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Journal

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Immigration Lawyer Nigeria > Journal (Page 3)

CENTRAL BANK OF NIGERIA (CBN) MOVES TO SUSTAIN LIQUIDITY AND MAINTAIN STABILITY IN THE FOREX MARKET

In its desire to ensure the availability of forex and also meet customers’ requests in various segments of the market, the Central Bank of Nigeria (CBN) has injected the sum of $210million into the inter-bank Foreign Exchange Market. Figures obtained from the Bank on the 6th of February, 2018 indicated that the CBN offered $100million to authorized dealers in the wholesale segment of the market, while the Small and Medium Enterprises (SMEs) segment received the sum of $55 million. Customers requiring foreign exchange for invisibles such as tuition fees, medical payments and Basic Travel Allowance (BTA), among others, were also allocated...

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NIGERIAN GOVERNMENT ANNOUNCES PLANNED ESTABLISHMENT OF A NEW AIRLINE:

On the 23rd of August 1958, an airline came into being under the name West African Airways Corporation Nigeria Limited (WAAC Nigeria), also known as Nigerian Airways, to succeed the folded West African Airways Corporation (WAAC); the title “WAAC” was retained due to the prestige this company had previously earned. Initially, the carrier was a tripartite entity in which the Nigerian government was the major shareholder (51%), and Elder Dempster Lines and BOAC held the balance of (32⅔ and 16⅓, respectively). WAAC Nigeria inherited some aircraft previously owned by WAAC. Operations started on the 1st of October 1958, with a BOAC Stratocruiser operated on behalf of...

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ATTRACTION OF FOREIGN DIRECT INVESTMENT (FDI), FG TO INVEST N1.3 TRILLION ANNUALLY ON INFRASTRUCTURE.

The Federal Government of Nigeria says it will continue to invest about N1.3 trillion annually on capital projects to bridge the infrastructure gap in order to attract foreign investors to the country. Minister of Finance, Kemi Adeosun, said this in Abuja when a consortium of 20 international investors led by a former Minister of Finance, Shamsudeen Usman, paid her a courtesy visit. According to Adeosun: “government invested about N1.3 trillion on capital projects in the year (2016) to develop roads, rail, power, housing and all the infrastructure government thinks would be needed to unlock this huge economy,” the Minister said. “Hopefully, the figure would...

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DIRECTIVE ON FOREX REPATRIATION, CENTRAL BANK OF NIGERIA SET TO UNLEASH SANCTION ON NON-COMPLIANT EXPORTERS.

The Central Bank of Nigeria (CBN)-backed Bankers’ Committee on 6th February announced the commencement of sanctions against exporters who fail to repatriate foreign exchange (forex) proceeds from their business into the economy. The sanctions will be implemented by the apex bank. Addressing financial journalists at the end of the Bankers’ Committee meeting in Lagos, Citibank of Nigeria Managing Director/CEO Akin Dawodu spoke on a provision in the Central Bank of Nigeria (CBN) Foreign Exchange Manual that mandates all exporters to repatriate export proceeds back to the country to support the local currency and the economy. There is a 90-day grace period during...

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Lawyer launches book on real estate investment

A lawyer and blogger, Prince Williams-Joel, has launched a book on real estate investment entitled, ‘Compilation of Articles on Law & Property in Nigeria: Simplified’. According to Williams-Joel, the thriving real estate sector in the country is not without its peculiarities and emerging trends, and this has thrown up the necessity for an assemblage of resource materials on varying subject matters in real estate practice in Nigeria with particular focus on addressing industrial challenges. Williams-Joel stated that from his years of experience in real estate, he was able to describe realities of land/property acquisition and ownership in the book, and was able...

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