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BUSINESS ROUNDUP: Nigerian govt to end fuel subsidy by June; Naira gains N1, exchanges at N485/$1; Other stories

Here are the Headlines: Senate approves N1.68tr revenue target for Customs in 2021 Nigeria business environment over-regulated – NESG Nigerian govt to end fuel subsidy by June Summary: Nigeria’s naira gained against the U.S. dollar at the unofficial market on Thursday. The data posted by Abokifx showed that the naira closed at N485.00 at the black market, this represents a N1 appreciation from N486, the rate it exchanged on Wednesday. Read more The Senate on Wednesday approved the sum of N257.18 billion as the Nigerian Customs Service budget for 2021. The upper legislative chamber also approved the N1.678 trillion revenue target for the service this year. Read more

BUSINESS ROUNDUP: Ghana s Cedi emerges best African currency; Nigeria s external reserves lost $177 6m in March; Other stories

Here are the Headlines: Ghana’s Cedi emerges best African currency for 1st quarter 2021 Nigerians owe N273.42bn electricity debt in 2020 Nigeria’s external reserves dropped by $177.6m in March – CBN Summary: Despite the Central Bank of Nigeria warning to banks on staff lay-off, eight lenders in the country sacked at least 3,754 workers last year, Ripples Nigeria reports. The CBN had in May last year warned banks against the sack of employees as speculation of mass retrenchment in the sector made the round following the onset of the COVID-19 pandemic in the country. However, the total number of staff among the banks surveyed dropped by 7.31 percent from 51,350 in 2019 to 47,596 in 2020. Read more

BUSINESS ROUNDUP: US SEC nominee disagrees with CBN on bitcoin; Naira plunges further against US dollar by N2 33; Other stories

Here are the Headlines: US SEC nominee disagrees with CBN on bitcoin Naira plunges further against US dollar by N2.33 Emefiele accuses IMTOs of forex diversion Summary: The Central Bank of Nigeria (CBN) on Saturday introduced a new incentive to encourage inflow of Diaspora remittances into the country. The CBN’s Director of Trade and Exchange Department, Saleh Jubrin, who announced the scheme tagged: “Naira 4 Dollar Scheme,” in a circular to banks in the country, said it would allow all recipients of Diaspora remittances to be paid N5 for every one dollar received. Read more The nominee for United States’ Securities and Exchange Commission (SEC), Gary Gensler, has described bitcoin as a catalyst for change.

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