1. Naira rises to N375/$ in parallel market
2. CBN unveils 36 items approved for forex
3. Bank customers to pay N17.54bn as card maintenance charges
4. NNPC concludes $6bn oil swaps deal
5. NPA’s unaudited accounts stall release of 7% surcharge for port development
6. General Electric to assemble gas turbines in Nigeria
7. NCC sets New KPI for QoS, Telecoms contribution hits 15trn
8. Eagles, Togo friendly confirmed for June 1
Naira Rises To N375/$ In Parallel Market
The naira yesterday rose to N375 per dollar in the parallel market in response to increased dollar supply and decline in demand. Vanguard survey reveals that the parallel market exchange rate which had been stable at N385 per dollar since last week yesterday dropped to N375 per dollar, due to inflow from CBN dollar sale to bureaux de change.
CBN Unveils 36 Items Approved For Forex
The Central Bank of Nigeria (CBN) yesterday realised a list of 36 items considered valid for foreign exchange access.
In a circular dated May 17, 2017, signed by the Director, Trade and Exchange Department of CBN, W. D. Gotring, the bank said it was in response to the misconception emanating from its May 3, 2017 circular on items valid for forex allocation, stressing that the 41 items remained banned. But stakeholders affected by the policy have reacted to the bank’s decision. Manufacturers Association of Nigeria (MAN) yesterday said the concession by CBN for 36 items now included for foreign exchange would further lift the manufacturing sector out of the present economic doldrums.
Bank Customers To Pay N17.54bn As Card Maintenance Charges
Bank customers in Nigeria will pay not less than N1.462 billion to banks as card maintenance charges every month totaling N17.544 billion in a year beginning from May 2017, as the revised Guide to Bank Charges take effect from this month. The Central Bank of Nigeria (CBN) had revised the card maintenance charges in the new guide which was released last month from N100 annually to N50 monthly. This means every debit or credit card holder will pay N600 annually as against the N100 being paid previously.
NNPC Concludes $6bn Oil Swaps Deal
The Nigerian National Petroleum Corporation (NNPC), is in the final stage of signing $6 billion worth of deals to exchange more than 300,000 barrels per day (bpd) of crude oil for imported gasoline and diesel. The contracts, which come three months later than expected, include three more pairs of companies than last year, reflecting Nigeria’s increased reliance on NNPC for fuel imports. Nigeria’s lack of local refining capacity means that it relies on imported petrol, kerosene and other petroleum products, and the oil price crash and militant attacks on Nigeria’s oil industry have starved independents of dollars for fuel imports.
NPA’s Unaudited Accounts Stall Release Of 7% Surcharge For Port Development
The 2016 unaudited accounts of the Nigerian Ports Authority (NPA) is currently stalling the release of the 7.0 percent surcharge paid on imports for the development of the ports. Disclosing this in Lagos, the Managing Director of the authority, Ms. Hadiza Bala Usman, said that the account of the agency was last audited in 2015 adding that the 2016 audit was yet to be done. Usman who was responding to queries on the port issues by protesting customs agents and truckers in Lagos, said that access to the fund was tied to the updated audit of the account of the authority.
General Electric To Assemble Gas Turbines In Nigeria
General Electric (GE) has completed work on its $100 million gas turbine assembly plant in Nigeria. The plant which is expected to come on stream next year will boost electricity supply in the nation. Chief Executive officer of the company, Mr. Lazarus Angbazo, who confirmed the development in Lagos, yesterday, said GE wants to support the development of Nigeria’s gas reserve which is largely untapped, adding that the U.S. company has invested in some local power plants.
NCC Sets New KPI For QoS, Telecoms Contribution Hits 15trn
Nigerian Communications Communications (NCC), said telecoms sector contributed about N15 trillion to the Nigerian economy since the liberalisation of the industry sixteen years ago. Prof. Umar Danbatta, executive vice chairman (EVC) stated this in Lagos, said the industry according to the latest report from the National Bureau of Statistics (NBS), contributed nine per cent to the country’s Gross Domestic Product (GDP) in quarter one of 2017.
Eagles, Togo Friendly Confirmed For June 1
After what appears like a controversy on the possibility of the Super Eagles playing the Hawks of Togo in an international friendly, the Nigeria Football Federation (NFF) thursday confirmed June 1 as date for the tune up match aimed at getting the senior national team ready for the AFCON 2019 qualifier against South Africa. NFF’s Director of Communication, Ademola Olajire, confirmed that the match with the Hawks would hold at Stade Municipal de Saint Leu La Foret, in Paris at 7.30pm on the first day of June.