Nigeria’s external reserves hit $36.23bn on increased oil price – Newstrends
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Nigeria’s external reserves hit $36.23bn on increased oil price

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The Central Bank of Nigeria says the nation’s foreign exchange reserves rose to $36.23 billion as of January 21, 2021 from the $34.94 billion in November 2020.

The CBN Governor, Godwin Emefiele, said that improvement in crude oil prices contributed to the increase.

Emefiele spoke at the January Monetary Policy Committee meeting of the bank, which began on Tuesday.

He said, “The MPC noted the increase in the level of external reserves, which stood at $36.23 billion as at 21st January, 2021 compared with $34.94 billion at the end of November 2020.

“This reflected improvements in crude oil prices, partial global economic recovery amid optimism over the discovery and distributions of COVID-19 vaccines by most developed economies.”

He also noted the Nigerian economy and the global economy had continued, to show prospect for recovery from the effects of COVID-19.

Emefiele expressed optimism of improved economic growth in Nigeria in the first quarter of 2021.

He said, “The medium-term outlook for both the domestic and global economies continued to show improved prospects of recovery.

“This is supported by the recent moderate uptick in crude prices and increased optimism over the procurement and distribution of COVID-19 vaccines.

“Available data and forecasts for key macroeconomic variables for the Nigerian economy suggest further improvement in output growth in the first quarter of 2021.

“This would be supported by the coordinated and sustained interventions of the monetary and fiscal authorities, including the broad-based stimulus and liquidity injections.”

The CBN governor urged the Federal Government to take more urgent steps to tackle the challenge of insecurity so as to curb inflation, adding that insecurity also posed a threat to food security.

Emefiele said, “MPC members reiterated the adverse impact of insecurity on food production, stressing that the current uptick in inflationary pressure could not be solely associated to monetary factors.

“They are due mainly to legacy structural factors including major supply bottlenecks across the country.

“The committee, thus called on government to redouble efforts at strengthening infrastructural efficiency and address the emerging security challenges in the country.

“In addition to this, the committee called on the government to explore the option of effective partnership with the private sector to improve funding sources necessary to address the huge infrastructural financing deficit.”

 

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Senate kicks against removal of electricity subsidy 

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Senate kicks against removal of electricity subsidy 

 

The Senate has opposed an attempt to increase electricity tariff through the removal of subsidy.

It asked the Federal Government to drop the plan to remove subsidies on electricity.

The decision came on Wednesday after Aminu Iya Abbas, senator representing Adamawa central, and 10 others sponsored a motion against the removal of electricity.

The red chamber asked its committee on power to probe a claim by Minister of Power, Adebayo Adelabu,

that the government owes N1.3 trillion and $1.3 billion to generating companies (GenCos) and gas companies.

Last week, Adelabu said Nigeria’s debt to generation and gas companies was N3 trillion, adding that paying subsidy on electricity was no longer sustainable.

While moving the motion, Abbas said the electricity tariff could not be increased because a large number of Nigerians are living below the “poverty line”.

“In addition to the high cost of living being experienced in the country, the unmetered customers who are owners of small and medium enterprises are adversely impacted by this level of exorbitant electricity charges and by implication have their businesses affected,” the senator said.

“While the prospect of the new electricity act, 2023 of ensuring accurate electricity charges will be negated if DISCOs are not investigated to ascertain the current statistical data on unmetered customers, poor provision of electricity service despite exorbitant tariff and regulatory role of NERC which leaves much to be desired.”

The senate also told the Nigerian Electricity Regulatory Commission (NERC) to come up with a lasting solution to the energy billing system.

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Jetour unveils another SUV, X70 Plus, with elegant features

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Jetour unveils another SUV, X70 Plus, with elegant features

Jetour has flaunted to the Nigerian SUV lovers features of its new model, X70 Plus, also called Elegance in this market.
The auto Jetour Mobility Service says in a statement that the model is coming with stylish design and outstanding power.
“Looking for a compact Sports Utility Vehicle (SUV) that is pragmatic, stylish, and comfortable, delivering power on demand? Then the Jetour X70 Plus, newly introduced in Nigeria by Jetour Mobility Services, is what you desire. The Jetour X70 Plus has both 1.5T 6DCT and 1.6T 7DCT just like the Dashing,” it states.
It is equipped with a 20-inch aluminum wheel hub featuring light weight, higher firmness, faster heat dissipation and better aesthetics, which enhances better fuel consumption, stability and safety.

