Connect with us

Business News

Again, CBN Intervenes in Forex Market with $280.04m, CNY 28.3m

Published

on

Central Bank of Nigeria CBN
Share

The Retail Secondary Market Intervention Sales (SMIS) has received a boost of $280.04million from the Central Bank of Nigeria (CBN), which also injected the sum of CNY 28.3million in the spot and short tenored forwards segment of the inter-bank foreign market.

The latest interventions in the inter-bank foreign exchange market, which were announced on Friday by the apex bank’s Director, Corporate Communications Department, Isaac Okorafor, were for requests in the agricultural and raw materials sectors as well as Renminbi-denominated Letters of Credit.

Okorafor further expressed satisfaction over the stability of the foreign exchange which according to him, was largely due to sustained intervention by the Bank.

He reiterated assurances that the Bank’s management would remain committed to ensuring that all the sectors of the forex market continue to enjoy access to the needed foreign exchange.

DAILY ASSET recalls that the Bank had on Tuesday, August 6, 2019, offered authorized dealers in the wholesale segment of the market the sum of $100million, while the Small and Medium Enterprises (SMEs) and the invisibles segments each received the sum of $55 million.

Meanwhile, $1 exchanged for N358 at the Bureau de Change (BDC) segment of the foreign exchange market, while CNY1 exchanged at N46 on Friday, August 9, 2019.

Business News

Ooni partners Chinese company to create over 50000 jobs

Published

on

Share

The Ooni of Ife, Oba Adeyeye Ogunwusi, Ojaja II, has signed a Memorandum of Understanding (MoU) with a Chinese company to create employment opportunities for over 50,000 indigenes of the state.

Ooni signed the MoU with China Overseas Energy Development Technology Ltd on Tuesday in Ile-Ife under Community and Private Partnership arrangement.

He said that the company would invest in agriculture, green energy, gold, lithium and other mineral resources in Ile-Ife and the state at large.

According to him, the Chinese company will also focus on the development of agriculture; mechanised farming and the production of cocoa in large quantity.

The traditional ruler stated that the MoU would help the indigenes of the state to enjoy unprecedented investment flow, while assuring that the company would not disappoint in the area of funds.

“The partnership we are signing today with China Overseas Technology Development Company Ltd is going to create over 50,000 employment opportunities to Osun indigenes.

“The company would first invest in agriculture and would set up a cocoa processing plant in Ife-ife, which will serve as its agricultural hub.

“The company will farm on over 20,000 hectares of land, generate green energy using solar which is starting from this palace.

“This palace will be powered by solar 100 per cent within the next 30 to 60 days when it is completed,” Ooni stated.

Continuing, Oba Ogunwusi said the future of Nigeria oil and gas lies in lithium, noting that soonest lithium would be the only means to power battery, electric cars among others.

He added that partnership with the Chinese company would be Community and Private Partnership driven which would help to grow the economy at the community level.

Ooni, who emphasised that the investment would be on a large scale both for Osun and the Federal Government, called for the support of all and sundry.

“In Dubai alone, the Chinese company has investment more than 10 billion U.S. dollars. In South Sudan right now, they are investing over 4 billion dollars. They are now ready to invest double of such investment in Nigeria,” he stated.

Speaking at the occasion, Gov. Ademola Adeleke lauded Ooni for the initiative and the management of the Chinese company for agreeing to invest in the state.

Adeleke restated his commitment to promote culture, tourism and entertainment in the state to improve the wellbeing of residents.

In his remarks, Mr Zhang Xiaolin, the Managing Director/Chief Executive Officer, China Oversea Energy Development Ltd, congratulated Ooni on the celebration of Olojo 2023.

Xiaolin also applauded the traditional ruler for partnering with the company and pledged that the company would adhere to the agreement terms. 

Continue Reading

Business News

KDSG reiterates commitment to enhance capabilities of KADBUSA’s operations 

Published

on

Share

The Director-General (DG), Kaduna Bureau of Substance Abuse Prevention and Treatment (KADBUSA), Joseph Ike, said, Kaduna State Government has reiterated its commitment to enhance the capability of KADBUSA.

The DG stated this on Tuesday at the Capacity-Building Training for operatives of KADBUSA in Kaduna.

He said the training which is in alignment with Gov.

Uba Sani’s administration’s agenda, emphasizes Human Capital Development and Citizens’ Engagement.

“It is also important in diligently carrying out the important mandate of the Bureau.

“This collaborative initiative between KADBUSA, the Kaduna State Ministry of Health, and the  United Nation Office on Drugs and Crime ( UNODC), underscores the commitment to address the pressing issue of substance abuse within the state.

