Naira Falls To N520 Against A Dollar
The naira tumbled to 520 against the United States dollar at the parallel market on Monday as scarcity of the greenback continued to keep the exchange rate in a free fall mode. The Naira had closed at 516/dollar on Friday, after hitting 510/dollar and 507/dollar last Thursday and Tuesday, respectively.
CBN Announces New Foreign Exchange Policy
The Central Bank of Nigeria, CBN, has released a new foreign exchange policy in the country with immediate effect. The new policy is sequel to last Thursday’s directive by the National Economic Council, NEC, for immediate review to stem the widening gap between the inter-bank foreign exchange and parallel market rates.
Osinbajo Meets Task Force On Rice And Wheat In Aso Rock
Acting President Yemi Osinbajo on Monday met with the Presidential Task Force on Rice and Wheat at the Presidential Villa, Abuja. The meeting which was attended by some state governors took place behind closed doors. Speaking with State House correspondents at the end of the meeting, Kebbi State Governor, Bagudu Atiku Abubakar, said that the forum reviewed the wheat and rice programme and how to support states to increase wheat production.
CBN Directs Banks To Open Outlets In Airports To Ease Forex Supply
The Central Bank of Nigeria (CBN) has directed that henceforth, banks should sell foreign exchange to retail end users at airports without putting into consideration the 60:40 rule which prioritises the manufacturing and raw materials purchase. In a new forex policy officially announced yesterday, the apex bank also cut down the tenor of its forward sales from the current maximum cycle of 180 days to not more than 60 days from the date of transaction.
DPR Seizes 1.5 Million Litres Of Contaminated Fuel In Lagos
The Department of Petroleum Resources (DPR) on Monday said it seized a vessel, MT JAZI, loaded with 1. 5 million litres of contaminated petroleum product while discharging at Nakem Jetty, Kirikiri, Lagos. Mr Mordecai Ladan, a Director in DPR, who disclosed this to newsmen in Lagos, said that the vessel was intercepted on Feb. 11 while discharging at Nakam jetty.
Anti-malarial, Antibiotics Cost Rises By 150%
The Pharmaceutical Society of Nigeria (PSN) has warned that the prices of essential medicines in the country, such as anti-malarial drugs and antibiotics have risen by over 150 per cent in less than two years. According to the PSN, the implementation of a 20 per cent duty on imported medicines and the sourcing of drugs at a very high exchange rate of N500 to $1 have taken the average shelf price of an Artemisinin-based Combination Therapy (ACT) medicine from N700 in 2015 to N1, 600 now with a propensity to hit N2, 000 before the end of March 2017.
NNPC Sets Three-year Target to Transit to Incorporated Joint Venture
The Nigerian National Petroleum Corporation (NNPC) has said it would take it at least three years to fully transit some of its existing oil production joint ventures (JV) into the Incorporated Joint Venture (IJV). The corporation said it had initiated processes, which include the restructuring of its Exploration and Production (E&P) arm, the Nigerian Petroleum Development Company (NPDC) and payment of outstanding cash call debts to joint venture partners in preparation for the transition of the JVs into IJV.
Britain Posts First Female High Commissioner to Nigeria
The British Deputy High Commission in Lagos monday announced the arrival of Laure Beaufils as the new Deputy High Commissioner to Nigeria. Laure, who is the first female deputy high commissioner to be posted to Nigeria, arrived in the country on the same day, January 20, and will head the UK mission in Lagos, according to a statement signed by Wale Adebajo, communication manager at the British Deputy High Commission in Lagos.
Senate Alleges JVCs Holding Repatriation Of $850 Billion Crude Oil Export Proceeds
The Senate yesterday said over $850 billion supposedly earned between 1996 and 2014 from crude oil export was yet to be repatriated to the country by the Joint Venture Oil Companies. The development, it noted, was in total contravention of Nigeria’s Pre-shipment Inspection of Export Act and Article 26 of Export Policy Guidelines and procedures for crude oil, gas and non-oil goods.
Nigerian-American Chamber Outlines Economic Recovery Measures
The Nigerian-American Chamber of Commerce, NACC, has outlined key measures the government should take to save the economy from the prevailing stress. Speaking at the NACC breakfast meeting tagged “Getting Nigeria out of Recession: How the 2017 budget Affects Business Outlook”, the president of NACC, Chief Olabintan Famutimi, said one of the key areas in which the business community has been critical of the management of the economy is the lack of sufficient involvement by the private sector in the constitution of the nation’s economic management team.