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BUSINESS NEWS BRIEF – Wednesday, June 15th, 2016

15
Jun

PUNCH

CBN to release flexible exchange rate policy today
The new flexible exchange rate policy will be released today (Wednesday), the Acting Director, Corporate Communications of the Central of Bank of Nigeria, Mr. Isaac Okoroafor, has said.The CBN’ Monetary Policy Committee had on May 24 risen from its bi-monthly meeting and announced plans to adopt greater flexibility in the management of foreign exchange.[Read More…]

Inflation hits 80-month high at 15.6% – NBS
The deregulation of the downstream sector of the oil industry, which resulted into an increase in the pump price of Premium Motor Spirit from N87 to N145 per litre has pushed the country’s inflation rate to an 80-month high of 15.6 per cent.[Read More…]

FG releases N280bn to six ministries, 50 agencies
The Federal Government on Tuesday announced that it had so far released N280bn from the N350bn set aside for capital projects as contained in the 2016 budget.[Read More…]

FG secures N90bn conditional loan for states
The Federal Government on Tuesday announced that it had secured a N90bn conditional loan from the private sector for state governments through the issuance of bonds in the bond market.The Minister of Finance, Mrs. Kemi Adeosun, who disclosed this during a meeting with the commissioners of finance of the 36 states of the federation, stated that the loan would be given for a one-year period.[Read More…]

US fund to raise $2bn for Nigerian infrastructure
A United State fund manager, Pecora Capital, says it will raise $2bn over the next 18 months for Nigerian infrastructure projects, a rare show of investor confidence during a period of deep crisis in the country.[Read More…]

Govt, firm sign N25bn MoU on egg production
In its bid to actualise the target of one egg per day for school children across the country, the Federal Government on Tuesday signed Memorandum of Understanding with Tuns Farms Limited under the National Egg Production Scheme to be financed by the Bank of Industry to the tune of N25bn.[Read More…]

Part of $12.9bn NLNG dividend reinvested – NNPC
The Nigerian National Petroleum Corporation on Tuesday denied claims that it failed to remit $12.9bn dividend from the Nigeria LNG Limited for a period of eight years; instead, it said that part of the funds was reinvested in the gas-producing firm.[Read More…]

THISDAY

Nigeria’s Current Account Deficits to Hit $14.6bn in 2017
As the decline in crude oil prices continues to take a toll on Nigeria’s balance of trade, experts have predicted that the country’s current account deficits will rise to $20.0 billion by the end of this year and recover to $14.6 billion in 2017, equivalent to 4.2 per cent and 3.1 per cent of gross domestic products (GDP) respectively.[Read More…]

CBN Grants Providus Bank Commercial Banking Licence
Providus Bank Plc has been granted a commercial banking licence with regional authorisation by the Central Bank of Nigeria (CBN).The central bank disclosed this in a circular posted on its website on Tuesday.[Read More…]

Abia Receives N1bn CBN Agric Loan
Abia state on Tuesday revealed that it has received the N1billion Commercial Agricultural Credit Scheme (CACS) loan from the Central Bank of Nigeria (CBN).[Read More…]

THE GUARDIAN

U.S. crude oil imports from Nigeria, Angola hit 354,000bpd
The United States (U.S.) crude oil import from Nigeria and Angola has increased from the 190,000 bpd it recorded in the first quarter of 2015 to 354,000 bpd during first quarter of this year.[Read More…]

Nigeria, South Africa partner on solid minerals’ exploitation
In a bid to leverage each other’s key strengths for the realisation of the African Mining Vision (AMV), the Federal Government has partnered with the South African government to strategise on measures to aid solid minerals exploitation.[Read More…]

Operators want Lagos to slash telecoms levies by 60%
To improve on infrastructure rollouts in Lagos and other parts of the country, telecommunications operators have called for a further downward review in the levies being charged.[Read More…]

DAILYTRUST

Customs Airport Command generates N18bn in 5 months
The Murtala Mohammad International Airport (MMIA) command of the Nigeria Customs Service (NCS) in Ikeja, Lagos has generated N18, 553, 756,359 between January and May, 2016.The amount generated was N1.7bn in excess of the target given to the command, according to the Area Controller, Mr. Frank Nduka Allannah who said the command had consistently met its target on monthly basis.[Read More…]

REUTERS

Asian Shares choppy before Fed, Brexit vote; China sees off MSCI disappointment
Asian shares were volatile on Wednesday as a U.S. Federal Reserve policy decision later in the day and Brexit worries kept investors on edge, though China took in stride MSCI’s decision not to include domestic Chinese equities in its indexes.[Read More…]

BLOOMBERG

European Stocks Rebound With Pound Before Fed as Yen Retreats
European stocks rallied, helping end the steepest selloff in global equities since January, as the British pound rebounded ahead of the Federal Reserve’s policy review. The yuan traded near a five-year low after MSCI Inc. decided to keep Chinese equities out of its benchmark indexes.[Read More…]

 

fake richard mille
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