Home Blog Page 6

Naira strengthens at N465 as diaspora remittances hold sway

Skytrend Consulting LTD
-
0
Naira strengthens at N465 as diaspora remittances hold sway

Naira strengthens at N465 as diaspora remittances hold sway

Nigeria’s Naira strengthens at N465 per United States dollar on the black market since Thursday December 24, 2020 as a result of continued supply from Diaspora remittances following recent policies by the Central Bank of Nigeria (CBN).

With the current rate, naira has gained 2.10 percent or N10.00k day-on-day against the dollar, which closed at N475 on Wednesday at the same market, data from aboki fx.com shows.

At the Bureau De Change (BDC) segment, naira has steadied at N475 since Friday, after gaining N1.00k from N474 traded on Thursday.

On November 30, the CBN said beneficiaries of diaspora remittances through the international monetary transfer operators (IMTO) would have such inflows in foreign currency (US dollar) through the designated bank of their choice.

In a statement on the same day, signed by Ozoemena Nnaji, director of trade & exchange, the CBN said recipients of such remittances may have the option of receiving these funds in foreign currency cash or into their domiciliary account.




Call 0803 239 3958 for free financial consulting advice for your businesses. Attend our bi-monthly Peachtree Sage 50 accounting and reporting seminar.
Reach us or send your financial updates and articles to info@skytrendconsulting.com.

READ ALSO! Naira free fall: Parallel market not determined by demand, supply forces — CBN Governor

READ ALSO! Skytrend Consulting: Financial services and accounting solutions company

READ ALSO! Why The North Remains Headquarters Of Poverty In Nigeria — Kingsley Moghalu

READ ALSO! For failing to give out ‘adequate loans’, 12 banks fined N499bn

READ ALSO! Naira plunge: Speculators will suffer huge loss, Operators warn

READ ALSO! How To Empower Yourself And Generate Income From Mutual Funds

FG records N235bn revenue decline in companies’ income tax

Femi Adeoya
-
1
FG records N235bn revenue decline in companies’ income tax

FG records N235bn revenue decline in companies’ income tax

The Federal Government has realised a revenue decline of about N235billion or 17.4% in company inccome tax for the first 3 quarters of the year, compared with the projections from the 2020 budget.

The Government had, in the budget, projected to generate N1.798 trillion in the full year and N1.348 trillion by Q3’20 from the CIT.

But a data from National Bureau of Statistics, NBS, obtained by Financial Vanguard shows that actual CIT revenue realised for the period under review was N1.113 trillion, about N235 billion or 17.4 per cent decline from the 2020 budget target.

Also economy analysts say the sustained macroeconomic headwinds would likely affect the projected CIT in the fourth quarter of 2020.

Economists and financial analysts have opined that the shortfall in income tax revenue is not unexpected in view of the covid 19 pandemic, which led to a nationwide lockdown and also a huge drop in oil price and oil revenue.

Call 0803 239 3958 for free financial consulting advice for your businesses. Attend our bi-monthly Peachtree Sage 50 accounting and reporting seminar.
Reach us or send your financial updates and articles to info@skytrendconsulting.com.

READ ALSO! Naira free fall: Parallel market not determined by demand, supply forces — CBN Governor

READ ALSO! Skytrend Consulting: Financial services and accounting solutions company

READ ALSO! Why The North Remains Headquarters Of Poverty In Nigeria — Kingsley Moghalu

READ ALSO! For failing to give out ‘adequate loans’, 12 banks fined N499bn

READ ALSO! Naira plunge: Speculators will suffer huge loss, Operators warn

READ ALSO! How To Empower Yourself And Generate Income From Mutual Funds

BDCs lobby CBN to make them diaspora remittance agents

Femi Adeoya
-
0
BDCs lobby CBN to make them diaspora remittance agents

BDCs lobby CBN to make them diaspora remittance agents

The Association of Bureaux De Change Operators of Nigeria (ABCON) is urging the Central Bank of Nigeria (CBN) to make Bureaux De Change operators (BDCs) payout agents for diaspora remittances which is close to $25bn annually.

The President, ABCON, Alhaji Aminu Gwadabe, says the apex bank should leverage the over 5,000 licensed BDCs across the country to get dollars seamlessly to beneficiaries.

He said this in a statement on Sunday titled ‘ABCON asks CBN to make BDCs payout agents for diaspora remittances’.

Gwadabe says this would help in providing a more convenient channel for Nigerians in the diaspora to remit funds back to the country to boost economic development.

He said BDCs remained the largest foreign currency operators in Nigeria, adding that making them payout agents for diaspora remittances would protect the market from forex cartel that refused to follow rules set by the apex bank.

