Naira Appreciates To N400/$, CBN To Allow Forex Trading
The Central Bank of Nigeria (CBN) is set to open a special window for foreign investors to trade in foreign exchange for dividends and investment remittances. Acting Director, Corporate Communications, Department, CBN, Mr. Isaac Okorafor, gave this hint Tuesday while announcing the result of the of 7 – 30 days forwards wholesale of $100million conducted by the CBN on Monday, disclosing that authorized dealers subscribed fully to the $100 million offered by the CBN at the forex auction in the interbank wholesale window on Monday, April 10, 2017.
CBN Directs Banks To Remit 5% Of PAT Into Agro/SME Investment Scheme
THE Central Bank of Nigeria (CBN) has directed banks to remit five per cent of their profit after tax (PAT) for investment in the Agricultural/Small and Medium Enterprises Investment Scheme. Director/Financial Policy and Regulation Department, CBN, Mr. Kelvin Amugo, gave this directive in a circular issued to all banks titled: “Guidelines for the Operations of the Agricultural/ Small and Medium Enterprises Investment Scheme (AGSMEIS)”.
NEITI Asks FG To Probe Utilisation Of $15.8bn NLNG Dividends By NNPC
The Nigeria Extractive Industries Transparency Initiative (NEITI) has called on the federal government to institute an independent investigation into the status and utilisation of all dividends and loan repayments by the Nigeria Liquefied Natural Gas (NLNG) Limited to the Nigerian National Petroleum Corporation (NNPC). NEITI said the dividends and loan repayments amounted to $15.8 billion and were paid to the NNPC on behalf of the federation by the NLNG between 2000 and 2014.
CBN Builds Entrepreneural Centre At MOUAU To Encourage Students To Learn Trade And Develop Skills
IN a bid to ensure that its graduates learn trades different from their programmes of study, the management of Michael Okpara Univerity of Agriculture has pledged to make maximum use of the multi-million naira Centre for Entrepreneurship Development block built for them by the Central Bank of Nigeria. Already, the university has made it compulsory for second year students to engage in one trade at the centre and from indications it is paying off for the students. Some of the students displayed their various products last week during the official hand over of the centre to the university by the CBN.
FG To Provide 15m Jobs, 10 Gigawatts Of Electricity
The Federal Government has said it would provide at least 15 million jobs for Nigerians by 2020, as captured in the recently launched Economic Recovery and Growth Plan (ERGP). Minister of Budget and National Planning, Sen. Udoma Udo Udoma, gave the assurance at a news conference on ERGP in Abuja yesterday. He said the implementation of the plan would deliver some key outcomes, including the generation of at least 10 gigawatts of electricity by 2020.
FG Raises Panel On Sale Of Government Assets
Despite opposition to the proposal to sell some of the country’s assets, there were indications that the Federal Government is going ahead with the plan.The Minister of Budget and National Planning, Senator Udo Udoma, who confirmed this yesterday said a panel to identify such assets has already been constituted by the Federal Government. He, however, declined to name the members.
Privatise National Assets Through Stock Market — Expert Charges FG
THE federal government should use the stock market to privatise commercially viable national assets as well as consider the option of issuing non-interest bonds, or project-tied bonds as measures to raise low cost funds to finance the Economic Recovery and Growth Plan (ERGP). Professor of Economics and Executive Chairman, African Centre for Shared Capacity Development Building, Professor Olu Ajakaiye, made these recommendations, yesterday, while speaking at the second annual The Bullion Lecture organised by the Centre for Financial Journalism.
CBN Should Stop Controlling Exchange Rates – Akande
The Central Bank of Nigeria has been advised to allow the forces of demand and supply to determine the naira exchange rates against foreign currencies. The Director, Africa Region Board, PKF Professional Services, Mr. Tajudeen Akande, who gave the advice in an interview with our correspondent, stressed the need to address the multiple exchange rates in the country.
Nigeria’s Power Generation Drops To 108MW Over Heavy Rainfall, Others
The national electricity grid witnessed another collapse on Tuesday that resulted in the drop in power generation from over 3,000 megawatts to just 108.7MW. This is coming as the Federal Government signed Put and Call Option Agreements with two power firms, Afrinergia and CT Cosmos, for the construction of 50MW and 70MW solar power plants, respectively. Industry data obtained by our correspondent showed that power generation plunged from 3,069.5MW on April 8, 2017 to 108.7MW on April 9, and moved up marginally to 240MW the next day.
Abuja Browses Away On First Municipal Wi-Fi
An indigenous firm, Legend, has deployed a municipal Wi-Fi network in Abuja, making the Federal Capital Territory FCT one of over 100 cities across the world with such facility. The hotspots, which the firm said would enhance citizen journalism and information access, are connected through a type of wired or wireless back-haul system using a cluster of Wireless Access Points (APs).