[Headlines] Nigeria Business News


Dollar scarcity pushes naira to 352:
The acute scarcity of foreign exchange, especially the United States dollar, made the naira to fall further on Tuesday to 252 against the greenback at the parallel market.

FG shelves plan to privatise communications satellite firm:
The Federal Government will not continue with the plan to privatise the Nigerian Communications Satellite Limited, the Minister of Communications, Mr. Adebayo Shittu, has said.


Budget: FG’s Planned Borrowings to Increase Debt Stock to 12.8% of GDP:
The projected net borrowings in the federal government’s 2016 budget proposals will increase the government’s debt stock by a further 1.8 per cent, taking Nigeria’s total debt to 12.8 of gross domestic products (GDP), THISDAY checks have revealed.

Nigeria’s External Reserves Fall to $27.840 Billion:
Nigeria’s external reserves stood at $27.840 billion as at last Thursday. The latest position of the reserves showed that it has depreciated by $251 million this month, compared with the $28.091 billion it was at the beginning of this month.

BoI’s Records N12 Billion Profit after Tax:
The Bank of Industry (BoI) has announced a profit after tax of N12 billion and an exceptional income of N37 billion from the disposal of WAMCO shares for the financial year The bank, which hinged its improved profitability on operational efficiency during the financial year, also disbursed loans worth N83.5 billion to 776 enterprises (47 Large Enterprises and 729 (SMEs), during the year under review.

Profit-taking Halts Six-day Gaining Streak at Stock Market:
The Nigerian stock market shed 1.26 per cent on Tuesday as profit taking by some investors halted its six-day gaining streak. The market has been bullish for the past few days as investors reacted to corporate earnings for the 2015 financial year. The high expectations drove the market to record gains in six straight days.


Customs impounds arms, ammunition at Tin-Can port:
THE Nigeria Customs Service (NCS), Tin-Can command has foiled attempt by an importer to smuggle a pistol and 980 ammunition into the country.

‘How manufacturing, trade can help Nigeria to further rebalance economy’:
The World Trade Organisation (WTO) has urged the Federal Government to improve the conditions for trade and investment in its policy mix, as well as strengthen bilateral ties if manufacturing and trade will help the nation in rebalancing the economy.

The Nation

BDCs eye $21b diaspora remittances:
Bureaux de change (BDC) operators are targeting the annual $21 billion average forex inflow from Nigerians in Diaspora for their continued operations, The Nation learnt yesterday.

Equities relapse with N108b loss:
After six successive days of positive rally, Nigerian equities on Tuesday suffered a relapse as investors turned to take profit on highly capitalised stocks that had driven the rally.

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