1. Nigeria out of recession, World Economics declares
2. Naira strengthens against dollar at Black market for N398
3. Nigeria’s economy to rise by 0.8% this year — IMF
4. CBN vows to sustain liquidity in foreign exchange market
5. IMF: Oil, agriculture, big govt spending will drive Nigeria’s growth to 0.8% in 2017
6. CBN pumps $280m to BDCs, SMEs, as naira appreciates
7. International Monetary Fund advises CBN to adopt flexible exchange rate
8. Arik to resume Abuja flights Wednesday
9. Unregistered teachers to lose jobs –FG
Nigeria out of recession, World Economics declares
After a few quarters of negative growth that saw the death of businesses, the Nigerian economy is out of recession, but “conditions remain difficult for businesses,” World Economics said Tuesday. World Economics is a London-based organisation dedicated to producing financial analysis, insight and data relating to questions of key importance to the world economy.
Naira strengthens against dollar at Black market for N398
The naira firmed against the dollar at the parallel market on Tuesday, closing at N398 to the dollar. The News Agency of Nigeria (NAN) reports that the naira appreciated from the N410 it posted at the segment on Friday. It was traded at N497 and N430 to the pound sterling and Euro, respectively, at the segment.
Nigeria’s Economy To Rise By 0.8% This Year — IMF
The International Monetary Fund, IMF, yesterday, projected that Nigeria’s economic growth would rise by 0.8 per cent in 2017. The agency, in its World Economic Outlook report unveiled in Washington, said continued growth in agriculture, rise in oil output and big government spending will drive the nation’s growth.
CBN Vows To Sustain Liquidity In Foreign Exchange Market
The Central Bank of Nigeria (CBN) has vowed to sustain liquidity in the foreign exchange market with the injection of $280 million into various sectors of the market. The CBN has also commenced its weekly $20,000 sale to licensed Bureaux de Change (BDCs) and further announced the opening of bids for offering $100m wholesale 7-45 days forwards through the Deposit Money Banks (DMBs).
IMF: Oil, Agriculture, Big Govt Spending Will Drive Nigeria’s Growth To 0.8% In 2017
The International Monetary Fund (IMF) says rise in oil prices, continued growth in agriculture, and big government spending will drive Nigeria’s economic growth to 0.8 percent in 2017. Maurice Obstfeld, IMF chief economist, who unveiled the fund’s World Economic Outlook in Washington on Wednesday, said global growth will continue with the help of advanced economies and emerging, low income countries.
CBN Pumps $280m To BDCs, SMEs, As Naira Appreciates
The Central Bank of Nigeria (CBN) yesterday sustained its liquidity boosting measures in the foreign exchange market with the injection of $280 million into bureaux de change (BDCs), SMEs and other segments of the economy. The naira appreciated by 1.2 per cent to N405/$ in the parallel market on news of a 300 per cent increase in dollar supply to BDCs to $40, 000 per week.
International Monetary Fund Advises CBN To Adopt Flexible Exchange Rate
The International Monetary Fund (IMF) yesterday released its World Economic Outlook (WEO) in which it advised Nigeria to adopt flexible foreign exchange regime to restore values of revenues and the naira. Speaking at a media briefing to unveil the report at the ongoing IMF/World Bank Spring Meetings in Washington D.C, its Chief of World Economic Studies Division, Oya Celasun, said the economy can benefit, if exchange rate regime allows for adjustment.
Arik To Resume Abuja Flights Wednesday
Arik Air says it will resume flights to the Nnamdi Azikiwe International Airport in Abuja on Wednesday. The airline said this in a statement by Ola Adebanji, its spokesman. It also commended the federal government for fulfilling its promise to repair and open the airport in six weeks.
Unregistered Teachers To Lose Jobs –FG
The Registrar/Chief Executive Officer, Teachers Registration Council of Nigeria, Prof Olusegun Ajiboye, has warned that the Federal Government will not allow any teacher without the professional certificate of the TRCN to teach beyond 2017. Ajiboye, who made this known in Ibadan on Tuesday, explained that the policy was part of the three-year Ministerial Strategic Plan designed by the Minister of Education, Malam Adamu Adamu.
