Top News Update 13/06/2017
1. CBN Pumps another $413.5m into Forex Market
2. Nigeria, Indonesia in renewed business relations
3. Osinbajo Signs 2017 Budget Into Law
4. Trump Administration Set to Release Boko Haram Plan
5. German firm restates commitment to Nigeria’s development
6. Danish firm partners Nigeria on oil-pollution cleaning
CBN Pumps Another $413.5m Into Forex Market
The Central Bank of Nigeria (CBN) on Monday intervened in the inter-bank foreign exchange (forex) market to the tune of $413.5 million. The fresh dollar injection, according to the CBN, further underscored its resolve to guarantee liquidity in the market as well as shore up the international value of the naira. Giving a breakdown of the Bank’s latest round of intervention, the CBN Acting Director in charge of Corporate Communications, Mr. Isaac Okorafor, disclosed that the CBN offered the sum of $100 million to dealers in the wholesale window, while the Small and Medium Enterprises (SMEs) window was allocated a total of $28 million.
Nigeria, Indonesia In Renewed Business Relations
The Republic of Indonesia has rekindled its bilateral economic cooperation with Nigeria with the signing of a Memorandum of Understanding on business exploration between both countries. The MoU, signed during the Indonesia-Nigeria Business Forum held in Lagos recently, was witnessed by the Ambassador of the Republic of Indonesia to Nigeria, Mr. Harry Purwanto; Indonesia’s Foreign Affairs Minister, Mrs. Retno Marsudi, delegations of business communities from both countries among other stakeholders. The Indonesian ambassador said he believed that since the two countries shared some commonalities in terms of natural resources, the time was up for them to leverage these for the prosperity of their citizens.
Osinbajo Signs 2017 Budget Into Law
Twenty-four days after the National Assembly transmitted the 2017 budget to the executive, acting President Yemi Osinbajo Monday finally signed the bill into law, with a resolve by the executive and legislature that the former would send a virement request to the National Assembly for the restoration of the budget alterations to the original document presented to the lawmakers by President Muhammadu Buhari last December. The budget, which was signed in a fully packed auditorium in the Presidential Villa, Abuja, was witnessed by Senate President Bukola Saraki, Speaker of the House of Representatives Yakubu Dogara, Deputy Senate President Ike Ekweremadu, Deputy Speaker Yusuf Lasun, and the Chief of Staff to the President Abba Kyari.
Trump Administration Set To Release Boko Haram Plan
The Donald Trump administration is expected to reveal to lawmakers its five-year plan to address the Boko Haram rebellion in North-east Nigeria and the Lake Chad region. This is pursuant to a law signed by former U.S. President Barack Obama last December. The law arose from a bill proposed by Congresswoman Fredericka Wilson, reported NAN Monday. Indication that the Trump administration will unveil its Boko Haram plan was contained in a notification letter addressed to the congresswoman by the U.S. Department of State.
German Firm Restates Commitment To Nigeria’s Development
German multinational engineering and electronics company, Bosch, has expressed commitment to the development of Nigeria, especially in terms of infrastructure growth. The firm said as Africa comes into focus, Bosch is increasing interest in key markets by strengthening its presence in the region, with Nigeria being in core focus. With over 80 years of operating through its distributors and dealers in Nigeria, Bosch has a new sales and service outlet in Lagos.
Danish Firm Partners Nigeria On Oil-Pollution Cleaning
To ensure that the oil producing environment in Nigeria is free of pollution from toxins and free radicals emitted by the oil companies, a Danish oil firm, DESMI, has mapped out strategies to bring emergency response solutions to the country. DESMI, which is working in partnership with its firms in Nigeria, Samdus Oil and Gas and Axflo Oil and Gas, manufactures equipment that is used to cleanse pollution from water. Speaking at a media briefing in Lagos during the weekend, Managing Director, DESMI Africa Limited, Leslie Andrews, noted that the companny has partnered Samdus Oil and Gas and Axflo Oil and Gas for about eight years now.