He said by enhancing the capabilities of KADBUSA’s operations staff, the programme aims to make a tangible difference in the lives of those affected by drug abuse and addiction.

“This two-day, Capacity-Building Training is a significant step towards a healthier, more secured, and prosperous Kaduna State,” he said.

On his part, Project Officer, UNODC, Dr. Akanidomo Ibanga, called for development of policies that will address the prevalence of drugs abuse in the country.

He said people with drug disorder who come in contact with the criminal justice system, should be treated rather than sent to prison.

According to Dr. Ibanga, 14.3 per cent of Nigerians have used drugs within the past years, “that is 14.4 million people. Now, that is three times more than the global average. We have a serious drugs problem on our hands.

“The Nigerian situation is peculiar because it has the drugs problem but doesn’t have enough treatment facilities to handle the issues of people that have drugs disorder.

“This is even a 2018 data. From that time till date, the number of people using drugs have probably increased.

“From projections from WHO and UNODC, there would be 40 per cent increase in drug use by 2030 in Africa, and Nigeria, being the most populous country in Africa, will have most of the number.

“So, we are saying that, we are sitting on s time bomb, because come 2030, we are talking about 20 per cent prevalence, that is, one in every five people you meet on the street.

“There are certain things we can do to avert this. UNODC has evolved certain responses and developed certain models, which can be run by both National and state governments,” Dr. Ibanga added. 

Continue Reading

Business News

Naira gains at investors, exporters window

Published

on

Share

The naira on Tuesday appreciated against the dollar as it exchanged at N745.19 at the Investors and Exporters window.

The local currency gained by 1.38 per cent compared to the N755.27 it exchanged for the dollar on Sept. 29.

The open indicative rate closed at N767.24 to the dollar on Tuesday.

A spot exchange rate of N819.

90 to the dollar was the highest rate recorded within the day’s trading before it settled at N745.
19

The naira sold for as low as N700 to the dollar within the day’s trading.

A total of 81.12 million dollars was traded at the investors and exporters window on Tuesday.

Continue Reading

Read Our ePaper

Top Stories

NEWS1 hour ago

NLC, TUC commend Gov. Sani for inclusion, assures of fair palliative distribution 

Share The Nigeria Labour Congress (NLC) and Trade Union Congress (TUC) have commended Gov. Uba Sani of Kaduna state for...

NEWS1 hour ago

Military budget: CDS seeks minister’s support

Share The Chief of Defence Staff (CDS), Gen. Christopher Musa, on Tuesday solicited the support of the Ministry of Budget...

POLITICS1 hour ago

SDP urges President Tinubu, IG to call Kogi CP to order

ShareThe Social Democratic Party (SDP) on Tuesday urged President Bola Tinubu and the Inspector General of Police (IG) to call...

NEWS1 hour ago

Commission trains 150 Nomadic Youth, Women on Skills Acquisition

ShareThe National Commission for Nomadic Education (NCNE) has trained 150 nomadic youths and women across Anambra, Delta, Katsina, Osun, Yobe...

Uncategorized1 hour ago

Sokoto Judicial Commission grants Tambuwal, nine others additional time for defence Commission

Share The Sokoto State Commission of Inquiry has approved the request of former Gov. Aminu Tambuwal and nine others for...

Business News1 hour ago

Ooni partners Chinese company to create over 50000 jobs

Share The Ooni of Ife, Oba Adeyeye Ogunwusi, Ojaja II, has signed a Memorandum of Understanding (MoU) with a Chinese...

Business News1 hour ago

KDSG reiterates commitment to enhance capabilities of KADBUSA’s operations 

Share The Director-General (DG), Kaduna Bureau of Substance Abuse Prevention and Treatment (KADBUSA), Joseph Ike, said, Kaduna State Government has...

Uncategorized1 hour ago

NAPTIP celebrates as 62-years-old trafficker goes in for 12 years

ShareThe National Agency for the Prohibition of Trafficking in Persons (NAPTIP), has expressed appreciation at Tuesday’s sentencing of a human...

NEWS1 hour ago

Lalong sets up committee to probe complaints against  NSITF management

ShareMr Simon Lalong, Minister of Labour and Employment, says he has set up a committee to probe alleged complaints by...

NEWS2 hours ago

Independence: Don urges professors to lead by example, make Nigeria betterProfessors

ShareA professor of Animal Genetics, Mike Iloeje, has charged Nigerian professors to lead by example and create the desired change...

Copyright © 2021 Daily Asset Limited | Powered by ObajeSoft Inc