Business News in Brief

Naira sells at ₦362.5 per Dollar at Parallel Market

The Naira on Tuesday traded at N362.5 to the dollar at the parallel market, the News Agency of Nigeria reports.

Meanwhile, the Pound Sterling and the Euro closed at N476 and N426 respectively.

At the Bureau De Change (BDC) window, the Naira flattened at N362 to the dollar, while the Pound Sterling and the Euro closed at N476 and N426 respectively.

Trading at the interbank window saw the Naira closed at N359.87, while the CBN rate closed at N305.9 to the dollar.

African Economies: AfDB, Others, Pledge Additional Support

The African Union Commission (AUC), the African Development Bank (AfDB) and Economic Commission for Africa (ECA) have pledged to do more to support African governments to develop robust policies that will support its economic and social transformation through the optimum use the pledge was made at 2nd biennial Conference on Land Policy in Africa  with the theme: “The Africa We Want: Achieving socioeconomic transformation through inclusive and equitable access to land by the youth”, in Addis Ababa. Ethiopia.

FEC Approves ₦458m for Economic Recovery Labs

Nigeria’s Federal Executive Council (FEC) has approved the sum of N458 million for the engagement of consultants to conduct pilot labs as part of the implementation strategy for the country’s Economic Recovery and Growth Plan (ERGP).

This was one of the decisions taken at Wednesday’s cabinet meeting presided over by Vice President Yemi Osinbajo in the Council Chambers of the State House.

Minister of Budget and Planning, Senator Udoma Udo Udoma, announced this while briefing State House correspondents on the outcome of the meeting.

EFCC Recovers ₦738b –Magu

The Economic and Financial Crimes Commission (EFCC) on Wednesday in Austria said it recovered loots totalling N738.9 billion or $2.9 billion between May, 2015 and Oct. 20, 2017.

Its Acting Chairman, Mr Ibrahim Magu, stated this at the ongoing 7th Session of the Conference of the States Parties to the United Nations Convention Against Corruption holding in Vienna.

Spokesman of the commission, Mr Wilson Uwujaren, gave account of Magu’s engagement in a statement in Abuja on Wednesday.

Nigeria Plans ₦119.9b Treasury Bill Auction

Nigeria plans to sell 119.94 billion naira of treasury bills at an auction on Nov 15., the central bank said on Wednesday.

The bank plans to offer 32.44 billion naira in three-month paper, 22.82 billion naira in six-month bills and 64.68 billion naira of a one-year note. Results of the auction will be announced on the same day.

The central bank issues treasury bills twice a month to help the government finance its budget deficit, curb money supply growth and provide an avenue for lenders to manage liquidity.

Buhari to Lay 2018 Budget Next Week

President Muhammadu Buhari is to lay the estimates for the 2018 Budget to a joint session of the National Assembly on Nov. 7.

In a letter from Mr President, read on both chambers of the National Assembly, President Buhari said that he would formally address a joint session of the National Assembly at 2:00PM on Tuesday.

The letter which was read on the floor of the House of Representatives reads thus:

FG Saves $2m Annually from Local Cement Production

The Chairman of BUA Group, Abdulsamad Rabiu, has said that the local cement manufacturers produce over 25 million tonnes cement thus saving the country two million dollars annually.

He said this while addressing State House Correspondents after a meeting of the Presidential Industrial Advisory Council chaired by Vice President Yemi Osinbajo at the Presidential Villa.

“The most important thing I think is that the cement industry in Nigeria will continue to save Nigeria a lot of foreign exchange.

Naira Closes 362/$ at Parallel Market

The Naira on Monday traded at N362 to the dollar at the parallel market while the Pound Sterling and the Euro closed at N475 and N425.

The Nigerian currency exchanged at 360.16 to the dollar at the investor’s window, the News Agency of Nigeria reports.

The Naira also traded at N362 to the dollar at the Bureau De Change (BDC) window, while the Pound Sterling and the Euro closed at N475 and N425.

IMF says Rising Debt, Political Risk Dim Sub-Saharan Africa's Economic Outlook

Economic growth is expected to rise to 3.4 percent in sub-Saharan Africa next year from 2.6 percent in 2017, the IMF said in a report on Monday, but warned that rising debt and political risks in larger economies would weigh down future growth.

Nigeria and South African are the biggest economies in Africa south of the Sahara, but both nations have been clouded by political uncertainty linked to the tenure of their leaders, Reuters reports.

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