Dwindling Oil Price: CBN devalues naira, raises lending rate

The Central Bank of Nigeria, CBN, has announced a new official naira-to-dollar exchange rate, forcing down the Nigerian currency by 13 naira, as the country struggles to reshape its fiscal policies in response to dwindling oil price.

The bank devalued the naira at its monetary policy committee, MPC, meeting on Tuesday in Abuja, where it also reviewed Nigeria’s monetary policy rate from 12 per cent to 13 per cent.

The monetary policy rate highlights lending rate for the country’s economy.

The naira will now exchange officially at N168 to a dollar, and no longer N155, the bank said.

Central Bank of Nigeria (CBN), Ministry of Petroleum Resources, Ministry of Power and the Nigerian Electricity Regulatory Commission (NERC) sign MoU on the CBN-Nigeria Electricity Market Stabilization Facility (NEMSF)

The Central Bank of Nigeria (CBN), in what has been described as an uncommon collaboration with the Ministry of Petroleum Resources, Ministry of Power and the Nigerian Electricity Regulatory Commission (NERC), has opened a new vista in Nigeria’s power sector with the signing of Memoranda of Understanding (MoU) on the CBN-Nigeria Electricity Market Stabilization Facility (NEMSF).

In his welcome remarks at the epoch event held at the Abuja Hilton Hotel on Tuesday, November 18, 2014, the CBN Governor, Mr. Godwin Emefiele, CON, said the facility would kick-start the electricity market in order to ensure that the power sector delivers tangible improvements in power supply for the benefit of all Nigerians.

According to him, the CBN, in partnership with Deposit Money Banks (DMBs) in Nigeria, would provide the facility to address shortfalls in power sector revenues caused by needed adjustments in electricity tariff basic gas debt and in the process reset the economics of the power sector. He added that the facility would be repaid in the life-time of the rest electricity tariff.

CBN devalues Naira now 168 to the US dollar

The Monetary Policy Committee of the Central Bank of Nigeria (CBN) on Tuesday devalued the naira from N155 to N168 to the US dollar.

The MPC tightened the apex bank’s monetary policy by allowing some flexibilities in the exchange rate to stem speculative activities and depletion of reserves.

The announcement was made by the CBN Governor, Mr. Godwin Emefiele, while briefing journalists shortly after the MPC meeting   at the bank’s headquarters   in Abuja.

Nigerains React: Naira Hits N186 to $1 in Abuja Black Market

The exchange rate for the dollar in Abuja “black market’’ on Wednesday stood at between N182 and N186, an investigation by a News Agency of Nigeria (NAN) correspondent found.

This is against the new official exchange rate N168 announced on Tuesday by the Governor of Central Bank of Nigeria (CBN), Godwin Emefiele.

The NAN correspondent, who checked near the Sheraton Hotel, Zone 4, Abuja, the rendezvous for most black market operators, found that the closest naira exchange to the official exchange rate was N182.

Massive Rail Deal Gives China's Push Into Africa a Major Win:Chinese train company closes $12bn deal in Nigeria

The China Railway Construction Corporation's eye-popping $12 billion deal to build an 870-mile railroad in Nigeria is the biggest single overseas contract in Chinese history and will boost the country's manufacturing sector just as its overall economy shows some signs of slowing. That's not the only upside for China, however: the deal will also give Chinese firms more of a foothold in Africa's biggest economy.

The contract to link Lagos with Calabar, a city in eastern Nigeria, is of a part with China's headlong rush into Africa, where it has built or proposed tens of billions of dollars in infrastructure projects, partly to secure needed supplies of natural resources.

But this process is not without growing pains, both because some Africans object to a second kind of colonialism and because those infrastructure projects have been dogged by persistent questions about quality control and environmental concerns.

ICAN Constructs 250-Capacity Lecture Theatre In Kano North-West University

The Institute of Chartered Accountants of Nigeria, ICAN, has laid foundation for the construction of a lecture theatre with a capacity for 250 at the permanent site of the North West University, Kano, a newly established state-owned university.

In his address at the construction site in Kabuga/BUK road, yesterday, the president of the institute, Mr. Chidi Ajaegbu said ICAN was partnering the university in accountancy education more than any other existing universities in the country.

Former FCT Minister El-Rufai Tweets “Sad State of a Nation! '”

Ex FCT Minister, Nasir El-Rufai is not happy about the state of the nation.

A few hours ago, he posted a pictorial depiction of his thoughts about Nigeria, titled “Litany of Confusion.”

Ajibola Aderonke is an auditor at professional services firm Ernst & Young (EY). She previously worked another Big 4 accounting firm PwC. She can be reached at ajibolaaderonke@gmail.com for ideas and suggestions. The post above and its ensuing comments, if any, is purely the opinion of the writer.

University of Edinburgh Study: High Blood Pressure Puts One in Four Nigerians at Risk

High blood pressure, already a massive hidden killer in Nigeria, is set to sharply rise as the country adopts the western lifestyle, a study from Edinburgh University suggests.

Researchers who conducted the first up-to-date nationwide estimate of the condition in Nigeria warned that this would strain the country’s already-stretched health system.

They therefore stated that increased public awareness, lifestyle changes, screening and early detection are vital to tackling the increasing threat of the disease.

High blood pressure, also known as hypertension, is twice as high in Nigeria compared with other East African countries and less than 20 per cent of Nigerians are aware that they have the condition. Hypertension, the study said, put people at risk of heart disease, kidney disease and stroke.

