Business

We’re working to revalue naira, says CBN Gov Cardoso

Published

10 months ago

January 25, 2024

We’re working to revalue naira, says CBN Gov Cardoso

Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, says the naira is grossly undervalued.

He added that the apex bank was putting necessary measures in place to reverse the trend and make the naira to attain its real value.

The naira which traded around N400 at the parallel market to one dollar in May 2023 on Wednesday deprecated to N1,370.

Cardoso spoke on Wednesday at the unveiling of the Nigerian Economic Summit Group (NESG) 2024 Macroeconomic Outlook Report in Lagos.

He said, “We believe that the naira is currently undervalued and coupled with coordinated measures on the fiscal side, we will expedite genuine price discovery in the near time.”

Commenting on the fuel situation, the CBN governor explained that pump prices of Premium Motor Spirit (PMS) will stabilise or drop this year when public and private-owned refineries begin operation.

The drop, he said, would have far-reaching effects on the various sectors of the economy.

He also spoke on measures by the CBN to strengthen the naira and crash the inflation rate from 28.92 to 21.4 per cent.

The unification of exchange rates and floating of the naira by President Bola Ahmed Tinubu at the inception of his administration are part of the bold moves to reform the economy.

However, this has led to a big devaluation in naira exchange to the dollar.

“The expected stabilisation or reduction in fuel costs is poised to have far-reaching implications across various sectors, contributing significantly to overall economic efficiency and resilience”, Cardoso said.

The report highlighted some economic outcomes of achieving a stable and appropriate pricing of the exchange rate.

A report by The Nation says Dangote Refinery, a private initiative, has begun production of diesel and aviation fuel, the Port Harcourt Refinery owned by the Federal Government is expected to begin production soon.

Cardoso acknowledged the challenges facing the economy and its resistance to solutions but assured Nigerians that the nation is now at a turning point due to the bold reforms undertaken by the Bola Tinubu administration.

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Naira in massive fall at parallel market, exchanges for N1,400 per dollar

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BREAKING: Petrol prices to fall over refineries’ take off, says Cardoso

Business

PH refinery: 200 trucks will load petroleum products daily, says Presidency

Published

11 hours ago

November 26, 2024

Trends Admin

Port Harcourt Refinery

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.

PH refinery: 200 trucks will load petroleum products daily, says Presidency

Business

Breaking: CBN increases interest rate to 27.50%

Published

12 hours ago

November 26, 2024

Trends Admin

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

Published

16 hours ago

November 26, 2024

Trends Admin

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%.”