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Nigeria in 1min: Economic, Business and Financial Headlines – 261217

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December 26, 2017 7:30 AM / Proshare News 

PROSHARE ECONOMY

VAIDS: FIRS to offer free consultancy services to taxpayers –Fowler - The Chairmman of Federal Inland Revenue Service (FIRS), Mr. Babatunde Fowler, has pledged the tax authority’s readiness to offer free advisory services to taxpayers who are willing to comply with the Voluntary Assets and Income Declaration Scheme (VAIDS). Source THE SUN Read More 

Lack of money, big challenge to interstate rail projects – FG -nThe Federal Government’s plan to connect all states of the federation by rail is being scuppered by money, the Minister of Transportation, Rotimi Amaechi, has said. Source Punch Read More 

FG begins data capturing of transporters nationwide - The Federal Government is said to have commenced data capturing for commercial transporters across the country. Source Punch Read More 

Nigerians lose 7% of $20bn Christmas money transfers – W’Bank - A  World Bank report on Monday stated that each year, $20bn was being sent to Nigeria in form of remittances and that the final week before Christmas was one of the busiest times to send money. Source Punch Read More 

Banks’ borrowing from CBN increases by 52% in December - Liquidity challenges in the economy made the amount of money that commercial banks borrowed from the Central Bank of Nigeria to increase by 52 per cent in the first three weeks of December, data obtained from the CBN website showed on Monday. Source Punch Read More 

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Bank debtors to undergo credit rating –CBN - Bank debtors in the country may soon undergo credit rating if hint from the Central Bank of Nigeria (CBN) is anything to go by. Source THE SUN Read More 

SEC halts Crypto stock over manipulation concerns - US regulators temporarily suspended trading in an obscure digital currency company due to concerns that its stock is being manipulated after the shares surged more than 17,000 per cent in less than three months, making paper billionaires out of top executives. Source THE SUN Read More 

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Banks Spend N34.2bn On IT, e-Business Infrastructure - Given the drive to support the Central Bank of Nigeria (CBN) policy on cashless society and leverage on Information Technology, a total of eight deposit money banks have spent N34.2 billion on IT and electronic business infrastructure in nine months ended September 30, 2017. Source Leadership Read More 

No plans to hike fuel price, says Osinbajo - Nigeria's  Vice President Yemi Osinbajo, on Monday, restated that the Federal Government had no plan to increase the pump price of petrol in 2018. Source Guardian Read More 

50% of NIPPs power stranded over distribution hiccups - Electricity Generation Companies (GenCos) under the National Integrated Power Project (NIPP) have over 50 percent of their power generation stranded due to the poor distribution network to wheel it to consumers, Daily Trust can reveal. Source Daily Trust Read More 

Buhari Expresses Regret over Fuel Crisis, Subsidy Hits N40.70/Litre - As Nigerians face a bleak Christmas characterised by fuels shortages, soaring transportation and food prices, and their inability to even travel to their country homes to spend the season with their loved ones, President Muhammadu Buhari yesterday broke his silence on the crisis and expressed his regret over the harrowing situation. He also expressed sympathy with Nigerians. Source Thisday Read More 

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Banking Practices, Financial Crimes and The GTB, EFCC and INNOSON Case - Observations - That Innoson forged the signatures of some GTB Staff on a copy of the Bill of Lading which allowed it to clear the imported spare parts without paying the agreed 25% of the value, thereby taking the control of the process from GTB in a fraudulent and criminal manner. Source Proshare Read More 

Sudan's 2018 budget estimated at $24.7 billion - SUNA - Sudan’s draft budget for 2018 is estimated at 173.1 billion Sudanese pounds ($24.7 billion), state news agency SUNA quoted Finance Minister Othman Rukabi as saying at an emergency parliamentary session on Sunday Source Reuters Read More 

China to Overtake U.S. Economy by 2032 as Asian Might Builds - The growing importance of Asia’s major economies will continue in 2018 and beyond, according to a league table that sees the region dominating in terms of size in just over a decade. Source Bloomberg Read More 

Iraq's Oil Minister Says He's Optimistic Crude Prices Will Rise - Iraq’s Oil Minister Jabbar Al-Luaibi said he’s optimistic crude prices will rise in 2018, with global stockpiles falling and demand on the rise in China and India. Source Bloomberg Read More 

Ghana signs pact with Siemens for 650MW power plant - Siemens and Rotan Power have signed a memorandum of understanding (MoU) to develop and build a combined cycle power plant with a capacity of 660 megawatts (MW) at the Aboadze Power Enclave located in the Western Region. Source BUSINESSDAY Read More 

China lifts yuan midpoint to three-and-a-half-month high - China's central bank on Tuesday lifted its official yuan midpoint CNY=PBOC to the highest level in 3-1/2 months at 6.5416 per dollar, reflecting a strong spot yuan performance a day earlier. Source Reuters Read More 

Dollar steady in light trade, yen little changed after Japan inflation data - The dollar was steady in holiday-thinned trading on Tuesday, shrugging off upbeat Japanese economic data as most market participants have already closed their books for the year. Source Reuters Read More 

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Japan November jobless rate falls to 2.7 percent - Japan’s jobless rate fell to 2.7 percent in November, while the availability of jobs hit the highest level in nearly 44 years, government data showed on Tuesday. Source Reuters Read More 

Israel regulator seeks to ban bitcoin firms from stock exchange - Israel’s markets regulator will propose regulation to ban companies based on bitcoin and other digital currencies from trading on the Tel Aviv Stock Exchange, he said on Monday. Source Reuters Read More 

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