THE CABLE
Here are the seven top business stories you need to track this week — August 21 to August 25.
INAUGURATION OF NEW MINISTERS
President Bola Tinubu will inaugurate his new cabinet on Monday, August 21 2023.
The ministers are expected to implement Tinubu’s key policies to stabilise the Nigerian economy.
The list, comprising 48 persons filling different offices, has the north-west with 10 ministers, while the north-east has six.
The north-central and south-west have eight and nine ministers respectively, while the south-east and south-south have five each.
NBS REPORT
The Nigerian Bureau of Statistics (NBS) is expected to release a report on selected food prices and transport fare watch for July 2023.
The bureau also intends to publish a report on Nigeria’s capital importation for the second quarter (Q2) of 2023.
In addition, the NBS will, on August 25, publish a report to show the country’s gross domestic product by output for (Q2) of the current year.
CBN INTRODUCES NEW FX POLICY, LIFTS BAN ON BDCS
The Central Bank of Nigeria (CBN), last week, released fresh operational mechanisms for the sale of forex by Bureau De Change (BDCs) operators within the country.
This is coming 25 months after Godwin Emefiele, the suspended CBN governor, announced the discontinuance of foreign exchange sales to that segment of the forex market.
According to the apex bank, “The spread on buying and selling by BDC operators shall be within an allowable limit of -2.5% to +2.5% of the Nigerian Foreign Exchange market window weighted average rate of the previous day”.
Since June, the CBN has introduced policies to strengthen the naira.
One of which is the unification of all segments of the FX market as part of efforts to engender transparency in the markets and boost investors’ confidence.
