Economy

Expect 45% Hike in Air Fares—FAAN

Published

6 years ago

28/05/2020

By Adedapo Adesanya

The Federal Airports Authority of Nigeria (FAAN) has said airline operators may increase fares by 45 percent once the aviation sector kick-starts operations.

The sector has been under ‘lockdown’ following the closure of the airspace by the federal government for over a month. The airports are expected to be reopened on June 7 if the coast is clear.

The General Manager, Corporate Affairs of FAAN, Mrs Henrietta Yakubu, speaking at an aviation webinar organized by Women in Aviation (WIA) Nigeria with the theme Aviation: The New Norm in the post COVID-19, said that air passengers should also expect delays and long hours of checks and re-checks right from when they arrive at airport .

“Passengers should expect that airlines will charge more in terms of airfare, the International Air Transport Association (IATA) said that there would be 45 percent increase in fares,” Mrs Yakubu said.

She, however, assured that arrangements were in the works towards the reopening of the nation’s airports soon.

Mrs Yakubu also said escorts of VIPs would no longer be allowed to follow their principals into the terminal and that such principals would be subjected to all health checks.

“Passengers are expected to leave their home early hours before their flights to go through the various checks before entering the terminal and after.

“We are going to expect flight delays, flights will experience delays from checks and re-checks. If you are travelling, I will expect a potential traveler to leave home hours before his flight.

“Why do I say this? – Because there is going to be a lot of checks in the front of the terminal we have been told that some may activities and procedures will take place in front of the terminal.

“So air travelers are expected to leave home very early so that they can get to the airport on time,” she said.

According to Mrs Yakubu, the COVID-19 pandemic has brought a lot of changes to air travel and to ensure the safety of passengers and airport users, the way of doing things before has to change.

The pandemic will make people cut down on non-essentials and lead to low demand of air travel, she said.

Mrs Yakubu restated that social distancing would be observed at all the airports as well as temperature screening, wearing of face masks, disinfection of shoes and luggage of passengers regardless of personalities.

She said: “There will be floor markings indicating where each passenger will wait on the queue, arriving passengers will also be subjected to temperature screening, physical distancing too will be observed while passengers are waiting by the carousel to pick up their luggage.

“Passengers are expected to arrive the airport with their face masks on, their luggage and pairs of shoes to be disinfected.

“Passengers are expected to observe to observe social/physical distancing.

“Passengers will subject themselves to temperature screening and departure halls will be arranged in such a way that physical distancing too will be observed.”

The General Manager Customer Service/SERVICOM of FAAN, Mrs Ebele Okoye, said there will be a cut down on louts and loiters at the terminal building and outside, saying with COVID-19 fears, there would be no room for them.

In reducing contact, the days of opening people’s bag at the airport to search what is inside should be done away with. “I will urge all the airports to consider and make provision for different kinds of passengers, social distancing, adequate information and security and more importantly, social security.”

Mrs Okoye then advised passengers to buy their tickets online, check in online and pay for their trolleys online to reduce the hours they would have to spend carrying out these activities and also save themselves the trouble of coming to the airport to buy tickets.

The webinar was moderated by the WIA President, Mrs Rejoice Ndudinachi, and featured the Airport Manager South West Airports/Airport Manager, Murtala Mohammed International Airport, MMIA, Lagos, Mrs Victoria Shin-Aba, former Rector, Nigeria College of Aviation Technology, NCAT, Zaria and other women professionals in the industry.

Economy

MRS Oil, FrieslandCampina Wamco Shrink NASD Index by 0.68%

Published

2 days ago

06/06/2026

Adedapo Adesanya

By Adedapo Adesanya

The duo of MRS Oil and FrieslandCampina Wamco Nigeria Plc weakened the NASD Over-the-Counter (OTC) Securities Exchange by 0.68 per cent on Friday, June 5.

MRS Plc lost N19.00 during the session to sell at N171.00 per share compared with Thursday’s value of N190.00 per share, and FrieslandCampina Wamco Nigeria Plc depreciated by N8.70 to finish at N181.68 per unit compared with the preceding session’s N190.38 per unit.

As a result, the market capitalisation further lost N22.59 billion to close at N2.607 trillion versus the N2.630 trillion it ended a day earlier, and the NASD Unlisted Security Index (NSI) dropped 37.76 points to settle at 4,358.32 points, in contrast to the previous day’s 4,396.08 points.

The alternative stock market closed the last trading day of this week with a price gainer, Central Securities Clearing System (CSCS) Plc, which gained 6 Kobo to quote at N78.40 per share compared with the preceding session’s N78.34 per share. However, it could not prevent the market from going down at the close of business.

Yesterday, the volume of securities bought and sold by investors went down by 50.0 per cent to 140,345 units from the preceding day’s 280,714 units, the value of stocks decreased by 16.5 per cent to N17.9 million from the previous session’s N21.5 million, and the number of deals carried out by market participants fell by 35.7 per cent to 27 deals from the 42 deals recorded on Thursday.

