The International Monetary Fund (IMF) has warned that though Nigeria's economy was witnessing 0.8 percent growth, the development was incapable of reducing unemployment rate in the country. The observation was made after officials of the IMF led by Amine Mati visited the country between July 20 and 31st to discuss prevailing economic realities, update macroeconomic projections as well as review reform implementation.

The Senate on Tuesday lauded the Central Bank of Nigeria (CBN) for acquiring Hi-Definition scanners and platform to check foreign exchange leakages and other infractions in the import-export value chain, News Agency of Nigeria reported. The Chairman of Senate Committee on Customs, Excise and Tariff, Sen. Hope Uzodinma, made the commendation in an interview with newsmen on Tuesday in Abuja.

NIPOST

The Nigeria Post & Telecommunications service, NIPOST, says it is adopting a system that would improve the delivery of its services.  The innovation tagged “what3words address” is a global addressing system designed to help the postal service increase the number of homes it is capable of delivering to.

The Monetary Policy Committee of the Central Bank of Nigeria (CBN) has retained monetary policy rate (MPR) at 14 percent and all other parameters unchanged for 12 months running. Recall that the Monetary Policy Committee on July 26, 2016, voted to raise MPR from 12 percent in May, 2016 to 14 percent — the highest in at least 10 years.

Managing Director/Chief Executive Officer Total upstream companies in Nigeria, Mr. Nicolas Terraz, on Wednesday, said that the firm would boost the country’s daily oil production by 200,000 barrels from 2018. Terraz, who was represented by Mr Biodun Afolabi, Executive Director, Corporate Affairs and Services, said that the additional barrels would come from the company’s multi-billion dollar Egina Field Development.

UN - Food Crisis

The United Nations (UN) says it is doing everything possible to avert further deterioration of the food scarcity suffered by victims of Boko Haram crisis in the North East.

The Central Bank of Nigeria (CBN) on Friday injected $462,336,426.74 into the foreign exchange market. The bank had earlier injected $194 million to the forex market on July 24. The Acting Director in charge of Corporate Communications at CBN, Mr. Isaac Okorafor, disclosed this in a statement in Abuja.

Nigeria's economy has been projected to grow faster than South African Economy in the 2018 fiscal year, according to a recent report released by International Monetary Fund (IMF). According to the report entitled "World Economic Outlook for July 2017", the IMF stated that Nigeria's economy will grow at 1.9% in 2018 fiscal year while that of South Africa will witness 1.2% growth.

The Nigerian Stock Exchange (NSE) continued its bullish trend on the heels of the Monetary Policy Committee's decision to hold key rates for 12 months in a row. The Central Bank of Nigeria (CBN) Governor on Tuesday announced that the committee decided to “retain the MPR at 14 per cent, CRR at 22.5 percent, retain the liquidity ratio at 30.00 percent and retain the asymmetric corridor at +200 and -500 basis points around the MPR”.

OPEC

Saudi Energy Minister Khalid al-Falih on Monday disclosed that OPEC and ten other major oil producers remain supportive of conflict-torn Libya and Nigeria as they attempt to recover and increase crude production.