Nigerian BuisnessNews

29 ships to arrive Lagos

Twenty-nine ships are to arrive in Lagos ports with foods, petroleum products and other goods from January 20 to February 7. The Nigerian Ports Authority (NPA) disclosed this in its daily publication, the ‘Shipping Position,’ made available to the News Agency of Nigeria (NAN) in Lagos on Tuesday.

The document stated 14 of the expected ships would arrive in the ports with containers, while eight others would sail in with food items. It reported that three ships were expected to sail in with petroleum products like kerosene and petrol, while four other ships would come in with general cargo.

CBN rules out further devaluation of naira

The Monetary Policy Committee of the Central Bank of Nigeria on Tuesday ruled out further devaluation of the naira and warned against speculative trading in the currency, vowing that it would do everything within its power to protect it from further depreciation. The Governor of the CBN, Mr. Godwin Emefiele, stated this while addressing journalists shortly after the two-day MPC meeting held at the central bank’s headquarters in Abuja ended. Emefiele said while the CBN would continue to provide foreign exchange for Nigerians engaged in legitimate business, it would not allow the nation’s currency to come under speculative attacks.

The governor, however, admitted that significant pressure persisted in the foreign exchange market during 2014, resulting in further weakening of the naira across the three segments of the markets. For instance, he said the exchange rate at the Retail Dutch Auction System-Spot opened at N157.34 to the dollar (including one per cent commission) and closed at N164.08, representing a depreciation of N12.34 or 4.28 per cent.

Nigerian BuisnessNews

29 ships to arrive Lagos

Twenty-nine ships are to arrive in Lagos ports with foods, petroleum products and other goods from January 20 to February 7. The Nigerian Ports Authority (NPA) disclosed this in its daily publication, the ‘Shipping Position,’ made available to the News Agency of Nigeria (NAN) in Lagos on Tuesday.

The document stated 14 of the expected ships would arrive in the ports with containers, while eight others would sail in with food items. It reported that three ships were expected to sail in with petroleum products like kerosene and petrol, while four other ships would come in with general cargo.

CBN rules out further devaluation of naira

The Monetary Policy Committee of the Central Bank of Nigeria on Tuesday ruled out further devaluation of the naira and warned against speculative trading in the currency, vowing that it would do everything within its power to protect it from further depreciation. The Governor of the CBN, Mr. Godwin Emefiele, stated this while addressing journalists shortly after the two-day MPC meeting held at the central bank’s headquarters in Abuja ended. Emefiele said while the CBN would continue to provide foreign exchange for Nigerians engaged in legitimate business, it would not allow the nation’s currency to come under speculative attacks.

The governor, however, admitted that significant pressure persisted in the foreign exchange market during 2014, resulting in further weakening of the naira across the three segments of the markets. For instance, he said the exchange rate at the Retail Dutch Auction System-Spot opened at N157.34 to the dollar (including one per cent commission) and closed at N164.08, representing a depreciation of N12.34 or 4.28 per cent.

A N30 billion 5-star InterContinental Hotel Lagos partly funded by Skye and Wema banks on Sunday officially threw its doors open for business. Built on an elevated terrain, the 23-storey hotel sitting on Victoria Island with 352 rooms is fully owned by Milan Group. The group currently has a total of 20 hotels across Africa with intentions to expand its footprint by 20 percent in the next 5 years. In his address at the opening ceremony, Babatunde Fashola, governor of Lagos State, described the hotel as a worthy investment that has further closed the gap in the deficit of world-class hospitality infrastructure in the state. Beyond the empowerment and development of skilled professionals in the hospitality sector, the excited governor noted that the five-star hotel complemented the Lagos mega city vision, and urged more investors to take advantage of the friendly environment the state is offering them to expand their businesses. Ramesh Valechha, chairman, Milan Group, said the luxurious hotel was a commitment and right investment made in the economy of Lagos State and Nigerian hospitality industry at large. He said InterContinental Lagos was possible through a partnership funding by Skye Bank and Wema Bank that saw the need to assist in getting a five-star property for the growing high-profile guests that deserve nothing but quality accommodation in Nigeria’s commercial capital. With 650 Nigerians and 24 expatriates as employees, the chairman noted that the hotel is poised to offer world-class hospitality offerings, professional training that will ensure new career paths in the hospitality industry and empowerment to Nigerians, among others, who do business with it. Karl Hala, regional general manager Africa, InterContinental Hotels Group, was glad that the hotel, the first of the group’s property in West Africa, whose partnership agreement started in 2000, is now a beautiful product for everyone to enjoy.

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Another first from the Milan Group