Top News Update 07/06/2017
1. Forex: CBN introduces new rules, naira closes at 367/$
2. Osinbajo writes Senate, seeks approval of $1.49bn loan for 10 states
3. Nigeria’s unemployment rate hits 14.2%, says NBS
4. $50m World Bank facility: Bayelsa targets 7000 stopgap jobs
5. Germany Expresses Interest in Digitisation of Nigerian Film
6. Food Prices To Crash In 2 Weeks – Ogbeh
7. Operators doubt 80% Internet penetration target
8. India warship sails into Nigerian waters
9. FG, Bayelsa Unveil $3.6bn Fertilizer and Petrochemical Firm in Bayelsa
10. Youngest Nigerian To Play In EPL, Super Eagles Invitee Nominated For Sunderland
Forex: CBN Introduces New Rules, Naira Closes At 367/$
The Central Bank of Nigeria on Monday introduced new rules into the interbank foreign exchange market. This came barely one week after the naira closed below 370/dollar on the parallel market. The rules were contained in a new circular tagged, “Further liberalisation of the interbank foreign exchange market,’’ and signed by the Director, Financial Markets, Dr. Alvan Ikoku. Among other things, the regular said authorised dealers in the interbank were meant to put only N1 spread on their transactions. It also said that authorised dealers in the forex market could now defease their excess foreign currency trading positions to other authorised dealers in the market without seeking prior approval from the CBN.
Osinbajo Writes Senate, Seeks Approval Of $1.49bn Loan For 10 states
Acting President, Prof. Yemi Osinbajo, has written the Senate, seeking approval of foreign loan to the tune of $1.492,400,000.00 for projects and other programmes in 10 states of the federation. The request contained in a letter read by Senate President, Dr Bukola Saraki, on the floor of the Senate, yesterday, which forms part of 2016-2018 External Borrowing Plan earlier sent to the upper chamber.
Nigeria’s Unemployment Rate Hits 14.2%, Says NBS
A report from the National Bureau of Statistics (NBS) has indicated that the number of unemployed Nigerians in the labour force increased by 35.1 million persons, resulting in an increase in the national unemployment rate to 14.2 per cent in Q4 2016. This slightly rose from 13.9 per cent in Q3,13.3 per cent in Q2, 12.1 per cent in Q1 2016 and 10.4 per cent in Q4 2015. The NBS report titled, “Unemployment/Underemployment Report” released yesterday in Abuja showed that the economically active population or working age population comprising persons within ages 15 and 64, increased from 108.03 million to 108.59 million representing about 0.5 per cent increase over the previous quarter and about 3.4 per cent increase when compared to the last quarter of 2015.
$50m World Bank Facility: Bayelsa Targets 7,000 Stopgap Jobs
Bayelsa State Government plans to create about 7,000 temporary jobs by implementing projects funded from its World Bank $50 million development aid. The facility, Niger Delta Voice learned, is part of World Bank’s $200 million intervention in Niger Delta region, chiefly Bayelsa, Edo, Rivers and Delta states. It has a 40-year tenor and 10-year moratorium at concessionary interest rate. Project Coordinator, State Expenditure For Results, SEEFOR, Bayelsa, Mr. Ayens Adogu said there were indications that the state would exceed the targeted 7,000 jobs at the end of the second phase of the programme, following the successes so far recorded in the first phase.
Germany Expresses Interest In Digitisation Of Nigerian Film
The German Embassy has expressed special interest in a Nigerian film, Shehu Umar, domiciled in the National Film Video and Sound Archive of the Nigerian Film Corporation (NFC). Shehu Umar was the protagonist in a book written in 1966 about slavery by Nigeria’s Prime Minister in the First Republic, the late Sir Tafawa Balewa, but was published in 1971. The book was adapted for a film by Adamu Halilu, a former general manager of the Nigerian Film Corporation.
Food Prices To Crash In 2 Weeks – Ogbeh
Disturbed by the surge in prices of foodstuffs and its attendant impact on Nigerians, the federal government has concluded plans to crash the prices of rice and other foodstuffs within the next two weeks. To ensure that this is fully implemented, the government is already holding wide range consultative meetings with farmers. Minister of agriculture and rural development, Audu Ogbeh, who is the chairman of presidential task force on soaring prices of foodstuffs disclosed this in an interview with Leadership.
Operators Doubt 80% Internet Penetration Target
With 18 months left for the realisation of the Federal Government’s 2018 broadband target, which hopes to deepen penetration by 30 per cent, and make Internet access available by as much as 80 per cent in Nigeria, operators have expressed pessimism about this projection coming to pass. In an interview with The Guardian, last month, the Senior Special Assistant to the President on ICT, and Senior Personal Assistant to the Vice President, Lanre Osibona, put broadband penetration at 21 per cent.
India Warship Sails Into Nigerian waters
Indian Navy Ship (INS) Tarkash (Vanguard of Victory) has berthed at the Tin Can Island Port, Apapa Lagos, for a routine military exercise. The Warship, which was piloted by Capt. Rituraj Sahu, is visiting Nigeria on a routine Military exercise. The Minister of Defence, Gen Mansur Dan-Ali (Rtd.) accompanied by the Managing Director of the Nigerian Ports Authority (NPA), Hadiza Bala Usman, and the Chief of Defence Staff, Gen. Abayomi Gabriel Olonisakin, jointly received the visiting warship at the Tin-Can Island Port, Lagos.
FG, Bayelsa Unveil $3.6bn Fertilizer And Petrochemical Firm In Bayelsa
In pursuit of the commitment to halt the unrest in the Niger Delta, foster development of the region and promote the wellbeing of its people, the federal government and Bayelsa State Tuesday announced the imminent take-off of Brass Fertilizer & Petro-Chemical Company in the state. Receiving a delegation led by the Bayelsa State Governor, Seriake Dickson, over the scheme in the State House, Abuja, acting President Yemi Osinbajo, lamented the 12 per cent completion rate in several of the projects initiated by the Niger Delta Development Commission (NDDC) in the past 17 years.
Youngest Nigerian To Play In EPL, Super Eagles Invitee Nominated For Sunderland
Two talented Nigerian teenagers are in the running for Sunderland’s U23 Goal of the Season award. Two spectacular goals from Sweden U21 international of Nigerian parentage Joel Asoro and former Super Eagles invitee Josh Maha have been nominated for the accolade. Maja’s strike versus Leicester City in which he dinked the ball over the goalkeeper and Asoro’s brilliant effort against Benfica are among the seven goals nominated. Goals from Embleton, Robson, Beadling were also shortlisted for the most eye-catching goals scored this past season. Joel Asoro has been named in the Swedish squad for the upcoming European U21 Championship in Poland.