Naira Appreciates Further to N383/$1 at I&E

Image

By Adedapo Adesanya 

The Naira further appreciated against the Dollar on Wednesday, April 22 at the Investors and Exporters (I&E) segment of the foreign exchange market.

At the session, the local currency gained N2 on the greenback to sell at N383.00/$1 in contrast to N385/$1 it traded on Tuesday.

This appreciated witnessed by the domestic currency was despite an increase in the demand for the forex at the market yesterday as the transaction value rose by 74.4 percent or $22.7 million to $53.21 million from $30.51 million.

However, at the black market, the Naira depreciated further by N5 against the dollar to close at N425/$1 compared with N420/$1 of the previous day.

At the same market segment, the local currency closed flat against the Pound at N495/£1, but lost N5 against the Euro to close at N435/£1 versus N430/£1 of the previous session.

At the interbank market, the Central Bank of Nigeria (CBN) exchanged the Naira to the Dollar on Wednesday at N361/$1.

Also, at the Bureaux De Change (BDC) window of the market, traders in Lagos exchanged the Dollar yesterday at the same rate it was sold on Tuesday, N421/$1. The Naira also traded against the British Pound and the Euro at N490/£1 and N430/€1 respectvely.

In Abuja, the Naira closed the day’s session at N415/$1, the same rate it was sold the previous session. The local currency also closed flat against the Pound and the Euro at N490/€1 and N440/€1 respectively.

At the Port Harcourt BDC market, the Naira closed flat against the Dollar at N412/$1. It further remained unchanged against the Pound at N495/£1 and traded flat against the Euro at N437/€1.

In Kano, the local currency was exchanged against the United States currency at N415/$1, the same rate of the previous session. It further traded flat against the Pound yesterday at N490/£1 and remained unchanged against the Euro at N440/€1.

Share
Related Stories
Image
21-February-2024

Binance Sets USDT Limits for P2P Trading Amid Pressure from Nigeria

By Adedapo Adesanya The new task force formed by the Nigerian government has allegedly ordered Binance and possibly other peer-2-peer (P2P) exchanges to set a cap on traders selling the US Dollar Tether (USDT). The joint force, which includes the Central Bank of Nigeria (CBN), in conjunction with the National Security Adviser (NSA), the Economic and Financial Crimes Commission (EFCC) and other government parastatals has set a cap at slightly above N1,800/USDT. This move will see traders who go above 1802/$ kicked off the platform due to local regulations, which are a wider part of measures towards keeping the dwindling

Image
21-February-2024

Panic at Black Market as EFCC Intensifies Clampdown on BDCs

By Dipo Olowookere There is apprehension at the black market segment of the foreign exchange (FX) market in Lagos and other cities across the country as security officials, especially from the Economic and Financial Crimes Commission (EFCC), are going after traders at the landscape. Recall that on Monday, some agents of the organisation disrupted business activities in Abuja, and on Tuesday, a similar scenario occurred at the popular Alade Market in Lagos. On Wednesday, Business Post gathered that more places were touched, with two of the Bureaux De Change (BDC) operators allegedly picked up by security operatives in the Agege

Image
21-February-2024

FG Completes $70m Yearly Concessionaire of Zungeru Plant to Penstock

By Adedapo Adesanya The federal government has completed the transfer of the operations of the Zungeru Hydroelectric Power Plant (ZHPP) to a concessionaire, Penstock Limited, in a move that will see the country earn $70 million yearly from the deal. The Vice President, Mr Kashim Shettima, confirmed this during the first meeting of the National Council on Privatisation (NCP) for the year 2024 at the Presidential Villa, Abuja on Tuesday. A concession is a kind of partnership between the public sector and often private companies that have shown its added value in a specific area, for example developing infrastructure. The

More Stories
Image
15-December-2021

Tax Payment Not Mere Civic Obligation—LIRS Chairman

By Aduragbemi Omiyale The Executive Chairman of the Lagos Inland Revenue Service (LIRS), Mr Ayodele Subair, has called for an increase in voluntary tax compliance, stressing that tax payment is not a mere civic obligation but a mandatory one. Mr Subair made this submission at the 149th Joint Tax Board (JTB) meeting held at the Eko Hotels and Suites, Victoria Island, Lagos. However, he pointed out that the tax models applied in major countries of the world with a high level of compliance have been difficult to replicate in Nigeria because all the phenomena that make it a success are

Image
13-January-2024

William Ruto, A Threat to Kenyan Tourism Industry?

By Kestér Kenn Klomegâh By description, Kenya, at least, has a palpable difference in tourism features compared with its neighbours in the East African Community (EAC), which is an intergovernmental organization composed of seven countries in the region. Kenya, Tanzania and Rwanda enjoy, to a considerable extent, relative peace and stability in the region. Determined to ensure an increasing flow of tourists, travellers and visitors to Kenya, the government supports with consistency the tourism industry by adopting flexible rules and regulations. Up until late November 2023, Kenya maintained strict visa requirements for all foreign and African travellers to the country.

