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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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The World's Most Valuable Brands 2016

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Kurt Badenhausen   ,   FORBES STAFF Apple   AAPL -0.39% ’s 13-year run of quarterly revenue growth came to a crashing halt last month when the tech giant reported revenue of $50.6 billion, off 13% thanks to soft iPhone sales and a slowdown in China. The gloom-and-doom sentiment around the company has reached a zenith with the stock off 30% from its all-time peak 12 months ago. (AP Photo/Matthias Schrader, File) But Forbes’ annual study of the world’s most valuable brands shows that Apple is still in a class by itself with a value of $154.1 billion, 87% more than second-ranked  Google   GOOGL -0.83% . It is the sixth straight time Apple has finished first since Forbes began valuing the richest brands in 2010. “Brands get their value from how customers perceive them,” says David Reibstein, a professor of marketing and branding expert at the  University of Pennsylvania ’s  Wharton School . “What makes it valuable from a company perspectiv...
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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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