Business News

Friday, 28 August 2020 04:58

CBN fixes exchange rates as forex sales to Bureau de Change operators resumes

Efforts to control foreign exchange scarcity and the concomitant high rate crystallized on Thursday, as Central Bank of Nigeria (CBN) says it will resume weekly forex sales to Bureau de Change operators from August 31. In a circular signed by Mr O.S. Nnaji, Director of Trade and Exchange Department, CBN, however warned BDCs not to exchange naira at more than N386/$. The apex bank said its decision to resume FX sales to BDCs is to enhance accessibility to forex “particularly to travellers” since the resumption date for international flights has been announced. Providing a breakdown of rates, CBN said: “Please…

Friday, 28 August 2020 04:47

Managers, here are 4 ways to help your employees build their confidence

Regardless of the skills, background or experience an employee possesses, if they lack the confidence in the work they’re doing, they’ll perform below their potential. Employees who lack confidence fear taking risks, sharing their opinions and are unsure of their work and abilities. Consequently, their lack of confidence contributes to them becoming an underperforming employee. Employees fear making mistakes because they associate failure with losing their job. However, it’s through taking risks and making mistakes that true growth happens. Bret Bonnet, co-founder and president of Quality Logo Products, said “confidence comes when you’re no longer afraid to fail.” He went…

Thursday, 27 August 2020 04:53

Analysis: CBN’s dollar clampdown risks fueling illegal currency market - Bloomberg

Nigeria’s all-out effort to defend its currency by targeting importers and exporters with tougher regulations risks pushing more traders to the black market for their dollars. As a scarcity of foreign-exchange worsens in Africa’s largest economy, the central bank on Tuesday ordered banks to report exporters that fail to repatriate income made abroad. The directive comes only a day after the regulator banned importers from using external agents to pay for goods, a bid to keep money inside the nation’s borders. The threat of punishment, which could see exporters banned from accessing dollars, won’t work, said Bamidele Ayemibo, the lead…

Thursday, 27 August 2020 04:46

Covid-19: FG approves N10bn palliative for transportion sector

Federal Government has approved N10 billion to cushion set-backs encountered by road transport workers and operators as a result of Covid-19 pandemic. Minister of State for Transportation, Ms Gbemisola Saraki, disclosed this in a statement on Wednesday in Abuja. Saraki made this known when the President, Public Transport Owners of Nigeria Association (PTONA), Mr Isaac Uhunwagho, led the association’s National Executive Committee and Trustees to visit her in Abuja. She informed the delegation that the fund was domiciled at Federal Ministry of Trade, Industry and Investment adding that Ministry of Transportation was currently working on the modalities for its disbursement.…

Thursday, 27 August 2020 04:38

5 ways to control emotional spending

Amy Fontinelle Sometimes it may seem like shopping has become America's favorite pastime. With advertising popping up everywhere—from TV to billboards to city buses— shopping seems to be everywhere. Advertisers spend billions of dollars annually convincing us that products can make us feel successful, prevent us from being bored, help us attract a partner, and a myriad of other things. With ads carefully designed to manipulate our spending habits, it's no wonder so many people have become emotional spenders. What Is Emotional Spending? Emotional spending occurs when you buy something you don't need and, in some cases, don't even really…

Wednesday, 26 August 2020 05:40

CBN mandates banks to collect electricity charges on behalf of power companies

Central Bank of Nigeria (CBN) has directed Deposit Money Banks to take charge of collection of electricity bill payments in the country. The apex bank in a circular signed by Mr Hassan Bello, director of banking supervision, said the move is in line with a directive of the Power Sector Coordination Working Group to improve payment discipline in Nigerian Electricity Supply Industry (NESI). The circular noted that banks providing guarantee to Nigerian Bulk Electricity Trading (NBET) and Transmission Company of Nigeria (TCN) on behalf of DisCos would take responsibility for collections of concerned DisCos and remittances of DisCos to both…

Wednesday, 26 August 2020 05:29

What Jeff Bezos and Bill Gates learned about failure that made them successful

Chuck Swabada Three ways to help yourself and others adopt a risk mindset A common trait of many great leaders, innovators, and entrepreneurs is a risk mindset. They understand that risk and reward are fundamentally linked, and that failure is paradoxically an integral part of success. Robert F. Kennedy described this well: “Only those who dare to fail greatly can ever achieve greatly.” Consider Jeff Bezos, CEO of Amazon and Bill Gates, co-founder of Microsoft, who are ranked first and second on Forbes’ annual list of the wealthiest people in the world. They have a combined net worth of $211…

