BDCs To CBN: Increase Weekly Allocation To $50,000
Having received $20,000 allocation in two dollar auctions last week, bureau de change operators in Nigeria are calling on the Central Bank of Nigeria (CBN) to increase their profit margin as well as the volume of dollars they are allocated on a weekly basis. The CBN last week resumed dollar sales to BDC operators, selling to them at N360 to the dollar while expecting them to sell to end users at N362 per dollar. The apex bank had sold $10,000 each to the BDC operators on Tuesday and also held a special intervention on Friday where it again sold $10,000 each to the BDCs.
FG To Pump N3trn Into Bank Of Agriculture
The federal government plans to pump N3trillion into the Bank of Agriculture (BoA) with the aim of making farmers have access to fund at an affordable interest rate. According to the government, access to funding remained one of the biggest challenges facing farmers in the country.The Minister of State for Agriculture, Senator Heineken Lokpobiri disclosed this in Abeokuta, Ogun State capital during the inaugural harvest of a Tillapia fish farm of Premium Aquaculture Limited, Oyan Dam.
Nigeria, Others To Export 1.48m Barrels Of Oil To China
China has concluded plans to import 1.48 million barrels of oil from Nigeria, Angola and other West African nations this month. According to loading programs, overall Asian imports of West African crude are poised to reach 2.4 million barrels a day this month. An Organisation of Petroleum Exporting Countries, OPEC survey showed that the global oil market has started to witness stability than in the past because of increased compliance to oil supply cut.
No Import Licences For Debtor Oil Marketers – FG
The Federal Government on Monday stated that it would not issue petroleum product import licences to oil marketers who failed to clear their outstanding statutory financial obligations to the Petroleum Equalisation Fund. It stated that some oil marketers owed the PEF the statutory fee meant for bridging the cost of petroleum products, adding that this was affecting the uniformity of prices of petroleum products across the country, particularly that of petrol.
IMF Revises Nigeria’s Growth Outlook Upwards
The International Monetary Fund has revised upwards its economic outlook for Nigeria from 0.2 per cent and 0.7 per cent growth for 2017 and 2018 to 0.8 per cent and 2.3 per cents respectively on increased oil production and improved security in the country. The federal government had quelled the violence in the oil rich Niger Delta region, increasing the country’s oil output even. Also, stability and a rise in global oil price has favoured the country which now ears more from oil sales than it did last year.
Dangote To List Refinery, Petrochemical, Fertiliser Plants, Others On NSE
As part of his 60th birthday celebration, yesterday, the past council president of the Nigerian Stock Exchange (NSE), Alhaji Aliko Dangote promised to ensure the listing of Refinery, Petrochemical, Fertiliser Plants, other companies coming up under the Dangote Group of Companies on the Exchange. He made this known yesterday, at the bell ringing ceremony to celebrate his diamond jubilee on the Exchange in Lagos.
FG Pays Power Debts As Abuja DisCo Gets N374.5m
The Federal Government has commenced payment for electricity bills owed by Ministries, Departments and Agencies (MDAs) as Abuja Distribution Company gets N374.5million. A communique issued after the monthly power sector meeting held at the Transmission’s National Control Centre, Osogbo yesterday said the payment ýwas for outstanding debts at the Federal Secretariat in Abuja.
FIRS Raises N3.3tr In Tax Revenue
The Federal Inland Revenue Service (FIRS) realised N3.3 trillion in- tax revenue in 2016, the Executive Chairman, Tunde Fowler, has said. The FIRS chief, who spoke in Abuja yesterday at a training for journalists on tax reporting, praised the efforts of the Service for raising the amount at a most trying period in the country’s economic history. He praised the FIRS performed for attaining the feat at a time when oil prices dropped to less than $50 a barrel for over nine months, and when the value of stocks on the Nigerian Stock Exchange (NSE) slid and purchasing power was slim.