Tuesday, February 20, 2018
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    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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    NCC approves new infraco licences for south-east, north-east

NCC approves new infraco licences for south-east, north-east

The Nigerian Communications Commission (NCC) board has approved two additional infrastructure company (infraco) licences for the south-east and north-east regions of the country.In a statement on Wednesday, Tony Ojobo, NCC director of public affairs, said the approval is to deepen broadband penetration in the country.He listed the infraco licences to include Zinox Technology Limited for south-east and Brinks Integrated Solutions [...]

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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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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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