Business
Breaking: Naira hits all-time low of N1,152/$1 at Black Market
Breaking: Naira hits all-time low of N1,152/$1 at Black Market
On October 19, 2023, the exchange rate between the Nigerian naira and the US dollar reached an unprecedented low of N999/$1 on NAFEM, while unofficial P2P trading reflected a rate of N1,152/$1, marking a concerning decline in the currency’s value.
In a significant development, Nigeria witnessed an unprecedented drop in its currency value, as the exchange rate between the naira and the US dollar hit an all-time low of N999/$1 during trading on October 19, 2023. This alarming situation was reported based on intraday trading data from the FMDQ, where forex is officially traded through the Nigerian Autonomous Foreign Exchange Market (NAFEM).
It is worth noting that this N999/$1 rate is an intraday high, and market analysts predict that it may close at an even lower rate when the market concludes its trading activities for the day.
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In addition to the official forex market, a worrying trend is also evident in unofficial trading. In early afternoon trading on the black market known as P2P, where forex is exchanged informally and often involves cryptocurrencies, the exchange rate surged to N1,152/$1. This sharp increase underscores the ongoing and steady depreciation of the naira.
This concerning financial development is a continuation of a trend that has been affecting Nigeria. Just a day prior, the naira had already depreciated to N1,100 to the US dollar on the parallel market, while the official market rate stood at N790 per dollar. The steady decline in the value of the naira against the US dollar poses significant economic challenges for Nigeria and its citizens.
This situation is developing, and further updates will be provided as more information becomes available.
Breaking: Naira hits all-time low of N1,152/$1 at Black Market
Business
PH refinery: 200 trucks will load petroleum products daily, says Presidency
PH refinery: 200 trucks will load petroleum products daily, says Presidency
No fewer than 200 trucks are set to load petroleum products at the government-owned Port Harcourt Refinery, the presidency has said.
A presidential spokesperson, Sunday Dare, made this known in a statement through his official X handle on Tuesday.
Newstrends had reported that the Nigerian National Petroleum Company on Tuesday announced that Port Harcourt Refinery has resumed operations and crude oil processing after years of inactivity.
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Reacting, Dare said, “200 trucks are expected to load products daily from the refinery, Renewing the Hopes of Nigeria.”
He added that “the Port Harcourt refinery has two wings.
“The Old Refinery comes on stream today with an installed production capacity of 60, 000 barrels per day of crude oil.”
PH refinery: 200 trucks will load petroleum products daily, says Presidency
Business
Breaking: CBN increases interest rate to 27.50%
Breaking: CBN increases interest rate to 27.50%
The Central Bank of Nigeria (CBN) has raised the lending interest to 27.50 per cent from 27.25 per cent.
This latest increase in the Monetary Policy Rate came after a meeting of the Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) on Monday and concluded Tuesday.
The Monetary Policy Rate measures the benchmark interest rate.
The CBN Governor, Yemi Cardoso, announced this in Abuja on Tuesday after the MPC meeting, last for the year, held at the apex bank’s headquarters.
He said the MPC voted unanimously to raise the MPR by 25 basis points from 27.25% to 27.50%; and retain the Cash Reserve Ratio (CRR) at 50% for Deposit Money Banks and 16% for Merchant Banks.
The CBN governor also said the MPC retained the Liquidity Ratio (LR) at 30% and Asymmetric Corridor at +500/-100 basis points around the MPR.
Business
Nigeria’s unemployment rate dropped to 4.3% in Q2 – NBS
Nigeria’s unemployment rate dropped to 4.3% in Q2 – NBS
Nigeria’s unemployment rate stood at 4.3 per cent in the second quarter of 2024, the National Bureau of Statistics (NBS) has said in its latest report.
The report released on Monday said the unemployment rate decreased compared to the 5.3 per cent recorded in the Q1 of 2024.
The NBS defined the unemployment rate as the share of the labour force (the combination of unemployed and employed people) who are not employed but actively searching and are available for work.
“The unemployment rate for Q2 2024 was 4.3%, showing an increase of 0.1 percentage point compared to the same period last year,” the report stated.
“The unemployment rate among males was 3.4% and 5.1% among females.
“By place of residence, the unemployment rate was 5.2% in urban areas and 2.8% in rural areas. Youth unemployment rate was 6.5% in Q2 2024, showing a decrease from 8.4% in Q1 2024.”
Report also said the unemployment rate among persons with post-secondary education was 4.8 per cent; 8.5 per cent among those with upper secondary education, 5.8 per cent for those with lower secondary education, and 2.8 per cent among those with primary education in Q2 2024.
Employment rate – 76%
The report showed that the employment-to-population ratio, which measures the number of employed workers against the total working-age population, increased to 76.1 per cent in Q2 2024.
“In Q2 2024, 76.1% of Nigeria’s working-age population was employed, up from 73.1% in Q1 2024,” the report stated.
Self-employment – 85.6%
The report further showed that Nigeria’s labour market saw a notable shift as the proportion of self-employed individuals increased in Q2 2024.
It stated, “The proportion of persons in self-employment in Q2 2024 was 85.6%.”
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