After $1.2bn, CBN To Pump Fresh Dollars Into FX Market
The Central Bank of Nigeria will be pumping fresh dollars into the foreign exchange market this week. In the past two weeks, the CBN pumped $1.2 billion into the foreign exchange market to stem liquidity challenges faced by businesses and individuals across the nation. Isaac Okorafor, the bank’s spokesperson, confirmed the proposed action of the CBN, further stating that the bank is resolute in its decision to stabilise the naira and leave speculators with regrets.
Multi-billion Naira Debt: NCC, CBN Halt Attempt To Take Over Etisalat
The Nigerian Communications Commission (NCC) and the Central Bank of Nigeria (CBN) have got reprieve for Etisalat on the loan default crisis facing the company. In a statement on Saturday, Tony Ojobo, director of public affairs of NCC, said the reprieve came following a meeting convened by CBN and NCC to find a quick resolution to the crisis. “Friday’s meeting succeeded in halting the attempt by Etisalat’s creditors at bringing it under any form of take over,” the statement read. “Receivership was completely taken off the table in a meeting that was very productive and constructive.
You Can Now Pay As Low As ‘N200 Per Day’ For Electricity
MTN Nigeria in collaboration with Nova-Lumos has introduced mobile electricity, a service where you can have power on-demand and pay as low as N200 from your mobile phone. Lumos mobile electricity provides solar electricity for powering small electronic appliances to customers on a lease to own basis. “In keeping with its commitment of improving the quality of lives of customers in Nigeria and making it a whole lot brighter, MTN in partnership with Nova-Lumos and the Overseas Private Investment Corporation (OPIC) have launched MTN mobile electricity to make available modern electricity to millions of homes and businesses in Nigeria through reliable solar systems on a per-use plan,” a statement read.
Banks Seek Forex Buyers As CBN Continues To Flood Market
The new strategy of the Central Bank of Nigeria, CBN, to meet all legal demand for foreign exchange, Forex, has led Money Deposit Banks to contend with expending all the dollars in their possession. A check by the News Agency of Nigeria in Abuja showed that the banks had cleared all backlog of demands for foreign currencies for basic travel allowance, school fees and medicals. A source in the United Bank for Africa, told NAN that UBA had so much dollars that the bank’s marketers had been asked to encourage customers to request for foreign currencies.
Emefiele, CBN GOV, warns ‘We will ensure forex speculators lose money’
Governor, Central Bank of Nigeria (CBN), Mr. Godwin Emefiele, yesterday, attributed the pressures on exchange rate in the parallel market to illegal and criminal activities of some individuals. Emefiele stated this while receiving the Vanguard Newspaper Personality of the Year Award at a colourful event held in Lagos.
Good Policies Can Reposition Nigeria’s Oil, Gas Industry
Nigeria’s inability to attract fresh investment in the oil and gas sector or expand existing ones has left the country in a precarious situation. The loss for Nigeria has become the gain of other countries, including, Ghana, Gabon and Angola, which have become new frontiers for oil exploration in Africa. Today, investors, especially those operating in upstream, have found new haven in these countries. The investment loss for the country is occasioned by the lack of clear cut policy direction for the oil and gas industry as policies, including fiscals and legal regulatory framework, are not clear enough and in some cases shrouded in secrecy.
Economic Recovery: German Parliament Pledges Support
Head of Bundestrat, Ms Malu Dreyer, disclosed at the weekend that the Upper Chamber of the German Parliament has pledged the country’s support to Nigeria, in its economic recovery effort. Dreyer said this when she received a delegation of the Nigeria Senate, led by its President, Dr Bukola Saraki, in Berlin. She noted that Nigeria deserves Germany’s support, to boost its economic recovery plans. A statement by Saraki’s Special Adviser on Media and Publicity, Yusuph Olaniyonu, quoted Dreyer as saying that “Germany will support the on-going economic recovery programme in the country.”
UNIZIK Business School Assemble Experts To Tackle Budget Issues
UNIZIK Business School (UBS), a new school under Nnamdi Azikiwe University, Awka has disclosed that it is set to end problem associated with the preparation and implementation of budgets in Nigeria through its Budget Roundtable. The Director of the school, Prof Au Nonyelu, who stated this in a press briefing with journalists, said that experts on budget issues have been contacted for the maiden edition of the annual event.
NOG Returns, Discussions Focus On Persistent Industry Challenges
When the exhibition floors and conference hall of the annual Nigeria Oil and Gas (NOG) Conference and Exhibition closed at about 1.30pm penultimate Thursday in Abuja, it looked like extended lower prices of crude oil in the global market and Nigeria’s unending operational difficulties may have mutually turned the tide on the conference, cutting down annual attendance and perhaps enthusiasm for making fresh hydrocarbon related deals.
Nigerian State Seeks To Move Oil fFrms To Troubled Niger Delta
Nigeria’s southern oil-rich Rivers state on Saturday backed a government call for major oil companies to move their offices to the Niger delta region, as part of measures to stem unrest in the oil-rich area. Attacks by rebels seeking a fairer share of Nigeria’s multi-billion-dollar oil wealth for local residents have slashed output and hammered revenue at a time of falling global crude prices.