Business

Zimbabwe bans use of US dollar and other foreign currencies

Zimbabwe bans use of US dollar and other foreign currencies

June 25, 2019 6:45 am

In a bid to defend its fledgeling new currency against black market speculation, Zimbabwe‘s Finance Minister Mthuli Ncube on Monday outlawed the use of the US dollar and a host of other foreign currencies in local transactions.

In 2009, Zimbabwe allowed the US dollar and other foreign currencies to be used as legal tender in the country after hyperinflation decimated the value of the Zimbabwean dollar.

Earlier this year, to pave the way towards ending so-called “dollarisation”, the country laid the foundations for a new Zimbabwean dollar by introducing an interim currency, the Real Time Gross Settlement dollar (RTGS) …

Airtel Africa receives pre-IPO interest worth $200m

Airtel Africa receives pre-IPO interest worth $200m

June 24, 2019 9:02 am

One of the bookrunners handling Airtel Africa Ltd.’s planned initial public offering on the London Stock Exchange said on Monday it had received indications of interest worth about $200 million from pre-IPO investors.

Read Also: Bharti Airtel to pay Tanzania $26 million

Airtel Africa, a unit of India’s Bharti Airtel Ltd., last week set a price range of 80 to 100 pence per share for its IPO.

The firm is expected to raise 595 million pounds from the issuance of 595.2 million to 744 million new shares. (Reuters/NAN)…

Emefiele reveals five years plan for CBN

Emefiele reveals five years plan for CBN

June 24, 2019 8:52 am

The Central Bank of Nigeria (CBN) Governor, Mr Godwin Emefiele, says he will bring inflation to single digit within the next five years.

Emefiele made the promise in Abuja on Monday during a press briefing on his policy road map in his second term.

The News Agency of Nigeria (NAN) reports that the inflation rate dropped to 11.4 per cent as at May.

He said that CBN, under his leadership, would ensure that monetary policy measures would be geared towards containing inflationary pressures.

Emefiele said that he would also support improved productivity in the agricultural and manufacturing sectors.

He …

How to grow states’ IGR without increasing taxes

How to grow states’ IGR without increasing taxes

June 23, 2019 2:05 am
The projected monthly Internally Generated Revenue (IGR) of Lagos State Government for 2018 was N60bn, but at the end of the year, it got about N382bn instead of N720bn, according to the Nigeria Bureau of Statistics (NBS), which is just about 53 percent of the targeted IGR.

Despite the shortfall, the state’s IGR was huge compared to what other states declared as IGR. The N382bn IGR is more than the IGR of 29 other states. Outside Rivers, Ogun, Delta, Kano, Kaduna and Edo, the rest 29 states had N363.48. In fact, the monthly IGR of Lagos is higher than what

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Ban on palm oil import: Stakeholders weigh options

Ban on palm oil import: Stakeholders weigh options

June 23, 2019 1:09 am
The Federal Government’s renewed plan of outright ban of palm oil importation is receiving conflicting reactions from stakeholders in the industry.

While some consider it as a right step towards developing local production, other said it is ill timed, as it might translate to high cost of the commodity in the long run.

A fortnight ago, the Federal Government directed the Central Bank of Nigeria (CBN), to blacklist firms importing palm oil and 42 other items. With the directive, it is now an offence for any company or individual to import palm oil.

The CBN Governor, Mr. Godwin Emefiele,

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IMF congratulates Emefiele on reappointment as CBN Governor

IMF congratulates Emefiele on reappointment as CBN Governor

June 20, 2019 2:46 am

The International Monetary Fund (IMF) has congratulated Central Bank of Nigeria (CBN) Governor, Mr. Godwin Emefiele, on his reappointment for a second term of five years by Jubril(President Muhammadu Buhari).

The Fund’s Managing Director, Ms. Christine Lagarde, in a letter dated June 18, 2019 and made available to THISDAY wednesday, said the re-appointment came at a key moment when Nigeria has the opportunity to take important steps to strengthen the economy and improve living standards for all of its citizens.

