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Nigeria: Govt Mulls Relaxing Forex Restrictions On 41 Items


The Federal Government may get the Central Bank of Nigeria, CBN, to relax the ban imposed on 41 items from official foreign exchange window. Vice President Yemi Osinbajo, who disclosed this in an email obtained by Bloomberg, said the government would consider “policy-driven restrictions” to promote local manufacturing of 41 items, such as rice and toothpicks. He said: “In stabilizing ...

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S.A’s Financial Services Board probes trades around Gordhan recall


South Africa’s Financial Services Board (FSB) is probing certain trades made in the hours before former Finance Minister Pravin Gordhan was recalled from an investor roadshow and then dismissed, an official said on Tuesday. The Johannesburg bourse said in April it was probing the trades involving currency futures and would forward its findings to the FSB once they were finalised. ...

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Nigerian central bank trying to make FX rates converge


Nigeria’s central bank has been working to make the exchange rates for its currency converge on the official and black markets, its spokesman said, and plans to offer $100 million on the forward market on Tuesday to boost liquidity. Nigeria runs a system of multiple exchange rates, and the central bank has sold more than $4 billion on the spot ...

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Nigeria: House Ad Hoc Committee Re-Invites NNPC, Others Over Missing Oil Revenues


Following their “unconvincing” response at the initial stage of inquiry, the House of Representatives Ad-hoc Committee which is probing the N17 billion missing crude oil and gas revenues said it’s ready to re-invite key agencies including the Nigerian National Petroleum Corporation (NNPC) and the Department of Petroleum Resources (DPR) to a resumed public hearing. About 76 organisations, including International Oil ...

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Nigeria: MTN Nigeria Sacks 280 Long-Serving Workers, Others


In one fell swoop, South African telecoms firm, MTN, on Friday sacked 280 of its employees in Nigeria, in a major job cut that affected about 15% of the company’s entire Nigerian workforce. Those affected by the move include some 200 permanent employees and about 80 contract staff across various cadres, ranging from new graduates to senior managers, multiple sources ...

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Nigeria: Finding opportunities where others fear to tread


A few years ago investors were very excited about investing in Africa outside of South Africa. People spoke of Africa rising, the growing middle class, financial deepening, less reliance on commodities etc. Now the popular refrain is, “How do I get my money out?” The “Get me out” sentiment applies both to corporates that invested in plant and machinery and ...

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Ivory Coast cocoa farmers should raise output, quality – President


Ivory Coast President Alassane Ouattara urged cocoa farmers to raise production and quality and said a 40 percent fall in global cocoa prices this season had hurt the nation’s economy and budget. Bumper crops in Ivory Coast, the world’s top producer, and other countries have sent prices tumbling this season. Ivory Coast has slashed its 2017 budget due to the ...

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Nigerian stocks rise 2.37 pct on new Cenbank forex window


Nigerian stocks rose by more than two percent on Monday after the central bank introduced a new policy to allow foreign investors to engage in foreign exchange trading at rates the buyers and sellers set. The market all share index rose in early trade by 2.37 percent, lifted by Dangote Cement, which accounts for a third of the market capitalisation. ...

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Nigeria needs reforms to hedge against future FX crisis – World Bank Africa economist


Nigeria needs to reform its finance to ensure it can hedge against any future currency crisis, the World Bank chief economist for Africa said on Wednesday. Albert Zeufack said currency adjustments could lead to higher inflation but continued monetary policy tightening would price pressures, adding that making fiscal adjustments in the West African country now in its second year of ...

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Nigeria: Local Content – Nigeria Retains $5bn of Yearly Spend in Oil and Gas Sector


The Executive Secretary of the Nigerian Content Development and Monitoring Board (NCDMB), Mr. Simbi Wabote has disclosed that about $5 billion out of the $20 billion spent annually in Nigeria’s oil and gas is retained in-country as a result of seven years of implementation of the Nigerian Oil and Gas Industry Content Development (NOGICD) Act of 2010. Speaking in Lagos ...

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