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Friday, 02 February 2024 05:03

Naira devaluation pushes airfares to new highs. This is what it costs to fly from Nigeria to US, UK, S’Africa, others

The depreciation of the naira against the United States dollar by 55 per cent at the official foreign exchange market has led to a commensurate depreciation in airfares on international routes in Nigeria. The naira had fallen from approximately 900/dollar to over 1,400/dollar on Monday after the FMDQ Exchange, which records data the nation’s official exchange rate, reviewed its methodology for calculating the rate. The review came after the Central Bank of Nigeria accused approved foreign exchange dealers of reporting false figures. However, barely 24 hours after the movement of the official exchange rate, international airlines operating in Nigeria moved…

Friday, 02 February 2024 05:02

11% of the poorest of poor people globally live in Nigeria - Report

It is estimated that about 70.92 million Nigerians are in extreme poverty, according to the World Poverty Clock. The figure translates to 11 per cent of the world’s extreme poor. This means that, at least, one out of every 10 extremely poor people live in Nigeria. It would be recalled that the National Bureau of Statistics (NBS) had earlier in its report said over 133 million Nigerians were multidimensionally poor. Sulaiman Adesina Yusuf of the Department of Agriculture Economics, University of Ibadan, related the statistics yesterday in Abuja in his presentation at a one-day public lecture. The lecture was organised…

Friday, 02 February 2024 05:01

Creation of state police crucial to tackling worsening insecurity, PDP govs say

Peoples Democratic Party (PDP) Governors’ Forum has expressed full support for the creation of State Police, saying it will address the current security challenges confronting the country. Governor of Bauchi State and Chairman of the forum, Bala Mohammed, said this on Thursday when he led his colleagues in the forum on a visit to Caleb Mutfwang of Plateau at the Government House in Jos. Mohammed, who decried the rising security challenges across the country, said that state police would complement efforts of the conventional security agencies. According to him, state police will provide opportunity for governors to handle the security…

Thursday, 01 February 2024 04:55

Naira free fall continues as it crosses N1,500 to $1 at parallel market

The naira, on Wednesday, crossed the N1,500 mark at the parallel section of the foreign exchange (FX) market. The value of the naira fell to N1,530 against the dollar — an all-time low in the parallel market. This is a 4.08 percent decline compared to the N1,470/$ reported the previous trading day. Currency traders, also known as Bureau De Change operators, quoted the buying price of the currency at N1,510 and the selling price at N1,530. “One thing affecting the price of dollar is that there is a lot of demand,” an FX trader at the black market, known as…

Thursday, 01 February 2024 04:54

CBN orders banks to cut FX exposures as Naira plunges

The Central Bank of Nigeria ordered banks to limit their foreign exchange exposure to curb risks to the financial system, in the latest move to improve liquidity in the country’s volatile currency market. The net open position limit of foreign currency assets and liabilities “should not exceed 20% short or 0% long of shareholders’ funds unimpeded by losses,” the regulator said in statement on Wednesday, asking lenders to meet the limits by Feb. 1. The move could push banks to cut speculative bets against the naira, according to Ronak Gadhia, director of sub-Saharan banks research at EFG Hermes. The central…

Thursday, 01 February 2024 04:52

Not true, $700m still trapped in Nigeria - international airlines debunk CBN’s claim of FX backlog clearance

International Air Transport Association (IATA), a top global trade association of airlines, has said approximately $700 million still remains blocked with Nigeria’s commercial banks. IATA spoke in reaction to a statement by the Central Bank of Nigeria (CBN) that it had cleared all verified backlogs to foreign airlines operating in the country. In a statement published on its website on Monday, IATA acknowledged the CBN’s release of an additional $64.44 million in blocked airline funds. However, it noted that it is consulting with airline members to verify the release of outstanding revenues. “While this development is encouraging, it’s crucial to…

Wednesday, 31 January 2024 04:41

IMF downgrades Nigeria’s economic growth forecast for 2024

International Monetary Fund (IMF) has reduced its forecast for Nigeria’s economic growth to 3 percent in 2024 — down from a 3.1 percent projected in October 2023. This is contained in the Washington-based institution’s World Economic Outlook (WEO) update for January 2024. The outlook, released on Tuesday, is titled, ‘Moderating Inflation and Steady Growth Open Path to Soft Landing’. IMF also projected a 3.1 percent economic growth for Nigeria in 2025. In the outlook, IMF also downgraded its forecast for sub-Saharan Africa from 4 percent to 3.8 percent for 2024. “In sub-Saharan Africa, growth is projected to rise from an…

