The Central Bank of Nigeria has revealed yesterday that the nation’s foreign reserve has gained up to $2.7bn in May after declining for several months. According to the CBN, the foreign reserve which stood at $33.52bn as of April 30th, 2020 has subsequently risen to 36.59bn as of May 29th, 2020 making it an increase by 2.7%. The reserve has rocked the bottom after hitting a high of $45.17 on June 11, 2019, making it a loss of more than $11bn in 11 months.
The Federal Government has slashed the earlier budgeted N37bn for the renovation of the National Assembly to N27.7bn. The Federal Government in a revised Budget proposal on Tuesday slashed about N9.3bn from the earlier budget slated for the renovation of the National Assembly Complex. Contained in the earlier budget, the renovation of the complex was slated to gulp N37bn and to be executed by the Federal Capital Territory Administration was greeted with uproar from members of the public despite the paucity of fund in the national treasury.
President MuhammaduBuhari has initiated the next phase of a deal with Siemens AG to upgrade Nigeria's dilapidated power infrastructure. The government of Africa’s largest economy and the German engineering firm signed an agreement in July 2019, to recover and then expand the country’s electricity grid. Only about 60% of residents in the country have access to power and even those that do are haunted by regularity.
The Federal Airports Authority of Nigeria (FAAN) has said there would be few changes as arrangements are in place on passenger facilitation for the resumption of flights in the country. The General Manager Corporate Affairs, Mrs Henrietta Yakubu made this known during the aviation webinar for Women in Aviation (WIA) Nigeria titled, 'Aviation: The New Norm in the post COVID'.
Global stocks rally at three-month highs and the dollar weakened further on Monday as optimism on economies opening up boosted risk demand, shrugging off worries over riots in the U.S. and unease over Washington’s power struggle with Beijing. The following rise to a whopping 35% from a late March trough, stocks were set to begin June with more gains. The MSCI all-country world stocks index.MIWD00000PUS has covered two-thirds of the losses it incurred in the aftermath of the coronavirus outbreak. Monday's gains were also encouraged by relief that while President Donald Trump began the process of ending special U.S. treatment for Hong Kong to punish China, he left their trade deal intact.
Data from the National Bureau of Statistics show that Nigeria's Gross Domestic Product, GDP rose to 1.87% in the first quarter of this year. The bureau, in a report released on Monday, May 25, 2020, said the economy reflected the earliest signs of disruptions caused by the COVID-19 pandemic, sharp decline on oil prices and restrictions on international trade.
President MuhammaduBuhari, on Friday, signed into law an Executive Order to grant financial autonomy to the legislature and the judiciary across the 36 states of the country. He made the announcement in a tweet on Friday, May 22. He said, "Based on the power vested in me under Section 5 of the 1999 constitution (as amended), I, today, signed into law Executive Order 10 of 2020 for the implementation of financial autonomy of state legislature and judiciary.
In its effort to enhance quality service delivery CBN Issues New Directives To Banks On Swift Resolution Of Transaction Issues, including dispense errors and failed transactions. The Central Bank of Nigeria has dished out new directives to banks with regard to POS, ATM and web customer refunds. In a statement on its verified Twitter handle, the Apex bank emphasized that all backlog of issues and errors on transactions including ATM, POS and web customer must be resolved within two weeks starting from June 8, 2020.
Energy specialist in Nigeria is doubtful of the sustainability of current rise in the prices of crude oil, as Brent rose to $35.14 per barrel, while Bonny Light traded for $33.92 gaining about $4.11. While the other grades of Nigeria’s crude, Brass River, and Qua Iboestood at $35.20, some experts charge the Federal Government to cautiously study the trend before making decisions.