Banks, Customers Spot Forex Weekly Transactions Rise To $508.70m
According to data from FMDQ, trading activities in the Spot FX market between the banks and their clients rose to $508.7 million with an average turnover of $101.74 million for the week ending February 24, 2017. This represents a 269% increase from the $137.73 million with average daily turnover of $ 27.55 million recorded in the previous week.
US Shale Oil ‘Wakes Up’ To Frustrate Rising Crude Prices
The resilience of the US shale is set to frustrate the Organisation of Petroleum Exporting Countries (OPEC) and inevitably the Nigerian economy. In 2016, Ali Naimi of Saudi Arabia told US shale producers that they “need to lower costs, borrow cash or liquidate”. Saudi Arabia raised production levels to out-compete US producers, and succeeded in running more than 100 drillers into oblivion in less than two years — but the ones who survived Saudi’s wrath will become OPEC’s albatross. According to Bloomberg, the companies that survived have reshaped themselves into fitter, leaner and faster versions that can thrive with oil at $50 a barrel.
Saraki Leads Senate Delegation To German Parliament
Senate President, Bukola Saraki, will Tuesday, lead a five-man delegation on a three-day visit to the German Parliament, the Bundestag, to promote improved economic relations between Nigeria and Germany as well as for the purpose of peer review. A statement signed by Yusuph Olaniyonu, Special Adviser, Media and Publicity to the Senate President, stated that the delegation which includes Senate Deputy Leader, Bala Ibn Na’allah, Chairman, Foreign Affairs Committee, Monsurat Sunmonu, Chairman, Committee on Power, Enyinnaya Abaribe and Chairman, Committee on Defence, Abubakar Kyari will hold series of meetings with the leadership of the German Parliament and the German-African business groups.
US Govt Names Nigeria’s Andela Best SME In The Entire World
The US government has named Andela, a company and community of software developers, based in Nigeria and Kenya, as the world’s best small and medium-sized business. The award, which is tagged the US secretary of state Award for Corporate Excellence (ACE), was established in 1999, to recognise companies that are best representing American values in their business practices worldwide. The award was presented to Andela in Lagos by Stuart Symington, the recently posted US ambassador to Nigeria. Symington said the company, which recruits and trains software developers and connects them with employers globally, was not only in business for the money but also for change in human lives.
Abike Dabiri-Erewa Advises Nigerians To Avoid Non-essential Travel To US
Nigeria is advising its citizens against all but essential travel to the United States because of the lack of clarity on new immigration rules, the government said on Monday. A special adviser to the president on foreign affairs, Abike Dabiri-Erewa, said in a statement that Nigerians “without any compelling or essential reasons” should consider delaying. “In the last few weeks, the office has received a few cases of Nigerians with valid multiple-entry US visas being denied entry and sent back to Nigeria,” she said.
BoI Insists N10bn YES Programme Is loan, Not Grant
The Bank of Industry (BoI) says its N10 billion Youths Entrepreneurship Support Programme (YES-P) is not a grant but a loan towards promoting youth entrepreneurship. Making this clarification in a statement on Sunday in Lagos, BoI Acting Managing Director, Waheed Olagunju, said “SURE-P was a Federal Government based grant while the BoI YES-P is a lending programme.’’ According to him, many applicants mistook YES-P loan for grant awarded under the Subsidy Reinvestment and Empowerment Programme (SURE-P).
Transcorp MD Predicts Stock Market Rebound
Mr Emmanuel Nnorom, the Chief Executive of Transcorp, says the capital market will soon rebound with the current positive developments in the foreign exchange market. Nnorom told the News Agency of Nigeria on Monday in Lagos that the capital market would soon overcome the current lull with foreign exchange rate stability and improvement in various sectors of the economy. He urged investors not to panic over the current state of the market, saying that “the stock market has a cycle”.
Nigerian Govt Formally Announces Closure Of Abuja Airport
The Federal Government has formally announced the closure of the Nnamdi Azikiwe International Airport, Abuja, beginning from 12 a.m. Wednesday. This was announced by the Minister of Information, Lai Mohammed, at a world press conference Monday in Abuja. The airport will be close for six weeks.
‘NCC To Assist In Rebuilding Telecoms Facilities In N/East’
The Nigerian Communications Commission (NCC), said on Sunday it was willing to assist GSM service providers in rebuilding telecommunication facilities destroyed by suspected Boko Haram terrorists in the North-East. Hajiya Hafsat Lawan, the NCC Assistant Director, Legal and Regulatory Services, made the promise while speaking with journalists in Maiduguri.
NAICOM Boosts Insurance Education With Donations, Grants
NATIONAL Insurance Commission (NAICOM) has donated N10million to the Federal Polytechnic Offa, Kwara State to boost the institution’s ICT Centre and a grant of N5.4m for the purchase of insurance textbooks for insurance education. The Commission’s donation is to propagate insurance education and help the sector deepen insurance reach in tertiary institutions in the country.