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Business News Brief – July 27, 2015

27
Jul

REUTERS

Nigeria’s president plans to split state oil company into two entities- Nigerian President Muhammadu Buhari plans to split the state-owned Nigerian National Petroleum Corporation (NNPC) into two entities, his spokesman said on Saturday.[Read More…]

Asian shares skid as Fed monetary meeting looms- Asian shares began the week on a plaintive note amid losses on Wall Street and worries over China, while investors braced for a Federal Reserve meeting that might take another small step toward lifting U.S. interest rates.[Read More…]

DAILY INDEPENDENT

Diaspora Banks’ Customers To Pay £30 For BVN Registration-Following the extension of the deadline for the registration for Bank Verification Number (BVN), customers of Nigerian banks living outside the country that are yet to get the BVN will have to spend up to £30 to register between now and the end of the year.[Read More…]

PUNCH

CBN forex policy fuelling economic crisis – LCCI-The Lagos Chamber of Commerce and Industry has expressed worry over the widening gap in the foreign exchange rates between the parallel and the interbank markets, saying it is an incentive for round-tripping.[Read More…]

N10tn required to support MSMEs –CBN-Nigeria requires about N10tn to effectively support the Micro, Small and Medium Enterprises financially, the Central Bank of Nigeria has said.[Read More…]

Nigeria’s debt now N12.12tn –DMO-Nigeria’s total debt stock now stands at N12.12tn ($63.81bn), the Debt Management Office has said.[Read More…]

Nigeria earns N472bn from cocoa, others-The country earned a total sum of $2.4bn (N472bn) from the exportation of cocoa, rubber, and other non-oil commodities within the 2014 fiscal period, figures obtained from the Nigerian Export Promotion Council have revealed.[Read More…]

Rice imports drop by 53% as prices rise-The volume of rice being imported into the country has dropped by 53 per cent in the last one month just as the price of the commodity has increased by over 20 per cent in the market, following the Central Bank of Nigeria’s decision to place rice among 41 items not valid for foreign exchange.[Read More…]

Ondo gov inaugurates N4bn water project-The Ondo State Governor, Dr. Olusegun Mimiko, will on Tuesday (tomorrow) inaugurate the first phase of a N4.1bn water project in Aboto, in the Ilaje Local Government Area of the state, as part of efforts to find a lasting solution to the perennial problem of potable water supply in the riverine area of the state.[Read More…]

THISDAY

Forex Demand to Drop as Refineries Begin Operations- The pressure on the Central Bank of Nigeria (CBN) to devalue the naira due to dwindling foreign exchange reserves, is likely to ease with the resumption of operations of the Port Harcourt and Warri refineries, THISDAY’s investigations have revealed.[Read More…]

Contractors Abandon FCT Projects over N112bn Debt- Information Technology (IT) experts in the country, under the aegis of Nigeria Computer Society (NCS) have called on the federal government to leverage big data technology to improve the state of the Nigerian economy.[Read More…]

Rotary Commits N2.5bn to Project Devt in Nigeria- Rotary International, District 9125, will spend  approximately N2.5billion in the next 12 months on developmental projects in Nigeria.[Read More…]

NERC Waits on Buhari to End Geometric’s Lease Dispute- The Nigerian Electricity Regulatory Commission (NERC) yesterday said the long drawn disputes over the 20-year lease granted to Geometric Power Aba Limited to generate, transmit and distribute electricity in the Aba and Ariaria business districts of the Enugu electricity distribution network would have been sorted out if not for the subsisting lawsuits filed by the contending parties.[Read More…]

THE NATION

Nigeria loses N304b to foreign divestment in six months-Nigeria may have lost about N304 billion to divestment by foreign investors, The Nation has learnt.[Read More…]

Interbank rates rise on cash shortage-The interbank lending rates rose on Friday to an average of 12 per cent from 9.25 per cent last week after a series of cash outflows from the banking system drained liquidity.[Read More…]

N300b CBN workers’ pay bailout for 27 states ready-The N300 billion Central Bank of Nigeria (CBN) lifeline, which will enable them pay their workers, will be ready in two weeks[Read More…]

NIMASA’s Revenue Collections Hit $1.34bn In 5 Years-The Nigerian Maritime Administration and Safety Agency (NIMASA) raked into the federal government coffers $1.34 billion between 2009 and 2014.[Read More…]

BLOOMBERG

Europe Stocks Fall as China Equities Plunge; Dollar, Metals Drop- European stocks joined a slump in equities across Asia, with Shanghai’s benchmark gauge plunging the most in eight years amid concern China’s economic slowdown is deepening. The dollar slid with grains and industrial metals.[Read More…]

 

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