CBN Sustains Forex Intervention with $195m

In continuation of its effort to sustain foreign exchange (forex) liquidity in the country, the Central Bank of Nigeria (CBN) on Tuesday intervened in the interbank forex market to the tune of $195 million.

NSE Index Sheds 0.38% as Market Opens on Bearish Note

The Nigerian Stock Exchange (NSE) All-Share Index shed 0.38 per cent to close lower at 35,306.09 as the trading at the stock market resumed for the week on negative note.

In Leaked Letter, Kachikwu Accuses Baru of $24bn Contract Award Without Due Process

In continuation of the supremacy battle between the Minister of State for Petroleum Resources, Dr. Ibe Kachikwu, and the Group Managing Director of the Nigerian National Petroleum Corporation (NNPC), Dr. Maikanti Baru, the minister has written to President Muhammadu Buhari, accusing the NNPC boss of flagrant violation of due process in the award of contracts and acts of insubordination.

DMO Disclaims Media Report on 23 States Exceeding Borrowing Limits

The Debt Management Office (DMO) has dissociated itself from a recent newspaper report that 23 states of the federation overshot their borrowing threshold as permitted by law.

Punch

FG asks MDAs to move 60% of 2016 projects to 2018

The Federal Government on Tuesday said its Ministries, Departments and Agencies had been asked to roll over between 50 and 60 per cent of their capital projects to the next fiscal year.

Senate okays removal of speed bumps from federal roads

The Senate has asked the Federal Ministry of Power, Works and Housing to remove speed bumps on federal highways and enforce compliance with speed limits.

Fresh arrests loom in INEC as EFCC probes 20 states

The South-South geopolitical zone has recorded the highest number of people who took part in the Continuous Voter Registration between the months of April and September 2017.

Vanguard

World Bank projects $22bn diaspora remittance to Nigeria in 2017

The World Bank has projected that up to $22 billion will flow into Nigeria in 2017 through Diaspora remittances, noting that global remittance flow is set to recover this year after two consecutive years of decline.

Reps under fire over Pension Act amendment

Stakeholders in the pension industry have taken up arms against the House of Representatives over ongoing attempts at amending the Pension Reform Act, PRA, less than three years after it was amended in 2014.

Oando to boost gas supply with 8.5km PH infrastructure

Oando Plc said it is set to expand the country’s gas capacity, through its partnership with Rivers State government on completion and expansion of the 8.5 km natural gas distribution network in Port Harcourt Franchise Area.

Guardian

Osinbajo launches 60-day action plan on ease of doing business

Vice President Yemi Osinbajo launched the second National Action Plan on Ease of Doing Business as part of the administration’s medium term Economic Growth and Recovery Plan (EGRP) to build a globally competitive economy.

The Nation

N100b capital vote coming this week

Senators are not pleased that the Federal Government plans to release only an “insignificant” fraction of the N2.177 trillion capital vote in this year’s budget.

Bloomberg

Oil Extends Loss as Industry Data Shows Gasoline Build

Oil held on to losses after an industry report was said to show a rise in gasoline supplies.