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Naira trades N575/$1 at parallel market as abokiFX clears forex information

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Bureaux De Change operators (BDCs), popularly known as ‘abokis’, on Monday quoted naira at N575 to the dollar at the street market.

Checks by TheCable showed that the naira currently exchanges N575 to the dollar at three different markets in Lagos, the country’s commercial nerve centre.

A parallel market (street market) is characterised by noncompliant behaviour with an institutional set of rules.

Last week, Godwin Emefiele, governor of the Central Bank of Nigeria (CBN), said the only recognised foreign exchange market is the Importers and exporters (I&E) FX window.

Emefiele talked tough over illegitimate traders at the parallel market, saying they are causing confusion and manipulating the foreign exchange market.

He had stopped dollar sales to the earlier authorised BDCs and directed banks to meet legitimate forex demands.

The CBN chief also said the monetary authority is investigating Oniwinde Adedotun and abokiFX Limited over “illegal foreign exchange transactions” and its mode of data information.

AbokiFX is a web platform that reports movements in the foreign exchange market since as early as 2014.

Despite denying CBN’s allegations, abokiFX suspended parallel market data information on its platform — taunting with a clause: “We sincerely hope this suspension will lead to the Naira appreciation from next week”.

On Monday, abokiFX cleared forex data information from its platform.

At Ikeja, currency traders told TheCable that the dollar exchanges N575 while they purchase at N567/$1, leaving a gain of N10.

At Eko Hotel, traders sell at N578/$1, depending on the volume of the dollar a customer is willing to buy.

At the Marina BDC market, close to the Lagos branch of the CBN, the currency trades at the same rate.

“I sell at 575 and buy 565 per dollar,” a currency trader, simply identified as Musa at the Ikeja market, said on the phone.

“How many dollars do you want to buy… I can give you a discount if it is much.

“I just bought 2K dollars for 565 from a customer to sell at 575.”

When asked about the suspension of forex information on the abokiFX platform, another trader on the Island, Aliyu, said he doesn’t know any “online aboki”.

“We trade on the road. Walai, we have people in Ikeja, Abuja, Port Harcourt that give us rates every day. My Oga is close to top people too. So we get rates every day,” Aliyu said.

“It is the same rate you’ll see here, Ikeja, airports, and most places in Lagos. Except few that want to charge a higher rate, may be 576 or 578.”

Meanwhile, at the I&E window, the currency opened trading at N412 to the dollar.

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SERAP sues Buhari over alleged missing N11tn electricity fund

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President Muhammadu Buhari has been dragged to court by the Socio-Economic Rights and Accountability Project (SERAP) for allegedly failing probe N11tn electricity fund said to missing.

The money, according to SERAP, was meant to provide regular electricity supply for the country since 1999, and it is suspected to have “been stolen, mismanaged or diverted into private pockets.”

In the suit number FHC/L/CS/1119/2022 filed last week at the Federal High Court, Lagos, SERAP sought for “an order of mandamus to direct and compel President Buhari to investigate how over N11 trillion meant to provide regular electricity supply has been allegedly squandered by governments since 1999.”

This is coming after it was reported that Nigeria’s electricity grid has collapsed at least three times within five months, and 130 times in seven years, plunging many households across the country into darkness.

 

 

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Toyota-Suzuki joint SUV coming in August, Africa listed

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The collaboration between Toyota and Suzuki is set to manifest in concrete terms as Toyota says it will start the production of a new SUV model developed by Suzuki at Toyota Kirloskar Motor Pvt. Ltd from August.

The Suzuki-developed SUV will come with mild and strong hybrid variants – made in India for both brands, multiple sources including motorauthority.com report.

The two companies are said to be planning to export the new model to markets outside India including Africa.

Toyota and Suzuki are promoting mutual supply of vehicles globally, which is one of the collaborations in their business partnership.
The two companies signed a memorandum of understanding for a business alliance in 2017. Since then, the two companies have been bringing together Toyota’s strength in electrification technologies and Suzuki’s strength in technologies for compact vehicles for joint collaboration in production and in the widespread popularization of electrified vehicles.
The powertrains of the new model to be on sale in India will be equipped with mild hybrid developed by Suzuki and strong hybrid developed by Toyota.
By bringing together strengths of both Toyota and Suzuki through the collaboration, the two companies say they will be able to provide a wide variety of vehicle electrification technologies to customers and contribute to the acceleration of electrification and the realization of a carbon-neutral society in India.

While Suzuki leads and understands the India market, Toyota brings hybrid tech to the table.

Maruti Suzuki India Limited and TKM will market the new model in India as Suzuki and Toyota models, respectively.

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Ford to end production of Focus in 2025

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Ford has confirmed that it will stop producing the Focus model in 2025, in a move that threatens the longer-term future of its Saarlouis, Germany plant that only makes that model.

Nigeria may not miss the exit of the Focus as it has not really been as popular as other Ford models such as the Escape, the Edge and Everest.

Ford however said that its plant in Saarlouis would continue to produce the Ford Focus passenger car, while the company is also evaluating options for future site concepts.
In Europe, Ford has emphasised the future role for electrified models – which includes its Cologne plant in Germany being a hub for EV production. It will build a new SUV based on VW’s MEB platform from 2023.
Ford also recently announced that its Valencia, Spain, plant would receive investment for making electric vehicles on a next-generation electric vehicle architecture.

 

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