Saturday, February 17, 2018

Oluseyi Awojulugbe

    Osinbajo: We expect private sector to invest $19bn in Nigeria by 2020

Osinbajo: We expect private sector to invest $19bn in Nigeria by 2020

Vice-President Yemi Osinbajo says the federal government expects certain private sector stakeholders to invest $19.2 billion in the economy by 2020.He was speaking at the inauguration of Nestle's Ready To Drink Plant in Agbara, Ogun state, on Thursday."On a broader perspective, two days ago we launched policy laboratories. This is an intervention to accelerate the implementation of our Economic and [...]

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    EXCLUSIVE: FG to return excise duty on recharge cards, fruit juice

EXCLUSIVE: FG to return excise duty on recharge cards, fruit juice

The federal government will re-introduce excise duty on some goods manufactured in the country and excisable imported goods in line with the directive of ECOWAS council of ministers.In a letter addressed to President Muhammadu Buhari and seen by TheCable, Kemi Adeosun, minister of finance, said spaghetti and noodles would be exempted from the changes.Adeosun said noodles and spaghetti were exempted [...]

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    DMO: New $2.5bn Eurobond will be used to refinance old debts

DMO: New $2.5bn Eurobond will be used to refinance old debts

The Debt Management Office (DMO) says the proceeds from the planned $2.5 billion Eurobond will be used to refinance maturing domestic debt obligations of the federal government.The government had proposed a $5.5 billion Eurobond auction although it only issued $3 billion in 2017.In a statement sent to TheCable on Thursday, DMO said the proceeds will be converted to naira and [...]

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    UK to accept naira payments from Nigerian businesses

UK to accept naira payments from Nigerian businesses

The British government, through its export credit agency, UK Export Finance (UKEF), says it will now accept naira payments from Nigerian business owners who make procurement in the UK.The UK department of international trade made this known in a statement sent to TheCable.It said the local currency financing structure follows the same format as a conventional buyer credit in sterling or [...]

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    World Bank: Cryptocurrencies are basically Ponzi schemes

World Bank: Cryptocurrencies are basically Ponzi schemes

Jim Yong Kim, World Bank president, says cryptocurrencies are like Ponzi schemes.Kim joined other experts who have warned against investing in it.In recent times, Bitcoin, a type of cryptocurrency, has become popular across the world."In terms of using Bitcoin or some of the cryptocurrencies, we are also looking at it, but I’m told the vast majority of cryptocurrencies are basically [...]

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    PwC says naira may fall to N386/$

PwC says naira may fall to N386/$

PricewaterhouseCoopers Limited says the naira may exchange at N386 in the second half of 2018.In its 2018 economic outlook released on Tuesday, PwC said lowered oil prices, disruptions to crude oil productions and political instability are the major near-term risks to economic stability."In H2'18, we estimate a 7% exchange rate depreciation in the I&E window to N386/USD, as FX demand [...]

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    EXCLUSIVE: Cigarette, alcohol prices to rise as Adeosun proposes tariff review

EXCLUSIVE: Cigarette, alcohol prices to rise as Adeosun proposes tariff review

Cigarette smoking is not only dangerous to your health -- it may soon start burning holes in your pockets.Kemi Adeosun, minister of finance, is proposing increased tariff for cigarette and alcohol.Her proposal is in line with the implementation of the ECOWAS common external tariff (CET), one of the instruments of harmonising member states to strengthen its common market agreed upon [...]

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    Reps to visit Arik, Aero airlines for assessment

Reps to visit Arik, Aero airlines for assessment

The house of representatives will pay a visit to Arik Air and Aero Contractors airlines for an on-the-spot assessment of both airlines.Jones Chukwudi Onyereri, chairman of the house of representatives committee on banking and currency, made this known during a visit to the headquarters of the Asset Management Corporation of Nigeria (AMCON) in Abuja on Wednesday."As a matter of fact, apart [...]

