Here Are The Top Business News Today

1.FG Says There Will Be Conditions For Out-Of-Court Settlement With MTN:
The Federal Government said this week that there will be conditions for an out-of-court settlement with MTN Nigeria in respect to the N780bn fine imposed on the company by the Nigerian Communications Commission (NCC) for having 5.2 million unregistered subscribers on its network.

2.Naira will not be devalued, Emefiele:
The Central Bank of Nigeria (CBN) Governor, Godwin Emefiele, said yesterday after the Monetary Policy Committee (MPC) meeting that the apex bank was already working on different scenarios with its fiscal authorities to ensure that notwithstanding the drop in crude prices, we are able to still run the government and continue to do business.

3.Nigeria loses Half Of Its cargoes to Cotonou port, Shippers‘ Association:
The Shippers‘ Association, Lagos State, said yesterday that 50% of cargoes meant for Nigerian ports were being smuggled to Cotonou port as a result of the Central Bank of Nigeria (CBN’s) forex restriction on some imported items.

4.FG should explore CBN’s forex policy to boost manufacturing:
Manufacturers have called on the Federal Government to strengthen the Central Bank of Nigeria policy on foreign exchange in order to support the growth of the manufacturing sector.

5.Overnight Lending Rate Spikes To 6.3%:
Overnight lending rate among banks yesterday spiked to 6.333 per cent from 1 per cent which it was on Monday as traders held back in anticipation of the decision of the Monetary Policy Committee (MPC).

6.NSE Trading activities is still diving:
Nigerian Stock Exchange (NSE) trading activities have yesterday resumed downward trend with N46 billion loss.
When trading closed for the day, market capitalisation dropped from N8.242 trillion to close at N8.196 trillion.

7.MMFB votes N201m for MSMEs
Acting Managing Director of The Maritime Microfinance Bank Limited (MMFB), Mr. Oluwaseyi Hamilton said this week that the bank has reserved a total of N201million for disbursement of loans to Micro, Small and Medium Enterprises (MSMEs) in 2016, as it bids to diversify the economy of the country.

8.Niger grants permit to GoviEx for $676m  uranium exploitation project
Niger has awarded a permit to GoviEx Niger Holdings Ltd., the Niger branch of GoviEx, to exploit uranium for investments worth $676 million at the 243-km Madaouela Project in the Agadez region, according to a government statement.

9.South Africa’s rand firmer, but will struggle to sustain gains
South Africa’s rand was a tad firmer against the dollar on Wednesday, in a market anticipating an interest rate hike as the central bank fights inflation pressures.

10.China shares end lower, taking 2016 losses to $1.8 trln,Reuters:
Chinese highly volatile shares ended lower again today after plunging yesterday,taking losses in 2016 to about 22 percent or 12 trillion yuan ($1.8 trillion).

The post above and its ensuing comments, if any, is purely the opinion of the writer(s). It therefore should never be considered as an investment advise of any sort. If required, readers should please consult a competent professional financial adviser for any investment decision.


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