BUSINESS ROUNDUP: Naira falls against dollar; CBN threatens defaulters of diaspora remittance regulations; See other stories that made our pick

Hello, and welcome to Business Roundup this week. Here, we bring you highlights of events that happened during the week -from the capital market to the mainstream business activities, while not forgetting the tech/economy build up.

Here are the Headlines:

• CBN threatens to shut accounts of diaspora remittance regulations defaulters
• Nigeria’s active telephone subscribers hit 208m
• Discos get N14.35bn loan from CBN for 263,860 Meters
• Naira falls against dollars on Wednesday

 Summary:

The Central Bank of Nigeria (CBN) threatened to shut the accounts of operators who continue to violate diaspora remittance regulations as well as withdraw their operating licences.

In a circular signed by the Director, Trade & Exchange Department of the CBN, Dr. O. S. Nnaji, on Friday, the apex bank said it would no longer tolerate the clear “contravention of its directive that all remittances be paid to beneficiaries in dollars.” Read more

The Nigerian Communications Commission (NCC) has confirmed that the number of active telephone subscribers has hit the 208 million mark across the country.

At a press briefing the Commission held in Abuja on Thursday to usher in the new Permanent Secretary of the Federal Ministry of Communications and Digital Economy, Festus Daudu, the NCC Executive Vice Chairman, Umar Danbatta said third generation (3G) and fourth generation (4G) base transceiver stations deployment in Nigeria had also increased from 30,000 to 53,460. Read more

The Federal Government said on Thursday it had approved and disbursed the sum of N14.35 billion to the Distribution Companies of Nigeria (DisCos) to procure at least 263,860 meters for electricity customers.

Read also: BUSINESS ROUNDUP: Nigeria’s inflation jumps to 15.75%; Naira crashes to N470/$1 as turnover drops by 59%; See other stories that made our pick

The disbursement was under the National Mass Metering Programme (NMMP), initiated by the federal government to put an end to estimated billing of electricity consumers by DisCos.

This was disclosed on Thursday, via the official twitter handle of the presidency @NGRPresident. Read more

Naira put up a poor performance against the dollar at the Investors and Exporters (I&E) window on Wednesday as trading closed at N394.17k per dollar.

This represents a 0.21 percent drop or 82 kobo loss when compared to the N393.35k per dollar that it exchanged for on Tuesday, according to data from FMDQ Securities Exchange Plc.

Although, at the black market, Naira remained steady in value to the dollars at N475/$ after two days trading. Read more

On NSE ROUNDUP: Stocks investors lose N81.59bn in one week

Stock investors in Nigeria lost about N81.59billion in the third trading week following increased activities of profit takers.

At the end of today’s trading, the market depreciated by -0.24% to close at 41,001.99 basis points as against -0.12% depreciation recorded previously.

The All Share Index dropped by -0.42% to close the week on the negative while the market capitalisation came down to N21.448trillion as against the week’s high N21.530 trillion. Read more

MEANWHILE, on the tech scene, latest development around Sim Shagaya’s edutech product, uLesson, led amongst stories for the week, especially as it concerns Nigerian tech ecosystem.

Nigerian auto-tech company Autochek joined the league of Nigerian startups with footprints in Ghana. Also during the week, we recorded the launch of a new product, Avocat, built, by Rimotli Technologies, to facilitate legal services online. Read full review

Thanks for joining the roundup this week. See you next week for another serving. Don’t forget, for the latest news and updates from around the globe, keep reading Ripples Nigeria.

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