Business
Naira rebounds, sells for 1,280/$ at parallel market
Naira rebounds, sells for 1,280/$ at parallel market
The Naira yesterday recovered against the US dollar at the parallel market as it appreciated to N1280/$, according to market information obtained by Nairametrics from currency traders.
This implied that the Naira appreciated by N120, representing a gain of 8.57 per cent when compared to the N1,400 to a dollar at which it traded on Friday.
Currency traders confirmed that they sold between N1, 280 and N1,300/dollar.
The local currency had, midweek lost a third of its value barely two weeks after strengthening to below N1,000 against the dollar.
It later dropped to N1,400 against the dollar at the black market on reports of fresh demand pressure.
This had made many people to question the impact of the sales of $15.83 million to 1,583 Bureau De Change (BDC) operators by the Central Bank of Nigeria (CBN).
The apex bank had, on Monday announced the sale of $10,000 to its licensed currency traders nationwide at the rate of N1,021/$1 as part of its plans to aid foreign currency accessibility for qualified end users and stabilise the foreign exchange market.
Currency traders had attributed the recent depreciation of the Naira to market forces as supply had been unable to meet up with the demand.
Meanwhile, a data from FMDQ showed that the Naira continued its downward trend against the greenback at the official foreign exchange window, closing at N1,339.23/$1 on Friday.
This represents a 2.24 per cent depreciation when compared to the N1,309.88/$1 that was reported the previous day.
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Recent initiatives by the apex bank had tempered forex scarcity, aiding the Naira’s recovery from an early March rate of N1,617 per dollar to N1,072 per dollar on April 17.
BDCs proffer solutions to depreciation
Meanwhile, the Association of Bureaux De Change Operators of Nigeria (ABCON), has revealed plans for a unified retail end of the foreign currency market to tackle the recent Naira depreciation.
The president of the association, Aminu Gwadabe, disclosed this on Friday, noting that the move would tackle volatility and boost regulatory compliance within that market segment.
According to him, the association is implementing plans meant to unify operators from different cadres of the market, including the inauguration of state chapters for market coordination, integration and administering a united market structure.
He revealed plans to upgrade ABCON’s Business Process Platform, formerly called SAAZ Master.
“Part of our vision for a united retail-end forex market includes activating geo-mapping and automated BDCs physical office verification exercise using the Remote Gravity Physical verification apps.
“This will enable forex buyers to easily locate BDCs offices for effective and seamless transactions,” he stated.
Currency can’t appreciate in a vacuum – Senator Nwoko
Senator Ned Nwoko yesterday advised the federal government and the CBN against any measure capable of artificially forcing the Naira to gain value against other currencies.
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Nwoko, who represents Delta North, gave the advice in a statement he signed and made available to the News Agency of Nigeria (NAN).
He stated that continuous revisits to previously implemented policies and considerations of new ones were imperative.
He noted that the value of a sovereign nation’s currency is the cornerstone of respect and collaboration among nations.
The lawmaker emphasised that Nigeria must stimulate Naira demand.
According to him, as a country that exports crude oil and other commodities globally, it is imperative that all transaction on these items be conducted exclusively in Naira.
“This will incentivise buyers to seek out Naira, thereby driving its appreciation due to increased demand and scarcity.
“Moreover, the foreign reserve policy warrants reassessment.
“The practice of maintaining reserves in foreign jurisdictions, termed “foreign reserves,” is not only objectionable but also counterproductive to Nigeria’s economic sovereignty.
“Unlike other countries like the United States, Britain, France and Japan, which hold their reserves domestically, Nigeria’s adherence to this practice raises questions about its colonial legacy.
“If our early indigenous leaders acquiesced to this approach due to colonial influence, why should we perpetuate it? The primary rationale often cited to justify foreign reserves is trade balance maintenance,” Nwoko said.
According to him, this argument lacks merit when considering the limited number of traders involved in importing goods into Nigeria, which constitutes a negligible fraction of the country’s population.
Naira rebounds, sells for 1,280/$ at parallel market
Auto
Coscharis Motors clinches Nigeria’s Multi-Luxury Company Award as Range Rover Autobiography emerges Luxury SUV
Coscharis Motors clinches Nigeria’s Multi-Luxury Company Award as Range Rover Autobiography emerges Luxury SUV
It is a double honour for Coscharis Motors Plc, one of the subsidiaries of the respected conglomerate, Coscharis Group, as it was declared Multi-Luxury Company of the Year and one of its iconic luxury brands, Range Rover Autobiography, was adjudged the Nigeria’s Luxury SUV of the Year at the 2024 edition of the Nigeria Auto Journalists Association Awards.
