Business
$36.4b foreign reserves keep naira stable at N480/$
Nigeria’s currency, the naira, has stayed stable at the official and parallel markets, with the foreign exchange (forex) reserves standing at $36.4 billion, according to data from the Central Bank of Nigeria (CBN) website.
The naira’s stability at the same exchange rate for the past four days ignites hope that previous volatility in the market is being subdued by rising foreign reserves.
The naira on Tuesday exchanged at N480 to a dollar at the parallel market and N379 to a dollar at the official market, same rates since January 28.
The foreign reserves stood at $36.4 billion as at January 25 and have remained upbeat as the CBN continued to monitor dollar remittances by International Money Transfer Operators (IMTOs) and export proceeds.
The CBN also noted the increase in the level of external reserves, which stood at $36.23 billion as at January, 21 compared with $34.94 billion at the end of November 2020.
This reflected improvements in crude oil prices and partial global economic recovery amid optimism over the discovery and distributions of COVID-19 vaccines by most developed economies.
The regulator insists its policy mandating IMTOs to pay Diaspora remittances beneficiaries in dollars is being flouted.
CBN Director, Trade and Exchange Department, O.S Nnaji, said the apex bank will blacklist and close bank accounts of unlicensed companies facilitating diaspora remittances into the country.
Analysts noted the need to continue to explore avenues to improve inflow from sources such as the IMTO, diaspora remittances and non-oil export promotion, given the current trajectory of crude oil prices.
Auto
Chery relishes impactful presence at 2024 Lagos Trade Fair, says it’s a resounding success
Chery relishes impactful presence at 2024 Lagos trade fair, says it’s a resounding success
Days after one of the biggest trade shows in Nigeria ended, talks about the spectacular displays, special products on offer and which companies did what at the 2024 Lagos International Trade Fair are still reverberating in the business industry in and around the nation’s commercial capital.
After staging one of the most outstanding displays at the fair, Carloha, sole representative of Chery vehicles in Nigeria, has declared that the 2024 Lagos International Trade Fair was a resounding success for Chery.
The fair held from November 1 to November 10 at Tafawa Balewa Square (TBS) in Lagos was attended by businesses from various sectors.
Chery made a commanding impression with a display of its array of vehicles that captivated attendees.
Chery’s lineup at the place featuring the Tiggo 8 Pro, Tiggo 4 Pro, Tiggo 2 Pro, and Arrizo 5 — easily became the highlight of the event, drawing admiration from automotive enthusiasts and industry experts alike.
Carloha Nigeria in its assessment of the show notes that the enthusiastic response from attendees reflected Chery’s alignment with the values of Nigerian consumers: durability, efficiency and style.
Indeed, it says the presence of Chery at the fair reinforced the brand’s status as a leader in innovative and high-quality vehicles.
“Chery’s presence at the fair signals its commitment to supporting Nigeria’s automotive industry growth,” it states, adding that the brand looks forward to continuing its journey with Nigerians seeking reliable and stylish vehicles that elevate their everyday driving experience.
Chery showcased the unique strengths and aesthetics of each of its models, with the Tiggo 8 Pro taking centre stage.
Tiggo 8 Pro
Known for its luxurious design and cutting-edge technology, the Tiggo 8 Pro made a lasting impact on attendees looking for a blend of sophistication and performance in an SUV.
Auto enthusiasts and prospective buyers were particularly captivated by the model’s spacious interior, high-quality finishes, and suite of intelligent features, which align with Chery’s reputation for engineering excellence.
Tiggo 4
For those interested in compact SUVs with versatility and style, the Tiggo 4 Pro was an instant hit.
Its sleek design, fuel efficiency, and advanced safety features resonated with visitors seeking a reliable yet stylish vehicle for urban and adventurous lifestyles alike.
The Tiggo 4 Pro’s appeal lies in its balance of form and function, and this resonated with young professionals, families, and automotive aficionados who stopped by Chery’s exhibit for a closer look.
Tiggo 2 Pro
The Tiggo 2 Pro also attracted significant attention at the fair.
Known as a stylish, compact SUV with a bold, urban design, the Tiggo 2 Pro struck a chord with those looking for a vehicle that combines affordability with aesthetic appeal and performance.
Its smaller size, combined with a powerful engine, makes it an ideal choice for city driving, and visitors were impressed by its efficient fuel consumption and user-friendly tech features, making it a perfect fit for Nigeria’s dynamic city life.
