The Central Bank of Nigeria (CBN) said the Nigeria-China currency swap deal would not cover the importation of the 41 items banned in its 2015 circular on items not valid for foreign exchange. CBN’s acting Director, Corporate Communications, Mr Isaac Okorafor, made this known in an interview in Abuja.

State governors have accused the Nigerian National Petroleum Corporation (NNPC) of fraudulently doubling the nation’s daily petrol consumption from about 30 million to 60 million litres. The governors made this known on Wednesday after a delegation led by Abdulaziz Yari, chairman of the Nigerian Governors’ Forum (NGF) and governor of Zamfara state, met with Vice-President Yemi Osinbajo at the presidential villa in Abuja.

The Chairman, Senate Committee on Appropriation, Sen. Danjuma Goje, has said that no provision was made in the 2018 Budget for any increase in minimum wage during the year. Goje made this known while briefing newsmen on Wednesday in Abuja shortly after the passage of the 2018 Appropriation Bill.

Oil prices hit $80 a barrel on Thursday for the first time since November 2014 on concerns that Iranian exports could fall due to renewed U.S. sanctions and reduce supply in an already tightening market. Brent crude futures reached an intraday high of $80.18 while U.S. West Texas Intermediate (WTI) crude futures were up 57 cents at $72.06 a barrel, also their highest since November 2014.

The African Development Bank has approved $100 million senior loan to Nigerian firm, Indorama Eleme Fertiliser & Chemicals Limited, to support the company’s plans to double its fertiliser production from 1.4 million tons of urea to 2.8 million tons per annum. The estimated $1.1 billion cost of the Project is to be financed with equity of $100 million and debt finance of $1billion which will be provided by development finance institutions.

The Chairman, Senate Committee on Appropriation, Sen. Danjuma Goje, has said that no provision was made in the 2018 Budget for any increase in minimum wage during the year.

Goje made this known while briefing newsmen on Wednesday in Abuja shortly after the passage of the 2018 Appropriation Bill.

He said the failure to capture the wage in the budget may have been because deliberation on the issue had not been concluded by the Executive.

The indicators of the performance of the Nigerian Stock Exchange (NSE) declined further on Friday with a loss of 0.44 per cent. Profit taking continued with the All-Share Index losing 178.96 points or 0.44 per cent to close at 40,472.45 compared with 40,651.41 recorded on Thursday.

Fifty indigenous and foreign companies have been awarded contracts to lift Nigeria’s crude for the 2018/2019 crude oil term.

The 50 companies were among a total of 254 that participated in the bids held last January for the sale and purchase of the Nigerian National Petroleum Corporation (NNPC) equity crude under the 2018/2019 crude oil term contracts.

Although the firms have not been officially announced by the NNPC, insiders at the state-oil firm confirmed the 50 selected firms. The formal announcement is expected anytime soon.

An audit report by KPMG has revealed that Nigerian National Petroleum Corporation (NNPC) and other revenue generating agencies underpaid the federation to the tune of N526 billion and $21 billion between January 2010 to June 2015.

The report which was presented to an Ad-Hoc Committee of the National Economic Council which held its monthly meeting today was adopted by the Council with a resolution that possible criminal infringements should be identified and individuals involved should be prosecuted.

NEC is a constitutional body that advises the President on coordination of economic affairs in the country. It is headed by the Vice President and membership composed of all State Governors and the Central Bank Governor.

The Federal Government has offered for
 subscription by auction N70 billion worth of bonds in its May 23 auction, the Debt Management Office said. The offer circular obtained from its website on Tuesday in Abuja, stated that it would sell N20 billion of a five-year re-opening issue maturing in April 2023 at 12.75 per cent.