Friday, August 2, 2019

Oluseyi Awojulugbe

    IMF: Nigeria to overtake South Africa in 2017

IMF: Nigeria to overtake South Africa in 2017

The International Monetary Fund (IMF) says Nigeria's economy will grow faster than South Africa's in 2017.This is a reverse from the fund's earlier projection in July that South Africa's economy will grow by 1% in 2017 while Nigeria will experience a 0.8% economic expansion.Speaking on Tuesday during the unveiling of the World Economic Outlook report at the organisation's headquarters in [...]

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    Works ministry gets N100bn Sukuk proceeds

Works ministry gets N100bn Sukuk proceeds

The ministry of works, power and housing has received N100 billion proceeds from the Sukuk subscription.This comes nine working days after the subscription period of the non-interest bond.The offer period, which opened on September 14, closed on September 20. It was oversubscribed to the tune of N105.87 billion.At an event in Abuja on Thursday, Kemi Adeosun, minister of finance, handed [...]

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    Amaechi: Buhari sleeps and wakes up thinking about our railway

Amaechi: Buhari sleeps and wakes up thinking about our railway

Rotimi Amaechi, minister of transportation, says President Muhammadu Buhari "sleeps and wakes up thinking about the nation's railway.Amaechi said this after meeting with the president on Thursday.He said his ministry was expecting a total of 17 locomotives to boost rail transportation."The president sleeps and wakes up thinking about our railways; therefore I must always see him and tell him how [...]

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    US rejects Nigeria’s yam over ‘poor quality’

US rejects Nigeria’s yam over ‘poor quality’

Audu Ogbeh, minister of agriculture, says the US rejected yam exports from Nigeria because of their poor quality.In June, Nigeria exported yams to China, United Kingdom and US as part of efforts to reduce dependence on oil and increase income from the agricultural sector.Despite laying claim to not less than 60% of the world's yam production, Nigeria does not [...]

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    Cheta Nwanze: I was sent off air for discussing Asaba massacre

Cheta Nwanze: I was sent off air for discussing Asaba massacre

Cheta Nwanze, social commentator and researcher at SBM Intelligence, says he was sent off air on Thursday while having a live interview on Nigeria Info FM.Nwanze, who was the former managing editor at YNaija, an internet newspaper for young Nigerians, told TheCable that the station manager claimed to have received a phone call from the National Broadcasting Commission (NBC) ordering [...]

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    HURRAY! Rice to sell for N6,000 per bag

HURRAY! Rice to sell for N6,000 per bag

Aminu Goronyo, national president, Rice Farmers Association of Nigeria, says in the next few months, a 50kg bag of rice will be sold at the rate of N6000.Goronyo made this statement on Wednesday on the sidelines of a meeting between rice farmers, processors and Audu Ogbeh, minister of agriculture, at the ministry's headquarters in Abuja.He attributed the anticipated crash in [...]

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    Nigeria to get $22bn from foreign remittances in 2017 — up from $19bn

Nigeria to get $22bn from foreign remittances in 2017 — up from $19bn

The World Bank says Nigeria will record an inflow of $22 billion from foreign remittances in 2017, an increase from the $19 billion recorded in 2016.According to the Migration and Development Brief released by the bank on Tuesday, global remittance flow will recover in 2017 after two consecutive years of decline.Foreign remittance is money sent by a person in a [...]

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    NCC partners US homeland security on cyber security awareness

NCC partners US homeland security on cyber security awareness

The Nigerian Communications Commission (NCC) says it has partnered the US department of homeland security for a cyber security awareness campaign."The Nigerian Communications Commission, NCC, as a partner to the US Department of Homeland Security’s STOP.THINK.CONNECT. cyber awareness coalition and in keeping with its unwavering commitment to consumer protection, is intimately involved in raising awareness and educating the general public [...]

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    CBN sustains naira stability with $195m forex intervention

CBN sustains naira stability with $195m forex intervention

In continued efforts to sustain forex liquidity in the country, the Central Bank of Nigeria (CBN) has intervened in the inter-bank foreign exchange market with $195 million.Data released by the bank shows that the apex bank offered $100 million to the wholesale segment while the small and medium enterprises (SMEs) segment received the sum of $50 million.The invisibles segment, comprising [...]

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    Akinola, ex-Etisalat marketing director, becomes ntel CEO

Akinola, ex-Etisalat marketing director, becomes ntel CEO

The board of ntel, a Nigerian telecommunications network, has announced the appointment of Ernest Akinola, former Etisalat marketing director, as its chief executive officer.In a statement shared with TheCable, Osondu C. Nwokoro, ntel's director, external affairs,  said the transition period did not have any adverse impact on the business operations of the country."Having led teams in marketing, sales, finance, strategic [...]

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    NIMASA made us lose $475m, says NLNG after winning 4-year legal battle

NIMASA made us lose $475m, says NLNG after winning 4-year legal battle

The federal high court in Lagos has ruled that Nigeria LNG Limited (NLNG) was right in its refusal to pay levies demanded by the Nigerian Maritime Administration and Security Agency (NIMASA).NIMASA had said NLNG was liable to pay three percent gross freight on its international inbound and outbound cargo, sea protection levy, two percent cabotage surcharge on all activities carried [...]

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    Dangote to get 3-year tax relief after constructing Apapa-Oworonshoki road

Dangote to get 3-year tax relief after constructing Apapa-Oworonshoki road

The management of Dangote Group has said it will get a three-year tax holiday after constructing the 35km Apapa-Oworonshoki road.Devakumar Edwin, an executive director in the company, made this known in a statement shared with TheCable on Tuesday.Edwin said "the company has never benefited any tax waivers or credits in its entire history except when it is industry based and [...]

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    Five options to consider when an ex-lover comes begging

Five options to consider when an ex-lover comes begging

Moving on from a failed relationship can be very difficult and finding the strength to get into another one takes a lot of effort but all that work can become futile when the wantaway lover returns.When they broke up with you, you probably felt hurt and had to find a coping mechanism to move on but when they return, the promise [...]

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    Golden Pen awards to hold on Friday

Golden Pen awards to hold on Friday

The ninth edition of the Golden Pen Awards will hold at the Zinnia hall of the Eko Hotel and Suites, Victoria Island, Lagos, on October 6, 2017.The programme, which is hosted Nigerian Breweries, focuses on reports published in 2016 on Agriculture, local sourcing and industrial development."The Nigerian Breweries Golden Pen Reporter of the Year will be rewarded with a special [...]

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    Odegbami: Abuja stadium cannot thrive, every brick is stained with corruption

Odegbami: Abuja stadium cannot thrive, every brick is stained with corruption

Olusegun Odegbami, retired Nigerian footballer, says the Abuja National Stadium is desolate because every brick of the structure is stained with corruption.Odegbami made this statement while speaking on Monday at The Platform, a program organised by Covenant Christian Centre in Iganmu, Lagos.He said while the stadium was one of the costliest to build in the world, "nobody goes there"."There's another [...]

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Exchange Rates

August 01, 2019USDGBPEUR
INTERBANK306397354
LAGOS362475413
KANO361474413
PH361475412
ABUJA362476413
NOTE: The black market rates represent the most prevalent. They could be slightly higher or lower among different sellers.
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