Exchange Rates: BUY/SELL 1 USD=363/366 NGN, 1 GBP=470/475 NGN, 1 EURO=420/426 NGN

BUSINESS

Nigeria spends N596bn on fuel import in six months

Nigeria spends N596bn on fuel import in six months

Nigeria, in spite of the declining economic fortunes, spent N595.5 billion on the importation of fuel in the first six months of 2016, rising by N34.3 billion from the amount spent in the last six months of 2015. According to data obtained from the National Bureau of Statistics, NBS, the country spent N276.226 billion on petrol import in the first ...

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Nigeria’s GDP Shrinks by 2.06% in 2nd Quarter

Nigeria’s GDP Shrinks by 2.06% in 2nd Quarter

The National Bureau of Statistics (NBS) said Nigeria’s Gross Domestic Product (GDP) in real terms declined by 2.06% in second quarter of 2016. This is contained in the Nigerian Gross Domestic Product Report for Second Quarter of 2016 released by NBS on Wednesday in Abuja. The report stated that the figure was lower by 1.70% points from the negative growth ...

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Aero Contractors Shuts Down Operations Indefinitely

Aero Contractors Shuts Down Operations Indefinitely

Commercial airline, Aero Contractors, has announced the suspension of its scheduled services beginning from Thursday, September 1, 2016. A statement by the airline’s management said that the depreciation of the Naira within the last six months has made it impossible for the airline to achieve its operational targets, adding that the suspension was part of the strategic business realignment to reposition and return the ...

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CBN reinstates 9 banks suspended from forex market

CBN reinstates 9 banks suspended from forex market

The Central Bank of Nigeria ( CBN ) has reinstated the nine banks that were recently suspended from the foreign exchange market. They were suspended last week for failing to remit about$ 2.3 billion funds of the Nigerian National Petroleum Corporation (NNPC) to the Treasury Single Account (TSA) of the federal government. The CBN Director of Banking Supervision, Mrs. Tokunbo ...

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CBN directs banks to enable customers deposit cheques into their savings account

CBN directs banks to enable customers deposit cheques into their savings account

In a circular sent by the Central Bank of Nigeria CBN, to all banks and other financial institutions gave them a directives of enabling any customer with Bank Verification Number BVN, to deposit cheques directly into their accounts. The circular was signed by the Director of Banking and Payment Systems Department, Dipo Fatokun. The circular reads: “The Central Bank of ...

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It’s official: Economy in recession – FG

It’s official: Economy in recession – FG

Minister of Finance, Mrs. Kemi Adeosun, appeared before the Senate yesterday saying the country is already in recession. She briefed the Senate on the state and of the economy and the issues relating to the implementation of 2016 budget, as well as the Monetary/ Fiscal Policies adopted to salvage the present economic situation. She also said President Muhammadu Buhari’s government inherited ...

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Brexit: How will it affect Nigerians?

Brexit: How will it affect Nigerians?

THE world lives in dangerous times. The unimaginable and surprises are springing up by the day. At odds with almost all conventional economic thinking the British voted to leave the EU. The entire world was shocked beyond measure. It sent cold wave down the economic spine of global markets. It stands to reason that it is undoubtedly a manifestation of ...

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Naira now 370 per dollar

Naira now 370 per dollar

There has been a sharp depreciation of the naira in the parallel market since the deregulation of the downstream oil and gas sector, this increased demand for the dollars in the parallel market on Thursday. On Thursday the naira lost N7 to the dollar, making the exchange rate to rise to N334 per dollar from N320. The Petroleum Products Pricing ...

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Dangote ask FG to invest in infrastructure, housing to support growth

Dangote ask FG to invest in infrastructure, housing to support growth

  The Chairman of Dangote Cement Plc, Alhaji Aliko Dangote, has urge the Federal Government and other Africa countries to invest more on infrastructure and housing, to be able to curtail the rapidly developing continent, just as he his expanding his company across the continent. In just concluded Annual General Meeting of his company,  Dangote declared N8 per share dividend ...

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China to start importing from Nigeria

China to start importing from Nigeria

The Governor of Central Bank of Nigeria CBN, Godwin Emefiele, said the Federal Government is working with China so that they can import some of its own requirements from Nigeria. Emefiele said this will help to reduce the gulf in trading between both countries. He made this statement at the end of the 2016 World Bank/IMF spring meeting at the headquarter ...

