Naira exchanges for 503/$ at parallel market

The naira exchanged to the dollar at 503 at the parallel market on Friday according to the Bureau de Change operators. Figures obtained from naijbdcs.com, the official website for the licensed BDCs by the Central Bank of Nigeria showed that the naira was bought and sold for 502 and 503.5. The naira had earlier traded at 504/$ early in July. At the Investors & Exporter forex window, the naira hit a high of 412.25 but closed at 411.50. On the CBN’s website, the banking regulator maintained the official rate of…

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Excessive taxation will worsen poverty level, ADP warns

The opposition Action Democratic Party (ADP) has expressed concern over what it described as taxation burden that Nigerians would be forced to bear next year. ADP’s National Chairman, Yabagi Sani, said: “The deficit in the budget is too huge to allow for any meaningful development in the coming fiscal year. The resort to a wide-ranging and excessive taxation to make for the shortfalls in revenue generation will further push the already stressed Nigerians to economic hardship and agony. “Therefore, the government should creatively devise other means and strategies that will…

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Nigerian stocks lead global markets with N1.33tr gain

Nigerian equities regained the global lead as the most-rewarding stocks, after rising for five consecutive trading sessions to close weekend with net capital gains of N1.33 trillion. Nigeria’s sovereign equities indices at the weekend indicated average return of 7.46 per cent for the week, equivalent to net capital gain of N1.33 trillion. Gains by Nigerian stocks considerably surpassed average returns across the global advanced and emerging markets. The five-day sustained rally pushed average year-to-date return for Nigerian equities to 37.12 per cent, setting up Nigeria for a top position in…

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Stakeholders raise alarm over Nigeria’s fragile energy outlook

Energy experts, yesterday, raised concerns about Nigeria’s energy sector, insisting that the country’s economy faces serious uncertainty going by the poor outlook of the sector. The experts, drawn from top private and public institutions, including the Nigerian Association for Energy Economists (NAEE), projected a catastrophic scenario if the Federal Government remains adamant on urgently addressing challenges bedevilling the sector. The experts spoke at an event in Abuja organised by the NAEE on ‘Energy and Petroleum in a Post Covid-19 World’. Even after the pandemic, State Minister of State for Petroleum…

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IMF urges Nigeria to reduce debt vulnerabilities

The International Monetary Fund has said it is important for Nigeria to ensure significant revenue mobilisation to reduce its debt vulnerabilities. It also said while the country’s economy was expected to begin its recovery process in 2021, it was expected to experience more recovery in 2022. The organisation said these on Friday in a statement titled ‘IMF staff completes 2020 article IV mission to Nigeria’. Part of the statement read, “Significant revenue mobilisation – including through tax policy and administration improvements – is required to create space for higher social…

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Supreme Court Dismisses File By Shell To Revisit 2919 Judgement Against The Company

The Supreme Court has dismissed an application filed by Shell Petroleum Development Company of Nigeria Limited seeking to set aside a January 11, 2019 judgement of the court upholding damages to the tune of N17bilion awarded against the oil company. A January 11, 2019 judgment ordered the conpany to pay N17bn to some Ogoni communities in Rivers State affected by an oil spill from the company in 1970. Dismissing the application on Friday, Justice Samuel Osuji who read the lead ruling of the Supreme Court’s panel prepared by Justice Centus…

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Nigeria Loans $750m From World Bank To Tackle Effects Of COVID-19

Minister of Finance, Budget, and National Planning, Zainab Ahmed, says the Federal Government, is in the process of acquiring a 750 million dollar loan, from the world bank to help states tackle the effect of Corona virus. This was disclosed at the appraisal meeting of the proposed Nigeria Cares (N-CARES) programme organised by the Community and Social Development Project (CSDP), an initiative of the federal government. She said that the administration was determined to assuage the impacts of the COVID-19 on low-income earners who form the bulk of the Nigerian…

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Despite Closure Of Land Borders, FG Exempts Dangote Cement

The Nigerian government has allowed Dangote Cement to resume exports across its land borders, Bloomberg reports. This is despite the closure of all land borders by the government for over one year. The news agency cited its source, Michel Puchercos, chief executive officer(CEO) of Dangote Cement, as saying the company resumed cement exportation to Niger and Togo for the first time in 2020 “through authorisation given by this administration.” Nigerian authorities closed borders with neighbouring countries including Benin and Niger to curb smuggling and boost local production. Although the blockade…

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Nigeria Has Lost N700b In 12 Days Due To Protest- LCCI

Reviewing the economic implications of the EndSARS protest, The Lagos Chamber of Commerce and Industry (LCCI) said that the Nigerian economy has lost over N700 billion over the last 12 days of protest. President, LCCI, Mrs Toki Mabogunje disclosed this in a statement made available for newsmen, stating that it is the protesters right to protest and ask for accountability from the government, but it is having a negative effect on the country’s already crippled economy, she said; “These are in consonance with democratic norms. They also form vital ingredients for…

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Ogun State Pensioners Protest Over Unpaid Allowance

Ogun state pensioners, who protested yesterday around Abiola Way in Abeokuta has called on the Ogun State governor, Dapo Abiodun, to pay their outstanding pensions. The agitated pensioners who claimed that some of the state government retirees are being owed as far back as 2014, while the local government. At a press conference addressed in Abeokuta, the Chairman, Nigeria Union of Pensioners in the state, Mr. Waheed Oloyede, said the proposal by government to release a sum of N500 million quarterly from January 2021 for payment of gratuities was unacceptable,…

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