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Foreign exchange policy yields mixed results —Research report

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There are indications in the markets that both the Central Bank of Nigeria, CBN and the federal government would be receiving mixed outcome in respect of the exchange rate policy. Independent survey between July 2015 and January 2016 has indicated that the foreign exchange control regime has resulted in increases in the prices of imported goods and some locally produced ones but some major consumer commodities have remained stable within the period. The apex bank had pegged official exchange rate at N199/ USD1.0 over the past one year while restricting access to the resources, shutting out many end users of foreign exchange. As a result many importers and other users of foreign exchange have resorted to the parallel market forcing exchange rate the market to hit all time low of N320/ USD1.0 by last weekend. The measures were instituted within this period by CBN Governor, Mr Godwin Emefiele, and backed up by both the Finance Minister, Mrs Kemi Adeosun, and President Mohammadu Buhari...
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2017 budget at risk as FG incurs N404b deficit in Feb

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By Babajide Komolafe President Muhammadu Buhari presenting the 2017 Budget before a joint session of the National Assembly on Wednesday, December 14, 2016.  LAGOS — In spite of increase in federally-collected revenue, buoyed by increase in crude oil price, the Federal Government recorded a deficit of N404 billion for the month of February, 2017.  The Central Bank of Nigeria, CBN, disclosed this in its economic report for February posted on its website, yesterday, indicating another threat to the budget.  The report among other things showed that banks borrowed N4.2 trillion from the apex bank during the month, while they paid N3.2 billion as interest to the apex bank.  The report stated: “The estimated Federal Government retained revenue for the month of February 2017, at N194.38 billion, was below the 2017 provisional monthly budget estimate of N337.48bn and the receipts in January 2017 by 42.4 per cent and 5.9 per cent, respectively. Of the total receipt, ...
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RMAFC wants laws establishing Finance Ministry, FRSC, NIMASA, 29 others repealed

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By Favour Nnabugwu THE Revenue Mobilisation, Allocation and Fiscal Commission (RMAFC) wants the laws establishing the Federal Ministry of Finance, Nigeria Maritime Administration and Safety Agency (NIMASA), Federal Road Safety Commission (FRSC) and 29 revenue generating agencies repealed. Finance Minister, Kemi Adeosun The Commission in a letter to the National Assembly signed by the acting chairman, Mr. Shettima Umar Abba Gana stated that the laws establishing the 32 agencies were creation of the military and must be made to conform with democratic norms and practices. According to the letter, “The laws establishing the agencies contravene the provisions of Sections 1(3) and 162(1&10) of 1999 Constitution of the Federal Republic of Nigeria (as amended).” The 29 other generating agencies are Federal Airports Authority of Nigeria (FAAN), National Agency for Food Drugs Administration and Control (NAFDAC), Corporate Affairs Commission (CAC), Securities and Exchange Commissio...
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