Business
Naira records marginal gain at N1,450 to dollar
Naira records marginal gain at N1,450 to dollar
The naira on Thursday made a marginal gain against the dollar, closing at N1,450 at the parallel market.
The rate represents N70 gain from N1,520 to dollar it closed on Wednesday.
Although the local currency was trading at N1,400 to dollar in the morning hours, it went back to N1,450 at the close of business.
A BDC trader in Central Lagos said the naira was trading at N1,400 to dollar around 12 noon, but was surprised as buying rates later surged, as many dealers moved to cut losses.
The Aboki Forex website kept the dollar buying rate at N1,450 to dollar and N1,500 to dollar for selling rate.
Meanwhile, bank customers resident in the Federal Capital Territory (FCT) have decried the continuous fall of the naira to the dollar.
According to them, their purchasing power has reduced drastically.
The News Agency of Nigeria (NAN) reports that one dollar to Naira exchange rate at the parallel market is between N1,440 and N1,500 while the official rate is N1,356.
READ ALSO:
- Wande Abimbola @91: How an àbíkú decided to live (5)
- Electricity consumers rose to 11.71m in Q3 – NBS
- Tinubu applauds as Dangote gets Senegal’s highest national honour
Some of the customers who spoke in Abuja yesterday, appealed to the Federal Government and the Central Bank of Nigeria (CBN) to urgently evolve measures to address the situation.
They also lamented that the situation had inflicted untold hardship and had reduced their standard of living, saying the development had also negatively affected all sectors of the economy.
A bank customer with Access Bank, Mrs Irene Igunmado, said the fall of the naira had reduced the purchasing power as the prices of goods and services had skyrocketed.
Igunmado also said the increase in the prices of food items had made her family to reduce their standard of living.
”Nobody tells anyone in Nigeria about the situation now. Even my little children understand that times are hard.
”This naira fall is worsening the situation because when you go to the market and ask traders why the prices of everything have increased, they will tell you it’s because of the dollar.
”Companies are closing down, relocating to other places. This is not the ‘renewed hope’ that the present government promised us,” she said.
Mrs Victoria Emeka, a bank customer with Guaranty Trust Bank, said although the food monthly allowances for her family had increased, it could not cater for their needs.
”Every month, my husband usually give me N30,000 to buy food items that will last us for the month because I have a permanent list that I use.
”Now, although he has increased the amount to N60k but the money will still not buy half of the things in the list which was usually purchased entirely with N30k. The government needs to do something urgently,” she said.
Mr Franklin Ogunleye, a bank customer with First Bank Plc, said the naira fall was the reason for the relocation of many Nigerians to other countries.
Ogunleye said he was feeling the heat of the naira fall as he was sending money to his family abroad, who just relocated recently and were yet to fully stabilise and get a job.
”This Naira fall is biting me so hard because my business is about to collapse.
”I relocated my family to the United Kingdom (UK) in 2023 and every month, I change money and send to them.
”Sometimes, I change as much as two million naira but it will still not be enough for them because of the exchange rate.
”I am thinking seriously of leaving this country to join them so that I can reduce this untold hardship,” he said.
A banker who preferred anonymity told NAN that banks would always strive to reduce the hardship faced by customers due to the scarcity and fall of the Naira.
The CBN on Jan. 31, ordered Deposit Money Banks to sell their excess dollar stock latest February 1.
READ ALSO:
- Step down for younger people in 2027, Bode George tells Atiku
- FG wasted N1bn yearly on FAAN officials shuttling between Abuja, Lagos – Keyamo
- NAEBI Dynamic Concept boosts aviation services, procures helicopter tracker, other equipment
The CBN also warned lenders against hoarding excess foreign currencies for profit.
It would be recalled that Bureau De Change (BDC) operators in Abuja had shut down operations due to scarcity of the dollar.
The CBN removed the cap on the allowable limit of -2.5 percent to +2.5 percent around the previous day’s closing rate for the International Money Transfer Operators (IMTOs). This adjustment signifies a shift in the regulatory framework, providing IMTOs with more flexibility in determining exchange rates.
This comes after the banking and financial institutions regulator on Wednesday announced limits on how much banks can hold in foreign currencies and expressed concern about the growth of forex exposures on their balance sheets after the local currency tumbled against the U.S. dollar.
Naira is the cheapest and best value of any in Africa, or any of the emerging or frontier markets – according to FIM Partners currency model.
In a new circular (TED/FEM/FPC/GEN/001/003) dated January 31, 2024, the CBN announced a significant change in the regulations governing exchange rate quotes by International Money Transfer Operators.
Previously, IMTOs were required to quote rates within an allowable limit of -2.5 percent to +2.5 percent around the previous day’s closing rate of the Nigerian foreign exchange market, according to the circular TED/FEM/PUB/FPC/001/009 dated September 13, last year.