Wednesday, 31 January 2024 04:39

CBN pays additional $64.4m to airlines, claims all ‘verified’ FX backlog settled

Central Bank of Nigeria (CBN) says it has concluded payment of all verified claims by airlines with an additional 64.44 million dollars. Hakama Sidi-Ali, CBN’s Acting Director, Corporate Communications, said this in a statement on Tuesday. Sidi-Ali said that the apex bank had to fulfil its pledge to clear the backlog of foreign exchange owed foreign airlines in the country. She said that the latest payment brought the total verified amount paid to the airlines to 136.73 million dollars. “All the verified airline claims have now been cleared,” she said. She assured that the CBN management was committed and would…

Tuesday, 30 January 2024 04:54

Naira’s ‘downwards spiral is becoming self-perpetuating’ as official rate falls below parallel market’s, expert says

Naira dropped to a record low against the dollar on the thinly traded official market on Friday, FMDQ Exchange data showed on Monday, as the currency swung widely to overshoot the unofficial parallel market rate. The naira fell as low as 1,421 to the dollar, during trading on Friday, FMDQ data showed, compared with around 1,400 naira quoted on the parallel market. The currency later closed at 891.90 naira on the official market. The latest fall occurred after central bank Governor Olayemi Cardoso last Wednesday said the bank was trying to improve liquidity in the foreign exchange market. Kyle Chapman,…

Tuesday, 30 January 2024 04:52

FG condemns Niger, Mali, Burkina Faso's withdrawal from ECOWAS, while offering engagement with their military govts

Federal Government of Nigeria has expressed its sadness over the pronouncement by the Military authority in the Republic of Niger indicating that the Republics of Burkina Faso, Mali and Niger have withdrawn membership of their countries from the Economic Community of West African States (ECOWAS). In a statement on Monday by Francisca K. Omayuli, spokesperson of the Ministry of Foreign Affairs, the FG said for half a century, ECOWAS had worked to promote peace, prosperity and democracy in the region. The military juntas in Mali, Burkina Faso, and Niger had on Sunday withdrawn from the ECOWAS “with immediate effect”. However,…

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Monday, 29 January 2024 04:38

Niger, Mali and Burkina Faso’s shock announcement to quit ECOWAS raises 4 key questions

Defying pressure by leaders of the Economic Community of West African States (ECOWAS) to restore constitutional rule, junta leaders of Niger, Mali and Burkina Faso said on Sunday they were quitting the regional bloc. The decision is a blow to regional integration after the bloc suspended the three countries following military takeovers. Here is a summary of the situation: WHY DID THE THREE COUNTRIES LEAVE THE BLOC? The juntas said in a joint statement that ECOWAS had drifted from the ideals of its "founding fathers and the spirit of Pan-Africanism," and accused the bloc of failing to assist in their…

Friday, 26 January 2024 04:34

Naira falls to lowest level ever at parallel market

The Naira reached an unprecedented low yesterday of N1,420 marking a 4.03 per cent or N55 decline compared to Wednesday’s closing rate of N1,365 at the parallel market. Also, the official Investors and Exporters (I&E) window experienced a decrease, concluding at N900.96 yesterday as opposed to N882.24, indicating a 2.12 per cent decline or a N18.72 weakening. However, the daily turnover witnessed a notable 103.44 per cent surge in a single day. On Wednesday, the turnover was $56.60 million, while yesterday’s turnover reached $115.19 million. Furthermore, the highest spot rate recorded yesterday was N1,399 compared to N1,313 recorded the previous…

Friday, 26 January 2024 04:33

FG-owned TCN explains why power cuts are more frequent nationwide

Transmission Company of Nigeria (TCN) says the decrease in power transmission to electricity distribution companies was due to constraints experienced by thermal generating companies. In a statement yesterday, TCN’s General Manager, Public Affairs, Ndidi Mbah, said it is, however, working with relevant stakeholders in the power sector to keep the grid intact despite the current low power generated into the system. It stated that the decrease has “impacted the quantum of bulk power available on the transmission grid for onward transmission to the distribution load centres nationwide.” “TCN is doing everything possible in collaboration with stakeholders in the power sector…

Thursday, 25 January 2024 04:52

‘We shut down Grenada and citizens of that country knew Nigerians were in town’, report says of the birthday party secretly attended by Sanwo-Olu

Governor Babajide Sanwo-Olu of Lagos returned to Nigeria Wednesday morning after spending days partying in the Caribbean Island of Grenada in commemoration of the 50th birthday anniversary of Abuja-based businesswoman and socialite, Aisha Achimugu. Sanwo-Olu flew in a private aircraft to the Carribean Island, and took residency in one of the most expensive resorts in the world. Many officials of his government did not know his whereabouts for days, with some saying he was attending an official engagement in London and others simply telling us he was travelling abroad. But PREMIUM TIMES can report that while the Mandilas building burned…

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