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    Banks will no longer charge commission on retail forex transactions

Banks will no longer charge commission on retail forex transactions

The bankers' committee says commercial banks will no longer charge customers commission on retail foreign exchange transactions.Retail forex transactions include purchase of forex for personal travel allowance (PTA), business travel allowance (BTA), school fees and medicals.Hamda Ambah, chief executive officer of the FSDH Merchant Bank Limited, told journalists that the decision was reached after the committee's meeting on Tuesday.The Central Bank of [...]

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    JAMB extends UTME registration deadline

JAMB extends UTME registration deadline

The Joint Admissions and Matriculation Board (JAMB) says it has extended the registration deadline for the 2018 UTME exam until February 11.The board had earlier announced that registration for the 2018 Unified Tertiary Matriculation Examination (UTME) will close on February 6.But in a statement released on Tuesday by Fabian Benjamin, the board's spokesman, JAMB said the registration window will be [...]

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    Queen Elizabeth honours Itoro Eze-Anaba with Commonwealth award

Queen Elizabeth honours Itoro Eze-Anaba with Commonwealth award

Queen Elizabeth has honoured Itoro Eze-Anaba, a Nigerian anti-rape activist, with the Commonwealth Point of Light award.The honour is in recognition of her support of rape and sexual assault victims.Eze-Anaba founded The Mirabel Centre, Nigeria's first sexual assault referral centre, in 2013 and has helped over 3,100 victims of rape.The centre has established itself as a key service provider for [...]

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    Naira untouched as stocks, crude oil record losses

Naira untouched as stocks, crude oil record losses

The naira remained stable on Tuesday despite losses recorded on the Nigerian Stock Exchange and global crude oil market.The naira appreciated against the dollar to exchange at N361/$ against Monday's exchange price of N363 to the dollar.The gain can be attributed to weekly interventions by the Central Bank of Nigeria (CBN) to make forex available to various segments of the [...]

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    SEC board approved N1.7bn severance package, says Gwarzo

SEC board approved N1.7bn severance package, says Gwarzo

Mounir Gwarzo, suspended director-general of the Securities and Exchange Commission (SEC), has given clarifications on why N1.7bn was paid as severance package under a "Golden Handshake" scheme to workers of the commission under his leadership.Gwarzo was an executive commissioner at SEC when former President Goodluck Jonathan appointed him to lead the commission on May 22, 2015.On assuming office as DG, [...]

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    Fashola: Stop putting Nigeria down… this is a great country

Fashola: Stop putting Nigeria down… this is a great country

Babatunde Fashola, minister of power, works and housing, says Nigeria is a great country which should not be compared to other countries.The minister made this statement while answering questions at a workshop on the power sector recovery programme (PSRP).He said people needed to understand power dynamics before making statements."When people say Germany is exporting power, your country is exporting power [...]

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    FG, UK exchange data on assets owned by Nigerians — to nab tax defaulters

FG, UK exchange data on assets owned by Nigerians — to nab tax defaulters

The federal government and some foreign countries including the United Kingdom, have started the automatic exchange of tax information (AETI), on overseas assets owned by Nigerians.Kemi Adeosun, minister of finance, made this known on Friday during the presentation of the progress report on tax laws reform by Taiwo Oyedele, vice chairman of the national tax policy implementation committee. "The data received [...]

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    NBA president to speak at NCC workshop in Kano

NBA president to speak at NCC workshop in Kano

A. B. Mahmoud (SAN), president of the Nigerian Bar Association (NBA), is the keynote speaker at the Nigerian Communications Commission (NCC) sensitisation workshop in Kano.The workshop, which is about the code of governance for stakeholders in the telecommunications industry, is scheduled for February 15.It is the third in a series.The first one took place in Lagos on August 11, 2017, [...]

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Exchange Rates

Feb 16, 2018USDGBPEUR
INTERBANK360.45487.18428.32
LAGOS364497448
KANO364495430
PH363498435
ABUJA365497434
NOTE: The black market rates represent the most prevalent. They could be slightly higher or lower among different sellers.
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