China to boost trade with Nigeria via import of agricultural produce

The Chinese government has said it is interested in boosting its annual trade with Nigeria now worth about 13 billion U.S. dollars through increased import of agricultural produce from Nigeria.

The Chinese Ambassador to Nigeria, Mr Gu Xiaojie, said this recently at the Forum of the News Agency of Nigeria (NAN) in Abuja.

Xiaojie said China mainly imported oil from Nigeria, which accounted for one billion U.S. dollars of the annual trade volume, adding that China was eager to diversify its imports from Nigeria.

“Nigeria is the biggest producer of crude oil in Africa and exports a lot of oil to other

Farmers in Benue record bumper harvest, says AFAN

An assessment by the Benue chapter of All Farmers Association of Nigeria (AFAN), indicated that farmers in the state recorded bumper harvest this year.

Secretary of AFAN in the state, Mr Sam Kwa’na, who disclosed this in an interview with the News Agency of Nigeria (NAN) in Makurdi on Monday, said the yields recorded this year surpassed that of last year by about 50 per cent.

He said that apart from the bumper harvest recorded in his personal farm, other farmers also recorded similar success.

He explained that AFAN had carried out assessment of yields recorded this year, involving

Eastern railway line to commence operation soon -- Tukur

The Chairman of the Nigerian Railway Corporation, Alhaji Bamanga Tukur, has said that train services in the Eastern Railway District will commence before the end of the year.

Tukur made the announcement in Enugu on Monday while inspecting ongoing projects on the Port Harcourt-Enugu railway.

The board chairman expressed satisfaction with the work so far done, hoping that train services might commence before the end of the year.

“I believe with what I saw on ground, train services may commence before the end of this year so that Nigerians will begin to enjoy what we used to have before now.

“Our railway has come alive again; the Bridge No.15 which nature brought down has been rehabilitated.

Ekiti without electricity for months- Fayose

Governor Ayo Fayose of Ekiti State on Wednesday in Abuja said that protracted poor power supply to the state was militating against the economic and social growth of the state.

Fayose made the call during a courtesy visit on the Chairman of Nigerian Electricity Regulatory Commission (NERC), Dr Sam Amadi.

He, therefore, appealed to the commission to liaise with Benin Electricity Distribution Company (BEDC) whose operations cover the state to help in restoring power supply to the state.

Fayose said that most parts of the state had been in blackout for over 10 months. “Ekiti has been in blackout since I came in as governor. All that I want is a solution to the blackout that has persisted in the state,” he said.

According to him, some communities in the state have protested the continued blackout by destroying property and beating up workers of the electricity distribution company.

“Members of the communities have to block highways preventing people from going about their businesses but following my intervention they re-opened the roads,” he said.

Fayose said that as soon as he gets back to the state, he would redeem the pledge of N5 million he

Strike by health workers unnecessary, unjustifiable – FG

The Federal Government says the planned strike by the Joint Health Sector Union (JOHESU) is unjustifiable, unnecessary and unfortunate.

The Supervising Minister of Health, Dr Khaliru Alhassan, stated government’s position at a news conference in Abuja on Wednesday.

Alhassan said the decision of JOHESU’s executive to embark on strike from 12:00 a.m. on Nov. 13 was unnecessary because of ongoing negotiations between the union and government.

The minister said the call for strike suggested that there could be more to incessant strikes by the union than what it was clamouring for.

“The strike is unexpected because it is against the rules governing the relationship between the ministry and the workers.

“It is most unnecessary because there is ongoing dialogue which has been very successful at various stages whereby most of the demands of JOHESU have been met.

“The last meeting between JOHESU and government on Nov. 6 ended amicably with some

Mixed Reactions Trail Dangote Cement Now 1000 Per Bag (Value Added Tax, VAT Exclusive)

Leading cement manufacturer, Dangote Cement Plc., recently announced drastic reduction of the prices of its cement.

The new price regime announced by the Group Managing Director/Chief Executive Officer, GMD/CEO, of Dangote Cement, Mr. Devakumar Edwin, pegged the Dangote 32.5 cement grade at N1,000 per 50 kg bag, while the higher 42.5 grade would sell for N1,150 per bag.

Reactions have since trailed this announcement, with industry watchers expressing concerns over the sincerity of this action.

Some observers see this move as politically engineered with comments such as; “We enjoy

ICAN : APPOINTMENT OF UHY MAAJI & CO AS JOINT AUDITORS WITH PWC FOR THE INSTITUTE OF CHARTERED ACCOUNTANTS OF NIGERIA

As part of its strategies to enhance the technical capacity of small and medium-sized practices (SMPs) and by extension, the quality of financial reporting in the country, the Council of the Institute through its 50TH and Golden Jubilee President  in a press release dated 28th Aug, 2014 addressed to its members expressed that the Institute is championing the concept of joint auditors for corporate entities. 

Joint audit involves the appointment of a lead audit firm and a support audit firm by a client

WHAT IS FIRS PRE-OPERATIONAL LEVY

Pre-Operational Levy is a levy imposed on companies which fail to commence business within six months after their incorporation. The levy is N 25,000 in the first instance and N 20,000 for any other year, if it still has not commenced business. It is to be levied when the taxpayer applies for current Tax Clearance Certificate (TCC). Pre-operational levy should not be imposed