Naira Gains First Day In Two Weeks As Bank Sells Dollars

The naira strengthened for the first time in two weeks after Nigeria’s central bank sold the most dollars in almost two months to support the country’s currency. The currency of Africa’s largest oil producer appreciated 0.1 percent to 158.80 per dollar as of 3:40 p.m. in Lagos, the commercial capital, according to data compiled by Bloomberg. The Central Bank of Nigeria sold $200 million at a foreign- currency auction yesterday, the highest since March 21 sales, the Abuja-based bank said in an e-mailed statement. The central bank is the main supplier of foreign currency to the market through twice-weekly auctions and direct sales to lenders in the interbank market. “The central bank is increasing dollar sales at auction and

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Fashola Launches Mega Rice Processing Plant in Lagos

Lagos State Government Tuesday inaugurated a rice processing factory, which it said had the capacity to produce 20,000 metric tonnes per annum (equivalent to either 350,000 or 400,000 bags). Governor Babatunde Fashola unveiled the factory in Imota, Lagos along with the state Commissioner for Agriculture, Mr. Gbolahan Lawal, and Minister of State for Agriculture, Mr. Alhaji Bukar Tijani Borno. Speaking at the inauguration ceremony, the governor said the development was a wakeup call on hoodlums popularly referred “to as area boys to vacate the street and key in on the employment opportunities that the factory offers.” According to him, the factory was situated on a 23,000-hectare industrial estate and had about 10,000-tonnes storage for rice paddy and 45,000-ton capacity storage for finished rice. He added that time for miscreants to reign in Lagos “is over. The time for

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FG Seals N 31 billion Power deal with French Investors

Two French companies, Electricite de France (EDF) and Enterprise de Transporte et Distribution D’electricity ((ETDE) have signed agreements with the Nigerian government to invest $ 200 million (N31 billion) in the power sector. The French companies have the blessings of the government of France to undertake feasibility studies and construct a high voltage transmission line and substations worth $ 200 million. According to

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