When trading activities closed for the day, Great Nigeria Insurance (GNI) Plc remained the most active stock by value on a year-to-date basis, with 3.4 billion units exchanged for N8.4 billion, trailed by Infrastructure Credit Guarantee (Infracredit) Plc with 2.3 billion units sold for N6.5 billion, and CSCS Plc with 64.7 million units traded for N4.4 billion.

GNI Plc also ended the session as the most traded stock by volume on a year-to-date basis, with 3.4 billion units worth N8.4 billion, followed by Infracredit Plc with 2.3 billion units transacted for N6.5 billion, and Resourcery Plc with 1.1 billion units valued at N415.7 million.

Economy

NGX Index Rebounds 0.15% on Renewed Interest in Financial Stocks

Published

2 days ago

06/06/2026

Dipo Olowookere

By Dipo Olowookere

Renewed interest in financial stocks and others lifted the Nigerian Exchange (NGX) Limited by 0.15 per cent on Friday.

Customs Street closed higher yesterday despite the 1.37 per cent loss recorded by the consumer goods sector as a result of profit-taking.

This was offset by gains in the other key sectors of the local bourse, as the insurance counter chalked up 1,14 per cent. The banking space appreciated by 0.90 per cent, the industrial goods segment grew by 0.46 per cent, and the energy sector expanded by 0.01 per cent.

Consequently, the All-Share Index (ASI) went up by 366.00 points to 242,593.31 points from 242,227.31 points, and the market capitalisation gained N235 billion to close at N155.594 trillion compared with the previous day’s N155.359 trillion.

The trio of International Energy Insurance, Abbey Mortgage Bank, and DAAR Communications improved by 10.00 per cent each yesterday to N7.26, N9.35, and N1.98, respectively, while Zichis advanced by 9.39 per cent to N32.38, with Sovereign Trust Insurance up by 8.70 per cent to N2.50.

On the flip side, Academy Press lost 9.84 per cent to quote at N8.25, University Press depreciated by 9.73 per cent to N5.10, Africa Prudential dipped by 2.63 per cent to N12.95, Chams crumbled by 2.44 per cent to N4.00, and International Breweries slipped by 1.59 per cent to N12.35.

Business Post reports that the market breadth index was positive during the session after recording 37 appreciating equities and 14 depreciating equities, implying strong investor sentiment.

Abbey Mortgage Bank led the activity chart with a turnover of 164.1 million units worth N1.5 billion, Ellah Lakes sold 76.7 million units for N767.2 million, Access Holdings transacted 44.8 million units valued at N1.1 billion, Linkage Assurance exchanged 23.0 million units worth N41.2 million, and The Initiates traded 20.2 million units for N562.1 million.

At the close of trades, market participants transacted 608.5 million units worth N32.0 billion in 53,826 deals versus the 588.5 million units valued at N27.9 billion executed in 57,352 deals in the previous session. This showed that the number of deals eased by 6.15 per cent, the volume of transactions rose by 3.40 per cent, and the value of transactions soared by 14.70 per cent.

Economy

Naira Depreciates to N1,362/$1 at Official Market

Published

2 days ago

06/06/2026

Adedapo Adesanya

By Adedapo Adesanya

The Naira further depreciated against the United States Dollar by N3.46 or 0.25 per cent to N1,362.21/$1 from N1,358.75/$1 in the Nigerian Autonomous Foreign Exchange Market (NAFEX) on Friday, June 5.

However, it appreciated against the Pound Sterling in the same market window during the session by N4.47 to trade at N1,823.59/£1 compared with the previous day’s N1,828.06/£1, and gained N7.00 against the Euro to sell at N1,574.58/€1, in contrast to Thursday’s closing price of N1,581.58/€1.

For another trading session, the Nigerian Naira maintained stability against the Dollar in the parallel market and the GTBank forex counter on Friday at N1,375/$1 and N1,372/$1, respectively.

The Naira is expected to remain strong in the near term, backed by a rise in external reserves, which are nearing $50 billion, enhancing analysts’ confidence about its outlook in the second half of 2026.

Heightened global uncertainty has reduced the incentive for importers and corporates to demand FX, as cautious trade weighs on import needs. Analysts estimate a $40 billion net FX position for the year, a projection anchored in oil windfall gains.

As for the cryptocurrency market, prices remained depressed following a strong US jobs report that spurred markets to price in higher-for-longer interest rates, sending Treasury yields and the dollar up while hammering stocks, especially AI-related names. Crypto markets saw heavy leverage washouts with about $1.6 billion in positions liquidated over 24 hours.

Ethereum (ETH) gave up 4.9 per cent to trade at $1,584.68, Solana (SOL) fell by 3.3 per cent to $63.22, Bitcoin (BTC) crashed by 1.9 per cent to $61,333.23, Dogecoin (DOGE) slipped by 1.8 per cent to $0.0821, and Ripple (XRP) moderated by 1.8 per cent to $1.09.

Further, TRON (TRX) dropped 1.6 per cent to sell at $0.3197, Binance Coin (BNB) slumped by 1.0 per cent to $581.18, and Cardano (ADA) declined by 0.4 per cent to $0.1589, while the US Dollar Tether (USDT) gained 0.07 to sell at $0.9997, and US Dollar Coin (USDC) closed flat at $0.9998.