The well attended event was held recently at the prestigious Oriental Hotels, Lagos.
Coscharis Motors, a household name in topnotch globally respected luxury automobile brands in Nigeria, has been the exclusive representative of the British iconic luxury brand of the Jaguar Land Rover and the German pride in the luxury segment of the BMW brand over many decades.
The company in 2023 added another new luxury brand from United Kingdom into the Nigeria market which is the Grenadier from the Ineos group in UK. The Grenadier is a brand new product globally which is equally being represented in Nigeria by Coscharis Motors as a new addition to its existing ‘House of luxury’ when it comes to automobile of repute.
The luxury SUV category was keenly contested with other tested luxury brands but the Range Rover Autobiography came tops, according to the organizers, after strong consideration of the market acceptance of the Autobiography in all ramifications.
The All New Range Rover Autobiography variant is revolutionary, reliable and a class on its own with its special appeal, style that resonates with its priority audience when it comes to luxury, class, comfort and performance.
Receiving the award on behalf of Coscharis Motors, the General Manager, Marketing and Corporate Communications, Coscharis Group, Mr. Abiona Babarinde, dedicated the award to all the Coscharis Motors customers, especially the luxury brand enthusiasts for their acceptability of all the luxury brands in the Portfolio namely the Jaguar Land Rover, BMW and the new Grenadier respectively as their preferred luxury automobile of choice.
He said, “These awards only reconfirm our expertise in delivering top notch luxury experience to our premium customers while maintaining the global standard of brand positioning to discerning customers in the ever dynamic Nigerian market.
“Representing these globally respected iconic brands over the years exclusively in Nigeria involves consistent delivering of value for money that involves the total luxury experience from the point of brand awareness to the purchase stage and the aftersales service experience to deliver the peace of mind required.”
Group Managing Director of Coscharis Motors Plc, Mr. Josiah Samuel, also dedicated the awards to the company’s ever loyal customers for their patronage and acceptance of the brands with a promise to continually create more value in the automobile industry in Nigeria.
He said, “There can’t be another best way to end the business year in 2024 than with these set of prestigious awards despite all the business challenges in the year and more importantly that the awards are coming from a very critical stakeholder / partner like the media.”
The award event attracted various stakeholders that are players in the automotive sector in Nigeria.
Auto
Leadership by example: FRSC Corps Marshal leads field operations, patrol highways
Leadership by example: FRSC Corps Marshal leads field operations, patrol highways
By Bisi Kazeem
As the year winds down and Nigerians embark on end-of-year travels, the Federal Road Safety Corps (FRSC) has intensified its efforts to curb road crashes and ensure safer highways. Leading this charge is the Corps Marshal, Shehu Mohammed, who has set a sterling example of sacrificial leadership by actively participating in frontline operations during this critical period.
The end of the year is a notoriously perilous time on Nigeria’s roads, marked by increased traffic, heightened road traffic crash risks, and a surge in reckless driving.
However, under the proactive leadership of the Corps Marshal, the FRSC rolled out an unprecedented campaign to reduce road traffic crashes and fatalities, ensuring that the festive season is marked by joy rather than tragedy.
True leadership is not defined by words but by action. The Corps Marshal exemplifies this by personally leading field operations, patrolling highways, monitoring traffic flows, and directly engaging with road users.
His visible presence has reinvigorated the morale of FRSC officers and demonstrated to the nation that leadership is about service and sacrifice.
He defied insecurity on the highways and embarked on a traffic monitoring operation from Abuja, the Federal Capital, through Kogi, Ekiti, Ondo, Owo, Ore, down to Edo and Delta.
His decision to lead from the front underscores his commitment to the FRSC’s mission of saving lives and highlights the urgent need for compliance with traffic rules and regulations.
From the beginning of the Ember Months sensitisation campaign in September, the Corps had gone ahead of time, implementing series of robust measures aimed at addressing road safety challenges during the festive season. These remedies include; increased patrols and checkpoints as additional officers and vehicles have been deployed in strategic points on highways to monitor and enforce compliance with traffic laws; organised nationwide safety campaigns targeting speed violations, drunk driving, overloading and seatbelt use.
