Business
Naira exchanges for N1,720/$ in parallel market
Naira exchanges for N1,720/$ in parallel market
The Naira yesterday appreciated to N1,720 per dollar in the parallel market from N1,725 per dollar on Monday
Similarly , the Naira appreciated to N1,671.32 per dollar in the Nigerian Autonomous Foreign Exchange Market, NAFEM.
Data from FMDQ showed that the indicative exchange rate for NAFEM fell to N1,671.32 per dollar from N1,676.9 per dollar on Monday indicating N5.58 appreciation for the naira.
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The volume of dollars traded (turnover) in the official market increased by 124.4 percent to $218.77 million from $79.47 million traded on Monday .
Consequently, the margin between the parallel market and NAFEM rate widened to N48.68 per dollar from N48.1 per dollar on Monday .
Naira exchanges for N1,720/$ in parallel market
Business
Bitcoin races above $100,000 mark on Trump appointment
Bitcoin races above $100,000 mark on Trump appointment
Bitcoin surged above $100,000 for the first time on Thursday, a milestone hailed even by sceptics as a coming-of-age for digital assets as investors bet on a friendly US administration to cement the place of cryptocurrencies in financial markets.
Reuters reports the new price came on Donald Trump’s decision to pick a crypto fan to head the US securities regulator, reinforcing optimism the new President will push through measures to deregulate the sector.
According to the report, the total value of the cryptocurrency market has almost doubled over the year so far to hit a record over $3.8 trillion, going by data provider CoinGecko.
The cryptocurrency soared through the mark, having enjoyed a blistering rally since the November 5 election of Trump, who pledged on the campaign trail to make the United States the “bitcoin and cryptocurrency capital of the world”.
The digital unit has raced over 50 per cent since Trump’s victory — and around 140 per cent since the turn of the year.
However, the unit’s advance — it hit a record of $103,800.44 before easing to just below $103,000 in the afternoon — had stalled in recent weeks, sitting just below $100,000 as traders awaited new catalysts to buy in.
That came with news that Trump settling for a major crypto proponent Paul Atkins to take over as chair of the Securities and Exchange Commission.
Atkins, an SEC commissioner from 2002 to 2008, founded risk consultancy firm Patomak Global Partners in 2009, whose clients include companies in the banking, trading and cryptocurrency industries.
An announcement from the Trump transition team noted that Atkins had been co-chairman of the Digital Chamber of Commerce, which promotes the use of digital assets, since 2017.
“Paul is a proven leader for common sense regulations,” Trump said in a statement that emphasised Atkins’ commitment to “robust, innovative” capital markets.
Trump stated, “He also recognises that digital assets and other innovations are crucial to Making America Greater than Ever Before.”
Business
Shell Nigeria: We awarded $1.98bn contracts to indigenous firms
Shell Nigeria: We awarded $1.98bn contracts to indigenous firms
Shell Companies in Nigeria said they awarded contracts worth $1.98 billion to indigenous companies in 2023 as part of steps taken to enhance local content in the Nigerian oil and gas industry.
The contracts, awarded by the Shell Petroleum Development Company of Nigeria Limited (SPDC), Shell Nigeria Exploration and Production Company Limited (SNEPCo), and Shell Nigeria Gas (SNG), indicated a three percent increase from $1.92 billion, recorded in 2022.
SNEPCo’s Managing Director, Ron Adams, disclosed this at the 13th edition of the Practical Nigerian Content forum in Yenagoa, Bayelsa State, which had the theme, “Deepening the Next Frontier for Nigerian Content Implementation.”
Adams, who was represented by Business Opportunity Manager for SNEPCo’s Bonga South-West Aparo Project Olaposi Fadahunsi informed participants that several benefitting companies had taken advantage of the patronage to expand their operations and improve their expertise and financial strength.
He said: “Shell companies execute a large proportion of their activities through contracts with third parties, and Nigeria-registered companies have been key beneficiaries of this policy aimed at powering Nigeria’s progress.”
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According to him, Shell companies also implemented projects under the Human Capital Development Fund, including the Niger Delta University learning centre and digital library project and the Federal University of Technology Information Technology Hub. Both projects were inaugurated this year, in collaboration with SPDC Joint Venture partners – Nigeria National Petroleum Company Limited (NNPC), TotalEnergies and Nigeria Agip Oil Company Limited (NAOC).
On his part, Heineken Lokpobiri, Minister of State for Petroleum Resources (oil), said Nigeria will continue to produce fossil fuels despite pressure the pressure on African nations, due to energy transition.
He said: “All the nations that say we should stop the production of fossil fuel, we will never stop the production in Nigeria; no country in the world will stop it.”
Meanwhile, the Nigerian National Petroleum Company Limited, NNPCL, said it has deepened its operations through strategic restructuring of critical operational units with the aim to increase oil production and sustain indigenous capacity.
Business
Complete meter upgrade latest Jan 1, 2025, NERC tells DisCos
Complete meter upgrade latest Jan 1, 2025, NERC tells DisCos
THE Nigerian Electricity Regulatory Commission, NERC, has extended the deadline for meter upgrades from distribution companies, DisCos, to their customers on January 1, 2025, after which they risk sanction.
Recall that the regulatory agency had given November 24 as the deadline for this process but the DisCos failed to meet a certain percentage of the target population for the scheme.
The metering programme is set to be upgraded from Unistar to Standard Transfer Specifications, STS, meters by the DisCos for all their customers.
Vanguard learned that there are no official figures of the percentage of Nigerians that had complied with the directive, out of the 6.1 million metered customers from the 13.3 million registered electricity customers in the Nigerian Electricity Supply Industry, NESI.
NERC, on its X handle, gave the ultimatum during the fourth guarter of 2024 NESI stakeholders meeting.
The regulatory body vowed to impose penalties on any defaulting DisCos
It said in a statement: “NERC has directed DISCOs to rapidly conclude the migration of STS-Meters for all their customers to prevent disruption of service.
“During the Q4 NESI stakeholders meeting, the commission warned that daily penalties would be imposed for each meter not migrated effective from 1st January 2025.”
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The commission placed the responsibility of the DisCos to replace all obsolete/faulty meters within their franchise, insisting that DisCos are neither allowed to charge customers for the replacement of these meters nor transfer customers to estimated billing.
Recall also that the Executive Vice Chairman/Chief Executive Officer of the Federal Competition and Consumer Protection Commission, FCCPC, Mr Tunji Bello, had a few weeks ago, warned the distribution companies to cease all activities related to the planned replacement of Unistar meters.
Complete meter upgrade latest Jan 1, 2025, NERC tells DisCos
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