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Naira May Depreciate To 386/Dollar In H2 —PwC

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The naira may depreciate against the United States dollar at the Investors and Exporters Window to 386 from the current average of 360, PricewaterhouseCoopers has said. In its economic outlook for 2018, which was released on Tuesday, the professional services firm said increased foreign exchange demand ahead of the 2019 general election might make the local unit to weaken. The report read in part, “With ... Read More »

Naira Records Marginal Gain As CBN Sells $210m

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The naira recorded a marginal gain at the parallel market on Monday, closing at 363 per United States dollar, up from 364/dollar on Friday. The local currency has been trading between 362/dollar and 365/dollar in recent weeks. Analysts have said that the naira is likely to remain stable against the greenback this week as demand for the US currency weakens whenever the unit trades below ... Read More »

NSE Capitalisation Sheds N72bn as Market Opens on Bearish Note

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The equities market opened on a bearish note yesterday with the market capitalisation declining by N72.1 billion to close at N15.88 trillion, while Nigerian Stock Exchange (NSE) All-Share Index fell by 0.85 per cent to close at 44,261.72. The market had last week added value as investors increased demand for stocks to take position ahead of earnings season announcement. However, considering the significant capital gains ... Read More »

FG Approves N110bn For Social Investment Programme

FG

The federal government saturday said N110 billion of the total N900 billion approved in 2016 and 2017 budgets to fund its social investment programme has been released. It also said over 246 million meals had been offered to primary school pupils across 20 of the 36 states of the federation since December 2016, under the National Home Grown School Feeding Programme. A statement by Vice ... Read More »

Fashola: Power Sector Prepared To Support Growth In Mining, Others

babatunde-fashola

The Minister of Power, Works and Housing, Mr. Babatunde Fashola, has said the ongoing expansion in the power sector was done to support expected growth in the country’s mining sector and other heavy industrial concerns. Fashola said these expansion efforts were in support of the government’s planned diversification of the country’s economy to embrace mining, agriculture and manufacturing. Speaking at a workshop to educate civil ... Read More »

Pencom Recovers N13.58bn From Defaulting Employers

PENCOM

 The National Pension Commission has recovered N13.58bn from employers that deducted pension contributions from their employees’ salaries but failed to remit the amount to the workers’ respective Retirement Savings Accounts, investigation has revealed. A report obtained by SUNDAY PUNCH from PenCom on Friday quoted the commission as saying its efforts in ensuring compliance by employers with the pension payment regulations were yielding positive result. “As ... Read More »

Probe Panel Asks FG To Dismiss Suspended SEC DG, Gwarzo

FG

The Administrative Panel of Inquiry, which was set up in November last year to investigate corruption allegations against the suspended Director-General of the Securities and Exchange Commission, Mr. Mounir Gwarzo, has recommended the sacking of the embattled DG from public service. The panel, which is headed by the Permanent Secretary, Federal Ministry of Finance, Mahmoud Isa-Dutse, was set up by the Minister of Finance, Mrs. ... Read More »

Senate To Probe CBN, Banks Over Illegal Charges, Deductions

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The Senate on Tuesday resolved to conduct an investigation into the spate of illegal charges and deductions from accounts of their customers by Deposit Money Banks. The resolution followed the adoption of a motion moved by Senator Magnus Abe and 22 others, entitled, ‘Urgent Need to Investigate, Regularise and Amend Conflicting, Vague and Unjust Remedies, which the Central Bank of Nigeria Offers to Victims of ... Read More »

Senate Warns Nigerians Against Investment In Bitcoins

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The Senate has warned Nigerians against investing in bitcoins and urged the Central Bank of Nigeria, Nigerian Stock Exchange and the Nigerian Deposit Insurance Corporation to launch awareness campaigns on the business. Specifically, the upper chamber of the National Assembly resolved to urge the CBN, NDIC and the NSE “to make an unequivocal statement across all the news platforms in all dialects on the dangers ... Read More »

End Fuel Scarcity In Seven Days, Senate Tells NNPC

Maikanti-Baru

The Senate has asked the Nigerian National Petroleum Corporation to end the lingering scarcity of Premium Motor Spirit (petrol) within seven days. This was part of the resolutions made by the upper chamber of the National Assembly at the plenary on Thursday. The resolution followed the adoption of a report by the Senate and House of Representatives’ Joint Committee on Petroleum Resources following a closed-door ... Read More »

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