He explained that such move would help in achieving market price equilibrium, give depth to the forex market, boost dollar liquidity in the market, enhance foreign reserves accretion and promote exchange rate stability.

Call 0803 239 3958 for free financial consulting advice for your businesses. Attend our bi-monthly Peachtree Sage 50 accounting and reporting seminar.
Reach us or send your financial updates and articles to info@skytrendconsulting.com.

READ ALSO! Naira free fall: Parallel market not determined by demand, supply forces — CBN Governor

READ ALSO! Skytrend Consulting: Financial services and accounting solutions company

READ ALSO! Why The North Remains Headquarters Of Poverty In Nigeria — Kingsley Moghalu

READ ALSO! For failing to give out ‘adequate loans’, 12 banks fined N499bn

READ ALSO! Naira plunge: Speculators will suffer huge loss, Operators warn

READ ALSO! How To Empower Yourself And Generate Income From Mutual Funds

Naira to plummet, interest rate to skyrocket, says CBN in new report

Femi Adeoya
-
0
Naira to plummet, interest rate to skyrocket, says CBN in new report

Naira to plummet, interest rate to skyrocket, says CBN in new report

Central Bank of Nigeria (CBN) has disclosed that a survey carried out by its Statistics Department revealed that the naira is expected to plummet further in January 2021.

The report, titled, ‘December 2020 Business Expectations Survey Report’ adds that there might also be a steady rise in interest rate from December till the next six months.

The naira witnessed a sharp fall in recent weeks, reaching its lowest on November 30, 2020, when it exchanged for N500/$1. Since then, the dollar has been hovering between N460 and N470. As of Friday, however, one dollar exchanged for 465 in the parallel market.

Also, the Nigerian economy had on November 21 slid into its second recession in five years when the economy shrank again in the third quarter.

The recession is said to be the worst in 36 years, according to the data obtained from the World Bank. The Federal Government and some economists had expressed optimism that the country would exit the recession in 2021.

Call 0803 239 3958 for free financial consulting advice for your businesses. Attend our bi-monthly Peachtree Sage 50 accounting and reporting seminar.
Reach us or send your financial updates and articles to info@skytrendconsulting.com.

READ ALSO! Naira free fall: Parallel market not determined by demand, supply forces — CBN Governor

READ ALSO! Skytrend Consulting: Financial services and accounting solutions company

READ ALSO! Why The North Remains Headquarters Of Poverty In Nigeria — Kingsley Moghalu

READ ALSO! For failing to give out ‘adequate loans’, 12 banks fined N499bn

READ ALSO! Naira plunge: Speculators will suffer huge loss, Operators warn

READ ALSO! How To Empower Yourself And Generate Income From Mutual Funds

Small businesses in Lagos suffer loss of N2.7bn during covid-19 lockdown

Femi Adeoya
-
0
Small businesses in Lagos suffer loss of N2.7bn during covid-19 lockdown

Small businesses in Lagos suffer loss of N2.7bn during covid-19 lockdown

The Lagos Chamber of Commerce and Industry says losses of Micro, Small and Medium Enterprises (MSMEs) in Lagos is about N2.7 billion, due to the recent Coronavirus lockdown.

LCCI’s Director-General, Dr Muda Yusuf, made this known on Sunday through the LCCI’s Economic and Business Review for 2020 and Outlook for 2021.

Yusuf further attributed the development to two major disruptions of COVID-19 and the EndSARS protests, experienced by businesses operating within the Lagos metropolis.

He added that the sharp Naira exchange rate depreciation coupled with sustained acceleration in domestic prices escalated both costs of production and operation for investors in the economy.

“The business community witnessed two major disruptions in year 2020 – COVID-19 pandemic and EndSARS protest nationwide.

“Our findings showed that MSMEs with active presence in Lagos lost at least N2.7 billion in revenue to the lockdown.

Call 0803 239 3958 for free financial consulting advice for your businesses. Attend our bi-monthly Peachtree Sage 50 accounting and reporting seminar.
Reach us or send your financial updates and articles to info@skytrendconsulting.com.

READ ALSO! Naira free fall: Parallel market not determined by demand, supply forces — CBN Governor

READ ALSO! Skytrend Consulting: Financial services and accounting solutions company

READ ALSO! Why The North Remains Headquarters Of Poverty In Nigeria — Kingsley Moghalu

READ ALSO! For failing to give out ‘adequate loans’, 12 banks fined N499bn

READ ALSO! Naira plunge: Speculators will suffer huge loss, Operators warn

READ ALSO! How To Empower Yourself And Generate Income From Mutual Funds

Lagos tertiary institutions finally agree to pay 7% on revenue to PAYTECH

Femi Adeoya
-
10
Lagos tertiary institutions finally agree to pay 7% on revenue to PAYTECH

Lagos tertiary institutions finally agree to pay 7% on revenue to PAYTECH

Tertiary institutions in Lagos State have finally agreed to pay a whopping 7% of their revenue as commission to Payment Technology Limited (PAYTECH), a controversial revenue collector imposed by the State governor, Mr Babajide Sanwo-Olu.

