Naira Appreciates To N454/$
The naira yesterday appreciated against the dollar by N6 in the parallel market due to expectation of further intervention in the foreign exchange market by the Central bank of Nigeria (CBN). The parallel market exchange rate dropped to N454 per dollar at the close of business yesterday from N460 at the end of last week.
Falling Oil Prices Threaten Nigeria’s Earnings, Reserves
The steady rise of Nigeria’s foreign exchange earnings and build-up of external reserves, which started about five months ago, may be under threat from exogenous shock arising from the recent fall in oil prices, ThisDay reports. Rising shale oil production in the United States in recent months has dampened production cuts carried out by members of the Organisation of Petroleum Exporting Countries (OPEC) and Russia to shore up prices.
CIBN Certifies 4000 Microfinance Banks’ Top Officials
No fewer than 4000 management staff of the nation’s microfinance have been certified by the Chartered Institute of Bankers of Nigeria (CIBN). The move, which is aimed at ensuring that professionals with ethical mindset are found in the country’s financial sector, as well as sanction erring ones, is part of the mandates of CIBN.
Banks Seek Customers To Buy Surplus Forex
Commercial banks are now seeking customers to buy the surplus foreign currencies they have after the Central Bank of Nigeria (CBN) continually flooded the market with foreign exchange. It would be recalled that in an effort to support and shore-up the value of Naira, the CBN resolved to flood commercial banks with dollars.
CBN Moves To Check Forex Abuse In Banks
The Central Bank of Nigeria (CBN) has deployed mystery shoppers to commercial banks to guard against foreign exchange abuse by the lenders. The CBN, Fidelity Bank Plc Managing Director Nnamdi Okonkwo said yesterday, is particular about ensuring that banks disburse funds meant for Business Travel Allowances (BTAs) and Personal Travel Allowances (PTAs), and school fees payment abroad to genuine foreign exchange end-users. Many of the lenders, it was learnt, were are aware of the moves by the apex bank to punish any operator that violates the new Forex rules
Extend BVN Policy To Microfinance Banks, Adeosun Tells CBN
The Minister of Finance, Mrs. Kemi Adeosun, has solicited the cooperation of the Central Bank of Nigeria (CBN) in extending the Bank Verification Number (BVN) regime to account holders in microfinance banks (MFBs). Adeosun said this would facilitate the detection of accounts, which might have been opened and operated in such banks for ghost workers by fraudulent syndicates.
‘Nigeria’s Economic Survival Depends On Non-Export’
The Nigerian Export Promotion Council (NEPC) has said that Nigeria’s economic sur-vival is dependent on the non-export sector. The council said gone were the days the country depended solely on oil as its main economic survival, adding that Nigeria should focus attention on non-oil exportable products that would be of economic importance to the country.
OPLs 321, 323: S-Court Declares Revocation Illegal
Korea National Oil Corporation, KNOC, has every cause to be happy as the Supreme Court has ruled that the decision of the Federal Government to re-award oil prospecting licences, OPLs, to ONGC/Owel Petroleum Consortium was illegal. The oil blocks were originally awarded to KNOC. In a four-to-one judgment, the Supreme Court in the suit numbered SC114/2013, between President of the Federal Republic of Nigeria and three others Vs. KNOC and six others, affirmed the decision of the Court of Appeal by declaring that the action of the President, which was taken in 2009, was not within his executive powers.
NNPC To Collaborate With IOCs To Boost Oil Production
The Nigerian National Petroleum Corporation (NNPC) has identified key areas of collaboration with the international oil companies (IOCs) in Nigeria to boost oil and gas production in the country. The corporation said in a presentation at the ‘Industry Leaders Panel’ session of the just concluded 2017 edition of the Nigeria Oil and Gas (NOG) conference and exhibition in Abuja that the IOCs needed to continue to collaborate with it to achieve the common goals in the respective Joint Venture agreements they signed with it.
ExxonMobil Partners WEConnect To Support Women Entrepreneurs
A major highlight of the recent International Women’s Day was Women In Nigeria Exhibition & Conference organised in Lagos by WEConnect International, an NGO focused on Women Economic Empowerment and sponsored by ExxonMobil, along with other global partners of WEConnect such as Procter & Gamble, IBM, Accenture and Ernst & Young.