Sunday, February 17, 2019
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    Emefiele describes Atiku’s proposed plan to float naira as ‘road to perdition’

Emefiele describes Atiku’s proposed plan to float naira as ‘road to perdition’

Godwin Emefiele, governor of the Central Bank of Nigeria (CBN), has warned that floating the naira would be disastrous to the nation’s economy.Emefiele said this during the monetary policy committee (MPC) meeting of the apex bank in Abuja.In November 2018, Atiku Abubakar, presidential candidate of the Peoples Democratic Party (PDP), had said it was worth the risk to float [...]

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    AMCON to begin Polaris Bank sale process after election

AMCON to begin Polaris Bank sale process after election

The Assets Management Corporation of Nigeria (AMCON) says it will begin the process of seeking buyers for Polaris Bank when the general election is over.Jude Nwauzor told Reuters on Tuesday that electioneering activities have slowed things down."The election season has slowed down things. We would advertise for expressions of interest from investors after elections and commence the sale process," he [...]

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    Nigeria’s debt fast approaching pre-2005 Paris Club level, CBN warns

Nigeria’s debt fast approaching pre-2005 Paris Club level, CBN warns

The monetary policy committee of the Central Bank of Nigeria (CBN) has warned that the federal government's debt levels could be fast approaching the pre-2005 levels.Reading the communique of the committee's decision at the end of its bi-monthly meeting on Tuesday, Godwin Emefiele, the CBN governor, said: "On external borrowing, the committee noted the increase in debt level advising for [...]

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    FG privatises Warri Port terminal for N105bn

FG privatises Warri Port terminal for N105bn

The Bureau for Public Enterprises (BPE) has signed an agreement to concession terminal 'B' of the Warri Old Port to Ocean and Cargo Terminal Services Limited.According to a statement signed by Alex Okoh, BPE director general on Tuesday, the concessionaire emerged the preferred bidder after submitting a technical and financial bid of $100.78 million."The NCP at its meeting held at [...]

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    CAMA amendment, ‘largest’ business reform bill in 28 years, scales third reading

CAMA amendment, ‘largest’ business reform bill in 28 years, scales third reading

The Companies Allied Matters Act (CAMA) amendment bill has passed the third reading at the house of representatives.Jumoke Oduwole, secretary of the Presidential Enabling Business Environment Council (PEBEC), made this known in a statement issued on Tuesday.The Bill, which was passed by the Senate in 2018 is the largest business reform bill to be passed in Nigeria in over [...]

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    MTN pays $53m to settle CBN CCI dispute

MTN pays $53m to settle CBN CCI dispute

MTN Nigeria has paid the sum of $53 million (N19.2 billion) to settle a dispute with the Central Bank of Nigeria (CBN) over alleged irregularities of repatriated funds.Godwin Emefiele, CBN governor, made the disclosure during the apex bank’s monetary policy committee (MPC) meeting in Abuja on Tuesday.Emefiele said the money paid by MTN was a “notional sum” and that the [...]

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    Ghana overtakes Nigeria as West Africa’s largest FDI recipient in 2018

Ghana overtakes Nigeria as West Africa’s largest FDI recipient in 2018

Ghana was West Africa's largest recipient of foreign direct investment in 2018, a new report by the United Nations Conference on Trade and Development (UNCTAD) has shown.The report titled 'UNCTAD Global Investment Trends Monitor', which was released on Monday, said Nigeria recorded a 36% decline in FDI in 2018.Foreign direct investments are investments made by a firm or individual into business [...]

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    CBN leaves rates unchanged as IMF downgrades growth

CBN leaves rates unchanged as IMF downgrades growth

In a widely expected move, the Central Bank of Nigeria (CBN) has left interest rates unchanged at 14% for January.Signs of rising inflationary pressures are likely to fuel speculation over the central bank tightening monetary policy, especially as government spending increases ahead of the presidential elections. With rising inflation in Nigeria seen threatening the Naira exchange and economic stability, the [...]

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    Bella Disu attends Global CEOs summit as Glo seals Nokia Alcatel-Lucent deal

Bella Disu attends Global CEOs summit as Glo seals Nokia Alcatel-Lucent deal

Glo, Nigeria's telecom giant, has announced a deal with Nokia Alcatel-Lucent, a global telecom equipment manufacturing company, to supply, install and integrate a new Sure Pay Intelligent Network platform.This will substantially enhance Globacom subscribers’ experience, according to Bella Disu, Globacom's executive vice-chairman, who announced the deal on Monday at the gathering of over 150 global business leaders in France.At the 2019 Choose France [...]

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    HURRAY! Reps pass bill criminalising estimated billing

HURRAY! Reps pass bill criminalising estimated billing

The house of representatives has passed a bill seeking to criminalise estimated billing in the country, among other things.The lower legislative chamber passed the bill on Tuesday after considering the report of its committee on power sector.The report was adopted unanimously after Yusuf Lasun, deputy speaker of the house, put it to a voice vote.The bill aims to criminalise estimated [...]

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Exchange Rates

February 15, 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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