Read Also: BREAKING: Emefiele still in office, says CBN

“We look forward to continuing our close collaboration with you and …

NNPC reports $226m oil revenue drop in June

NNPC Refineries record deficits of ₦141b within 13 months

June 20, 2019 1:52 am
Refineries operated by the Nigeria National Petroleum Corporation (NNPC), recorded deficits running into N141billion within 13 months, between January 2018 and January 2019.Indeed, the sum is capable of addressing capital projects in critical sectors of the economy as captured in the 2019 Budget.

A breakdown showed that the losses are capable of funding projects worth N80.29billion, which are expected to drive the agriculture sector in order to address food insecurity and set the economic diversification drive of the current administration on track.

Without borrowing, the current losses would have taken care of practically all capital allocations for health, education, as

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Commercial agriculture: Gov. Wike seeks partnership with EU

Commercial agriculture: Gov. Wike seeks partnership with EU

June 19, 2019 1:34 am

Rivers State Governor Nyesom Wike has called on countries of the European Union (EU) to partner the state government to develop commercial agricultural to create jobs.

Wike also called on the EU countries to partner the government to improve its capital waste disposal system.

He spoke on Tuesday at a forum of the European Union Heads of Missions in Abuja, in a presentation titled: “Understanding current political and security situation in Rivers State in particular and Niger Delta region in general”.

The governor said: “We will continue to solicit for targeted development interventions in Rivers State from the European Union …

NNPC: Nigeria daily oil production reaches 2.3mbpd – Baru

NNPC: Nigeria daily oil production reaches 2.3mbpd – Baru

June 19, 2019 12:14 am

The Group Managing Director, Nigerian National Petroleum Corporation (NNPC), Dr Maikanti Baru says the country’s daily oil production is currently 2.32million barrel pre day.

Baru disclosed this on Tuesday when a delegation of the Nigerian Union of Journalists (NUJ) led by its President Mr Chris Isiguzo visited his office in Abuja.

“Since we came in July 2016, we are focused on increasing production of oil and gas and condensates.

“At some point, our national combined production was about a million barrels; I am happy that as at the end of 2018, we have moved on averaging last year, about 2.1 …

S/African Steinhoff posts $1.3 billion loss in 2018 result

S/African Steinhoff posts $1.3 billion loss in 2018 result

June 19, 2019 12:14 am

South African retailer Steinhoff International Holdings NV on Tuesday reported a narrow loss of 1.2 billion euro ($1.34 billion) for the 2018 fiscal year, in a much-delayed earnings report revealing the impact of an accounting fraud put at $7.27 billion.

Steinhoff, which is also listed in Frankfurt, delayed the results after finding holes in its accounts in December 2017, shocking investors who had backed its reinvention from a small South African furniture outfit into a discount furniture retailer straddling four continents.

The owner of Mattress Firm in the U.S., Fantastic chains in Australia and Conforama in France said the …

CBN reveals $14.2bn capital flows to Nigeria in five Months

CBN reveals $14.2bn capital flows to Nigeria in five Months

June 18, 2019 2:48 am

Total capital flows to Nigeria between January and May 2019, stood at $14.2 billion, the Central Bank of Nigeria (CBN) revealed last night.

Of the aforementioned amount, Foreign Direct Investment (FDI) accounted for $2.87 billion, representing 20.18 per cent of the total amount.

The CBN revealed this in a statement that was signed by its Director, Corporate Communications, Mr. Isaac Okorafor, while reacting to a Reuters report which stated that FDIs in the country dropped last year.

The apex bank said its attention was drawn to the news item on Reuters quoting the World Investment Report, 2019, recently released by …

Active subscribers increase by 43,807 in March - NCC

Over 100 million Nigerians now using the Internet – NCC

June 17, 2019 8:13 am

Internet users in Nigeria increased marginally to  119,506,430 million in April  2019, the Nigerian Communications Commission (NCC) has said.

The NCC made this known on Monday in its Monthly Internet Subscribers Data for April posted on its website.

The data showed that overall Internet users increased to 119,506,430   in April from the 115,938,225 recorded in March , showing an increase of  3,568,205 new subscribers.

According to the data, Airtel, MTN and  Globacom  gained more internet subscribers during the month under review, while 9mobile  was  the big loser.

Read Also: Active subscribers increase by 43,807 in March – NCC

The breakdown

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