Here are the top trending business news for the first week of July

PMB inaugurate National Economic Council (NEC).
◾President Muhammadu Buhari inaugurated his administration’s National Economic Council (NEC).
◾The council is expected to draw up a roadmap that will actualise the economic policies of the new administration.
◾As is the tradition, the council will be chaired by Vice President Yemi Osinbajo and will be composed of all the 36 state governors.

Did Window Dressing”Help Stocks Hit Highest One Day Gain In 60 Days?
◾The Nigerian President, Buhari has been in power for the past 31 days and we are yet to get any official word from him with regards to the economy.
◾Considering how critical the economy is to the success of his Government it is quite surprising that he still remains numb.
◾Nigerian stocks have been in a bearish mode for weeks as investors continue to wait on the sidelines before they invest.


CBN Tells Importers To Go To The “Sharks” If They Want Forex
◾The CBN has clarified that in addition to the Interbank Market, importers cannot access forex from export proceeds or the BDC.
◾This essentially means small businesses who import items included in that list have essentially been thrown to the sharks of the parallel market essentially putting products which many Nigerians depend on at risk of being expensive or scarce.

Who Is Dumping Access Bank’s Shares?
◾Access Bank shares closed trading Wednesday at N5.42 representing a 4% loss. Whilst most stocks lost today, Access Bank’s losses was quite different.
◾With the share price shedding further value despite this large volume it suggest a major investor is exiting. We opine these volumes are perhaps a result of a foreign portfolio investor exiting positions with either a market maker or a proxy mopping up the shares.



What I Will Do If I Were Buhari’s Finance Minister
◾Since our increasingly hapless looking President Buhari or “Baba go slow” as amiable named by Bloomberg has refused to appoint ministers or special advisers, I have decided to step into such shoes and suggest a fiscal and job creating economic direction for Nigeria.
◾So you invest you also open up opportunity for the Private sector by co-investing with them. That way you can even leverage our initial $60 billion to become $120 billion if the private sector can be made to put money via PPPs to become 50 – 60 percent equity partners in some projects like Airports, Seaports and some toll roads and even railways.



Oshiomole and Okonjo – Iweala Trade Words Over ECA Account:

◾ Edo State Governor Adams Oshiomole said the former Minister of Finance and Coordinating minister of the economy Dr. Ngozi Okonjo Iweala must explain how the Excess Crude Account crashed to $2billion.
◾Dr. Ngozi has however replied to the allegation by Oshiomole saying “No Unauthorised expenditure from the ECA was made under Okonjo Iweala’s watch in the Finance Ministry”.

Popular Ladipo Market Demolished:
◾Ladipo Auto Spare Parts Market in Lagos has been demolished.
◾Some Armed men and officials suspected to be working for Mushin Local Government supported by a team of policemen invaded the market and demolished shops in the market.

FIRS Raises Taxes for First Class Tickets:
◾The Federal Inland Revenue Service (FIRS), has introduced new taxes in order to improve on the country’s lean purse.
◾A N15,000 levy on first class and business class travellers has been introduced.
◾This levy comes as a result of the bad fortune of oil and gas industry which is the major income earner for the country.



[B-O-O-M] Naira depreciates to N230 to $1
◾The Naira fell to N230 on Wednesday in the parallel market as importers scrambled to source for forex lifeline to save their business.
◾The Naira was N228 on Tuesday and N220 just a week ago thus depreciating by 4.5% in just one week.
◾The depreciation is likely to continue as more importers scramble to secure enough forex for their next imports to avoid being run out of business.

Why CBN Extended BVN Registration Deadline
◾The CBN has extended its BVN registration exercise from June 30th to October 31, 2015.
◾The CBN in a circular claimed it extended the deadline because it has elicited tremendous interest from the Nigerian bank customers who crowded the banking halls in order to beat the deadline.
◾The CBN however failed to admit the pains and inconvenience it had subjected a lot of Nigerians to and giving the impression that the exercise will end June 30, even though it perhaps new it was going to extend it.
more on.... http://nairametrics.com/top-trending-business-news-in-nigeria-now/

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