Friday, September 20, 2019
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    Buhari hits out at smugglers and traders ‘who choose profits over patriotism’

Buhari hits out at smugglers and traders ‘who choose profits over patriotism’

President Muhammadu has lashed out at traders who smuggle fake products into the country, accusing them of choosing profits over patriotism. He was speaking on Friday when he received a delegation of the Chambers of Commerce and Industry from Nigeria and West Africa. He said the recent closure of Nigerian borders has seen a decline in counterfeit products "within a short time". Buhari said [...]

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    Prospects of clean energy in Nigeria boosted by AfDB’s $500,000 grant

Prospects of clean energy in Nigeria boosted by AfDB’s $500,000 grant

The African Development Bank (AfDB) has approved a $500,000 grant to support the development of clean energy in Nigeria.A statement issued by the bank on Friday said the grant was approved under the AfDB’s Sustainable Energy Fund for Africa (SEFA).SEFA is a multi-donor facility established to unlock private sector investments in small to medium-sized clean energy projects in AfricaThe statement [...]

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    CBN confirms restricting forex for cassava, by-products

CBN confirms restricting forex for cassava, by-products

The Central Bank of Nigeria (CBN) says it will no longer provide foreign exchange for the importation of cassava and its by-products.Godwin Emefiele, governor of the apex bank, made this known on Friday while briefing journalists on the decision of the monetary policy committee (MPC).Some of the by-products that will be affected include starch and ethanol."Nigeria is the largest producer [...]

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    Interest rates to remain 13.5% as CBN MPC supports VAT increase

Interest rates to remain 13.5% as CBN MPC supports VAT increase

The monetary policy committee (MPC) of the Central Bank of Nigeria has voted that monetary policy rate, which measures interest rate, should remain at 13.5%.This is the third consecutive time that the committee will retain the rates since March 2019 when the rates were reduced by 50 basis points.The cash reserve ratio (CRR) was retained at 22.5%, liquidity ratio at [...]

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    Govs: Nigeria lost $1.3bn worth of crude oil within six months in 2019

Govs: Nigeria lost $1.3bn worth of crude oil within six months in 2019

Nigeria lost 22.6 million barrels of crude oil worth $1.35bn within the first six month of 2019, according to state governors.The governors were members of a 13-man ad hoc committee established by the National Economic Council (NEC) to investigate cases of oil theft in Niger Delta.The report of the committee, which was supported by findings from the Nigerian National Petroleum [...]

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    INTERVIEW: Land Use Act an obstacle to home financing, says mortgage bank CEO

INTERVIEW: Land Use Act an obstacle to home financing, says mortgage bank CEO

Nigeria currently has a housing deficit of 22 million units. To bridge this gap, the government has launched a series of schemes targeted at providing homes for Nigerians at the lower rung of the social ladder. With the minimum wage at N30,000, most citizens cannot afford to buy houses on their salary -- this is where mortgage banks come in [...]

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    Report: Nigeria has ‘lost N11trn’ to power sector corruption since 1999

Report: Nigeria has ‘lost N11trn’ to power sector corruption since 1999

The Centre for Health, Equity and Justice (CEHEJ) estimates that corruption in Nigeria's power sector has gulped N11 trillion since 1999.This was made known in a report titled 'Kept in Darkness — holding non-performing electricity contractors accountable' released in Lagos on Thursday.The report indicated that the figure might increase to N20 trillion in the next decade.According to Yemi Cole, an associate professor [...]

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    ‘They can take Nigeria to greater heights’ — Dangote hails Buhari’s ‘rare’ economic council

‘They can take Nigeria to greater heights’ — Dangote hails Buhari’s ‘rare’ economic council

Aliko Dangote, president of Dangote Group, says the recently appointed economic advisory council by President Muhammadu Buhari has the ability to take the country's economy to the next level.In a statement released on Thursday by Anthony Chiejina, Dangote's chief corporate communications officer, the businessman described the council as "tested and respected patriots who are always ready to put the country's [...]

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    Nigeria approaches World Bank for $2.5bn loan

Nigeria approaches World Bank for $2.5bn loan

Hafez Ghanem, World Bank's vice-president for Africa, says the lender is in talks with the Nigerian government for a $2.5 billion concessionary loan.Ghanem made this known in an interview on Wednesday in Abuja.The Bretton Wood institution official said Nigeria received $2.4 billion from the bank in 2018."We’re talking about a new set of programmes of about the same amount, it [...]

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    Gbajabiamila: We won’t allow DisCos to continue estimated billing

Gbajabiamila: We won’t allow DisCos to continue estimated billing

Femi Gbajabiamila, speaker of the house of representatives, says the lower legislative chamber will not allow electricity distribution companies (DisCos) to continue fleecing Nigerians with the estimated-billing system.Speaking on Wednesday when he hosted the management of the Transmission Company of Nigeria (TCN), the speaker said the house will revisit the law against the practice.In January, the house passed a bill [...]

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Exchange Rates

September 16, 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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