08 Feb

Daily Watch – Budget to be passed before month end, Naira depreciates further

  • The National Assembly is expected to pass the 2016 Appropriation Bill on February 25. The House of Representatives also said that the N6.07 trillion proposed by the executive as the total size of the budget would be retained and passed. The Chairman, House Committee on Appropriation, Abdulmumin Jibrin, said that the standing committees of the House working on the details of the budget had been instructed to stick to the budget size. However, Jibrin said that adjustments would be made to the details by moving funds where they might not be useful to areas they would be needed.
  • The Nigerian Navy has thwarted an attempted hijack and abduction 25 crew members of a Maersk merchant ship. The Executive Officer of the NNS Pathfinder, Captain Olusegun Soyemi, said the vessel berth safely with the rescued crew members unharmed.┬áMr. Soyemi said the crew members, included eight Filipinos, eight South Africans, five Indians, two Britons and two from Thailand.
  • The naira traded at N310 per US dollar at the parallel market on Friday, amid expectations of an intervention by the CBN. Friday’s closing price, down by N3 from the N307 at the close of market on Thursday, showed a one percent depreciation. Traders at the market blamed the further fall in value on increased demand for the greenback. The CBN has maintained the official price at N197 to the dollar.