Image
10-December-2021

Akande-Sadipe Tasks Constituents on Maintenance of Social Amenities

By Dipo Olowookere Residents of Oluyole Federal Constituency in Oyo State have been urged to take proper care of the various social amenities in their communities for the benefit of all. This charge was given by the lawmaker representing the area at the National Assembly, Ms Tolulope Akande-Sadipe during the provision of additional boreholes, transformers and solar lights for her constituents. It was gathered that the federal lawmaker, who chairs the House Committee on Diaspora Affairs, gave the residents fresh six boreholes, eight transformers and 120 solar lights to illuminate the area. Ms Akande-Sadipe, who is the only female House

Image
13-April-2022

Port Harcourt Refinery to Begin Operations Q1 2023—FG

By Adedapo Adesanya All things being equal, the Port Harcourt Refinery in Rivers State should commence operations by the first quarter of 2023, the federal government is projecting. The Minister of State for Petroleum Resources, Mr Timipre Sylva, who gave this projection, said the facility should be able to refine 60,000 barrels of crude oil per day at that time. Mr Sylva, who spoke during a one-day facility tour of the Port Harcourt Refining Company in Eleme Local Government Area of Rivers State, assured that the federal government remains committed to making the refinery work. He added that with the

Image
26-November-2018

Obaseki Presents 2019 Budget Proposal of N175.7b to Edo Assembly

By Modupe Gbadeyanka Governor Godwin Obaseki of Edo State on Monday presented the 2019 Appropriation Bill to the Edo State House of Assembly. Mr Obaseki, who christened the 2019 budget as ‘Budget of Socio-Economic Inclusion,’ explained that his administration plans to spend a total of N175.7 billion in the 2019 fiscal year, broken into: Capital Expenditure, N95.8 billion and Recurrent Expenditure, N79.9 billion. According to him, “The revenue estimates for the budget are based on a $60 per barrel bench mark for crude oil at an average daily production of 2.3 million barrels per day as well as an increase

Image
25-June-2021

For Now, Protests, Revolution & Succession Would do Little for Africa

By Nneka Okumazie Revolution chatter continues to dominate national politics in several countries across Africa. Revolution is seen as the path to progress and answer to underdevelopment. But this is wrong. For the foreseeable future, a political revolution will not work in Africa. Not because it cannot be started, it could and had in the past, but it cannot be sustained based on the ways of Africa. Revolution is also similar to succession, where for many reasons some peoples or lands want to leave a nation to form their own republic. But succession too, for now, will not work. It

Image
24-May-2021

ACAEDF Seeks Funds to Rehabilitate Children, Young Adults

By Modupe Gbadeyanka A leading child rights protection organisation in Africa known as the African Children’s Aid Education and Development Foundation (ACAEDF) is planning to raise funds for education development in riverine communities and rehabilitation of over 1,000 children and young adults through donations. The group, which has been doing humanitarian works for the past seven years by protecting the rights of children across the continent, has rescued and transformed more than 234 children across Nigeria. To mark its seven years of impactful existence in Nigeria and across Africa, an event has been fixed for Tuesday, May 25, 2021, at

Image
27-July-2018

European Shares Rise as Earnings Optimism Back Underlying Sentiment

By Investors Hub European stocks have risen on Friday and remain on track to end the week at six-week highs as earnings optimism and easing of U.S.-EU trade tensions helped support underlying sentiment. In economic news, an ECB survey predicted faster inflation and slower eurozone growth this year. While the French CAC 40 Index has edged up by 0.2 percent, the German DAX Index and the U.K.?s FTSE 100 Index are up by 0.4 percent and 0.5 percent, respectively. LafargeHolcim has rallied after the company confirmed its full-year growth view despite reporting a sharp drop in first-half net profits. British

Ad
Ad
Recent Stories
Image
21-February-2024

Tinubu Appoints Kemi Nanna Nandap as Comptroller-General of Immigration

By Modupe Gbadeyanka The Deputy Comptroller-General (DCG) of the Nigeria Immigration Service (NIS), Ms Kemi Nanna Nandap, has been elevated to the post of the Comptroller-General of the agency. This followed her appointment by President Bola Tinubu, according to a statement issued by his spokesman, Mr Ajuri Ngelale, on Wednesday. The presidential aide disclosed in the statement today that the appointment of Ms Nandap will take effect from Friday, March 1, 2024. She is taking over from Mrs Caroline Wura-Ola Adepoju, whose term in office expires on February 29, 2024, the disclosure said. “President Bola Tinubu has approved the appointment

Image
21-February-2024

AFC to Pump $40m Into African Medical Centre of Excellence Abuja

By Adedapo Adesanya  African instrumental infrastructure solutions provider, Africa Finance Corporation (AFC), has signed an equity investment term sheet, pledging up to $40 million towards the construction of an Abuja-based hospital, the African Medical Centre of Excellence (AMCE). The quaternary-level multi-specialty medical institution developed by the African Export-Import Bank (Afreximbank) in collaboration with King’s College Hospital, London, aims to revolutionise healthcare in Africa. Hospitals across West Africa struggle with funding, lack of essential resources, and limited access in rural areas. This flagship facility in Abuja is a key part of Afreximbank’s network of healthcare facilities, actively countering brain drain, reducing

