Buhari Returns, Lands In Kaduna, Choppered To Presidential Villa
President Muhammadu Buhari arrived the country Friday at about 4 a.m., 51 days after he left the country on a medical vacation. Owing to the closure of the Abuja airport, presidency sources informed THISDAY that his plane was scheduled to land at the Kaduna airport in the wee hours of Friday, following which he was to be flown by helicopter to the President Villa, Abuja. The sources also revealed that the president might address the nation Friday after his long absence, in order to quell any concerns over his capacity to govern.
Naira Inches Up Against Dollar At Parallel Market
The Naira on Thursday marginally appreciated against the dollar at the parallel market, the News Agency of Nigeria (NAN) reports. The Nigerian currency gained three points to exchange at N462 to a dollar, after it closed at N465 on Wednesday, while the Pound Sterling and the Euro closed at N550 and N477, respectively. At the Bureau De Change (BDC) window, the Naira was sold at N399 to a dollar CBN controlled rate, while the Pound Sterling and the Euro closed at N550 and N500, respectively. The Naira exchanged at N305.80 at the interbank market.
Again, CBN Pumps $170m Into FX Market
In a bid to sustain the tempo of foreign exchange (FX) supply to the interbank FX market and ensure improved dollar liquidity, the Central Bank of Nigeria (CBN) Thursday intervened with a total of $170 million. A breakdown of this showed that the central bank sold the sum of $100,000,000 as wholesale interventions, just as it sold about $70,000,000 to meet requests for Business/Personal Travel Allowances.
Nigeria Stock Exchange Seeks Approval For Public Listing
The Nigerian Stock Exchange, NSE, plans to seek approval from its members to proceed with the process of becoming a publicly listed company. The NSE – with around 200 listed companies, all included in its benchmark share index – is the second biggest bourse in sub-Saharan Africa after Johannesburg. It is currently owned by stockbrokers and some institutional investors.
E-PPAN Extends Cash-less Policy Awareness, As CBN Re-introduces Processing Fees
The E-Payment Providers Association of Nigeria (E-PPAN) is set to embark on a massive national awareness campaign on the cash-less Nigeria Initiative as the Central Bank of Nigeria (CBN) re-introduces the cash processing fees on deposits and withdrawals. The awareness campaign will cut across 30 states of the Federation as the cash processing fees takes effect in different states of the country. From April 1st, the cash processing fees will take effect in the existing cash-less states, which include Lagos, Ogun, Kano, Abia, Anambra, Rivers and Abuja. While in Bauchi, Bayelsa, Delta, Enugu, Gombe, Imo, Kaduna, Ondo, Osun and Plateau it will take effect from May 1.
Recession Erases N5, N10 Values In Market
Some of the nation’s currencies may soon be out of circulation if economic managers fail in their efforts to tame rising inflation, as increasing price of goods occasioned by higher production costs have taken its toll on the value of some legal tenders. Already, an investigation across several markets has shown that besides peasant farmers in the rural area who give away their produce at lesser prices, it is difficult to get any item that can be bought at N5, while only few are bought at a few pieces for N20.
3.7 Million Nigerians Lost Jobs In 2016, Says NBS
The National Bureau of Statistics, NBS, in its unemployment report for the fourth quarter (Q4) 2016 has given a breakdown of how 3.67 million Nigerians became jobless in one year. Also, the number of unemployed Nigerians rose from 7.51 million at the beginning of October 2015 to 11.19 million at the end of September 2016. High unemployment indicates less productivity and less contribution to the economy because jobless people are spending less.
TA Associate’s Stake Acquisition In Interswitch To Boost Payment
A global growth private equity firm- TA Associates, has acquired a minority interest in Interswitch, an Africa-focused integrated digital payments and commerce company. The transaction was effected through an acquisition of interests from Helios Investment Partners- the majority shareholder of Interswitch, although the financial terms were not disclosed. This is expected to boost digital payments revolution, which is still is in the early stages of development in Nigeria, with 99 per cent of transactions done in cash, according to McKinsey & Company report.
Corporate Finance Chiefs’ Confidence In The Economy Remains Low – KPMG Survey
Amidst mixed economy performance reports in the past one week, a research by KPMG Nigeria, the Nigerian arm of world’s leading financial and management firm, has indicated a sustained weak confidence on Nigerian economic outlook. Partner and Head, Audit Services of the firm, Mr. Tola Adeyemi, said that KPMG’s CFO Forum and 2017 Survey Report which focused on 2017 Nigerian business outlook, shows that chief financial officers, CFOs, of companies in Nigeria are less confident as regards the business outlook for economic growth in 2017.
Oil Prices Rise On Output Cuts, After Initial Plunge
Buoyed by strong compliance with touted international production cuts, oil prices climbed on Thursday after sharp losses Wednesday afternoon. Oil prices had plunged 5 per cent to their lowest levels in 2017 on Wednesday, Reuters News agency reports, as U.S. crude inventories surged to a new record high. United States’ West Texas Intermediate crude CLc1 ended Wednesday session at $50.28 per barrel, down $2.86, or 5.38 per cent after falling to its lowest level since Dec. 15. Similarly, Brent crude slumped to its lowest level since December 8 at $52.93, before settling at $53.11, down $2.81 or 5.03 per cent.