Business News

Wednesday, 08 July 2020 05:14

Naira goes further down 5.5% as CBN moves to unify foreign exchange rates

Naira eased 5.5% on the official market on Tuesday, after central bank sold dollars to lenders at a lower rate, bowing to pressure from international lenders to unify its multiple exchange rates. The currency weakened to 380.50 per dollar in off-market trades, from its previous 360.50 close on Monday, traders said. No quotes for the naira were available on the official market during regular trading for the second straight session, Refinitiv Eikon data showed, after central bank last week depreciated the currency at an auction. Central bank, Nigeria’s main forex supplier, asked lenders on Friday to bid for dollars at…

Wednesday, 08 July 2020 05:08

Shippers’ Council kicks against storage charges on exports

Execute Secretary of Nigerian Shippers’ Council, NSC, Mr Hassan Bello, has kicked against collection of storage charges by terminal operators for export goods. Playing host to the newly-appointed Country Manager of APM Terminals, Mr Klaus Laursen, in his office in Lagos, NSC boss told Laursen that current economic realities of the country indicates that exports are priority and must be treated as such. In a statement signed by Head, Public Affairs of NSC, Mr Rakiya Zubairu, Bello suggested that export cargo should not attract storage charges, while further stressing importance of accelerating export processes through the terminals. Welcoming Laursen to…

Wednesday, 08 July 2020 04:57

Bill Gates predicted people with this critical skill will thrive in the future of work

What will give you a competitive edge by the year 2030? Bill Gates has the answer. Bill Gates, the billionaire founder of Microsoft has the inside edge on what he thinks will be the skills required to give you a competitive edge in the future. Speaking to students, parents, and alumni at his high school alma mater in Seattle last year, one question posed to Gates by the Head of School, Bernie Noe, is especially noteworthy for the next working generation: What are the skills today's students need to know to thrive in the world of 2030 and 2040? Gates…

Tuesday, 07 July 2020 05:33

CBN sold $11.5b in forex market in Q1, 2020 - Report

Central Bank of Nigeria injected $11.5bn foreign exchange into the economy in the first three months of 2020. Latest figures from CBN on the supply of forex showed that $2.96bn, $3.39bn and $4.7bn were injected into the market in January, February and March respectively. The investors’ and exporters’, small and medium enterprises and invisible segments got a total of $7,23bn; Bureau De Change segment got $3.6bn, while interbank and WDAS/RDAS got the rest. According to the data, a total of $14.72bn was injected into the market in 2018 while $28.55bn was injected in 2019. Due to the Covid-19 pandemic which…

Monday, 06 July 2020 05:44

Power companies lose N356.49bn as 4,000MW stalls daily

Between January and June 2020, Nigeria’s power sector lost N356.491bn as a result of three major constraints. About 4,000 megawatts-hour/hour of electricity was constrained daily in the power sector in the past six months, resulting in a cumulative revenue loss of N356.49bn. Findings showed that insufficient gas supply, distribution infrastructure and transmission facilities caused the huge revenue loss and constrained electricity generation daily. Documents obtained from Federal Ministry of Power and the Advisory Power Team in Abuja revealed an average daily loss of about N2bn in the sector since the beginning of this year. Federal Government and industry operators had…

Monday, 06 July 2020 05:40

Cinema operators to FG: You’ve reopened airports. Reopen cinemas too, because their operations are similar

Nigerian cinema exhibitors, distributors and employees have sent a Save-Our-Soul (SOS) to President Muhammadu Buhari, demanding speedy reopening of the entertainment sector of the economy, including the film industry, to prevent “their imminent collapse.” The association said the sector had lost over US$50million (about N22.5billion) and more than 5,000 industry jobs since Federal Government imposed the lockdown in March, as part of its efforts to curtail the spread of the Covid-19 pandemic in the country. The operators under the aegis of Cinema Exhibitors Association of Nigeria (CEAN) made the appeal at a meeting held at the Lagos State Safety Commission…

Saturday, 04 July 2020 04:02

CBN further devalues naira at market intervention sales

Central Bank of Nigeria (CBN) has instructed bidders at its Secondary Market Intervention Sales (SMIS) to increase their bidding price to N380/$1 floor. SMIS is the market where importers bid for forex using Letters of Credit and Form M. But the official naira exchange rate remains at N360 to dollar although the current adjustment may be the beginning of further unification of exchange rate as canvassed by International Monetary Fund and World Bank in their advice to Federal Government. Market sources said the apex bank informed banks that they would only accept bids at SMIS from N380/$1 and above and…

