States’ IGR dropped by N25.1bn in 2015 – NBS:
The National Bureau of Statistics on Thursday released the Internally Generated Revenue figures for the 36 states of the federation for the 2015 fiscal period, with the total IGR dropping by N25.18bn from N707.85bn in 2014 to N682.67bn.
We buy dollar at N320, says PZ Cussons:
PZ Cussons Plc says it is paying as much as 70 per cent more than the official rate for dollars as the Central Bank of Nigeria trading restrictions reduce availability of foreign currency in Africa’s biggest economy.
Nigeria to lose N199bn to Forcados terminal closure:
Nigeria is set to lose as much as $1bn (about N199bn) from the force majeure on Forcados loadings that has been in place since February and which is set to continue until May.
Naira to weaken on budget spending:
The naira will likely weaken against the dollar at the parallel market next week due to an anticipated increase of naira liquidity from the Federal Government, foreign exchange players and analysts have said.
CCNN laments forex difficulties, high operating cost :
Cement Company of Northern Nigeria (CCNN) Plc has lamented the difficulty in securing Foreign Exchange, (Forex) and high operating cost as major factors affecting the manufacturing industry in the country, even as it recorded a turnover of N13.04 billion in 2015.
Labour urges FG to withdraw dormant mining licences :
ORGANISED Labour has called on the Federal Government to urgently revive the Iron and Steel sector of the nation’s economy to serve as catalyst to the country’s quest for industrialisation.
Group Warns against Distracting Emefiele:
A Kano-based political pressure group, Coalition for Excellence in Governance (CEG), has described those calling for the sack of the Governor of the Central Bank of Nigeria (CBN), Mr. Godwin Emefiele, as “detractors” who are behind the campaign of calumny against the apex bank boss.
SEC Makes Fresh Moves to Handle Unclaimed Dividends:
The Securities and Exchange Commission (SEC) in collaboration with other market stakeholders in the capital market are making fresh moves to tackle the issue of unclaimed dividends. In this regard, a market-wide committee is to be set up to come up with the best solution that will benefit investors and encourage more participation in the market.
Investment in financial technology to exceed $150b in five years :
Cumulative investment in financial technology (FinTech) globally could exceed $150 billion within the next three to five years, according to a survey by auditing giant Pricewater House Corper (PWC).
Manufacturers seek 3% interest rate reduction:
The Manufacturers Association of Nigeria (MAN) has canvassed a reduction in interest rate to between three and five per cent. The prevailing rate does not support the government’s economic diversification drive, it said.