The exchange rate for import duties collection by the Nigeria Customs Service (NCS) has declined from N1,584/$ on the 22nd of July to N1,541/$ today representing a drop of N43. The decline in the customs exchange rate comes on the heels of the recent appreciation of the naira on the official market. Data from FMDQ reveals that the naira closed at N1,548 to the USD yesterday after closing at N1,564/$ a day earlier representing an appreciation of N16 in one day. CBN intervention and increase in FX reserve On Monday, the naira gained around N100 to the greenback due to…
Author: Temitope N.
Mt. Gox, the defunct crypto exchange has moved another fresh $2.47 billion to an unknown address after heavy onchain activities yesterday. However, the price of Bitcoin was relatively stable at $66,440 experiencing only a 0.4% drop in the last 24 hours. The crypto exchange continues its redistribution of BTC assets to its creditors following a 2014 hack that saw the exchange lose billions worth of BTC belonging to their users. The transaction was picked up by Arkham a Blockchain intelligence firm who shared its findings with its X community. “MT GOX UPDATE: $2.47B BTC MOVED Mt. Gox moved a total…
The Much-awaited spot Ethereum Exchange Traded Funds (ETFs) started trading yesterday after an eight-month process of approval with the United States SEC led by Gary Gensler. The Ethereum ETF is a financial product for Ethereum, the second-largest crypto asset after Bitcoin ETFs were launched in January. Spot Ethereum ETFs performed mildly on their first day of trading pulling in a net inflow of $106.6 million despite a massive outflow on one of the spot Ethereum ETF issuers. According to Data from Farside investors UK BlackRock’s iShares Ethereum Trust ETF (ETHA) recorded the biggest inflow with $266.5 millions of inflows, followed closely by…
The Manufacturers Association of Nigeria (MAN) has called on federal government regulatory agencies especially those in the oil and gas sector to desist from making statements capable of demarketing local investments in the country. MAN disclosed this in a statement by its Director-General, Mr. Segun Ajayi-Kadir. The statement comes in light of the recent allegation by the Chief Executive of the Nigeria Midstream and Downstream Petroleum Regulatory Agency (NMDPRA), Engr. Farouk Ahmed over the quality of products from the Dangote refinery. According to the group, government regulatory agencies should be seen as promoting an environment where local businesses would thrive…
Nigerians spent $38.17 million on foreign education expenses between January and March 2024. This is according to data from the quarterly statistical bulletin of the Central Bank of Nigeria (CBN) for the first quarter of 2024. The amount spent has crashed by 83% from $218.87 million recorded in the same period of last year. However, on a quarter-by-quarter basis, there was an increase of 54% from $24.82 million spent in Q4 2023. The year-on-year decrease in FX spending for foreign education occurs amid a crash in international student enrolment at UK universities earlier this year. A survey conducted by Universities UK (UUK)…
Experts said Artificial Intelligence development relies crucially on data management, highlighting the need for efficient storage solutions. A release noted that the Western Digital Sales Director, Ghassan Azzi, stated in a presentation titled “The AI Data Cycle: Understanding the Optimal Storage Mix for AI Workloads at Scale”. According to Azzi, the AI industry is building a massive infrastructure to train AI models and offer AI services, which has significant implications for data storage. “This infrastructure has significant implications for data storage, emphasizing that storage technology plays a crucial role in the cost and power efficiency of various stages,” he stated.…
Detergent brand, Good Mama, has rewarded customers with over N10m worth of prizes at its ‘Naija Queen Open Market Fashion Show’ across markets in Nigeria. According to the organisers, the Good Mama fashion show is to showcase the brand’s commitment to both cleanliness and style. The event was held from July 8 -19, 2024, in markets across Nigeria, including Lagos State markets: Igando, Oke-Arin, Sabo Ikorodu, Tradefair, Mushin, and Ikotun Markets; Kwara State’s Baboko Market; Oyo State’s Bodija and Agebeni Markets, and Ogun State’s Sagamu Market. Good Mama Brand manager, Ramat Haruna in a statement, said the brand aimed to…
To overcome persisting challenges in the housing sector, the Managing Director/Chief Executive Officer, of Afriland Properties Plc, Uzo Oshogwe, has encouraged estate professionals to diversify their investment portfolios, products, and management’s framework. She tasked practitioners with considering a mix of facilities management, property rentals, property management and brokerage to get balanced. She also stressed the need to change the building construction model from the usual ‘bricks and mortar’ and ensure their business continued to be liquid. She gave this charge at the International Real Estate Federation Nigeria 2024 annual general meeting and the induction of 25 new members in Lagos…
Nigeria earns about $1.2bn annually through the export of hides and skin from the livestock sector, the Miyetti Allah Cattle Breeders Association of Nigeria declared on Sunday. MACBAN, an advocacy group centred on promoting the welfare of pastoralists in Nigeria, said the country’s livestock sector is currently valued at over N33tn, adding that with the envisaged new investments, it is estimated to grow to over N75tn in a few years. The association’s President, Othman Ngelzarma, who disclosed this at a press briefing in Abuja, welcomed the creation of a new Ministry of Livestock Development and refuted claims that the initiative…