These campaigns educate drivers on the dangers of reckless behaviours and emphasize the importance of safe driving practices.
The Corps also ensured Emergency Response Preparedness: ambulances, tow trucks, and rescue teams are on standby to ensure rapid responses to emergencies, reducing fatalities and injuries in the event of crashes.
Knowing that the task of making the highways safe is a collective action, FRSC went into the season with strengthened partnerships with key stakeholders, including the Nigeria Police Force, transport unions, traditional rulers and local communities, to foster a united front in the battle against road crashes.
The Corps Marshal’s leadership has inspired not just his officers but also the general public.
His direct involvement sends a clear message that road safety is a shared responsibility requiring the commitment of all stakeholders.
The Corps Marshal’s hands-on approach during this critical period has not only motivated the FRSC team but has also restored public confidence in the agency’s commitment to saving lives,” said a motorist who witnessed the Marshal’s activities firsthand on the Niger Bridge.
The monitoring activities carried out across major corridors suggest that the intensified efforts are yielding positive results, with a noticeable reduction in road crashes and fatalities compared to previous years.
The Corps Marshal’s example of sacrificial leadership has brought renewed vigor to the FRSC’s operations, ensuring that every life is valued and protected.
Needless to state that the FRSC Corps Marshal, Shehu Mohammed, is indeed an enigma, a force to be reckoned with and a true example of practical leadership in public service as he leads yet again by example in the fight against road crashes in Nigeria.
Taking active front-line roles, dedicating to sacrificial leadership and willingness to take bold steps to address the challenges facing Nigerian roads.
By setting the pace, he’s inspiring his team and other stakeholders to join forces in the quest for safer roads in Nigeria.
As the festive season continues, let us all join the FRSC as they call on all Nigerians to support its efforts by adhering to traffic rules, avoiding risky driving behaviours, and prioritizing safety on the roads.
Together, with the leadership of the Corps Marshal and the dedication of FRSC personnel, a safer, accident-free festive season is achievable.
The Corps Marshal’s leadership reminds us all that effective leadership requires sacrifice, action, and a deep commitment to service.
As Nigerians embark on their journeys this season, they can take comfort in knowing that the FRSC is working tirelessly to make the roads safer for everyone.
*DCM Bisi Kazeem (Rtd), fsi MNIM anipr, a public relations expert and media guru writes from Lagos, Nigeria.
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FG deploys Lanre Shittu CNG buses as airport shuttle
FG deploys Lanre Shittu CNG buses as airport shuttle
The Federal Government has commenced the deployment of Lanre Shittu Motors (LSM)-branded Compressed Natural Gas (CNG) buses in the nation’s airports for passengers shuttle.
The first batch of the CNG-powered buses has been launched at the Murtala Muhammed Airport, Lagos, at a ceremony attended by the Minister of Aviation and Aerospace Management, Festus Keyamo, and Managing Director, Federal Airports Authority of Nigeria (FAAN), Mrs Olubunmi Oluwaseun Kuku.
Speaking during the unveiling at the Lagos airport, the minister said the deployment was in line with the directive of President Bola Tinubu.
He said it was part of Nigeria’s commitment to reducing carbon emissions and meeting global climate targets.
‘’What you see here today is a fleet of CNG buses for FAAN to commence passenger movement at all our airports immediately,” the minister said.
He said the newly acquired CNG-powered LSM buses unveiled at the Lagos airport are eco-friendly with zero emission and designed with accessibility features for persons with disabilities.
The deployment, he added, was in compliance with the President’s goal of reducing reliance on traditional fossil fuels of petrol and diesel and promoting sustainable use of CNG to power vehicles in the country.
The introduction of the CNG to power automobiles is one of the Federal Government’s initiatives to ease the impact of fuel subsidy removal on the masses.
The CNG buses, according to the Managing Director of Lanre Shittu Motors, Taiwo Shittu, come in two specifications: a 31-seater for airport shuttle services and a 54-seater for mass transit city buses.
He said they had been equipped with modern amenities, including air conditioning, viewing screens, and charging stations.
With the introduction of the CNG buses, he said LSM aimed to provide a more sustainable and efficient transportation solution not only to Lagos but other parts of the country.
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