Consequently, the margin between the parallel market and NAFEM rates narrowed to N1.57 per dollar from N55.79 per dollar on Monday.
Business
Cement price lower in Nigeria than other W’African countries, Dangote insists
Cement price lower in Nigeria than other W’African countries, Dangote insists
Management of Dangote Cement Plc has clarified that the price of a bag of cement from its factories in Nigeria (as of 28th August 2023) is N4,010 in Okpella and N4,640 in Ibese, Obajana and Gboko.
The company said with transportation costs and the location of delivery, prices could range between N5,000 and N5,300 per bag.
This clarification made in a statement on Monday was in response to a recent report that the company sells cement in Nigeria at higher prices than other West African countries, particularly the Republic of Benin.
Dangote Cement’s Group Managing Director, Mr Arvind Pathak, said that it was important to distinguish Dangote Cement’s ex-factory prices from prices at which retailers sell cement in the market.
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In Cotonou, the commercial capital of the Republic of Benin, cement is sold between CFA 3,495 and CFA 4,500, which at the current exchange rate of CFA 1: NGN 1.43 is between N4,997 and N 6,435 per bag.
Pathak said that Dangote Cement is focused on delivering quality cement at the best price possible, despite the current inflationary environment.
“We continue to innovate new ways to deliver quality products to millions of our customers across Africa, while providing top-notch customer services. At Dangote Cement, we are committed to building an inclusive and sustainable business for all stakeholders across the value chain,” he said.
Cement price lower in Nigeria than other W’African countries, Dangote insists
Auto
BKG holds all-inclusive Lagos Motor Fair, auto parts expose June 4-6
BKG holds all-inclusive Lagos Motor Fair, auto parts expose June 4-6
BKG Exhibitions Limited, organizers of annual Lagos International Motor Fair & Africa Autoparts Expo, has announced this year’s edition will be all-inclusive and billed to hold from June 4 to June 6.
It said in a statement that the event incorporating the Africa Motorcycle and Tricycle Expo aimed at reinforcing focus on attaining a thriving automotive industry in West Africa using Nigeria as the hub.
According to the BKG Managing Director, Mr Ifeanyi Agwu, apart from exhibition of automobiles (18th edition) and auto spare parts (11th), there will be Business-to-Business interface between auto dealers and Original Equipment Manufacturers (OEMs), seminars and workshops with closing of deals.
Even as he urged the Federal Government to focus on auto parts manufacturing, the BKG boss said over 100 original components manufacturers from China, India, South Korea, South Africa, Singapore, Turkey and Nigeria, including major automobile distributing/manufacturing companies in Nigeria would be showcasing at the event.
“Our intention in bringing them is to enable Nigerians and neighbouring West Africans engaged in automobile, spare parts, accessories, and allied businesses to work out rewarding and lasting business relationships with the main companies engaged in manufacturing these products and services.
“Nigeria is endowed with natural as well as man-made resources to become one of the most vibrant automotive industry giant in the world” and as such we in partnership with other well minded players will always deploy all we can to see that the country attains this height sooner than expected.
“This informs our resolve to use our events despite the challenges which keep increasing to support the rapid growth of the industry.
Agwu, who is also the chairman of the event’s organizing committee, also said, “We have been using the events over the years to drive more investment into automobile spare parts and accessories manufacturing in Nigeria as well as boosting aftermarket activities in the sector with the objective of showcasing the capacities and potential of this important sector of the economy.”
The event, he stressed, aimed at spurring the rapid springing up of companies that manufacture these components parts and use it to enhance the policy leading to the establishment of a virile automotive sector in the country.
He advised the Federal Government to focus more on spare parts manufacturing in place of assembling. According to him, spare parts is the place where the real technology transfer takes place.
Specifically, Agwu noted that this involves precision and proper planning more than the coupling that takes place in assembling.
This, he added , would give rise to establishing of more Original Equipment Manufacturers and increase employment”.
He said that there should be a review of the ongoing auto policy to make it achieve the desired ends.
Agwu stated, “Organizing the event has been very challenging we are only trying to find a way to push it as a key event in the sector we cannot but use the event to draw the necessary attention to the sector.
“Government should bail out the automobile companies operating in the country.
“It is a sector that affects virtually everything. It occupies prime position in the economy.
“If it is not done now it will in the very near future affect a whole lot in the life of the people and the economy.
“The challenges of hosting this event is becoming daunting but our drive in continuing is that the sector must not be allowed to die.
“In conjunction with our foreign partners, we have reached out to many of such companies, and happily, the response has been tremendous and we are expecting close a lot of them.
The statement said from June 4-7, 2024 at the Federal Palace Hotel, Victoria Island, Lagos, the venue of the event, each of those days that the fair will last is loaded with activities and events that will make this edition remarkably rewarding to the exhibitors, visitors, and other stakeholders.
Business
Naira drops further to N1,421.06 per dollar
Naira drops further to N1,421.06 per dollar
The declining fortunes of the Naira persisted yesterday with further depreciation in the parallel and official markets due to the re-emergence of speculation and hoarding, even as some Bureaux De Change, BDCs withdrew from the Central Bank of Nigeria, CBN’s, dollar sales program.
Vanguard also learnt that despite the sustained nationwide raids and arrest of street currency hawkers, the Naira further depreciated yesterday to N1,435 per dollar in the parallel market, from N1,415 per dollar on Tuesday, and also depreciated to N1,421.06 per dollar in the Nigerian Foreign Exchange Market, NAFEM.
Data from FMDQ showed that the indicative exchange rate for NAFEM fell to N1,421.06 per dollar from N1,416.57 per dollar on Tuesday, indicating N4.49 depreciation for the naira.
Consequently, the margin between the parallel market and NAFEM rates widened to N13.94 per dollar from N1.57 per dollar on Tuesday.
Dollar sales to BDCs
In a bid to intervene in the retail segment of the forex market, the CBN in February resumed dollar sales to BDCs. Since then the apex bank has held three editions of the dollar. At the last edition, the CBN offered to sell $10,000 per BDCs at directing them to sell at the maximum margin of 1.5 per cent.
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BDC operators however complained dollar disbursement from CBN is too slow that and takes three to four weeks between when they make payment and when the dollars are disbursed to them.
Vanguard reliably gathered that as a result of this delay and the uncertainty in the forex market, some BDCs, have asked the CBN to refund their Naira payment.
Top BDC operators who confirmed this development to Vanguard under the condition of anonymity said that some of the BDCs that asked for refunds have gotten their money.
Speaking to Vanguard on condition of anonymity, the Chief Executive of a BDC said, “I think the CBN is overwhelmed. You pay money and it takes one month for you to collect $10,000. It is over a month now since they intervened and they have not intervened again.
Business
Naira trades at N1,415/$ on parallel market
Naira trades at N1,415/$ on parallel market
The Naira yesterday depreciated to N1,415 per dollar in the parallel market, from N1,410 per dollar on Monday.
Similarly, the Naira depreciated in the Nigerian Foreign Exchange Market, NAFEM, to N1,416.57 per dollar.
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Data from FMDQ showed that the indicative exchange rate for NAFEM fell to N1,416.57 per dollar from N1,354.21 per dollar on Monday, indicating N62.36 depreciation for the naira.
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