Latest from the Economic Confidential
UBA Denies Funding Turkey Coup Plot
The Nigeria's United Bank of Africa, UBA, has denied involvement in the funding of the failed coup plot in Turkey as against media report by Turkey-based newspaper, Yenisafak.
Buhari Reappoints Engr Mbam RMAFC boss
President Muhammadu Buhari has approved the re-appointment of Engr Elias Mbam as Chairman, Revenue Mobilization, Allocation and Fiscal Commission (RMAFC) after his first tenure that ended in November 2015.
Kano Film Village: Three States Lobby Hosting
After the cancellation of about four billion Naira proposed Kano Film Village following protests and concerns raised over morality issues, three North-central states have indicated their interest to host the investment.
CBN Increases MPR to 14% as CRR Remains 22.5%
In a bid to consolidate on the gains of the recent new foreign exchange policy of the Central Bank of Nigeria, the Monetary Policy Committee(MPC) in its meeting no.108 voted to increase the Monetary Policy Rate(MPR) 200 basis points from 12 percent to 14 percent.
Nigeria to Lose N131.13bn to Qua Iboe Shut-in
EXXONMOBIL the operators of Qua Iboe terminal, which is expected to remain shut in for another month, will see Nigeria losing more than N131.13 billion.
Stock Market Investors Gain N1.461tn in Three Months
Stock market investors (equities only) in the country recorded an appreciation in value of N1.461tn on their investments in the second quarter of this year.
Fast-track Oil Exploration in the North, Buhari Orders NNPC
President Muhammadu Buhari has directed the management of the Nigerian National Petroleum Corporation to fast-track oil exploration in the North, specifically in the Chad Basin and Kolmani River.
Read: https://economicconfidential.com/2016/07/fast-track-oil-exploration-in-the-north-buhari-orders-nnpc/
CBN Orders Banks to Publish All Forex Transactions on FMDQ
The Central Bank of Nigeria (CBN) has ordered banks to publish details of all foreign exchange transactions on the Financial Market Dealers Quote (FMDQ) platform.
Read: https://economicconfidential.com/2016/07/cbn-orders-banks-to-publish-all-forex-transactions-on-fmdq/
Naira Sinks to 378/Dollar as Analysts Expect MPC Action
The naira fell to 378 against the dollar at the parallel market on Monday, down from 375 on Friday as scarcity of the greenback continued to weigh on the local currency at both the interbank and black markets.
Nigeria, S/Africa, Others Need $600b for SDGs
African governments have been charged to seek alternative ways of addressing the increasing debts accruing to them due to global economic recession.
2016 Budget: FG Loses N1.06 Trillion in Deficit
The expected revenue of the federal government to finance the 2016 budget fell short by N1.064 trillion as at June 2016.
Iranian Investors Storm Nigeria
Not less than 70 Iranian investors and businessmen are presently in Nigeria scouting for potential areas to put their resources.
Nigerian Army increases investment in Public Relations
The Nigerian Army said it has increased investment in public relations, promising to place premium on the training and retraining army spokespersons.
STATES
Anambra Govt Signs $47.25m MoU for 40MW Power
Anambra State Government has signed a Memorandum of Understandings, MOU, with Zolts Energy Limited, for the construction of a 40-Megawatt embedded power generating plant in Ogbaru Local Government Area of the state.
Frequent Fire: Govt To Modernise Sokoto Markets
Because of the frequent fire outbreaks that affect markets in Sokoto state, governor Aminu Waziri Tambuwal has said that the state government would modernise all markets in the state in order to avoid incidences of fire as recorded in the state in recent months.
Amosun Calls For Review Of VAT Formula
Ogun State Governor, Senator Ibikunle Amosun, has said the current Value Added Tax (VAT) haring formula was obsolete and should be reviewed.
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