Liquefied and Natural Gas (NLNG), gas marketing companies and other stakeholders in the value chain, are beaming their search light on non-associated gas fields to improve power supply in the country. This came as the House of Representatives’ Committee on Power advised the Federal Government and other operators to give exploration in the non-associated gas fields a priority to boost power generation.
Reversing Nigeria’s Deferred $100bn Crude Oil Income
Though not entirely new, Kachikwu in a podcast he released recently, stated that between $50 and $100 billion was not earned by Nigeria in 10 years because of frequent attacks on oil and gas infrastructure by the Niger Delta militants. Kachikwu explained that at the peak of militancy within these periods, oil revenue dropped drastically, and production particularly ebbed from 2.2 million barrels per day (mbpd) to one million barrels per day in 2016.
CBN Assures Nigerians, Investors Of Exchange Rate Stability
Basking in the euphoria of the appreciation recorded by the naira last week, the Central Bank of Nigeria (CBN) has restated its commitment to exchange rate stability. Speaking at the Guaranty Trust Bank Plc’s 2017 non-oil export workshop held in Lagos at the weekend, the Deputy Director Trade and Exchange Department of the CBN, Olu Vincent urged Nigerians to continue to support public policies.
CBN, NIBSS Restate Commitment To Cashless Policy
The Central Bank of Nigeria (CBN) and the Nigeria Inter-bank Settlement System (NIBSS) have reiterated their commitment to the cashless policy.The policy is expected to be extended to the remaining 30 states from April this year. Speaking in an interview with journalists on the sidelines of the Electronic Payment Incentive Scheme (EPIS) 2016 awards that took place in Lagos at the weekend, the Deputy Governor (Operations), CBN, Mr. Adebayo Adelabu, said the central bank was working to ensure that the aim of the cashless policy was realized.
Africa Re Partners World Bank On Risk Sharing For Farmers
In order to reduce premium for farmers in Africa, the World Bank Group’s Global Index Insurance Facility (GIIF) and African Reinsurance Corporation (Africa Re) have entered into agreement to carry out a risk-sharing facility and encourage companies to create affordable insurance products. The World Bank GIIF is a multi-donor trust fund that has facilitated approximately 1.5 million contracts that cover over six million individuals, which provides access to finance for smallholder farmers, micro-entrepreneurs, and micro-finance institutions through the development and growth of local markets for indexed/catastrophic insurance in developing countries.
FG To Hire 350,000 More Unemployed Graduates
The federal government has announced plans to hire 350,000 more unemployed graduates under the N-Power Volunteer Corps. The Senior Special Assistant on Media and Publicity to the Acting President, Mr. Laolu Akande, said President Muhammadu Buhari has requested appropriation of N157.75 billion in the 2017 budget estimates for the N-Power scheme.
FG Liberalizes Visa, Immigration Regime To Boost Economic Revival
The Federal Government has streamlined visa and immigration processes to spur inflow of foreign direct investments in a bid to hasten the recovery of the nation’s economy. The Minister of Information and Culture, Alhaji Lai Mohammed, in a statement yesterday in Abuja, said the measure was part of the action plan for ease of doing business in line with the current administration’s economic diversification agenda.
Lagos Not Among World’s Worst Cities, Says Report
Lagos, Africa’s largest mega city and the world’s fastest growing metropolis, is not among the world’s worst cities with the historic record of traffic congestion, says the World Traffic Index 2017. The report, which measures traffic congestion in 390 cities across 48 countries globally, was issued by TomTom, a global leader in traffic management, navigation and mapping products.