1. CBN: Banks breach forex borrowing limit
2. CBN to raise dollar supply to BDCs to $40,000 weekly
3. Inflation rate declines to 17.26 % in March – NBS
4. OPEC: Nigeria’s oil output still at 1.55m barrels
5. Kachikwu: OPEC to engage U.S. on oil
6. Lagos goes on 24-hour power supply for Easter
7. FG says poor funding, lack of political will frustrated Servicom’s dreams
8. Mandela Fellow trains VVF survivors on entrepreneurial skills
9. Dangote writes for YouWin! Connect
10. Textile workers appeal to govt to reopen moribund factories
CBN: Banks Breach Forex Borrowing Limit
The Central Bank of Nigeria (CBN) yesterday said some commercial lenders have breached its regulatory limit of foreign currency borrowings due to the recent fall in the value of the naira. In a remedial action, the regulator increased the foreign currency borrowing limit for lenders to 125 per cent of their respective shareholders’ fund from 75 per cent previously, it said in a new circular quoted by Reuters.
CBN To Raise Dollar Supply To BDCs to $40,000 Weekly
The Central Bank of Nigeria (CBN) has resolved to raise dollar supply to Bureau De Change (BDC) operators to $40,000 weekly from next week, up from the $20,000 it sold to the currency dealers this week, THISDAY learnt last night. The move is in line with its aggressive bid to achieve exchange rate convergence and stability.
Inflation Rate Declines To 17.26 % In March – NBS
The National Bureau of Statistics (NBS) yesterday said the inflation rate dropped by 0.52 per cent in March to close at 17.26 per cent, the second decline recorded in two months. NBS had announced the first decline in in February when inflation dropped by 0.94 per cent to close at 17.78 per cent. According to the Bureau, “This is the second consecutive month of a decline in the headline Consumer Price Index (CPI) on a year-on-year basis. “It represents the effects of stabilising prices in already high food and non-food prices, as well as favourable base effects over 2016 prices
OPEC: Nigeria’s Oil Output Still At 1.55m Barrels
The Organisation of Petroleum Exporting Countries (OPEC) says Nigeria oil production is yet to climb to two million barrels per day. Earlier, Ibe Kachikwu, minister of state for petroleum resources, had said Nigeria was now producing oil at about two million barrels per day, while Maikanti Baru, the group managing director of the Nigerian National Petroleum Corporation (NNPC) said the country had progressed to 2.1 million barrels per day.
Lagos Goes On 24-Hour Power Supply For Easter
The Eko Electricity Distribution Plc (EKEDC) has assured that it would ensure customers of uninterrupted power supply throughout the Easter period. To achieve this, the company said it had already adopted some measures to. According to NAN, General Manager, Corporate Communications of the company, Mr. Godwin Idemudia, said Friday that the company was aware of the high expectations of customers to enjoy regular power supply during Easter.
Kachikwu: OPEC To Engage U.S. On oil
Nigeria to begin $5.1b oil debt payment to IOCs’ The Federal Government said the Organisation of the Petroleum Exporting Countries (OPEC) was considering extending output cuts but sought collaboration with the United States (U.S.) oil industry to support markets struggling with rising U.S. shale production Minister of State, Petroleum Resources, Dr. Ibe Kachikwu told Bloomberg Television that OPEC was going to “try and pump up” engagement with the U.S. oil industry regarding future action to stabilise the market
FG Says Poor Funding, Lack Of Political Will Frustrated Servicom’s Dreams
The Federal government has said that the dreams of Service Compact With All Nigerians [SERVICOM] launched by a past administration in year 2004 to ensure prompt service delivery in Ministries, Departments and Agencies [MDAs] was frustrated and made inefficient as a result of poor funding and lack of political will. Government has however, assured that it is ready to reposition SERVICOM to help fight massive corruption, indolence in the federal civil service while ensuring timely, fair, honest, effective and transparent culture is restored.
Mandela Fellow Trains VVF Survivors on Entrepreneurial Skills
A 2016 Mandela Washington Fellow, Ms. Chidinma Mbanasor has concluded a series of vocational rehabilitation and economic empowerment program for 60 Vesico-Vaginal Fistula (VVF) survivors in Abakaliki, Ebonyi State. A statement by the Information Office, Public Affairs Section (PAS), U.S. Consulate General, Lagos said, “The training session, which spanned over a period of seven days, was targeted at the socio-economic reintegration of women who have undergone fistula repair surgeries, especially those whose husbands abandoned them as a result of their medical condition.”
Dangote Writes For YouWin! Connect
President/CEO of Dangote Group, Aliko Dangote, will write an article in the next edition of YouWiN! Connect, which will be published in five newspapers. The article, which will focus on “Starting Small”, will be published in The Punch and Vanguard on Sunday; and in Leadership, Trust and The Nation on Wednesday. A statement by Project Director, YouWiN! Connect, Dennis A.V. Chukwu said Dangote’s article will be published Academy section.
Textile Workers Appeal To Govt To Reopen Moribund Factories
The Nigeria Union of Textile Garment Workers (NUTGW) has appealed to the Kaduna State Government to ensure the reopening of shut textile industries and payment of workers’ gratuity. Its Deputy Secretary-General Comrade Dele Ojo, urged the government to reopen the factories in the interest of the people. He said: “People are suffering; those displaced when the factories were closed are still in trouble.”