Top News Update 18/07/2017
1. CBN Sells $195m to Banks
2. CBN special forex window attracts N2.715tn investments
3. Inflation Falls for Fifth Straight Month to 16.1%
4. FG supports 327,000-tonne iron, steel plant
5. Crude Oil Price Inches up to $49 as US Drilling Declines
6. Osinbajo: FG to Bring Down Cost of Aviation Fuel
7. NDE to train 360 artisans in basic business skills
8. Apapa gridlock: NUPENG wants alternative loading depots for tankers
9. Lekki, VI may lose attraction, say experts
10. LASG announces restriction of movement
CBN Sells $195m To Banks
In continuation of its foreign exchange supply drive, the Central Bank of Nigeria (CBN) on Monday intervened in the interbank segment of the market to the tune of $195million. Figures released by the bank show that it offered the total sum of $100million to the wholesale segment, while the small and medium enterprises (SMEs) segment received the sum of $50 million. The invisibles segment, comprising tuition fees, medical payments and Basic Travel Allowance (BTA), among others, received $45 million.
CBN Special Forex Window Attracts N2.715tn Investments
The Central Bank of Nigeria’s special foreign exchange window for investors and exporters has stimulated investments in the stock market, ushering it into a new era of growth. The Nigerian equities market has attracted N2.715tn investments owing to the foreign exchange window for investors and exporters introduced by the Central Bank of Nigeria on April 21 this year.
Inflation Falls For Fifth Straight Month To 16.1%
For the fifth consecutive month, the inflation rate dropped further from 16.25 per cent in May to 16.10 per cent in June 2017, indicating a 0.15 per cent points decline. The National Bureau of Statistics (NBS), in its latest report released Monday, said the Consumer Price Index (CPI), which measures inflation, increased by 16.10 per cent (year-on-year). The fifth consecutive decline in the rate of inflation since January 2017 showed that on a month-on-month basis, the headline index increased by 1.58 per cent in June 2017, 0.30 per cent points lower than the rate of 1.88 per cent recorded in May 2017.
FG Supports 327,000-tonne Iron, Steel Plant
The Federal Government has announced its support for the establishment of a 327,000-tonne iron and steel plant as part of its plan to diversify the economy away from oil. The Minister of Industry, Trade and Investment, Okechukwu Enelamah, gave the indication on Friday during a facility tour of Standard Metallurgical Company Limited in Sagamu, Ogun State, where the plant is being built.
Crude Oil Price Inches Up To $49 As US Drilling Declines
Crude oil price on Monday edged up to about $49 per barrel after fewer drilling rigs were added in the United States, thus easing concerns that surging shale supplies will undermine the efforts by the Organisation of Petroleum Exporting Countries (OPEC) and non-OPEC to reduce the level of inventory in the oil market. While the Brent crude, the global benchmark traded at $48.99 per barrel, the US crude traded at $46.57 per barrel.
Osinbajo: FG To Bring Down Cost Of Aviation Fuel
Acting President Yemi Osinbajo on Monday said the aviation industry would play a significant role in the economic development of Nigeria and hence, the federal government was making conscious efforts to bring down the cost of aviation in the country. Osinbajo, according to a statement by his media aide, Mr. Laolu Akande, last night, made the remark while receiving a delegation of International Civil Aviation Organisation (ICAO) led by its President, Olumuyiwa Aliu, in the State House, Abuja.
NDE To Train 360 Artisans In Basic Business Skills
Plans are underway by the National Directorate of Employment (NDE) to train 360 artisans and petty traders in basic business under its Small Scale Enterprises (SSE) programme for operators of micro and small-scale enterprises. Its deputy director, Information and Public Relations, Edmund Onwuliri, quoted the Director General, Ladan Mohammed, as saying that the 360 trainees were drawn from Kaduna, Kebbi, Yobe, Bauchi, Plateau, Nasarawa, Imo, Anambra, Ogun, Lagos, Cross River and Edo states.
Apapa Gridlock: NUPENG Wants Alternative Loading Depots For Tankers
The Nigeria Union of Petroleum and Natural Gas Workers on Monday appealed to the NNPC to provide alternative loading depots for petroleum tankers to check the recurring gridlock in Apapa area of Lagos State. The South-West Chairman of the union, Alhaji Tokunbo Korodo, said that the recurring gridlock in Apapa was because 90 per cent of petroleum products were stored in various private tank farms in the area.
Lekki, VI May Lose Attraction, Say Experts
The recent flooding experienced in some parts of the country, especially in Lagos, has raised fears that petroleum products in filling stations’ storage facilities located in the affected areas may have been contaminated. Real estate experts, including land and estate surveyors and valuers, as well as town planners have said the massive flooding in Lekki, Ajah, Ikoyi and Victoria Island, will lead to a reduction in the appetite of prospective tenants and property buyers.
LASG Announces Restriction Of Movement
The Lagos State Government has announced the restriction of vehicular movement during the Local Government and Local Council Development Areas elections holding across the state on Saturday, July 22, 2017. The State’s Commissioner for Information and Strategy, Mr. Steve Ayorinde, in a statement on Sunday, said the restriction of movement across the state will be enforced between 8 am and 2 pm on Saturday, July 22, to allow for a smooth conduct of the polls and unhindered participation.