Emefiele, Adeosun allay concern over disharmony between CBN, Finance Ministry

The Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, has said there is no disharmony between the bank and Ministry of Finance.
Speaking at a press briefing in Washington DC, United States, Emefiele said both the monetary and fiscal authorities were working hand-in-hand to get the much desired growth needed to get Nigeria out of recession, and towards much needed growth.
In September, the Minister of Finance, Kemi Adeosun, said the fiscal authorities were in need of low interest rates, to reduce the cost of borrowing.
However, the Monetary Policy Committee (MPC) of the CBN, against Adeosun’s request, held interest rates at 14 per cent, signalling some disunity between fiscal and monetary authorities.
According to The Cable, both Adeosun and Emefiele said there was no such disharmony, as that both authorities were working to achieve the same goal of driving growth.
“Just because the monetary policy committee finds themselves in a situation where they are

Emefiele promises review of forex policy to stimulate real sector

Nigeria’s prostrate industrial sector may soon get some fresh impetus as the Governor of the Central Bank of Nigeria (CBN), Mr Godwin Emefiele, has promised to review some aspects of the bank’s flexible exchange rate policy to allow more manufacturers and other end users more access to foreign exchange, after nearly two years of embargo on importers of 41.
Emefiele, who spoke in Washington DC, USA, after crucial sessions with foreign investors and other stakeholders including the International Monetary Fund (IMF), and the World Bank Group, noted that though the flexible exchange rate policy was commended by several stakeholders at the meetings, there may be need still to review some aspects of it in the months ahead, to boost job creation and manufacturing capacity. The policy change option was coming amidst huge job and capacity losses in the manufacturing and other critical sectors of the economy since its introduction on June 23, 2015.
“We heard the IMF Managing Director Christine Lagarde, saying there is need to consider further

NSE market indices record growth

The market indices of the Nigerian Stock Exchange on Monday recorded marginal growth, appreciating by 0.32 per cent due to marginal gains posted by some blue chips.
The News Agency of Nigeria reports that the market capitalisation grew by N31 billion or 0.32 per cent to close at N9.591 trillion against N9.560 trillion achieved on Friday.
Also, the All-Share Index, which opened at 27,835.22, improved by 89.78 points to close at 27,925.00.
A breakdown of the price movement chart showed that Nigerian Breweries led the gainers’ table growing by N2.21 to close at N148.01 per share.
Lafarge Africa followed with a gain of N1.80 to close at N49, while Guaranty Trust Bank gained 45k to close at N23.90 per share.
Zenith Bank increased by 32k to close at N14.55 and Union Bank of Nigeria appreciated by 24k to

Aisha Buhari warns against sale of interest-free loan forms

Wife of President Muhammadu Buhari, Aisha, has warned those selling the interest-free loan forms at the Federal Ministry of Women Affairs to “desist from sabotaging the programme and allow the Nigerian women feel the change mantra.”

Cross River plans N1.3trn investment

Governor Ben Ayade has drawn an ambitious economic ‘road-map’ of about N1.3 trillion for Cross River State.
Ayade stated this at the weekend during a meeting with a cross section of traditional rulers from the 18 local councils of the state who visited him in Calabar, the capital.
He said the projected amount was expected to come from both local and foreign investors who are

Global firm to begin manufacturing in Nigeria

The world’s largest tobacco company, Philip Morris International (PMI), with operations in 181 countries, has finalised plans to commence manufacturing in Nigeria before the end of 2016.
The investment comes in less than two years of their starting operations in Nigeria and clearly indicates the confidence the company has in the economy.
Upon its entry to Nigeria last year, PMI took the opportunity provided by the ECOWAS Trade

Nigerian-German bilateral trade nose dive by 50% in 2015

The volume of bilateral trade between Nigeria and Germany has decreased from 5.4 billion Euros in 2014 to 2.9 billion Euros in 2015, Frank-Walter Steinmeier, German Minister of Foreign Affairs, has said.
Steinmeier, who announced this on Monday at the end of Bi-National Commission between the German delegation and Nigerian counterparts, however, expressed worry over the 50 per cent decrease.
The Nigerian delegation at the meeting was led by Nigerian Foreign Affairs Minister, Geoffrey Onyeama.
Steinmeier said Nigeria remained Germany’s second most important economic partner inn Sub Saharan Africa.
He said that there was the need to strengthen on this development in the interest of both countries.
Steinmeier said: “Both sides believe that open markets are the most important prerequisite for free and rules-based trade to everyone’s mutual advantage.

Naira consolidates its gain against dollar

The Naira on Monday consolidated its gain against the dollar at the forex market, the News Agency of Nigeria reports.
The News Agency of Nigeria reports that since the resumption of the sale of Diaspora remittances to Bureau De Change by Travelex, the Naira had continued to appreciate.
At the official inter bank market, the Naira closed at N304.75 from N306.71 posted on Friday.
It firmed against the dollar and other currencies at the parallel market as it closed at N470, N580 and N510 from N473, N590 and N512 posted on Friday.