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.

But if footfall was subdued, online sales came to the fore. Wal-Mart said Thursday was its second-highest online sales day ever after last year's Cyber Monday, the first Monday in December when many people order items they'd like to arrive in time for Christmas. BestBuy's website went offline after what the company said was "a concentrated spike in mobile traffic." The hope for many retailers is that the slowly improving US economy, combined with lower petrol prices, could push consumers to buy more than they have in recent memory. Black Friday has been the top sales day of the year since 2005, according to ShopperTrak which tracks data on stores globally, beating into second place the Saturday before Christmas when last-minute shoppers stock up on Christmas gifts.

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Another first from the Milan Group