Tuesday, 25 August 2020 05:31

Nigeria doubles African Development Bank share holding

Nigeria almost doubled its voting rights in the African Development Bank to 16.8% before the lender’s annual meetings this week, as one of its own seeks re-election to the top post. Africa’s most populous nation is now the biggest rights holder by far, followed by non-regional members Germany with 7.4% and the U.S. with 5.5%, according to a memorandum sent to governors on Aug. 20 and seen by Bloomberg. Nigeria boosted its voting power by paying subscriptions it had pledged as part of a general capital increase, for which the bulk of payments are expected to be made before the…

Tuesday, 25 August 2020 05:27

FIRS records N1.2trn tax revenue for Q2, 2020

Nigeria generated N1.2 trillion in tax revenues in the second quarter of 2020, marginally lower than N1.27 trillion quarterly target, data from Federal Inland Revenue Service (FIRS) have shown. The figure also indicated a decrease when compared to N1.4 trillion tax collections in second quarter of 2019. These figures are contained in Q2 performance report published by the service. Details of the collection showed that petroleum profit taxes generated N440 billion, a huge increase when compared to N71 billion targeted. Non-oil taxes, however, did not meet its N1.1 trillion target as it generated N848 billion in the quarter. According to…

Tuesday, 25 August 2020 05:26

Banks lose N2.5trn loanable funds to CBN’s Cash Reserve Requirement

Between last April and July, Central Bank of Nigeria (CBN) debited N2.476trillion from commercial banks as Cash Reserve Requirement (CRR) and as part of measures to strengthen the Naira. This development has prompted some shareholders’ groups to warn the apex bank not to push the banks off the cliff. In July, CBN debited N216 billion from banks with excess cash holdings as part of measures to strengthen the local currency. In June, it was N460 billion from the accounts of lenders that failed to meet CRR targets for the previous month, May. This occurred barely a month after many banks…

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Tuesday, 25 August 2020 05:25

CBN moves to control prices of imported goods

Central Bank of Nigeria (CBN) said it has taken steps to ensure prices of imported goods with official forex allocations are not overpriced. CBN said it is doing this with immediate effect through the ‘Product Price Verification Mechanism’. In a circular released on Monday, and signed by Mr. O. S. Nnaji, Director of Trade and Exchange department, the apex bank said, “In line with best practices around the world, CBN will be immediately introducing a Product Price Verification Mechanism to forestall over-pricing and or mispricing of goods and services imported into the country.” It said, “All Authorized dealers shall use…

Tuesday, 25 August 2020 05:16

Power companies report N468.4bn loss in 8 months

Gas, transmission, distribution and other constraints made Nigeria’s power sector to lose N468.4bn between January and August 21 this year, latest documents on the industry’s performance have shown. Also, the constraints in the sector stalled the production of a total of 33,122 megawatts of power during the about eight-month period. Documents on the monthly performance of the sector since the beginning of this year obtained from Federal Ministry of Power and the Presidency showed how the industry had been losing billions of naira since January. In January, for instance, the sector lost N56.41bn revenue, while in February and March this…

Monday, 24 August 2020 15:46

ICT sector’s contribution to Nigeria’s GDP grows to 17.8 percent - Minister

Minister of Communications and Digital Economy, Mr Isa Pantami on Monday described as heart-warming statistics released by National Bureau of Statistics that ICT sector has contributed about 17.8 percent to Gross Domestic Product of the country. Minister in a statement issued by his technical aide, Mr Femi Adeluyi said the contribution is unprecedented. National Bureau of Statistics (NBS) had on Monday released ‘Nigeria’s Gross Domestic Product Report’ for Q2 2020. “Nigeria’s GDP decreased by –6.10% (year-on-year) in real terms in the second quarter of 2020, largely attributable to significantly lower levels of both domestic and international economic activity during the…

Monday, 24 August 2020 05:30

Naira loses 108 percent value to CFA

The naira has fallen by 108 per cent against the West African CFA (popularly known as CFA) in the past five years as the latter rallies to wipe out the hitherto wide trading gap between the two currencies. CFA, which is used by eight former West African colonies – Benin, Burkina Faso, Côte d’Ivoire, Guinea-Bissau, Mali, Niger, Senegal and Togo – exchanged for 33k on August 21, 2015, exactly five years ago. According to data sourced from Central Bank of Nigeria (CBN), it gained 36 kobo from August 19, 2015 to close at 0.6888 CFA/N1 on the CBN rate last…

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