CBN Further Crashes Dollar To N360/$ At Banks
The Central Bank of Nigeria (CBN) has pegged dollar sale to invisibles such as Basic Travel Allowance (BTAs), medicals and school fees abroad at N360 per dollar. This is even as the apex bank said yesterday that it has also released the sum of $85 million for onward sale to the retail end-users under the intervention window. It also offered the sum of $100 million to authorised forex dealers in the interbank wholesale window to meet the requests of genuine wholesale customers in other aspects of the market.
Invest Now To Remain Relevant Post Recession – First Bank MD
MANAGING Director and Chief Executive Officer, FirstBank of Nigeria Limited, Dr. Adesola Adeduntan, has urged Nigerian businesses and foreign investors to embark on massive investment so as to remain relevant once the country come out of recession. Adeduntan said the ultimate winners post-recession will be those who are able to see beyond current turbulence that face the economy and continue to make right investments and position their brand for growth.
Aiteo Pays $202m For Under-Delivered Crude Oil – NNPC
With respect to its recovery efforts for crude swap under-deliveries, the Nigerian National Petroleum Corporation on Monday announced that it had now reached a final settlement with the Aiteo Group. The national oil firm stated in a statement issued by its Group General Manager, Group Public Affairs Division, Ndu Ughamadu, that in line with the ongoing reforms in the industry, it was committed to ensuring transparency and adequate public information on the ongoing recovery efforts.
2016 Budget Expires May 5 – Senate
The 2016 budget will expire midnight May 5, 2017, it was learnt yesterday. Chairman, Senate Committee on Appropriation, Senator Mohammed Danjuma Goje, made this known yesterday in Abuja. Senator Goje who quoted from the Appropriation Act, said: “In line with the provision of Section 318 of the Constitution of the Federal Republic of Nigeria 1999 (as amended) the bill (2016 Appropriation Bill) will run for a course of 12 months starting from the date it is assented into law.” He said since the2016 Appropriation Bill was assented to on May 6th 2016, it would expire at midnight May 5th, 2017.
BDCs To Boycott $25m CBN Auction Over Pricing
Bureaux de Change (BDCs) operators said they will not participate in today’s $25 million weekly dollar auction by the Central Bank of Nigeria (CBN). President of Association of Bureaux De Change Operators of Nigeria (ABCON), Aminu Gwadabe said market fundamentals, including the current selling rate of $381 to dollar do not favour the BDCs. He said the ongoing market resistance makes it difficult for BDCs to sell dollars above their purchasing rates.
Niger Delta: Illegal Refiners To Be Shareholders Of Modular Refineries
Details of the President Muhammadu Buhari’s New Vision for oil-producing communities in the Niger Delta, is emerging as an idea is now being worked out to explore how some of the illegal refiners and the local communities in the region can become shareholders in the proposed Modular refineries concept of the Federal Government, presidency sources have disclosed.
Exporters Praise OGFZA On Tariff Review
The Association of Nigerian Exporters has commended the leadership of the Oil and Gas Free Zones Authority (OGFZA) for demanding a downward review of tariffs payable in the free zones. The Director-General of the association, Prince Joseph Idiong, in a statement, said that the call for a downward tariff review by OGFZA at once reflects the sensitivity of the agency to the challenges facing free zone businesses and the need for the free zones to live out their essence as a special business-friendly hub.
Ambode Unveils TBS Bus Terminus
Lagos State Governor Akinwunmi Ambode has unveiled plans to regenerate Lagos Island to become a hub of tourism, entertainment and transportation. The governor, who stated this at the inauguration of the Tafawa Balewa Square (TBS) Bus Terminus, said the project was the first of others planned to be executed within the next two years. He listed others to include the JK Randle Arcade and the Lawn Tennis Court.
2017 Lagos International Trade Fair Targets Nigeria’s Industrialisation, Economic Growth
Organisers of the 2017 Lagos International Trade Fair (LITF), Lagos Chamber of Commerce and Industry (LCCI) has announced that this year’s fair scheduled to hold from Friday 3rd November to Sunday 12th November, 2017 at the Tafawa Balewa Square (TBS) in Lagos, is aimed at supporting Nigeria’s quest to achieve a virile industrialised economy by providing a platform for the nation’s industrial, manufacturing, agriculture, solid minerals and service sectors.