External reserves drop to $26.33bn
The nation’s external reserves fell marginally to $26.33bn on June 29, down 0.30 per cent from a month ago, the Central Bank of Nigeria data showed on Thursday.
The foreign exchange reserves stood at $26.42bn on May 27, down by 9.2 per cent year-to-year. The reserves had stood on the $26.4bn mark between May 24 and 27, after dropping to $26.5bn from $26.6bn same month. PUNCH
Istanbul attack: FAAN tightens security at Nigerian airports
The Federal Airports Authority of Nigeria has increased security levels and alertness at airports across the country in reaction to Tuesday night’s attack at the Atatürk Airport in Istanbul, Turkey.
It also urged passengers and other users to be security conscious whenever they were at airports in the country.
The authority has put adequate security measures in place at all Nigerian airports to forestall any form of security breach, including the installation of 3D screening machines, metal detectors and CCTV cameras.
“Apart from the statutory security and safety measures already in place at the airports, sniffer dogs and members of the Bomb Detection Unit of the Nigerian Police Force have also been deployed at the airports to complement the efforts of our aviation security personnel at the security screening points. PUNCH
FG Urged to Create Special FX Window for Manufacturers
Despite the appreciable progress recorded in the foreign exchange market since the Central Bank of Nigeria (CBN) announced its new foreign exchange policy, manufacturers in the country have decried their inability to get the greenback to import raw materials for production.
Speaking on behalf of his colleagues in a chat with journalists during a public lecture he delivered at the University of Lagos, the Group Managing Director of Vitafoam Nigeria Plc, Mr. Taiwo Adeniyi, enjoined the federal government to take urgent steps to address the matter to save the economy. THISDAY
MTN Pays Another N30bn of N330bn Fine, Wins 2.6 GHz Broadband Licence
MTN has paid an additional N30 billion of its N330 billion fine as part of the agreement it reached with NCC to make installmental payments for a period of three years to clear the entire fine.
The Chief Executive Officer of MTN Nigeria, Ferdi Moolman, who confirmed the additional payment of the MTN fine, said: “In addition to winning the spectrum licence, we are also delighted that the matter of the fine imposed by the NCC was amicably settled in the interest of all parties. I am pleased to announce that the first payment of N30 billion in the terms of settlement has already been disbursed to the NCC. THISDAY
Buhari Appeals to Niger Delta Militants
President Muhammadu Buhari Thursday said he was still collecting intelligence on the Niger Delta.
The president also said that his administration would rebuild Nigeria, including the Niger Delta region, and solicited for patience and understanding from the citizenry.
A statement issued by his media aide, Mr. Femi Adesina, said Buhari made the promise when he received a delegation of the Niger Delta Dialogue and Contact Group, led by the Amanyanabo of Twon Brass, King Alfred Diette-Spiff, from Bayelsa State at State House, Abuja yesterday. THISDAY
Nigeria Ranked One of World’s Most Unstable Countries
The Fund for Peace, a Washington D.C.-based non-profit, non-governmental research and educational institution, has ranked Nigeria as one of the world’s most unstable countries.
In its 12th annual Fragile States Index (FSI) released wednesday, Fund for Peace ranked Nigeria alongside war-torn Afghanistan, Haiti, Iraqi, Guinea, Pakistan, Burundi and Zimbabwe. THISDAY
Brexit: Companies turn from UK to African countries
With the recent referendum by the United Kingdom to leave the European Union, many businesses with existing or planned investment interests in the UK have started turning to African countries. The Ecobank Group Research who revealed this in a statement entitled ‘’Investment after Brexit: Africa is the Final Frontier’’, said that the businesses were looking for new investment frontiers. VANGUARD
Nigeria to save $5 billion from gas development
The Federal Government is expected to save $5 billion yearly if it pursues aggressive gas development in Nigeria, according to stakeholders.
Besides, Nigeria’s gas reserves have increased from 186 trillion standard cubic feet (scuf) to 190 trillion Standard Cubic Feet (scuf), according to figures from the Department of Petroleum Recourses (DPR).
The Chief Executive Officer of Seplat Petroleum Development Company Plc, Austin Avuru, while speaking at the yearly general meeting of the Nigerian Gas Association (NGA), said that the development of the sector will lead to domestic energy security. GUARDIAN
Oil price drops as Nigeria’s output rises
Oil prices dropped more than three per cent yesterday due to return of Nigerian and Canadian crude output from outages and as traders booked profits at the end of the best quarter in seven years.
According to Reuters, the market soared more than 25 per cent in the second quarter, as part of an 85 per cent rebound since hitting 12-year lows early this year, as unplanned production cuts from Canada to Nigeria eased the glut that prompted the worst price rout in a generation.
However, production in Nigeria has risen to about 1.9 million barrels per day (bpd) from 1.6 million, due to repairs and a lack of new major attacks on pipelines in the Delta region, the Nigerian National Petroleum Corporation said. THE NATION
I’m ready to return N400m ‘Dasuki cash’, says Metuh
A former National Publicity Secretary of the Peoples Democratic Party( PDP), Chief Olisa Metuh, yesterday offered to refund the N400million he got from the Office of the National Security Adviser( ONSA) during the tenure of former National Security Adviser( NSA) Col. Sambo Dasuki.
He said he had been in talks with the Ministry of Justice, the Economic and Financial Crimes Commission (EFCC) and other bodies on how to refund the money and resolve the issue. THE NATION
The post above and its ensuing comments, if any, is purely the opinion of the writer(s). It therefore should never be considered as an investment advise of any sort. If required, readers should please consult a competent professional financial adviser for any investment decision.