Intelligent Work Led To Appreciation Of Naira, Says CBN
The Central Bank of Nigeria (CBN) says intelligent work led to the recent appreciation of the naira against other currencies. Isaac Okorafor, acting director, corporate communications of the bank, said this on Thursday, dismissing the reports that illegal sales of foreign currencies at ridiculous rates was responsible for the change in Forex policy. “I want to state categorically that there is no relationship whatsoever between the allegations that dollar was being sold at 61 kobo and the current appreciation of the naira,” NAN quoted him as saying.
MTN To Pay Dividends Despite Loss
MTN Group says it will keep dividends payout to its investors despite a big financial loss it suffered in 2016. The telecommunication firm announced its first annual loss in 22 years on Thursday, blaming it on a regulatory fine in Nigeria. MTN agreed to pay a fine of 330 billion naira ($1.1 billion), reduced from $5.2 billion, in June last year after a prolonged legal battle to end a dispute in Nigeria over missing a deadline to cut off unregistered SIM cards.
Cost Of Building Materials Still High Despite Fall Of Dollar
The prices of building materials have not reduced despite the appreciation of naira at the foreign exchange market. According to NAN, traders are complaining that they purchased commodities when the exchange rate was at one dollar to over N500. Peter Okechukwu, who sells iron rods, said he bought the materials when naira was N520 to the dollar. Okechukwu said although the naira was appreciating in value against major international currencies, he would not sell the products below the cost price.
AMCON May Sack Over 1,500 At Arik Over Low Revenue
There were strong indications yesterday that more than 1,500 of Arik Airline’s estimated 2,000 workforce may be retrenched this month as new management’s cost-saving measures to keep the airline alive. Arik Air has about 2,000 workers spread across its local and foreign operations, while it operated a fleet of 28 aircraft at optimal capacity, which enabled it to generate enough revenue to meet its over N1 billion wage bill.
Malabu $1.1 Billion Scandal: EFCC Files Fresh Corruption Charges Against Shell, Eni, Adoke, Etete, Others
Nigeria’s anti-graft agency, EFCC, has filed fresh corruption charges against two multinational oil firms, Shell and Eni, for their roles in the Malabu $1.1 billion scandal. The charges were filed at the FCT High Court on Thursday afternoon against the oil majors and nine other individuals and firms.
NLNG MD Says Investments In Gas, LNG Declining
The Managing Director of the Nigerian LNG Limited, Mr. Tony Attah, has said investments in gas and Liquefied Natural Gas are declining, while also adding that the proposed amendment to the NLNG Act poses further threat, reports. Attah spoke at the 2017 Nigeria Oil and Gas Strategic Conference and International Exhibition in Abuja where he said hopes for economic and industrial growth would be dashed if inhibitors such as the removal of legislative frameworks like the Nigeria LNG Limited Fiscal Incentives, Guarantees and Assurances Act, were permitted in the Nigerian gas industry.
Reps Order CBN To Check ATM Fraud
The House of Representatives yesterday ordered the Central Bank of Nigeria (CBN) to check sharp practices associated with Automated Teller Machines (ATM) in the country. The House urged the apex bank to direct the various commercial banks and other financial institutions to put in place online monitoring mechanisms, so as to determine the functionality of ATM and vault cash levels with a view to minimizing the incidence of debiting customers without dispensation of cash by the machine.
Vehicle Owners Nationwide Given One Month To Pay Customs Duty
The Comptroller-General of the Nigeria Customs Service (NCS), Col. Hameed Ibrahim Ali (rtd), has approved a grace period of one month for owners of all vehicles in the country whose customs duties have not been paid, to do so. The grace period is between Monday, March 13 and Wednesday, April 12, 2017, the NCS said in a statement. The service advised all motor dealers and private owners of such vehicles to visit the nearest Customs zonal office to pay the appropriate duty on them.