Naira Recovers To 390/$1 — First Time Since 2016
The value of the dollar continued to diminish against the naira as the local currency was traded at N390 to the greenback on Thursday evening in Abuja. NAN reports that the naira had also appreciated against the Euro, exchanging at N400 while remaining stable against the Pound Sterling at N465. The last time the naira traded at between N390 and N400 to the dollar at the parallel market was in August 2016. With the gains made by the local currency in the last five weeks, the naira inched closer to one of the Central Bank of Nigeria’s (CBN) key foreign exchange policy objectives of an exchange rate convergence.
Forex: Central Bank Injects Fresh $100 Million Into Interbank Market
Consistent with its pledge to sustain its intervention in the foreign exchange market to boost the inter-bank market and enhance the value of the Naira against other international currencies, the Central Bank of Nigeria, CBN, on Thursday injected another $100 million to meet the requests of wholesale customers. Out of the amount, about $91 million was taken by buyers.
MAN, CBN Differ On Disbursement Of N380bn Forex To Private Sector
Members of the Organised Private Sector (OPS), including Manufacturers’ Association of Nigeria (MAN), have disagreed with the Central Bank of Nigeria (CBN) that they received $2.83 forex. The apex bank announced penultimate Thursday that it had disbursed $2.83 billion for utilisation in the critical sectors of the economy between December 2016 and January this year.
$12bn Trans-Sahara Gas Pipeline On Track – NNPC
The Nigerian National Petroleum Corporation, NNPC, yesterday, disclosed that it is committed to the Trans Saharan Gas Pipeline, TSGP, and that the project was still on track. According to a statement, GMD of NNPC, Maikanti Baru, disclosed this in Abuja while receiving the National Coordinator of The New Partnership for African Development (NEPAD-Nigeria), Ms.Gloria Akobundu.
DMO Raises N2bn Through Savings Bond As CBN Sells Tbills At 18% Above Inflation Rate
The Debt Management Office yesterday said it raised N2.068 billion from the first leg of the two year FGN Savings Bond which it intended for retail investors, even as the Central Bank of Nigeria sold Treasury Bills above inflation rate for a second time. CBN said it sold 364 day bills at 18.69 per cent above February inflation rate so as to maintain positive yields to attract foreign investors into the country. Nigeria’s inflation rate dropped for the first time in 15 months to 17.788 per cent in February this year.
FG To Revive Suspended EEG Next Week, Clear Over N200b Backlog
Almost four years after incentives for exports were suspended, the Federal Government yesterday announced its plans to revive the key incentive scheme, Export Expansion Grant (EEG) next week and also pay outstanding liabilities of over N200 billion. Specifically, the Federal Government noted that the outstanding debts will be cleared by issuing sovereign notes/promissory notes to non-oil exporters it was owing to boost exportation under the revival strategy being implemented by the administration.
Shareholders’ Endorse Zenith Bank’s N57b Dividend
To enhance value on investment through dividend payout, shareholders’ of Zenith Bank Plc, yesterday commended the company’s board for its performance last year, even as they approved a dividend of N56.51 billion, culminating to N2.20 kobo per share due to every investor of the bank for the 2016 financial year.
Fidelity Bank Woos Customers To SME Scheme
Again, Fidelity Bank Plc has reiterated its commitment to the development of small businesses in the country, as it rededicates its Managed Small and Medium Scale Enterprises (SMEs) Unit to all entrepreneurs. The unit, according to the bank, was scripted to structure entrepreneurial ideas to a bankable and viable venture, as well as offer advisory services. The Managing Director and Chief Executive Officer, Nnamdi Okonkwo, who made the disclosure at the bank’s regular programme on Inspiration FM, tagged: “SME Forum,” pointed out that the move was strategic in the bank’s plan to raise a number of entrepreneurs.
House Directs CBN To Withdraw Mutilated Currency Notes In Circulation
The House of Representatives thursday passed a resolution urging the Central Bank of Nigeria (CBN) to urgently withdraw and arrange for the destruction of mutilated currency notes in circulation as well as replace same with new ones. It expressed concern over the alarming rate of mutilated currency notes in circulation which has become a national embarrassment.
Lagos To Construct 6,000-Bed Hostel In LASU
Governor Akinwunmi Ambode of Lagos State yesterday revealed plans by his administration to build a 6000-bed hostel within the campus of Lagos State University (LASU), Ojo in partnership with private developer to improve on the learning experience in the institution. Speaking at the 21st Convocation ceremony of LASU held at the university’s auditorium complex, Governor Ambode said government will continue to invest in infrastructure in tertiary institutions in the state, including LASU to make them emerge as great citadels of learning and pride of all.