Naira continues fall against dollar despite CBN $10,000 to BDCs

The Naira has failed to appreciate against the US dollar at the foreign exchange market despite the Central Bank of Nigeria’s recent additional release of $10,000 to Bureau De change operators.

FMDQ data showed that the Naira recorded another drop to N1308.52 per Dollar on Wednesday compared to N1,300.15 exchanged on Tuesday.

On a day-to-day basis, this represents an N8.37 drop from N1,300.15 per Dollar it traded on Tuesday.

In the parallel market section, the Naira was sold at between N1,250 and N1,300 on Wednesday from N1230 on Tuesday.

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The development comes despite the Central Bank of Nigeria releasing 10,000 dollars each to BDC at N1,021 to a dollar with a caveat to sell at most 1.5 per cent above the bought price.

This is the third recent intervention for BDCs amid the bank’s effort to defend the Naira.

However, despite the FX rate record, the official window rate still surpassed the parallel market by N8.52.

Meanwhile, on Wednesday, the National President of the Association of Bureau De Change Operators of Nigeria, Aminu Gwadabe, blamed peer-to-peer cryptocurrency platforms like Binance for the recent depreciation of the Naira against the Dollar in the foreign exchange market.

Excitement as Chery celebrates innovations through roadshow at The Palms 

Excitement is in the air for all new car fans as the much-anticipated Lagos Chery Road Show holds tomorrow (Friday) April 26, 2014.

Carloha, a renowned automobile dealer of Chery vehicles in Nigeria, announced this in a statement, saying it will be an unparalleled automotive all the way from the auto firm to The Palms, the venue of the main event.

It also the event would offer an unforgettable journey of celebrating innovation, style, and the thrill of the open road.

Part of the statement read, “The Chery Road Show promises to be an electrifying extravaganza, offering attendees a thrilling journey through the heart of Lagos, celebrating innovation, style, and the spirit of adventure.

“Kicking off from the Carloha Showroom in Alapere, Lagos, the procession will wind its way through Anthony Village, Maryland, and the vibrant Sheraton Hotel axis, before making its grand entrance into the bustling streets of Opebi-Allen, and divert to Ikoyi, Victoria Island.

“The convoy will culminate at the The Palms, where the main event will take place.”

Giving highlights of roadshow, it says, “The sip and paint session promises to be a delightful fusion of creativity and relaxation.

“Set against the dynamic backdrop of Carloha Parking Lot at the Palms, participants will unleash their inner artists while watching with keen expectation on the artiste while creating masterpieces that capture the essence of the Chery brand.”

The firm also promised to provide the latest offerings from Chery with interactive displays showcasing the brand’s cutting-edge technology, superior craftsmanship, and commitment to excellence.

The Chery impressive lineup of vehicles at the venue, it added, would show why the brand had continued to redefine the automotive landscape.

“Immerse yourself in the festive atmosphere as you mingle with fellow enthusiasts and soak in the excitement of this one-of-a-kind event.

“Take advantage of exclusive offers and promotions available only at the Chery Road Show.

“Whether you’re in the market for a new vehicle or simply seeking to elevate your driving experience, don’t miss this opportunity to explore unbeatable deals and incentives,” it stated.

The statement reminded that Carloha Nigeria offers six-year free service, and six-years warranty or 200,000 kilometres, whichever comes first.

It also stated that the admission to the Chery Road Show was made free to give a lot of people the rare opportunity to experience the ultimate automotive extravaganza.

Nigerians can now access N100bn consumer credit till May 14 – Tinubu

President Bola Tinubu has approved the commencement of the N100 billion Consumer Credit Scheme for Nigerians to ease the economic hardship facing the country.

Indeed, the President said interested Nigerians could visit the portal of Nigerian Consumer Credit Corporation before May 15, 2024.

President’s spokesperson, Ajuri Ngelale, revealed this in a statement on Wednesday.

Newstrends reports that food prices and other goods and services have skyrocketed since June last year after fuel subsidy removal.

The situation has been compounded by astronomical increase in foreign exchange rate, with the naira hitherto N450/$ before May 29 last year currently trading around N1,200 to a United States dollar at both official and parallel markets.

Part of the Wednesday’s statement read, “Consumer credit serves as the lifeblood of modern economies, enabling citizens to enhance their quality of life by accessing goods and services upfront, paying responsibly over time. It facilitates crucial purchases, such as homes, vehicles, education, and healthcare, which are essential for ongoing stability and the pursuit of their aspirations.

“Individuals build credit histories through responsible repayment, unlocking more opportunities for a better life.

“The increased demand for goods and services also stimulates local industry and job creation.

“The President believes every hardworking Nigerian should have access to social mobility, with consumer credit playing a pivotal role in achieving this vision.

“The Nigerian Consumer Credit Corporation (CREDICORP) achieves its mandate through the following: Strengthening Nigeria’s credit reporting systems and ensuring every economically active citizen has a dependable credit score. This score becomes personal equity they build, facilitating access to consumer credit, Offering credit guarantees and wholesale lending to financial institutions dedicated to broadening consumer credit access today and Promoting responsible consumer credit as a pathway to an improved quality of life, fostering a cultural shift towards growth and financial responsibility.

“In line with the President’s directive to expand consumer credit access to Nigerians, the Nigerian Consumer Credit Corporation (CREDICORP) has launched a portal for Nigerians to express interest in receiving consumer credit.

“This initiative, in collaboration with financial institutions and cooperatives nationwide, aims to broaden consumer credit availability.

“Working Nigerians interested in receiving consumer credit can visit www.credicorp.ng to express interest. The deadline is May 15, 2024.

“The scheme will be rolled out in phases, starting with members of the civil service and cascading to members of the public.”

Recall that two months ago, a presidential spokesman, Bayo Onanuga, announced that the Federal Executive Council had given the nod for the establishment of the Consumer Credit Scheme.

He said the President’s Chief of Staff, Femi Gbajabiamila, would lead a committee including the Budget Minister, Attorney-General, and Coordinating Minister of the Economy and Finance to make the scheme a reality.

In March, the Chairman of the Federal Inland Revenue Service Chairman, Zacch Adedeji, had hinted that the Nigerian government would unveil the N100 billion consumer credit loan.