The Central Bank of Nigeria (CBN) on Friday allocated the sum of $240 million to the Retail Secondary Market Intervention Sales (SMIS) for spot and forward deals.

According to the Acting Director, Corporate Communications at the CBN, Isaac Okorafor, the $240m figure released to the Retail SMIS included deals initiated in the course of the out-going week.

While expressing delight at the stability in the forex market, Mr. Okorafor said the Bank remained very optimistic that its goal of exchange rate convergence is fast becoming a reality, adding that the CBN was committed to ensuring liquidity in the forex market.

The apex bank also confirmed the sale of forex to dealers in the Bureau de Change (BDC) segment of the market to meet the needs of low-end forex users.

It will be recalled that the CBN, in its interventions last week, injected about $831.5 million in the inter-bank Forex market and released figures indicating that the Bank had boosted transactions at the Investors’ & Exporters’ (I&E) segment of the market to the tune of $2.2bn.

Meanwhile, the naira continued to maintain its stability in the FOREX market, closing at an average of N365/$1 in the BDC segment of the market on Friday, June 23, 2017.

The Federation Account Allocation Committee, FAAC has disbursed N418.82 billion to the three tiers of government in May from the oil export revenue generated in April 2017, the Ministry of Finance says.

The Federal Government has concluded plans to disburse N350bn to Ministries, Departments and Agencies of government for implementation of the 2017 budget.

The Minister of Finance, Mrs Kemi Adeosun disclosed this on Monday during a public presentation of the 2017 budget in Abuja.

According to Adeosun, the fund will be released as soon as the budget is uploaded and arrangement has been put in place where the funds would be released to the MDAs.

Recall that the Acting President Yemi Osinbajo signed the N7.4trn 2017 appropriation bill into law last Monday.

President Muhammadu Buhari in December 2016 presented a N7.28 trillion federal government budget for 2017 to a joint session of the National Assembly for approval.

Christened the “Budget of Recovery & Growth”, Mr. Buhari said the budget was higher than the N6.07 trillion 2016 Appropriation by about 19.95 per cent.

Details of the proposed budget showed that the government proposed to spend about N2.243 trillion on capital projects and N2.9 trillion as recurrent expenditure.

The 2017 proposed capital and recurrent expenditures were higher than the N1.8 trillion and N2.65 trillion respectively provided in the 2016 Appropriation, representing about 15.44 ‎and 9.43 per cent respectively.

About N1.66 trillion has been allocated for servicing of domestic debts, for which N1.3 trillion earmarked in the 2016 budget, with foreign debt expected to take about N175.9 billion as against N54.5 billion last year.

It is time again for Nigerians living abroad to think home. In the age of globalisation, Nigerians in the Diaspora do not have to return home to contribute to the development of their country. They can do so through several means and ways. And one of these is to subscribe to the Diaspora Bond issued by Nigeria’s Debt Management Office, DMO.

Mr. Ndu Ughamadu, the Group General Manager, Public Affairs Division of the Nigerian National Petroleum Corporation (NNPC), has said the corporation crashed the price of diesel by 42 per cent.

Mr Ahmed Abdullahi , the Director of Banking Supervision, Central Bank of Nigeria (CBN) has reconfirmed that the economy would grow out of recession by the third quarter of the year.

In a bid to further push down inflation rate in the country, the Central Bank of Nigeria (CBN) has unveiled plans to mop up a total of N200.322 billion from the Nigerian banking system.

A data released by the National Bureau of Statistics on Thursday shows a sharp drop in inflation to 16.1 per cent. 

Acting President Yemi Osinbajo has directed the Ministers and Permanent Secretaries to ensure they meet the October submission deadline for the 2018 Budget, the Presidency says.

The early preparations according to the statement is to enable the executive submit the 2018 Budget proposals by October to the National Assembly.

The objective was also to ensure that that the budget proposals for 2018 align with achieving the key areas highlighted in the Economic Recovery and Growth Plan (ERGP).

The News Agency of Nigeria (NAN) gathered on Tuesday in Abuja that an event, tagged: “Flag off the 2018 Budget Preparation Process’’ held behind a closed-doors at the Old Banquet Hall of the Aso Rock Presidential Villa, Abuja.

The acting president also tasked Ministers and Permanent Secretaries to take responsibility to ensure maximum implementation of the 2017 Budget between now and December.

The directive comes less than 24 hours after Osinbajo signed the 2017 Appropriation Bill into law.

The ERGP’s projected that Nigeria will make significant progress to achieve structural economic change with a more diversified and inclusive economy in five key areas by 2020.

The key areas are stable macro-economic environment, agricultural transformation, food security, sufficiency in energy and improved transportation infrastructure.

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