Tinubu vows to clear FX backlog amid naira’s slump
President Bola Tinubu pledged to address the foreign exchange contract backlog affecting investor confidence as the naira’s value declines in the parallel market.
Speaking at the Nigeria Economic Summit, he assured that the government would honour all future foreign exchange contracts and stressed their commitment to securing the necessary foreign exchange to revitalise the economy.
The Central Bank of Nigeria’s unfulfilled forward contracts, amounting to around $3 billion, have strained FX liquidity and disrupted transactions, including school fees and Personal Travel Allowance applications.
FG greenlights $3.45bn World Bank loan for power, others
On October 24, 2023, the Federal Executive Council granted approval for a $3.45 billion loan application from the World Bank to fund various projects.
These projects encompassed the power sector, renewable energy, state resource mobilisation programmes, an initiative to empower adolescent girls, and a women’s empowerment project. The loan comes with a 40-year tenure, including a 10-year moratorium, and “zero-interest” terms with minimal fees.
Furthermore, the Council also greenlit the establishment of the Humanitarian and Poverty Alleviation Fund, aiming to raise $5 billion annually for emergency responses to humanitarian crises.
Fidelity Bank’s FITCC trade expo heads to Texas
Fidelity Bank Plc is set to host the second edition of the Fidelity International Trade and Creative Connect (FITCC) in Houston, Texas, from October 24th to 25th, 2023.
This event follows the successful inaugural edition in London last November, where deals worth over $200 million were closed. FITCC aims to promote Nigeria’s non-oil exports and enhance global supply chain connections.
The gala dinner on October 25th will include performances by Nigerian hip-hop artist Kcee and other entertainers.
FG issues 94 import licenses to oil marketers
The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) has granted 94 import licences to oil marketers.
These permits are for wholesale suppliers to import Premium Motor Spirit (PMS) following the removal of subsidies.
However, only eight suppliers managed to deliver eight PMS cargoes, totaling 251,000 metric tonnes between June and September 2023, due to currency devaluation and high foreign exchange rates.
The government aims to improve forex market stability to support more oil marketing companies and the Nigerian National Petroleum Company Limited in PMS importation.
Hamas frees two Israeli women, US cautions on Gaza invasion
Hamas on Monday said it had freed two Israeli women who were among the more than 200 hostages taken during its Oct. 7 rampage in southern Israel.
According to Reuters, its sources said the U.S. had advised Israel to hold off on a ground assault in the Gaza Strip.
“We decided to release them for humanitarian and poor health grounds,” Abu Ubaida, spokesman for the armed wing of the Palestinian Hamas militant group, said on Telegram.
The Israeli prime minister’s office issued a statement confirming that the women, whom it named as Nurit Cooper, 79, and Yocheved Lifshitz, 85, were handed over to the Israeli military and would be taken to a medical facility.