All Authorized dealers, International Money Transfer Operators, and the general public are advised to take note of this development and ensure compliance with the revised regulations. The CBN’s decision reflects ongoing efforts to adapt and enhance the dynamics of the Nigerian foreign exchange market, the circular stated.
“The reason for the removal of the cap is to incentivize the IMTOs to transparently transfer their receipt into the country,” Aminu Gwadabe, president of Association of Bureau De Change Operators of Nigeria (ABCON), said.
Naira records marginal gain at N1,450 to dollar
Business
PH refinery: 200 trucks will load petroleum products daily, says Presidency
PH refinery: 200 trucks will load petroleum products daily, says Presidency
No fewer than 200 trucks are set to load petroleum products at the government-owned Port Harcourt Refinery, the presidency has said.
A presidential spokesperson, Sunday Dare, made this known in a statement through his official X handle on Tuesday.
Newstrends had reported that the Nigerian National Petroleum Company on Tuesday announced that Port Harcourt Refinery has resumed operations and crude oil processing after years of inactivity.
READ ALSO:
- US-based Nigerians get 30-year sentence over $3.5m romance scam
- 4 Nigerians arrested in Libya for alleged drug trafficking, infection charges
- BREAKING: Port Harcourt refinery begins operation
Reacting, Dare said, “200 trucks are expected to load products daily from the refinery, Renewing the Hopes of Nigeria.”
He added that “the Port Harcourt refinery has two wings.
“The Old Refinery comes on stream today with an installed production capacity of 60, 000 barrels per day of crude oil.”
PH refinery: 200 trucks will load petroleum products daily, says Presidency
Business
Breaking: CBN increases interest rate to 27.50%
Breaking: CBN increases interest rate to 27.50%
The Central Bank of Nigeria (CBN) has raised the lending interest to 27.50 per cent from 27.25 per cent.
This latest increase in the Monetary Policy Rate came after a meeting of the Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) on Monday and concluded Tuesday.
The Monetary Policy Rate measures the benchmark interest rate.
The CBN Governor, Yemi Cardoso, announced this in Abuja on Tuesday after the MPC meeting, last for the year, held at the apex bank’s headquarters.
He said the MPC voted unanimously to raise the MPR by 25 basis points from 27.25% to 27.50%; and retain the Cash Reserve Ratio (CRR) at 50% for Deposit Money Banks and 16% for Merchant Banks.
The CBN governor also said the MPC retained the Liquidity Ratio (LR) at 30% and Asymmetric Corridor at +500/-100 basis points around the MPR.
Business
Nigeria’s unemployment rate dropped to 4.3% in Q2 – NBS
Nigeria’s unemployment rate dropped to 4.3% in Q2 – NBS
Nigeria’s unemployment rate stood at 4.3 per cent in the second quarter of 2024, the National Bureau of Statistics (NBS) has said in its latest report.
The report released on Monday said the unemployment rate decreased compared to the 5.3 per cent recorded in the Q1 of 2024.
The NBS defined the unemployment rate as the share of the labour force (the combination of unemployed and employed people) who are not employed but actively searching and are available for work.
“The unemployment rate for Q2 2024 was 4.3%, showing an increase of 0.1 percentage point compared to the same period last year,” the report stated.
“The unemployment rate among males was 3.4% and 5.1% among females.
“By place of residence, the unemployment rate was 5.2% in urban areas and 2.8% in rural areas. Youth unemployment rate was 6.5% in Q2 2024, showing a decrease from 8.4% in Q1 2024.”
Report also said the unemployment rate among persons with post-secondary education was 4.8 per cent; 8.5 per cent among those with upper secondary education, 5.8 per cent for those with lower secondary education, and 2.8 per cent among those with primary education in Q2 2024.
Employment rate – 76%
The report showed that the employment-to-population ratio, which measures the number of employed workers against the total working-age population, increased to 76.1 per cent in Q2 2024.
“In Q2 2024, 76.1% of Nigeria’s working-age population was employed, up from 73.1% in Q1 2024,” the report stated.
Self-employment – 85.6%
The report further showed that Nigeria’s labour market saw a notable shift as the proportion of self-employed individuals increased in Q2 2024.
It stated, “The proportion of persons in self-employment in Q2 2024 was 85.6%.”
-
metro21 hours agoBREAKING: Port Harcourt refinery begins operation
-
Business3 days agoJust in: Dangote refinery reduces petrol price for marketers
-
metro2 days ago40-foot container falls on car in Lagos
-
Politics3 days ago2027: Lagos Speaker, Obasa joins gov race, may battle Seyi Tinubu, others
-
Politics2 days agoLagos 2027: Seyi Tinubu campaign team releases his life documentary
-
International2 days agoTrump to sack 15,000 transgender officers from U.S. military: Report
-
Entertainment2 days agoPolygamy best form of marriage for Africa – Okey Bakassi
-
Education13 hours agoUS University opens 2025 scholarships for international students