Naira Gains As CBN Auctions $150m FX Forwards
The naira appreciated slightly on the parallel market on Thursday following last Wednesday’s sale of a total of $150 million through foreign exchange (FX) forwards by the Central Bank of Nigeria (CBN). Specifically, the naira strengthened to N444 to the dollar on Thursday, stronger than the N454 to the dollar it was at some parallel market points in Lagos the previous day.
CBN, DMO Exceed Debt Offerings By N70 Billion
The Central Bank of Nigeria (CBN) yesterday raised additional N40 billion through the Treasury Bills offering for government to execute its 2017 budget deficit plan. The Debt Management Office also issued more bonds yesterday than it actually planned at an auction, after slowing inflation rate helped it offer debt at lower yields.
London-Paris Club Refund: PMB Orders Release Of Second Tranche To States
President Muhammadu Buhari has directed the Minister of Finance, Mrs. Kemi Adeosun and the governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, to act appropriately and with dispatch in releasing the second tranche of the London-Paris Club refunds to the states in order to ease their financial burdens. The federal government had paid the first tranche of N388 billion to states in January.
IFC Official Faults Nigeria’s Economic Recovery Plan
An official of the International Finance Corporation (IFC), Ms. Essien Lore yesterday faulted the Economic Recovery and Growth Plan, which the federal government formally unveiled penultimate week, describing it as ambitious and its timeframe as relatively short. However, Lagos State Governor, Mr. Akinwunmi Ambode has challenged all states of the federation to devise strategies to meet people’s expectation at the period of national economic crisis.
World Bank: Nigeria Must Create 40 Million Jobs By 2030
Nigeria must create about 40 million jobs by 2030 to enable her recover from the present economic recession, the World Bank Group, has said.
Its Country Manager, Mrs. Eme Essien Lore, who spoke yesterday in Lagos at the inaugural meeting of Secretaries to State Governments (SSGs) of APC States, in Alausa, Ikeja, however said the bulk of the jobs will come from the public sector.
Banks At Crossroads Over CBN Deadline On Data Centre
Money deposit banks are at crossroads over whether to fully outsource their data centre operations or get theirs certified to the required standard in view of security and control concerns as they race to meet with Central Bank of Nigeria (CBN) directive to adopt tier 111 data centre standard this year. Data centre is an information technology infrastructure that houses servers and other storage facilities which are used by banks, among others for their core business processes.
Nigeria To Exit Recession Soon –W’Bank
The World Bank Group, yesterday, hinted Nigeria will soon recover from its current economic recession. Mrs. Eme Essien-Lore, Country Manager in Nigeria, International Finance Corporation, a member of the Group, who made the observation in an interview with the News Agency of Nigeria (NAN) in Lagos on Thursday, noted that there were several indications to show that the country’s economy was beginning to rebound after several months of decline.
CBN Clears $150m Forex Forwards
The Central Bank of Nigeria (CBN) on Wednesday, sold a total of $150 million to authorised forex dealers in the interbank at the highest bid rate of N335/$1 and a marginal rate of N320/$1. Confirming the details of the sale to the dealers, the Acting Director in charge of Corporate Communications of the apex bank, Isaac Okorafor, said the highest rate of N335 was the same as the last auction rate of March 8, 2017. He, however, added that there was a change in the marginal rate from N315/$1 during the last auction to Wednesday’s marginal rate of N320.
Aero Contractors Sacks 600 Workers
About 600 workers were yesterday sacked by Aero Contractors of Nigeria Limited in its ongoing restructuring exercise to keep the airline afloat. The affected workers are 60 per cent of its 1,030 workers that resumed with the airline last December after it shut down operations in October 2016. Though the management described the development as “notification of redundancy,” the situation has forced the workers back to the labour market. In a swift reaction, aviation workers’ unions have vowed to resist the lay-off without first paying severance packages.
March 30 Deadline For Passage Of Appropriation Bill Not Sacrosanct
The House of Representatives thursday said the March 30 timeline for it to pass the 2017 Appropriation Bill was not sacrosanct, though efforts are ongoing to deliver on the date. The spokesman of the House, Hon. Abdulrazak Namdas, told journalists a couple of issues including the deployment of a new budget software by the budget office had slowed the process.