According to a report by Premium Times, all tertiary institutions in the State have enrolled on the platform.

The agreement has been signed by the schools in spite of the clear violation of the state’s procurement law. The management of the Lagos institutions and the education committee of the state’s House of Assembly had earlier kicked against PAYTECH, describing it as exploitative.

The government has argued that it needs such a firm to bring transparency to – and maximise the opportunities in – the collection of the internal revenue generated by the institutions.

The development is similar to the adoption of Alpha Beta Consulting LLP as Lagos State’s tax consultant since 1999. The private tax consulting firm, which is linked to a former governor of the state, Bola Tinubu, has faced a series of corruption allegations, including tax evasion.

Call 0803 239 3958 for free financial consulting advice for your businesses. Attend our bi-monthly Peachtree Sage 50 accounting and reporting seminar.
Reach us or send your financial updates and articles to info@skytrendconsulting.com.

READ ALSO! Naira free fall: Parallel market not determined by demand, supply forces — CBN Governor

READ ALSO! Skytrend Consulting: Financial services and accounting solutions company

READ ALSO! Why The North Remains Headquarters Of Poverty In Nigeria — Kingsley Moghalu

READ ALSO! For failing to give out ‘adequate loans’, 12 banks fined N499bn

READ ALSO! Naira plunge: Speculators will suffer huge loss, Operators warn

READ ALSO! How To Empower Yourself And Generate Income From Mutual Funds

Nigeria’s Oil exports to US plummet by 820,000 barrels in Q3

Femi Adeoya
-
0
Nigeria’s Oil exports to US plummet by 820,000 barrels in Q3

Nigeria’s Oil exports to US plummet by 820,000 barrels in Q3

Nigeria’s crude oil exports to the United States plummet by over 820,000 barrels in Q3, according to data from the US Energy Information Administration.

This represent an 11.83% dip in the third quarter of this year to 6.11 million barrels.

The US imported a total of 6.93 million barrels of Nigerian crude in Q2, up from 5.53 million barrels in the first three months of the year, according to the EIA data.

The Northern American country has significantly reduced imports of Nigerian crude oil in the past few years as the oil produced in its shale operations is similar to the light sweet Nigerian crude.

Oil and gas account for about 50 per cent of the Nigerian government revenues and over 90 per cent of export earnings but account for only about 10 per cent of the country’s Gross Domestic Product.

The NBS data also showed that America imported N111.16bn worth of Nigerian crude in Q3; Europe, N1.03tn; Asia, N910.58bn; Africa, N343.46bn; and Oceania, N29.82bn.

Call 0803 239 3958 for free financial consulting advice for your businesses. Attend our bi-monthly Peachtree Sage 50 accounting and reporting seminar.
Reach us or send your financial updates and articles to info@skytrendconsulting.com.

READ ALSO! Naira free fall: Parallel market not determined by demand, supply forces — CBN Governor

READ ALSO! Skytrend Consulting: Financial services and accounting solutions company

READ ALSO! Why The North Remains Headquarters Of Poverty In Nigeria — Kingsley Moghalu

READ ALSO! For failing to give out ‘adequate loans’, 12 banks fined N499bn

READ ALSO! Naira plunge: Speculators will suffer huge loss, Operators warn

READ ALSO! How To Empower Yourself And Generate Income From Mutual Funds

Stock investors rally N375bn gain, capitalisation climbs to N20.28trn

Femi Adeoya
-
0
Stock investors rally N375bn gain, capitalisation climbs to N20.28trn

Stock investors rally N375bn gain, capitalisation climbs to N20.28trn

Investors in the Nigerian Stock Exchange (NSE) market are smiling to the bank as this year end as they gain over N375billion on Wednesday, December 23, 2020, as the market capitalisation climbs to N20.28trillion.

The market breadth closed positive with 26 gainers against seven losers.

The ASI grew by 910.13 basis points from 37,893.61 index points the previous day to 38.803.74 while the market capitalisation of equities appreciated by N475bn to close at N20.28tn from N19.81tn.

On the activity chart, the premium subsector dominated in volume terms with 1.13 billion shares exchanged in 1,728 deals. The subsector was enhanced by the activities in the shares of Zenith Bank Plc and Access Bank Plc.