Image
21-February-2024

Oyo Reopens Shri-Balaji After Closure Over Pollution

By Aduragbemi Omiyale The industrial company sealed earlier this month nonconformity and adherence to environmental laws of Oyo State, Shri-Balaji Industries Limited, has been reopened. The facility was unsealed on Wednesday on the directive of the Commissioner for Environment and Natural Resource, Mr Abdulmojeed Mogbonjubola. The company, which engages in the recycling of waste tyres to produce Pyrolysis oil and carbon black and steel wire as by-products, was closed by the state government to protect the lives of residents of the area. A statement made available to Business Post disclosed that for it to be reopened, Shri-Balaji paid a fine

Image
21-February-2024

FG to Restructure, Recapitalise Bank of Agriculture for Better Value

By Adedapo Adesanya The federal government has revealed plans to recapitalise and restructure the Bank of Agriculture (BOA) to bolster Nigeria’s agricultural sector and achieve national food security. This was one of the core revelations made by the Vice President, Mr Kashim Shettima, during the first meeting of the National Council on Privatisation (NCP) for the year 2024 at the Presidential Villa, Abuja on Tuesday. He said there is a central role that BOA could play in achieving national food security, citing its extensive branch network across all senatorial districts in the country. Mr Shettima, however, expressed concern about the

Image
21-February-2024

Foundation Urges Nigerians to Adopt Waste Management Hierarchy

By Aduragbemi Omiyale A recycling organisation, Turn Plastic Recycling Foundation, has encouraged Nigerians to embrace the waste management hierarchy to make the country a zero-waste society. The Project Manager for the firm, Mr Leo Nwofa, while giving a summary of the project journey in the past two years of the foundation, said to save the planet, people must adopt the system of proper waste disposal for recycling after use. The waste management hierarchy gives top priority to waste prevention, followed by reuse, recycling, recovery and finally disposal. Speaking at an event to mark the second anniversary of Turn Plastic Recycling

Image
21-February-2024

Peter Obi Fumes as CBN Hikes Cargo Clearing Rate to N1,605/$1

By Adedapo Adesanya The Central Bank of Nigeria (CBN) has once again increased the exchange rate for customs cargo clearance by 9 per cent or N133.06 from N1,472.76/$1 to N1,605.82/$1. The new rate, which has already been reflected on the Nigeria Customs Service (NCS) portal, will further dampen the hope of importers, and trigger an increase in the price of imported products like food, fuel, spare parts, and phones, among others. The CBN had recently reduced the exchange rate from N1,515.48/$1 to N1,472.756/$1 after the market eased following some recent policy steps. This review will be the 12th since the

Image
21-February-2024

Panic at Black Market as EFCC Intensifies Clampdown on BDCs

By Dipo Olowookere There is apprehension at the black market segment of the foreign exchange (FX) market in Lagos and other cities across the country as security officials, especially from the Economic and Financial Crimes Commission (EFCC), are going after traders at the landscape. Recall that on Monday, some agents of the organisation disrupted business activities in Abuja, and on Tuesday, a similar scenario occurred at the popular Alade Market in Lagos. On Wednesday, Business Post gathered that more places were touched, with two of the Bureaux De Change (BDC) operators allegedly picked up by security operatives in the Agege

Image
21-February-2024

VFD Group Donates Books to Comenius Nursery and Primary School

By Modupe Gbadeyanka About 1,000 copies of Mama’s Sleeping Scarf by renowned Nigerian writer, Ms Chimamanda Ngozi Adichie, have been donated to the pupils of Comenius Nursery and Primary School in the Ikola area of Lagos State. The educational items were given to the elementary school by a leading proprietary investment company, VFD Group Plc, as part of its Corporate Social Responsibility (CSR) initiative. The firm, which is committed to fostering growth across diverse industries in Africa, said the books were donated to promote reading culture among children and inspire young minds to explore limitless possibilities. Mama’s Sleeping Scarf is

Image
21-February-2024

DSS Warns Organised Labour To Shun Planned Protest

By Adedapo Adesanya The Department of State Services (DSS) has urged Nigerians planning to protest next week led by organised labour to halt the idea. According to a statement from the spokesperson of the Nigerian secret police on Wednesday, Mr Peter Afunanya, there were plans by sections of the organised labour to stage protests in parts of the country over sundry economic issues between February 27 and 28, 2024 “While the Service recognises such action as the legitimate right of the labour movement, it, however, urges the body to shelve the plan in the interest of peace and public order,”

Image
21-February-2024

FG Completes $70m Yearly Concessionaire of Zungeru Plant to Penstock

By Adedapo Adesanya The federal government has completed the transfer of the operations of the Zungeru Hydroelectric Power Plant (ZHPP) to a concessionaire, Penstock Limited, in a move that will see the country earn $70 million yearly from the deal. The Vice President, Mr Kashim Shettima, confirmed this during the first meeting of the National Council on Privatisation (NCP) for the year 2024 at the Presidential Villa, Abuja on Tuesday. A concession is a kind of partnership between the public sector and often private companies that have shown its added value in a specific area, for example developing infrastructure. The