1. Nigerian economy shrinks by 0.5%
2. Naira Watch: CBN injects $186.5m for invisible, SMEs as Naira stable at N379/$
3. Senate to CBN: Convert lower currency notes into coins
4. Telecoms Firms to Recall Sacked Workers
5. CBN leaves interest rate at 14%
6. Osinbajo to Chair National Mining Summit
7. New import process guidelines take effect July 11
8. Lagos prepares workers for pension transfer
9. NCAA to audit Med-View Airlines over EU ban
10. Eagles begin training, injury knocks Balogun out of South Africa game
Nigerian Economy Shrinks By 0.5%
Nigeria’s economy contracted for a fifth straight quarter, official figures showed Tuesday, as low oil production dented overall output. Gross domestic product shrank by 0.5 percent in the first three months of 2017, an improvement from a 1.7 percent fall in the last quarter of 2016, said Nigeria’s National Bureau of Statistics. Despite an encouraging pick-up of momentum in the non-oil sector, the latest reading disappointed expectations of a modest recovery and an exit out of a debilitating recession.
Naira Watch: CBN Injects $186.5m For Invisible, SMEs As Naira Stable At N379/$
The Central Bank of Nigeria (CBN) injected $186.5 million into the foreign exchange market even as the naira remains stable at N379 per dollar in the parallel market. Confirming this development Tuesday, Acting Director, Corporate Communications, CBN, Mr. Isaac Okorafor, said: Following the conclusion of the Monetary Policy Committee Meeting on Tuesday, May 23, 2017 the Central Bank of Nigeria (CBN) has injected the sum of $186.5million into the invisible and the whole Wholesale Secondary Market Intervention Sales (SMIS) segments of the forex market.
Senate To CBN: Convert Lower Currency Notes Into Coins
The Senate, yesterday, urged the Central Bank of Nigeria, CBN, to urgently convert lower currency notes into coins to facilitate retail transactions in the country. The upper chamber said it had become very imperative to make the use of coins compulsory because in developed countries as the United Kingdom, United States of America, USA; Japan, China, European Union, EU; and the entire United Arab Emirate, UAE, coins were used as means of exchange through cash transactions.
Telecoms Firms To Recall Sacked Workers
Speaking during a public hearing by the House of Representatives Ad-hoc Committee investigating operational activities of telecoms sector which is chaired by Hon. Ahmed Abu (APC, Niger), the Permanent Secretary in the ministry, Sonny Echono, said efforts were underway to resolve the issue. The permanent secretary who chairs the inter-ministerial investigative committee probing the sack in the telecoms sector, said: “From the information available to us, one or two of the companies are trying to re-engage the sacked staff.”
CBN Leaves Interest Rate At 14%
The Central Bank of Nigeria (CBN) yesterday kept its Monetary Policy Rate (MPR), its base interest rate, at 14 per cent. CBN Governor Godwin Emiefele, who spoke to reporters after the Monetary Policy Committee (MPC) meeting in Abuja, said the recession corridor would come to an end by the third quarter because of the positive financial and economic indicators, which he said would endure.
Osinbajo To Chair National Mining Summit
The Acting President, Prof. Yemi Osinbajo, will declare open the 2017 National Mining Summit organised in collaboration with the ConMin West Africa at the International Conference Centre Abuja, from June 13-15. The conference is expected to bring together stakeholders from the Nigeria and the international mining sector respectively, the business community and other sectors. According to a statement issued and signed by the organiser, Jamie Pearson, the exhibition which would run for two days, will provide opportunity for companies to exhibit across the construction and solid minerals industries.
New Import Process Guidelines Take Effect July 11
The Federal Government will begin to track goods that come into the country from July 11, to ensure compliance with the reviewed guidelines on import procedures. The Nigerian Customs Service memo on further requirements to Federal Ministry of Finance ref F.194600/TR/IG/1/174 dated April 11, 2017, indicated that used spare parts must be packed in cases and the cases put atop pallets.
Lagos Prepares Workers For Pension Transfer
The Lagos State government is preparing its workers for the opening of the transfer window in the pension industry. The window will enable a contributor to move from one Pension Fund Administrator (PFA) to another, its Commissioner, Ministry of Establishments, Training and Pensions, Dr.Akintola Benson, has said. According to him, the Lagos State Pension Commission (LASPEC) which is one of the agencies of the state has also initiated and perfected electronic archiving of records of payments made to retirees of the state for preservation and protection in case of any unexpected eventualities.
NCAA To Audit Med-View Airlines Over EU Ban
A full-scale audit would soon be conducted on the operations of Med-view Airlines to ensure the safety of its aircraft.The Spokesperson of the Nigeria Civil Aviation Authority (NCAA), Sam Adurogboye, disclosed this yesterday. He said the in-house audit was part of the engagement to ensure that the ban placed on it by the European Union (EU) was lifted. Adurogboye explained that the ban had excluded the airlines from its member-countries over alleged safety issues.
Eagles Begin Training, Injury Knocks Balogun Out Of South Africa Game
The Super Eagles are ready to take on Corsica. Ordinarily, a game against the European team, which is not even affiliated to world football governing body, FIFA, should not draw such massive interest as this has. But so many things are involved in this particular match, which holds on May 26. First, most of the players in camp are fringe players in the national team, who want to use the games against Corsica and Togo to sell their skills to Super Eagles’ Coach, Gernot Rohr.