Dollar crashes against Naira at official market

The Naira on Wednesday appreciated at the official market, trading at N1,459.02 to the dollar.

Data from the official trading platform of the FMDQ Exchange, revealed that the Naira gained N61.38.

This represents a 4.04 per cent gain when compared to the previous trading date on Tuesday, when the local currency exchanged at N1,520.40 to a dollar.

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Also, the total daily turnover increased to 289.14 million dollars on Wednesday up from 128.76 million dollars recorded on Tuesday.

Meanwhile, at the Investor’s and Exporter’s (I&E) window, the Naira traded between N1,593 and N1,401 against the US dollar.

Dollar crashes against Naira at official market

Nigeria’s inflation rises further to 33.69%, highest in 28 years

Nigeria’s inflation rose to its highest in 28 years as it hit 33.69 per cent in April 2024, up from 33.20 per cent in March.
A report by the National Bureau of Statistics revealed this on Wednesday. It showed the food and non-alcoholic beverages category continued to be the biggest contributor to inflation.
Food inflation, which accounts for the bulk of the inflation basket, reached 40.53 per cent in annual terms, against 40.01 per cent in March.
The galloping inflation is attributed largely to President Bola Tinubu administration’s removal of petrol subsidy and naira devaluation due to foreign exchange rates unification.
Reuters in a report recalled that the Central Bank of Nigeria had raised interest rates twice this year, including its largest hike in around 17 years, as it struggles to contain the price pressures.
CBN Governor Olayemi Cardoso has indicated that rates will stay high to bring down inflation.
The bank holds another rate-setting meeting next week.

Price pressures have left millions of Nigerians grappling with the worst cost of living crisis in decades as they struggle to meet their basic needs.
To ease the pressure on government workers, Tinubu recently introduced a wage award of N35,000 and direct cash transfer to the vulnerable.

150 OEMs, others set for Lagos motor fair, Africa autoparts expo

Arrangements have been concluded for the hosting of the 18th edition of the Lagos Motor Fair and 11th Africa Autoparts Expo in Lagos.

BKG Exhibitions Limited, organisers of the annual event, stated this, adding that it would be a bumper package as 50 Original Engine Manufacturers (OEMs) from different parts of the world had confirmed their participation at the fair.

Chairman of the organising committee for the show, Mr. Ifeanyichukwu Agwu, said at a press briefing in Lagos that the event is scheduled to hold on June 4-7, 2024 at the Federal Palace Hotel, Victoria Island.

Agwu, who is also BKG managing director, declared, “Over 150 confirmed Original Equipment Manufacturers from all over the world are already preparing to be at the show.

“From the financial sector, auto financing and acquisition facilities and schemes shall be on display at the various stands of the firms from the sector.

“Those interested in enjoying the synergy existing between the automobile industry and the Insurance sector will get the best and latest from reputable Insurance Companies at the fair arena.

“Some of the automobile dealers will showcase their own in-house finance/ acquisition schemes.”

He said almost all the major vehicle manufacturers and dealers in Nigeria would be participating at the fair.

Notable banks and insurance companies, major oil companies; manufacturers and dealers in auto spare parts and accessories have booked to participate in the event, he added.

There will also a conference/workshop session featuring germaine industry issues and key stakeholders.

Agwu said, “The aim of this segment is to inform, educate and contribute to policy decisions and implementation in the sector.”

“The fair will be a landmark and a benchmark in auto show business in the entire West African subregion as the all-inclusive event has been packaged to ensure that all stakeholders have a rewarding experience.

“Each of the days that the fair will last is loaded with activities and events that will make this edition remarkably different and we intend to improve and add on this in subsequent editions,” he said.

Visitors can also update their knowledge about Fleet Management from experts in the field that would be on the ground at the fair.

He also said, “We have carefully put in place a lot of crowd-pulling activities all geared toward driving much traffic into the fair. “These include but are not limited to performances by popular artists, cultural and fashion displays, models/automobile parades and a roadshow.”