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Naira sells at N490/$1 on black market

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Barely four days after the Central Bank of Nigeria adopted an autonomous foreign exchange (NAFEX) rate, naira value has depreciated at the black market, trading at N490/$ as of Friday.

While the naira appreciated at the importer & exporter (I&E) window by 0.1 per cent to N411/$1, it dropped by 0.4 per cent to N490/$1 on the parallel market.

The local currency has lost N9 or 2.3 per cent on the black market this week, according to data on abokiFX.com, a website that collates parallel rates in Lagos.

On Monday, CBN adopted the Nigerian autonomous foreign exchange (NAFEX) rate dropping the official market rate of N379/$1.

In November, the naira had hit N500 per dollar on the black market  after CBN announced the devaluation of the naira and urged Bureau de Change operators not to sell dollars higher than N392 to end-users.

But the CBN governor, Godwin Emefiele, on Tuesday at the end of the monetary policy committee meeting, debunked the depreciation of the currency, saying that Nigeria still operates a managed-float exchange regime.

“The NAFEX, you see, it may be N410, N409 or N411, N412 or the next day 400, so it not fixed, but it is not floating. We are still running a managed- float exchange rate,” he had said.

Emefiele said, “This is because we are still monitoring the market. We are running a managed-float where we monitor the market to ensure the right things are happening for the good of the Nigerian economy.”

A managed float FX regime is when exchange rates fluctuate daily, but CBN attempts to influence the rate by buying and selling currencies to maintain a specific range.

 

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Photos: Kia dazzles Nigerian fans, unveils Sonet, Seltos compact SUVs

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Lovers of compact sport utility vehicles built with sophistication in Nigeria have two new stunning products to celebrate, coming from Kia Motors. They are the all-new Sonet and the high-tech Seltos.

The two models assembled in Nigeria and unveiled in Lagos on Friday to the motoring journalists are expected to substantially raise the market share of Kia in the compact SUV segment, which is fast becoming the toast of many new car buyers globally including Nigeria, especially young trendy people.

Details later…

 

 

 

 

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Southern govs okay VAT collection by state governments

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Governors of the southern states have agreed that collection of value-added tax (VAT) should be undertaken by state governments.

Chairman of the Southern Governors Forum and Governor of Ondo State, Rotimi Akeredolu, disclosed this on Thursday while reading a communique at the end of a meeting of the governors in Enugu.

The Federal Inland Revenue Service and some state governments are currently in court over VAT collection.

Rivers and Lagos state governments have enacted laws empowering their respective states to collect the tax (VAT).

Last week, the Court of Appeal directed states to maintain status quo on VAT collection pending the determination of an appeal filed by the FIRS.

Akeredolu said that the governors affirmed that the collection of VAT fell within the powers of state governments.

“We resolved to support the position that the collection of VAT falls within the powers of the state,” he said.

He also said, “The meeting reaffirmed its earlier commitment to fiscal federalism and emphasised the need to pursue its inclusion in the Nigerian Constitution through the ongoing constitutional amendment.”

Akeredolu urged states in the south to leverage the competence of their houses of assembly and representation at the national assembly to pursue the goal.

He said that the meeting reviewed the state of the nation and the progress made in the implementation of the ban on open grazing of cattle in the south of Nigeria.

He said, “The meeting expressed satisfaction with the rate at which states in the south of Nigeria are amending or enacting the anti-open grazing law.

“This aligns with the uniform template and aspiration of governors in the south and we encourage the states that have yet to enact the law to do so expeditiously.

“The meeting agreed to encourage the full operationalisation of the already agreed regional security which will share intelligence and collaborate toward the safety and security of the region.”

The meeting was attended by Ifeanyi Ugwuanyi of Enugu, Nyesom Wike of Rivers, Emmanuel Udom of Akwa Ibom, Babajide Sanwo-Olu of Lagos and Ifeanyi Okowa of Delta.

Others are Adegboyega Oyetola (Osun), Douye Diri (Bayelsa) and Dapo Abiodun (Ogun).

The deputy governors in attendance were Bisi Egbeyemi (Ekiti), Rauf Olaniyan (Oyo), Kelechi Igwe (Ebonyi), Ude Oko-Chukwu (Abia), Philip Shuaibu (Edo), Prof. Ivara Esu (Cross River) and Placid Njoku (Imo).

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Land Rover to expand Defender with eight-seater 130, showstopper models  

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Land Rover is preparing to expand the Defender lineup, turning it into a family of vehicles similar to what it did with the Range Rover nameplate.

The expansion will specifically cover a long-wheelbase variant, an eight-seater 130, due next year to a posh, six-figure model in 2025, caranddriver.com reports.

According to a report from Autocar, the first variant to arrive will be the 130, an extended-wheelbase version with eight seats and it is due in 2022.

An opulent range-topper is also expected by 2025, and will ride on the MLA platform that will also underpin the next generation Range Rover.

Land Rover already sells multiple versions of the Defender—the stubby but charming two-door 90, the standard four-door 110, and the burly supercharged V8 model.

The 130 should be at least 10 inches longer than the 110, with most of that length added to the rear overhang.

The Defender 130 is expected to only come in higher trim levels and should feature both the six and eight-cylinder engine options.

The US and China will be the stretched Defender’s primary markets, says the report.

The fancier model coming in 2025 will be based on the MLA platform that will underpin the next Range Rover. The MLA platform will support combustion engines, plug-in-hybrid setups, and electric powertrains, and will also form the basis for the next Range Rover Sport, Velar, and Discovery.

This would make a Defender EV possible, but the Range Rover and Velar are expected to have priority for all-electric versions.

The high-end Defender’s interior will be the major distinction, and Autocar says it will feature more vibrant colours and upscale materials.

Although the powertrain landscape will have shifted even further towards EVs by 2025, the luxe-Defender will likely still be powered by the six-cylinder engine.

A plug-in hybrid is also currently sold in Europe, and an evolution of this setup could come to the US as well.

An entry-level Defender 80 had also been rumoured to debut by 2025. It would have been based on the EMA (Electric Modular Architecture) platform, but Autocar reports that this model has been cancelled. That platform will be found in the next Evoque and Discovery Sport, but Land Rover has apparently decided to not move the Defender name down market, as a baby Defender likely wouldn’t have the higher profit margins that should make the 130 and luxury Defender worth the investment.

 

 

 

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