1. Nigeria dollar scarcity to persist till 2018 – Moody’s
2. CIBN Boss Supports CBN Forex Market Forays
3. CBN Injects Fresh $205m into Forex Market
4. FG to impose 5% charge on tax defaulters
5. Price of cooking gas rises by 100 % in one year
6. Ambode cancels N844b Lagos 4th Mainland Bridge
7. British Council honours Nigerian student’s feat in History
8. Nigeria earns N225bn from oil taxes, royalties in two months
9. BPE Oblivious of Agip/Oando Planned Concession of P’Harcourt Refinery
10. Belgium Young Player Of The Year : Three Nigerian Whizkids Make Top Ten
Nigeria Dollar Scarcity To Persist Till 2018 – Moody’s
Despite the Central Bank of Nigeria’s efforts to strengthen the value of the naira against the dollar, Moody’s Investors Service has said foreign currency shortages will remain in the country till 2018. This was stated in a report, ‘Foreign-currency shortages are subsiding but will take time to overcome’, released on Monday by the global rating agency.
CIBN Boss Supports CBN Forex Market Forays
The President/Chairman of Council , Chartered Institute of Bankers of Nigeria (CIBN), Prof. Segun Ajibola has said the aggressive intervention by the Central Bank of Nigeria (CBN) will help stabilise the naira. Ajibola, said this in an interview with journalists, on the sidelines of the institute’s 2017 annual general meeting that took place in Lagos recently. According to the university don, the forex market in any part of the world is a very sensitive market and as such requires effective and constant “policing.”
CBN Injects Fresh $205m Into Forex Market
The Central Bank of Nigeria (CBN) on Monday injected over $205 million into the foreign exchange market. A breakdown of the intervention revealed that while the sum of $100 million was released for the wholesale segment of the market for both spots and forwards; Basic Travel Allowance (BTA), Personal Travel Allowance (PTA) and other invisibles got $50 million while the Small and Medium Scale Enterprises (SME) segment got $55 million.
FG To Impose 5% Charge On Tax Defaulters
As part of measures to sanction tax defaulters and enhance voluntary compliance on tax obligation, the Federal Government yesterday announced it would from July 1, 2017, impose additional 5 per cent charge on firms that fail to honour their tax obligations as and when due. Minister of Finance, Mrs. Kemi Adeosun, who announced the new interest rate spread on unpaid taxes for the year 2017, said such defaulters would pay about 19 per cent on their obligation which is 5 per cent above the Central Bank of Nigeria (CBN) 14 per cent policy rate.
Price Of Cooking Gas Rises By 100 % In One Year
The price of cooking gas has risen by 100 per cent in Nigeria’s domestic market between April 2016 and April 2017 as a result of increased demand, supply disruptions and foreign exchange issues. A market survey over the weekend showed that the price of the 5kg rose from N1, 000 in April, 2016 to over N2, 000 in April, 2017. It showed that the prices of 10 kg and 12.5 kg which stood at N2, 000 and N2, 500 in April 2016 have risen to N4, 000 and N5, 000 respectively.
Ambode Cancels N844b Lagos 4th Mainland Bridge
Governor Akinwunmi Ambode has terminated a Memorandum of Understanding (MoU) with a consortium of firms to build the 4th Mainland Bridge at the cost of N844 billion. The MoU for the 36 km bridge, which two past administrations had promised to do, was signed on 25 May, 2016. The project was to be financed by Africa Finance Corporation, Access Bank, and other private investors who have already signified intention to be part of the construction, while Visible Assets Limited would be the coordinating firm. But Commissioner for Waterfront Infrastructure Development, Mr. Adebowale Akinsanya during a ministerial briefing in Alausa, Ikeja area of Lagos, Southwest Nigeria cited the slow pace at which the concessionaire was working as the reason behind the termination of the contract. According to him, “due to slow pace of work, the contract was terminated. We are now looking at many investors, though interest is very high.”
British Council Honours Nigerian Student’s Feat In History
The British Council has honoured Oghenevwogaga Majemite, son Fred Majemite, who came out tops in History at the 2015 Cambridge International General Certificate of Secondary Education, IGCSE. Oghenevwogaga, an alumni of Atlantic Hall Schools, who is currently schooling in Canada, was represented by his mother, Helen Majemite, and one of his siblings, Rukky, at the Outstanding Cambridge Leaner Awards, in Lagos.
Nigeria Earns N225bn From Oil Taxes, Royalties In Two Months
Nigeria earned N224.9 billion from petroleum profit tax (PPT) and royalties from the oil and gas sector in January and February 2017, according to latest data released by the Central Bank of Nigeria, CBN. The CBN in Economic Report for February 2017 released recently also put the country’s total earnings from the oil and gas sector in the month of February 2017 at N292.8 billion, rising by 37.92 per cent from N212.3 billion recorded in the previous month.
BPE Oblivious of Agip/Oando Planned Concession of P’Harcourt Refinery
The Bureau of Public Enterprises (BPE) is ignorant of the proposed rehabilitation and operation under a concession arrangement of the 210,000 barrels per day (bpd) Port Harcourt Refinery by oil firms – Nigeria Agip Oil Company (NAOC) and Oando Plc, THISDAY yesterday learnt from top sources in the privatisation agency. It learnt in Abuja that despite the BPE’s listing of the refinery along with Warri and Kaduna refineries on its privatisation schedule, it has however not been involved in plans by the federal government to concession the Port Harcourt refinery to Agip and Oando on a repair, operate and maintain basis, a transaction oil and gas business experts have faulted.
Belgium Young Player Of The Year : Three Nigerian Whizkids Make Top Ten
At a gala ceremony on Monday night, in-demand Eupen frontman Henry Onyekuru took eighth in the voting for the Footballer of the Year in Belgium. Youri Tielemans (Anderlecht) was named Player of the Year with 873 points, while the Nigerian claimed 82 points. Three Nigerian whiz-kids made the top ten in another award category, the Young Player of the Year. Onyekuru finished third (450 points), ahead of Gent pair Samuel Kalu (109) and Moses Simon (88).