Tuesday, August 20, 2019
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    EXCLUSIVE: CBN to implement ban on FX for food import ‘in phases’

EXCLUSIVE: CBN to implement ban on FX for food import ‘in phases’

The Central Bank of Nigeria (CBN) is happy with President Muhammadu Buhari's latest directive on restricting forex for food importation, TheCable understands.Insiders at the apex bank told TheCable that the directive will be implemented in phases so that the impact on food prices and inflation can be managed."A lot of times CBN is hindered in implementing macroeconomic policies because of [...]

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    ‘Leave CBN alone’ — Moghalu rejects Buhari’s directive on food importation

‘Leave CBN alone’ — Moghalu rejects Buhari’s directive on food importation

Kingsley Moghalu, former deputy governor of the Central Bank of Nigeria (CBN), has criticised President Muhammadu Buhari over his directive to the apex bank to halt foreign exchange for food importation.The president had told the apex bank not to give a cent to anybody to import food into the country, saying by so doing, there would be steady improvement in [...]

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    Buhari asks CBN to halt forex for food importation

Buhari asks CBN to halt forex for food importation

President Muhammadu Buhari says he has asked the Central Bank of Nigeria (CBN) to stop providing foreign exchange for food importation.In a statement issued on Tuesday by Garba Shehu, presidential spokesman, the president said the directive is to ensure the steady improvement in agricultural production and attainment of full food security.The president, who hosted All Progressives Congress (APC) governors to [...]

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    Senate wants FG’s 40% share in DisCos sold to foreign investors

Senate wants FG’s 40% share in DisCos sold to foreign investors

The senate has advised the federal government to divest its 40% stake in electricity distribution companies (DisCos) to foreign investors.Senate President Ahmed Lawan gave this advice in Abuja when he received the management team of the Transmission Company of Nigeria (TCN) led by Usman Mohammed, its managing director.In a statement by the TCN, Lawan said experts in the field should be [...]

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    FG mulls ‘scarce skills allowance’ to discourage graduates from relocating

FG mulls ‘scarce skills allowance’ to discourage graduates from relocating

The federal government says it may introduce a special allowance called 'Scarce Skills Allowance' to curb the persistent challenge of brain drain.Richard Egbule (pictured), chairman of National Salaries, Incomes and Wages Commission, said the allowance would target skilled people leaving the country in search of greener pasture."Some years back, we looked at how to attract our highly skilled citizens that [...]

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    World Bank: We’ve spent $11bn on Nigeria — mostly in states

World Bank: We’ve spent $11bn on Nigeria — mostly in states

Rachid Benmessaoud, country director, World Bank Group, says its operations in Nigeria have gulped $11 billion.He said this on Thursday in Abuja at the maiden edition of the Nigeria Portfolio Performance Award.Organised in partnership with the ministry of finance, the award recognised outstanding performance from project implementation units of World Bank-supported projects at states and federal levels.Benmessaoud said the bank [...]

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    TCN issues second suspension order to Kano DisCo

TCN issues second suspension order to Kano DisCo

The Transmission Company of Nigeria (TCN) has issued a second suspension order to Kano Distribution Company (KEDCO).The suspension order, which is dated August 6, was posted on TCN’s twitter handle on Wednesday.According to the twitter handle, the suspension order which took effect from Tuesday was issued on KEDCO for not paying May 2019 invoice in full.https://twitter.com/onemNigeria/status/1159049823758295040The Nigerian Electricity Market Operator [...]

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    Trouble for AMCON debtors as Buhari signs new law

Trouble for AMCON debtors as Buhari signs new law

President Muhammadu Buhari has signed a new law which empowers the Asset Management Corporation of Nigeria (AMCON) to put the bank accounts of its debtors under supervision.On July 31, Vice President Yemi Osinbajo set up a task force with a mandate to devise a strategy to recover the N5 trillion owed to the corporation.The agencies tasked to go after the debtors are [...]

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    BA cancels flight to Lagos over IT glitch

BA cancels flight to Lagos over IT glitch

British Airways, on Wednesday, cancelled and delayed a total of 127 flights out of Gatwick and Heathrow airports in London after its systems suffered a partial crash.It is estimated that a total of 117 flights connected to Heathrow Aiport in London were cancelled while 10 flights connected to Gatwick Airport were also affected.Flights scheduled to depart Heathrow Airport for Lagos [...]

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    FG to review revenue sharing formula to suit ‘current economic realities’

FG to review revenue sharing formula to suit ‘current economic realities’

The federal government says it will set up a committee to review the revenue sharing formula for federal, states and local governments due to current economic realities.Elias Mbam, chairman of the Revenue Mobilisation Allocation and Fiscal Commission (RMAFC), made this known after he received an award of excellence from the Nigeria Civil Service Union.According to the current revenue allocation formula, [...]

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Exchange Rates

August 19, 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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