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Nigeria Railway to commence movement of coal by eastern line in June

Train crushes 2 to death in Ilorin

The Nigeria Railway Corporation NRC will commence the movement of coal freight through it’s eastern line, which will run from Igumale in Benue State to the sea port in Port-Harcourt beginning from June 2016. The Acting Managing Director NRC, Engr Fidet Okhiria told newsmen in Lagos. He said: “We are willing to start massive coal movement on the eastern line. ...

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Economist charges Buhari on economic plan

Economist charges Buhari on economic plan

Prof Akpan Hogan, the former Vice Chancellor of University of Uyo, Akwa Ibom State and now a renowned Economist and Director General of West Afrcan Institute for Financial and Economic Management WAIFEM, has chargeed the Nigeria President Muhammadu Buhari led adminstration to economic blue-print that will bring Nigeria out of the wood. The economist said this at the inaugural lectures, ...

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Naira now N305 per dollar

naira appreciate against dollar

Naira continue getting stronger against dollar in the parallel market on Wednesday as the exchange rate dropped to N305 per dollar. This will be the third time in a row Naira appreciate against dollar in the parallel market, because as at last Thursday exchange rate was N400 per dollar. Bureaux De Change Operators bought from customers at the rate of ...

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Nigeria can Generate over N5 trn Annually from Solid Minerals

nigeria can generate

Association of Metals Exporters of Nigeria (AMEN), said the Federal Government can generate up to N5 trillion as revenue, if they can look into the solid minerals sector. Mr Seun Olatunji, the President of AMEN said apart from generating revenue from mining and exporting of its vast solid mineral, it will also aid in job creation, states development and social ...

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CBN to Spend #1 trn on Real Sector

cbn

Over one trillion naira have been set aside by the Central Bank of Nigeria to promote lending to the real sector of the economic in other to stimulate economic activities in the country. This was disclose by the president of CBN at the 21st seminar for Finance Correspondents and Business Editors in Ibadan. Mr Emefiele, who spoke through the Deputy ...

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No Crude Oil Subsidy in January

Dr-Ibe-on-crude-oil-subsidy

Managing Director of the Nigeria National Petroleum Commission (NNPC), Dr Ibe Kachikwu, said that no subsidy was paid by the Federal Government on any Crude Oil product for the month of January 2016. There will be around $1 billion (#200 billion) to be saved from the newly introduced Direct-Sales-Direct-Purchase (DSDP) plan for product transaction which will commence next month. The ...

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Bureaux de Change owners fighting Naira

Bureaux de Change

Central Bank of Nigeria Governor, Mr. Godwin Emefiele, yesterday, informed the Senate that the bank will not go back on restrictions placed on Bureaux de Change (BDCs) as he described them as waging a relentless war on the Naira. He also said that the activities of operators of BDCs were mainly responsible for the dwindling value of the Naira as ...

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FG Should Explore Opportunities In the Maritime Sector

Taofik-Adegbite-maritime-sector

MANAGING Director and Chief Executive Officer of Marine Platforms, Mr. Taofik Adegbite has urged the Federal Government to look beyond oil and diversify into other sectors of the nation’s economy to forestall the dwindling economic situation of the country. Adegbite, who is a maritime expert, charged President Muhammadu Buhari to look into other sectors like fishing, agriculture and others. “If ...

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Okorocha sacks 3000 civil servants

gv6-1-cargo-operation

Imo State governor, Chief Rochas Okorocha, has summarily sacked over 3,000 workers in 19 parastatals, agencies and departments, as he stopped their salaries with effect from January 4, 2016. A Nigeria Labour Congress, NLC, source told Vanguard that over 3,000 workers were affected in the sack. Vanguard gathered that “the current action of the governor, which not only came on ...

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Imo should partner ministry to boost cargo operation

gv6-1-cargo-operation

IMO State Governor Rochas Okorocha, former Permanent Secretary Ministry of Aviation Hajiya Binta Bello and some officials of the ministry have inspected the Sam Mbakwe International Cargo Airport (SMICA) Owerri, in a bid to quicken the completion of the facility. During the inspection, Governor Okorocha said the state was interested in partnering with the ministry to complete the project and ...

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