Efforts To Save The Naira Failed As Nigerian Currency Rates N500 To $1

naira-dollar-1

FOREX: $1 Goes For N500

Efforts To Save The Naira Have Crumbled – IMF

Abuja & Lagos (New Telegraph) – The naira fell close to N500 against the dollar on the parallel market due to dollar shortages yesterday as Bureaux De Change (BDC) operators set their quotes for dollar purchases at N399/$ for next week, traders said . . .

Continue reading “Efforts To Save The Naira Failed As Nigerian Currency Rates N500 To $1”

Efforts To Save The Naira Failed As Nigerian Currency Rates N500 To $1

Dangote Foresees Nigeria’s Economic Rebound Soon

Dangote

Africa’s richest man of Nigerian birth, Aliko Dangote, has expressed optimism in the rapid economic recovery for Nigeria saying that despite the recessive economy and downturn in economic activities, Nigeria will come out of it stronger as a self-reliant economic power house . . .

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Dangote Foresees Nigeria’s Economic Rebound Soon

CBN To Eliminate Forex Black Market – Adeosun

Naira notes

Abuja (New Telegraph) — The Central Bank of Nigeria (CBN) will try to eliminate the gap in exchange rate against the dollar between the official and black markets, the Minister of Finance, Mrs. Kemi Adeosun, said yesterday. Speaking during an economic conference in Abuja, the Minister said that the: “CBN has been directed to do this and has promised to do something by putting a system in place to eliminate the black market because it was damaging the economy.” . . .

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CBN To Eliminate Forex Black Market – Adeosun

Recession: Nigeria to sell $1 billion in Eurobonds

eurobonds-dollars

Nigeria is going through biting recession on the way to a bigger recession accompanied by galloping inflation and looming restlessness among the citizenry. As one of the panacea, the federal government will soon commence the selling of $1 billion in Eurobonds to finance a budget deficit, Nigerian officials said on Friday . . .

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Recession: Nigeria to sell $1 billion in Eurobonds

Human rights lawyer files suit to ban U.S. Dollar in Nigeria

Dollars . FOREX.jpg

Femi Falana asks court to ban dollar as a legal tender in Nigeria

A Nigerian Human Rights lawyer, Mr. Femi Falana (SAN), filed a suit before the Federal High Court in Abuja on Wednesday, praying for an order restraining the Central Bank of Nigeria from allowing market forces to determine the exchange rate of the naira . . .

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Human rights lawyer files suit to ban U.S. Dollar in Nigeria

Nigerian Business News: Report

CBN releases new forex rules, ends BDCs funding; Olam targets $1 billion share of Nigeria’s flour milling market; World Bank projects 4.6% growth for Nigeria’s economy . . .

CBN . Godwin Emefiele, Gov. CBN

CBN releases new forex rules, ends BDCs funding

A SET of fresh regulations on foreign exchange (forex) saw to the Central Bank of Nigeria (CBN) yesterday ending the programme of funding bureaux de change weekly. The scheme which has been in operation for the past 11 years cost the CBN $8.6 billion yearly based on $60,000 per operator.

But the apex financial regulator has permitted commercial banks to begin accepting cash deposits of foreign exchange from their customers. The decision, according to CBN, is not intended to be punitive but rather to ensure it is better able to carry out its mandate effectively and efficiently, which guarantees preservation of the nation’s scarce commonwealth.

However, the operators, under the aegis of Association of Bureau de Change Operators of Nigeria, said while it would appreciate the end of the programme, it would not accept the blanket generalisation of the group as bad. The Acting President of the group, Alhaji Aminu Gwadabe, told The Guardian that the action of the CBN amounted to a devaluation of the currency, as the dollar would soon be exchanged for as high as N400.

Olam . Olam International Limited. Wheat milling company

Olam targets $1 billion share of Nigeria’s flour milling market

WITH the acquisition of BUA Group’s milling business in Nigeria, Olam International Limited has expressed optimism of doubling its total wheat milling capacity in sub-Saharan Africa to approximately 7,640 tonnes per day or 2.78 million tonnes yearly.

According to the firm, achieving the target will help the firm control a sizeable share of the Nigerian flour market which is presently in excess of $2 billion and is expected to hit five million tonnes by 2020.

Under the BUA deal, Olam acquired Amber Foods Limited, which through its 100 per cent owned subsidiary Quintessential Foods Nigeria Limited owns the wheat milling and pasta manufacturing assets of the BUA Group in Nigeria for a total enterprise value of $275 million.

A statement from the firm explained that the BUA Group, a diversified foods and infrastructure business group in Nigeria, is among the top five wheat millers in the country with wheat milling and pasta manufacturing capacities of 3,760 and 700 metric tonnes per day (TPD) respectively.

“The assets to be acquired include two wheat mills and a pasta manufacturing facility in Lagos, a non-operating mill in Kano in the North of Nigeria, and a wheat mill and a pasta manufacturing plant under construction in Port Harcourt in the Southeast of Nigeria.

World Bank

World Bank projects 4.6% growth for Nigeria’s economy

THE latest report by the World Bank as projected that Nigeria’s economic growth index would hit 4.6 per cent in 2016, even as it expected that economies would pick up in other oil exporting countries, on the assumption that oil prices will stabilise.

The group, in its January 2016 Global Economic Prospects obtained by The Guradian yesterday, also noted that weak growth among major emerging markets will weigh on global growth in 2016, but economic activity should still pick up modestly to a 2.9 per cent pace, from 2.4 per cent growth in 2015, as advanced economies gain speed.

The Sub-Saharan African region is forecast to accelerate to 4.2 per cent in 2016 from 3.4 per cent in 2015 as commodity prices stabilize. Economic activity will vary across Sub-Saharan Africa, with consumption growth remaining weak in oil exporting countries as fuel costs rise, while lower inflation in oil importing countries helps boost consumer spending.

Nigeria is forecast to expand 4.6 per cent after growing by 3.3 per cent last year while South Africa is expected to advance only modestly to 1.4 per cent growth from 1.3 per cent in the year just ended,” it noted.

NCC

NCC mulls national mobile roaming strategy for operators

PLANS are in the pipeline by the Nigerian Communications Commission (NCC) to implement a national mobile roaming strategy that will help operators in the country strengthen their operations and compete favourably.

The national mobile roaming is the ability of a cellular customer to automatically make and receive voice calls, send and receive data, or access other services, including data services, when travelling outside the coverage area of the home network, by means of using a visited network.

According to the Executive Vice Chairman, Prof. Umar Danbatta, in a document title: ‘Consultation Paper on National Mobile Roaming’, national mobile roaming features in several communication licences but has not yet been utilized in the country.

Danbatta said even though it was technically possible to provide facility for domestic roaming, appropriate legal and regulatory framework have to be in place in order to encourage as well as assist the operators in realising roaming arrangement between them without any uncertainty.

MBR | Business news

Nigerian Business News: Report