Naira Rebounds After Week Of Depreciation, Trades At 390
After one week of depreciation, the naira appreciated against the dollar at the parallel market on Tuesday, trading at 390. The nation’s currency traded at N380 (buying rate), and N390 (selling rate), stronger than N395 recorded on Monday, while the pound sterling and euro closed at N480 and N415 respectively. At the bureau de change (BDC) window, the naira was sold at N362 to the dollar, while pound sterling and the euro closed at N483 and N430 respectively.
Buhari To Inaugurate Economic Recovery Plan Wednesday
President Muhammadu Buhari is to inaugurate the Economic Recovery and Growth Plan (ERGP) 2017-2020 on Wednesday, presidential spokesman, Femi Adesina, disclosed in a statement on Tuesday in Abuja. Mr. Adesina, who is the Special Adviser on Media and Publicity to the president, said the inauguration of the plan was in furtherance of the current administration’s drive to sustain and build on the successes so far recorded in tackling corruption, improving security and re-revamping the economy.
CBN Mandates Banks To Pay Dollar Across The Counter To Desiring Customers
Bank customers can now request for dollar in commercial banks across the counter according to the new directive by the Central Bank of Nigeria on Monday. he directive, according to the Acting Director, Corporate Communications Department, CBN, Mr. Isaac Okorafor, was issued to further ease the access of customers to foreign exchange.
Senate Orders Nationwide Immunization Against Meningitis
Worried over the outbreak of meningitis in many states, the Senate has ordered the Federal Ministry of Health and other relevant government agencies to carry out a nationwide immunization of children and adults that are susceptible to the disease. The order is coming barely twenty four hours after the Acting Director-General of the National Primary Health Care Development Agency (NPHCDA), Dr. Emmanuel Odu and the Chief Executive Secretary of the National Center for Disease Control (NCDC), Chikwe Ihekweazu, revealed that $1.1 billion was required for the vaccination of 22 million persons in the five states affected by the outbreak of the Type C Cerebro-spinal meningitis.
NEITI: N7.2trn NNPC, NPDC Unpaid Oil Proceeds Can Fund Economic Recovery
The Nigeria Extractive Industries Transparency Initiative (NEITI) has asked the federal government to finance Nigeria’s recovery from its present economic recession with about N7.2 trillion reportedly owed the federation as unpaid oil and gas incomes by the Nigerian National Petroleum Corporation (NNPC) and its subsidiary, the Nigerian Petroleum Development Company (NPDC). NEITI said in its latest policy brief: “Unremitted Funds, Economic Recovery, and Oil Sector Reform,” released on Tuesday in Abuja, that the NNPC and NPDC still owed the country $21.778 billion and N316.074 billion from oil assets’ sales and divestments, taxes, and dividends on oil and gas operations.
Expert Predicts Naira Appreciation As BDCs Receive More Diaspora Remittances
Alhaji Aminu Gwadabe, President, Association of Bureau De Change Operators of Nigeria (ABCON) has said that the naira will soon bounce to glory as BDCs are set to receive more Diaspora remittances. Gwadabe told the News Agency of Nigeria (NAN) on Tuesday in Lagos that the improved inflows of Diaspora remittances into the economy, in spite of falling oil prices, would fast track rate convergence and unification.
Development Bank Will Crash Lending Rate In MFBs
The Managing Director, Fortis Microfinance Bank (MFB), Mr Tiko Okoye said the Development Bank of Nigeria (DBN) if managed correctly, could bring down cost of lending by MFBs in Nigeria. Okoye in an interview on Tuesday in Abuja, said that although MFBs take the risk to lend to low-end small scale businesses, the lending rate remains too high at between 25 to 100 per cent.
Rice Farmers Say Bag Of Rice To Sell At N10, 000 In June 2017
Rice farmers under the auspices of Rice Farmers Association of Nigeria, RIFAN, has assured Nigerians that in June 2017 a 50 kilogramme of rice bag will sell at N10, 000. This assurance was given by the National President, RIFAN, Aminu Goronyo, while speaking on the current development in the rice industry, which Goronyo disclosed that rice farmers under the association now have direct access to fertiliser.
FMBN, REDAN & Shelter Afrique’s $2bn Affordable Housing Fund To Tackle Housing Shortage In Nigeria
In the face of a housing deficit that numbers millions of units, Nigeria is working to increase home ownership by improving access to credit and reducing development costs for low-income housing. To address this problem, the FMBN signed a memorandum of understanding in January with the Real Estate Developers Association of Nigeria (REDAN) and pan-African finance institution Shelter Afrique to establish a $2bn affordable housing fund.