Business
CIG launches new AC models, pledges continued after-sale service
Choice International Group has launched three new air conditioning products into the Nigerian market through one of its subsidiaries, Gree Air Conditioner Nigeria, with a pledge to keep prioritising after-sale service and technologies that will improve the lives of the people.
General Manager, CIG E-Home Co. Ltd, Mr Chibuzor Ogunka, said even as their products had stood out among their peers in the country, it is the after-sale service that had been their strength.
He said the latest products, G-tech, Minty and Kimbe, were introduced to satisfy the demands of customers.
Ogunka, who spoke on the three state-of-the-art AC models at an impressive ceremony held at the Eko Hotel, Victoria Island, Lagos, on Friday, said the G-tech air-conditioner provides a 3D spiral external air supply technology as well as a WIFI smart control and a water-electricity separation technology, among other mouth-watering features. The product is said to come in 1HP/1.5HP.
Gree Minty, which also comes in 1HP/1.5HP, uses the R-32 refrigerant, which reduces electricity consumption up to about 10%.
Its purification system is described as top notch.
The Gree Kimbe II, just like other models, uses the R-32 refrigerant, with an elegant body and is offered in 3HP. The air conditioner also has a detachable air outlet for easy cleaning.
Also speaking, Mr. Jubril Arogundade, Group Head, Communications & GM Commercial, CIG Motors, revealed that Gree, an internationally renowned air conditioner manufacturer, was reputed to make two out of every three Air conditioners manufactured in the world.
He also disclosed that the company was on the verge of introducing an app to assist customers to easily find technicians close to their locations.
According to him, the products, which can be self-serviced, come with 3-level purification system from air-pollutants and bacteria.
He said CIG offers three-year warranty to customers as well as technical and marketing support to all of its distributors and dealers nationwide.
CIG has been distributing Gree Commercial and Residential air conditioners in Nigeria for the past eight years, just as it has trained local technicians across the country referred to as Cool men.
The company currently has nationwide distributors and dealers and aims to have distributors in every state of the country. Interestingly, some prospective participants at the event immediately signed up as dealers and distributors in order to take advantage of the high returns on investments dealing in Gree products.
Gree products are said to have the reputation of being used by reputable corporate organisations such as Dangote, Lekki Deep Seaport and Railway stations across the country.
The launch event was witnessed by the Vice President of CIG, Mr. Ben Ma, top officials of Gree, and other relevant stakeholders in the air conditioning industry including customers, dealers, distributors and the media.
Business
CBN permits BDCs to buy up to $25,000 FX weekly from NFEM
CBN permits BDCs to buy up to $25,000 FX weekly from NFEM
The Central Bank of Nigeria (CBN) has granted Bureau de Change (BDC) operators temporary permission to purchase up to $25,000 weekly in foreign exchange (FX) from the Nigerian Foreign Exchange Market (NFEM).
The Central Bank of Nigeria (CBN) has granted Bureau de Change (BDC) operators temporary permission to purchase up to $25,000 weekly in foreign exchange (FX) from the Nigerian Foreign Exchange Market (NFEM).
This move, detailed in a circular dated December 19, 2024, is designed to meet seasonal retail demand for FX during the holiday period.
The circular was signed by T.G. Allu, on behalf of the Acting Director of the Trade and Exchange Department.
The arrangement will be in effect from December 19, 2024, to January 30, 2025.
Under the directive, BDCs may purchase FX from a single Authorized Dealer of their choice, provided they fully fund their accounts before accessing the market.
Transactions to occur at the prevailing NFEM rate
The transactions will occur at the prevailing NFEM rate, and BDCs are required to adhere to a maximum 1% spread when pricing FX for retail end-users.
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All transactions conducted under this scheme must be reported to the CBN’s Trade and Exchange Department.
The circular read in part:
“In order to meet expected seasonal demand for foreign exchange, the CBN is allowing a temporary access for all existing BDCs to the NFEM for the purchase of FX from Authorised Dealers, subject to a weekly cap of USD 25,000.00 (Twenty-five thousand dollars only).
This window will be open between December 19, 2024 to January 30, 2025.
“BDC operators can purchase FX under this arrangement from only one Authorized Dealer of their choice and will be required to fully fund their account before accessing the market at the prevailing NFEM rate. All transactions with BDCs should be reported to the Trade and Exchange department, and a maximum spread of 1% is allowed on the pricing offered by BDCs to retail end-users.”
