[Headlines] Nigeria Business News

Punch

CBN backs real sector with N1.3tn:

The Central Bank of Nigeria says it has supported the real sector of the economy to the tune of over N1.3tn as part of its efforts to tackle the challenges facing the economy.

FG to cut N1.84tn borrowing through TSA recovery:

The Federal Government is planning to reduce the amount of borrowing needed to fund the 2016 budget from funds mopped up from government agencies through the implementation of the Treasury Single Account.

Sanusi faults CBN on naira exchange rate:

The Emir of Kano and immediate past Governor of the Central Bank of Nigeria, Muhammadu Sanusi II, has described the monetary policy regime of the CBN as wrong.

 

The Nation

$40b drained from External Reserve in 10 years, says CBN:

The Central Bank of Nigeria (CBN) has lamented that about $40 billion was depleted from the nation’s external reserves in 10 years due to the taste for imported goods by Nigerians.

Dangote slashes cement price:

As a result of its economy of scale occasioned by the recent introduction of new production lines in Okpella Edo State and Itori in Ogun State worth nine million  metric tonnes, Dangote cement has slashed the price of its cement varieties.

 

Vanguard

Nigeria can generate N5trn annually from solid minerals — Metal exporters :

Exporters under the aegis of Association of Metal Exporters of Nigeria, AMEN have called on the Federal Government to intervene in the solid minerals sector and tap the abundant benefits as the sector has opportunity of generating N5 trillion annually.

CBN gives banks 6 months to comply with FTZ $10m minimum capital base:

LAGOS—Banks planning to set up or already operating subsidiary units in any of Nigeria’s Free Trade Zones, FTZs, must now have a minimum capital base of $10 million, the Central Bank of Nigeria, CBN, approved guideline for setting up a bank in a free trade zone in Nigeria has said.

Guardian

NSE’s market capitalisation rises by N164 billion:

Despite price losses that outweighed gains, equity transactions on the Nigerian Stock Exchange closed in an upbeat yesterday, as major highly capitalised stocks appreciated in price, causing market capitalisation increased by N164 billion.

Obasanjo urges sustenance of microfinance bank policy:

Former President, Chief Olusegun Obasanjo, at the weekend, enjoined all stakeholders of the microfinance sub-sector not to allow the lofty initiative behind establishment of the microfinance banks to die.

 

Reuters:

Nigeria hopes to cut down on borrowing, graft due to better cash management: finance minister:

LAGOS (Reuters) – Nigeria’s decision to collect government payments in one bank account will help limit state borrowing, reduce payment delays and curb corruption, its finance minister said on Monday.

 

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