Arrizo 5
Arrizo 5, Chery’s stylish sedan that combines efficiency with cutting-edge technology, was part of the impressive lineup.
Many attendees were taken aback by the Arrizo 5’s seamless integration of petrol and CNG technology.
This appeals to those looking for sustainable and budget-friendly commuting options.
The sedan’s advanced safety features, plush interiors, and fuel efficiency made it a strong contender for those prioritizing both style and sustainability in a vehicle.
This year’s Lagos International Trade Fair saw an unprecedented turnout, with thousands of visitors exploring the diverse offerings from local and international brands.
Chery’s display not only highlighted the brand’s innovative automotive designs but also underscored its commitment to Nigeria’s automotive market.
The foot traffic at the Chery stand was a testament to the brand’s growing appeal, as well as Nigeria’s evolving automotive landscape, where demand for high-quality, dependable vehicles continues to rise.
Engagement with visitors
Beyond showcasing vehicles, Chery’s team engaged with visitors to explain the unique benefits of each model and answer questions.
This helped create a personal and informative experience for everyone who stopped by.
From live demonstrations to interactive sessions, Chery provided an immersive experience that helped attendeesj job understand the full scope of features each model offers, strengthening the brand’s connection with potential customers and automotive enthusiasts.
Carloha’s Sales Director, Mr. Joseph Omokhapue, says to make Chery ownership easy and affordable, highlighted their exclusive offers: a 6-year free service plan, 6-year/200,000 km warranty, and flexible auto financing options.
“These benefits are at the core of Carloha’s commitment,” he said, adding, “With fair pricing, nationwide 24/7 parts and service support, our customers can enjoy their Chery vehicles with complete peace of mind.”
Railway
NRC increases trips on Abuja-Kaduna route from four to six
NRC increases trips on Abuja-Kaduna route from four to six
The Nigerian Railway Corporation (NRC) has announced an increase in the number of trains on its Abuja-Kaduna Train Service (AKTS) route in response to rising demand based on its customer feedback.
A statement signed by the NRC Deputy Director of Public Relations, Yakub Mahmood, on Wednesday, said the number of trains had been increased to six from four, running Monday to Friday during peak periods.
This development, it added, aimed to enhance customer satisfaction by making commuting more convenient and accessible on the route as well as tackling complaints of ticket racketeering.
The statement quoted the acting Managing Director of the NRC, Ben Iloanusi, as saying that a five-month trend analysis revealed a 22 per cent increase in new passengers registering on the ticketing platform for the Abuja-Kaduna route.
The surge, he said, showed a growing preference among Nigerians for train travel as a comfortable, reliable, and safe commuting option.
The statement read, “The Nigerian Railway Corporation, reaffirming its commitment to responding to customer demands, improving customer satisfaction, and tackling complaints of ticket racketeering, has increased the number of train services from four to six from Monday to Friday when demand tends to peak on its AKTS route.”
The NRC also noted that similar trends had been observed on the Lagos-Ibadan, Warri-Itakpe, and Port Harcourt-Aba routes, with efforts already underway to enhance services along these routes as well.
The acting MD assured Nigerians of the increased presence of NRC senior management across all train service routes to drive continuous efficiency and tackle the issue of ticket racketeering head-on.
“Our valued customers are encouraged to use NRC ticket platforms online to take advantage of the increased services and avoid patronising ticket racketeers.
“Additional information can be obtained from the NRC website, www.nrc.gov.ng,” it stated.
The expanded services on the Abuja-Kaduna route, it said, followed similar enhancements on the Lagos-Ibadan route, which now includes additional trips on Fridays and Saturdays to accommodate increasing demand.
Business
Naira trades for N1,740/$ in parallel market
Naira trades for N1,740/$ in parallel market
The Naira yesterday depreciated to N1,740 per dollar in the parallel market from N1,735 per dollar on Tuesday.
Similarly , the Naira appreciated to N1,645.4 per dollar in the Nigerian Autonomous Foreign Exchange Market, NAFEM.
Data from FMDQ showed that the indicative exchange rate for NAFEM fell to N1,645.4 per dollar from N1,689.88 per dollar on Tuesday indicating N44.48 appreciation for the naira.
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The volume of dollars traded (turnover) in the market rose by 122.5 percent to $236.84 million from $106.44 million sold on Tuesday.
Consequently, the margin between the parallel market and NAFEM rate widened to N94.6 per dollar from N45.12 per dollar on Tuesday.
Naira trades for N1,740/$ in parallel market
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