The CBN assured the general public that PTA (Personal Travel Allowance) and BTA (Business Travel Allowance) remain available through banks for legitimate travel and business needs.”
These transactions are to be conducted at “market-determined exchange rates” within the NFEM framework.
This initiative reflects the CBN’s strategy to stabilize the FX market and manage seasonal surges in demand.
CBN permits BDCs to buy up to $25,000 FX weekly from NFEM
Business
Bitcoin price crashes to $95,000
Bitcoin price crashes to $95,000
The cryptocurrency market experienced sharp declines after the United States Federal Reserve announced a 25-basis point rate cut.
Bitcoin’s price dropped from its record high of $108,267 to a multi-day low of $95,000 within 36 hours.
Amid this turmoil, Paper-hand traders are rushing to sell their assets while the experienced ones are taking advantage of the dip to increase their portfolios.
Bitcoin price drops after Federal Reserve announces rate cut
Bitcoin experienced a sharp decline after the Federal Reserve cut interest rates by 25 basis points for the third time this year.
- The announcement led to Bitcoin’s price falling to a multi-day low of $95,000, marking a $13,000 drop within 36 hours.
- This pullback followed a recent record high of $108,268 earlier in the week.
- Federal Reserve Chair Jerome Powell suggested the central bank may halt further rate reductions due to recent Consumer Price Index (CPI) data.
“Today was a closer call, but we decided it was the right move,” Powell said during a press conference. While rate cuts typically benefit cryptocurrencies due to their risky asset status, this decision appears to have introduced caution among buyers.
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Crypto analysts predict that Bitcoin could face increased volatility in the short term. On-chain data reveals selling pressure has eased since November, but caution remains high. Buyers are closely monitoring Bitcoin’s support levels, particularly around the $100,000 mark, with potential resistance seen at $110,000 in the coming weeks.
Some buyers anticipate a “Santa Rally” a term used to describe the Bullish performance of bitcoin during the Christmas holidays. Historical data on this notion has given mixed outcomes.
In previous halving years, Bitcoin often surged during Christmas week, with price moves of 11% to 25% recorded in 2017, 2020, and 2024.
However, analysts warn that current market conditions, including macroeconomic uncertainty and a cautious Fed, could dampen such expectations.
United States Bitcoin strategic reserve in doubts
Aside from the federal rate cuts announced by Powell. He also mentioned that the Central Bank is not allowed to hold Bitcoin unless approved by Congress.
- This statement cast shadows of doubt on the proposed Bitcoin reserve by Donald Trump during his campaign days.
- The President-Elect last week confirmed that his administration hopes to set up a strategic Bitcoin reserve and pilot the dominance of the US in the Global crypto space.
- The FOMC chairman’s speech about the Central Bank not being able to hold Bitcoin cast doubts on the proposed Goal by the Donald Trump administration.
Bitcoin price crashes to $95,000
Business
Dangote reduces petrol price to ₦899.50/litre
Dangote reduces petrol price to ₦899.50/litre
Dangote Petroleum Refinery has slashed the price of its petrol t to ₦899.50 per litre.
Making this known in a statement on Thursday was Anthony Chiejina, Chief Branding and Communications Officer of the Dangote Group.
He said, “Africa’s first privately-owned oil refinery, which previously lowered the price to N970 per litre on November 24, has now announced a new price of N899.50 per litre. This reduction is designed to ease transport costs during the festive period.”
Adding, Chiejina said, “In addition to the holiday discount, Dangote Petroleum Refinery is allowing consumers to purchase an additional litre of fuel on credit for every litre bought on a cash basis.”
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“To alleviate transport costs during this holiday season, Dangote Refinery is offering a holiday discount on PMS. From today, our petrol will be available at N899.50 per litre at our truck loading gantry or SPM. Furthermore, for every litre purchased on a cash basis, consumers will have the opportunity to buy another litre on credit, backed by a bank guarantee from Access Bank, First Bank, or Zenith Bank.”
The statement said the refinery was committed to making sure Nigerians have access to premium quality petroleum products that are competitively priced which are also environmentally and engine friendly.
Dangote reduces petrol price to ₦899.50/litre
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