Friday, 03 July 2020 05:25

Domestic airlines jerk up air fares as airports reopen

Local airlines yesterday marketed new fare rates as part of the preparation for flight resumption in the Covid-19 era. Some of the operators, apparently in line with the expected hike in fares and higher cost of operations, have raised fares from the average of N24,000 for one-way one-hour flight to N30,000, for a start. However, central to the airlines is the new safety protocols that mandate all intending passengers to make bookings and check-in online, arrive early at the airports, submit selves for checks and screenings and properly kitted with face masks. Minister of Aviation, Mr Hadi Sirika, recently announced…

Friday, 03 July 2020 05:24

350,000 Ogun poultry farmers run bankrupt as business collapses

No fewer than 350,000 poultry farmers have been forced out of business in Ogun State from the effects of coronavirus pandemic, State Chairman of the Poultry Association of Nigeria (PAN), Mrs Isioma Alawode, has disclosed. Addressing newsmen yesterday in Abeokuta on the plight of the poultry farmers, Alawode raised an alarm over the imminent collapse of the poultry industry following what she called “an arbitrary increase in the price of maize and other essential poultry feeds.” She stated that in March this year, the price of maize was increased from N97,000 to N160,000 per metric ton, representing a 65 per…

Thursday, 02 July 2020 06:05

FG announces increase in petrol price

Consumers of petrol in the country would pay a 16.4 per cent increase in the price of petrol in July, Petroleum Products Pricing Regulatory Agency (PPPRA) announced Wednesday. The agency said the approved new retail price for petrol for the month will vary between N140.80 and N143.80 per litre price band. The new price arrangement replaces the previous price band of N121.50 and N123.50 per litre announced by the agency for June 2020. “After a review of the prevailing market fundamentals in June, and considering marketers’ realistic operating costs as well as practicable, we (PPPRA) wish to advise a new…

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Thursday, 02 July 2020 06:02

Analysis: Nigerian oil, gas stocks lose N178bn in six months

Oil and gas companies listed on Nigerian Stock Exchange reported a loss of about N178.018bn in the first half of 2020 as coronavirus pandemic continued to take a toll on the industry. An analysis by our correspondent revealed that the oil and gas sector lost N178.02bn or 30.97 per cent to close at N396.67bn in market capitalisation on June 30, compared to N574.69bn at the beginning of trading on January 2. The sector recorded a loss of N102.41bn or 17.82 per cent during the first quarter to close at N472.28bn in market capitalisation on March 31, as against N574.69bn on…

Thursday, 02 July 2020 06:01

Naira to depreciate further as forex shortage projected to hit $5bn

Nigerian banks’ foreign currency funding gap will rise to $5bn over the current low oil prices, volatile foreign inflows and lower remittances amid coronavirus pandemic, Moody’s Investors Service said on Wednesday. Moody’s, in its July 2020 report, titled ‘Renewed foreign-currency shortages highlight vulnerability for banks’, said the challenges were threatening to renew foreign currency liquidity pressures that blighted Nigerian banks during a previous oil crisis in 2016-2017. A banking analyst at Moody’s, Mr Peter Mushangwe, said, “Lower dollar inflows at a time when foreign currency borrowing will likely be more expensive for Nigerian banks will strain their foreign currency funding,…

Thursday, 02 July 2020 06:00

US bank invests $530m in Nigerian projects

United States International Development Finance Corporation says it has invested $530m in Nigeria’s agriculture, financial institutions, critical infrastructure and health projects. Regional Director for Africa at DFC, Ms Vibhuti Jain, made this known on Wednesday while speaking at a virtual conference on available US project financing opportunities for Nigerian companies organised by American Business Council. She said the development bank was increasing its focus on lower-income countries like Nigeria and had $29.5bn in total active commitments in countries where it operates. According to her, the bank plans to double this investment to reach $60bn. Jain explained that the bank launched…

Wednesday, 01 July 2020 05:50

FG moves to compel DSTV charge per view

Federal Government has disclosed plans to force Digital Satellite Television, owned by MultiChoice, a South Africa-based cable service provider, to provide pay-per-view options to Nigerian subscribers. The government also said it has amended Nigeria’s broadcasting code to prevent DSTV from monopolising its channels and contents. This is just as House of Representatives ordered the Nigerian Broadcasting Commission to ask DSTV to reverse its subscription rates introduced on June 1, 2020. The House has been probing DSTV for allegedly cheating its Nigerian subscribers by restricting them to prepaid plans. Punch

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