The insurance subsector was boosted by the activities on the shares of Veritas Kapital Plc and AXA-Mansard Plc followed with 155.96m units traded in 287 deals.

In all, investors exchanged a total of 1.497 million shares in 4,319 deals.

Call 0803 239 3958 for free financial consulting advice for your businesses. Attend our bi-monthly Peachtree Sage 50 accounting and reporting seminar.
Reach us or send your financial updates and articles to info@skytrendconsulting.com.

READ ALSO! Naira free fall: Parallel market not determined by demand, supply forces — CBN Governor

READ ALSO! Skytrend Consulting: Financial services and accounting solutions company

READ ALSO! Why The North Remains Headquarters Of Poverty In Nigeria — Kingsley Moghalu

READ ALSO! For failing to give out ‘adequate loans’, 12 banks fined N499bn

READ ALSO! Naira plunge: Speculators will suffer huge loss, Operators warn

READ ALSO! How To Empower Yourself And Generate Income From Mutual Funds

Airtel, other telecom operators get FG licence to process NIN

Skytrend Consulting LTD
-
0
Airtel, other telecom operators get FG licence to process NIN

Airtel, other telecom operators get FG licence to process NIN

Mobile network operators (MNOs) say they now have National Identification Number (NIN) enrollment and verification licences from the Federal Government to register citizens in the ongoing programme.

The development followed the stampede that was witnessed at the registration centres of the National Identity Management Commission (NIMC) across the country earlier this week.

Acting under the aegis of the Association of Licensed Telecoms Operators of Nigeria (ALTON), the group says it will continue to work with the Federal Government to ensure the success of the directive to deactivate subscriber identity modules (SIMs) not linked with their owners National Identity Number (NIN).

Airtel Nigeria, one of telecom providers that have been licensed says Nigerians can now complete their NIN registration process at any accredited Airtel outlet nationwide.

Foreign nationals are required to present their international passports only to register a new SIM when the restriction on registration of new sims is lifted, he added.




Call 0803 239 3958 for free financial consulting advice for your businesses. Attend our bi-monthly Peachtree Sage 50 accounting and reporting seminar.
Reach us or send your financial updates and articles to info@skytrendconsulting.com.

READ ALSO! Naira free fall: Parallel market not determined by demand, supply forces — CBN Governor

READ ALSO! Skytrend Consulting: Financial services and accounting solutions company

READ ALSO! Why The North Remains Headquarters Of Poverty In Nigeria — Kingsley Moghalu

READ ALSO! For failing to give out ‘adequate loans’, 12 banks fined N499bn

READ ALSO! Naira plunge: Speculators will suffer huge loss, Operators warn

READ ALSO! How To Empower Yourself And Generate Income From Mutual Funds

JUST IN: ASUU calls off 270-day-old industrial action

Femi Adeoya
-
0
JUST IN: ASUU calls off 270-day-old industrial action

JUST IN: ASUU calls off 270-day-old industrial action

The Academic Staff Union of University, on Wednesday, suspended its strike, ending the industrial action that started since March 2020.

ASUU National President, Biodun Ogunyemi, made the announcement during a briefing of the union in Abuja.

The PUNCH had earlier reported that the Minister of Labour and Employment, Chris Ngige, on Tuesday, assured Nigerians that the prolonged strike by the varsity lecturers would be called off before January 15.

Ogunyemi also said the lecturers sympathised with students who were also their children, adding that “no amount of sacrifice would be too much to get the matter resolved as long as the government is consistent with its commitments.”

READ ALSO: Economy recovery not Covid vaccine should be FG’s priority, says Kogi gov

While warning that the union would return to strike without notice if the government fails in meeting its part of the agreement reached with the university lecturers, Ogunyemi noted that the reopening of the schools, considering the COVID-19 pandemic, lies with the Federal Government and Senate.
Call 0803 239 3958 for free financial consulting advice for your businesses. Attend our bi-monthly Peachtree Sage 50 accounting and reporting seminar.
Reach us or send your financial updates and articles to info@skytrendconsulting.com.

READ ALSO! Naira free fall: Parallel market not determined by demand, supply forces — CBN Governor

READ ALSO! Skytrend Consulting: Financial services and accounting solutions company

READ ALSO! Why The North Remains Headquarters Of Poverty In Nigeria — Kingsley Moghalu

READ ALSO! For failing to give out ‘adequate loans’, 12 banks fined N499bn

READ ALSO! Naira plunge: Speculators will suffer huge loss, Operators warn

READ ALSO! How To Empower Yourself And Generate Income From Mutual Funds

1...567...21Page 6 of 21
© Newspaper WordPress Theme by TagDiv