Still on the exterior features, the vertically aligned transparent LED light, as well as the shark fin antenna improves safety and reduces wind resistance respectively.

According to Jetour, “its impressive grill, large wheels and four LED daytime running lights perfectly complements its bold and muscular look. Featuring a wide, captivating, 62-inch ultra-wide angle panoramic roof that enhances your drive with natural lighting and ventilation.”

The Jetour X70 comes with a number of other features such as a touch screen panel that controls the air conditioning system; infotainment system compatible with latest generation smart phones; digital cockpit; front and rear parking radars; and a 10.25- inch full LCD Dual smart screen.

Its rear seat can be folded for increased cargo space, and the automatic luggage door makes access to the luggage compartment easier.

The vehicle also comes with intelligent air purification system, intuitive infotainment system, advanced wireless technology, 360-degree parking system and electrical 6-directional control driver seat.

Other features include cruise control, lane departure warning system, blind spot monitoring, keyless engine start, keyless entry start, multi-functional steering wheel, anti-lock brake system, front and back air bags and tyre pressure monitoring system.

Jetour X70 Plus advanced safety and stability features also include Hill Start Assist, Traction Control, electronic stability.

Paired with a 7-speed dual clutch automatic transmission, the vehicle’s 1.6 litre turbo engine produces maximum of 197 horsepower, facilitating better fuel consumption efficiency.

The suspension system has been engineered to withstand both On-road and Off-road terrain, be it city drive or highway drive.

The Jetour X70 Plus, known for its charming and radiant appearance and friendly ambience, comes in a variety of colours such as red, gray, blue among others.

With an apt slogan of Drive Your Future, Jetour is a product of a well-established family, the Chery Holding Group, with more than 120 billion Yuan in total asset.

Based on 23 years of production experiences, Chery Holding Group has sold over 8.5 million cars, exports exceed 1.6 million cars, and it has ranked number one in China’s passenger vehicle export 18 years in a row.
Deriving its name from two words: Jet + tour, the Nigerian representative says that the name connotes: “convenient tour”, meaning that clients who work hard in many industries can finally enjoy the benefit of their wonderful and happy lifestyle, because every moment on the road is worth cherishing and remembering.

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Naira freefall: EFCC raids BDC operators in Abuja, arrests 50

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Naira freefall: EFCC raids BDC operators in Abuja, arrests 50

The officers of the Economic and Financial Crime Commission, EFCC, raided and arrested over 50 illegal Bureau De Change operators in Wuse Zone 4 Abuja, over the continued free fall of the Naira in the Foreign Exchange Market, News Direct reports.

Dayyabu Mistila, a Bureau De Change operator in Wuse Zone 4, disclosed this to News Direct on Monday.

According to Mistila, the operatives said the raid was because of the rising exchange rate of the US dollar and other currencies against the Naira at the forex market.

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“Around 3 pm on Monday, officers of EFCC raided Wuse Zone 4 and arrested over 50 of our members. They were complaining that BDC operators are responsible for the rising exchange rate of the Dollar, the parallel exchange market”.

When asked the rate of Dollar to Naira on Monday, he told our Correspondent that it traded for N1,660 per Dollar.

Similarly, official FMDQ data showed that Naira dropped to N1574.62 per US dollar on Monday.

Efforts to speak with the spokesperson, Dele Olyewale, were unsuccessful at the time of filing this report.

News Direct recalls that the Minister of Finance, Wale Edun, Governor of Central Bank of Nigeria, Olayemi Cardoso and the Chairman of EFCC, Ola Olukoyede, met on February 3 2024, in an effort to curb the continued fall of the Naira in FX market.

Naira freefall: EFCC raids BDC operators in Abuja, arrests 50

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