Inflation poses a major challenge to businesses globally, hitting small businesses harder due to thinner margins and less flexibility to absorb cost increases, JOSEPHINE OGUNDEJI writes Each year, numerous small and medium-sized enterprises introduce new product solutions to the market, especially in developing economies like Nigeria. This economic phenomenon, characterised by rising prices and decreased purchasing power, can significantly affect a small business’s operations. According to Moniepoint, in Nigeria, small and medium enterprises contribute 48 per cent to the national gross domestic product. SMEs account for 96 per cent of businesses and 84 per cent of employment. Despite the glaring…
The Centre for the Promotion of Private Enterprise (CPPE) has asked the Central Bank of Nigeria (CBN) to put a break on interest rate hike as the apex bank’s Monetary Policy Committee (MPC) meets today. Dr. Muda Yusuf, Chief Executive Officer of the Centre for the Promotion of Private Enterprise (CPPE), emphasized the importance of this approach during an interview with the News Agency of Nigeria (NAN) on Sunday in Lagos. Yusuf highlighted that the committee should aim to keep the increase minimal, acknowledging the Central Bank of Nigeria’s (CBN) efforts to stabilize the economy. He stated, “Knowing the disposition of…
The Central Bank of Nigeria (CBN) has reported a 39% increase in inflows through International Money Transfer Operators (IMTOs) for the first quarter of 2024 compared to the same period in 2023. This is according to data from the quarterly statistical bulletin of the CBN for the first quarter of 2024. Recent reforms implemented by the CBN aimed at attracting more dollar supply through IMTOs seemed to have triggered the increase. What the data is saying In January 2024, inflows stood at $383.04 million, a significant rise of 30% from $295.21 million in January 2023. This upward trend continued in…
The average spot price of Nigeria reference crude oil (bonny light) stood at $85.68 in the first quarter of 2024- $7.72 above the benchmark price in the 2024 appropriation act which is $77.96. This is according to data gleaned from the Central Bank of Nigeria (CBN) statistical bulletin in the first quarter of 2024. According to the report, the average spot price of Nigerian reference crude in January 2024 stood at $82.18. In February, the spot price was $86.08 while in March it was $88.80. When compared to the preceding quarter of Q4, the average spot price of Nigeria reference…
The House of Representatives Joint Committee on Midstream and Downstream has said that the allegation of non-availability and non-supply of crude oil to domestic refineries in Nigeria raises concern about the quality of fuel in Nigerian markets. Chairman of the joint Committee of the House, Ikenga Imo Ugochinyere, disclosed this to newsmen in Abuja. The joint committee is investigating the allegation of production and importation of substandard fuel products and non-supply of crude to domestic refineries. Investigations underway The development comes days after the Chief Executive Officer, Dangote Refinery, Aliko Dangote, reacted to the allegations by the Nigerian Midstream and…
Dr. Olisa Agbakoba has explained how the federal government’s proposed 50% windfall tax will negatively impact bank operations and its customers in Nigeria. Dr. Agbakoba is the Senior Partner and Head of the Alternative Dispute Resolution (ADR) and Arbitration practice group at Olisa Agbakoba Legal (OAL), with expertise in Maritime and Blue Economy Law, Space Law, Environmental, Social and Governance (ESG) Law, Environmental Justice Law, Human Rights Law, among many others. In an exclusive interview, Agbakoba sheds light on how the proposed amendment to the Finance Act is ill-thought-out. What’s your take on the federal government’s plan to tax banks 50%…
The federal government has raised N225.714 billion in the July 2024 bond auction, which is about 75% of its target as demand for short-term bonds weakens. Last month, about N297.006 billion was raised from the June bond auction, which means that the amount raised this month has dropped slightly by 24%. While the federal government offered a total of N300 billion across the three different bond tenors in the latest auction, total subscription for the July 2024 FGN bond auction amounted to N279.664 billion, which is an undersubscription of N20.336 billion. Amid the undersubscription, the total amount allotted to successful…
The Nigeria Senate has approved the bill to increase the national minimum wage from N30,000 to N70,000, effectively making it a law. The Senate President, Godswill Akpabio, announced the approval following the third reading of the bill during a plenary session in Abuja on Tuesday. The bill, which was proposed by President Bola Tinubu after meeting with the heads of organized labour last week, also included a reduction of the review timeline of the minimum wage from 5 years to 3 years. Speaking at the plenary session on Tuesday, Akpabio read out the intent of the bill and ruled for…
Nollywood’s latest movie, “What About Us,” written and produced by Emmanuel Iren, the lead Pastor of Celebration Church Global, has risen to the top of the Nigerian box office, amassing N53.5 million in just 11 days. The film, which premiered July 12, has maintained the No.1 spot, outperforming Hollywood’s “Bad Boys: Ride or Die,” according to data from the Nigerian Box Office. “What About Us” has recorded 13,000 admissions, representing the total number of tickets sold for screenings. Over the past weekend alone, the film earned N18.6 million, reflecting a modest 29% drop from the previous weekend. In contrast, “Bad Boys:…
The Nigerian senate yesterday passed the amendment bill of the 2023 Finance Act and increased the windfall levy on banks’ foreign exchange revaluation gains from 50% as proposed by the President to 70%. The Chairman of the Senate Committee on Finance, Sen. Sani Musa read the report of the Committee on Finance before it was finally passed. Furthermore, the senate also amended the commencement date of the amended act from 1st January 2023 to the commencement of the new foreign exchange policy after Sen. Aminu Waziri Tambuwal raised objection to the retroactive nature of the amendment. Members of the red…
The Muritala Muhammed Area Command (MMAC) of the Nigeria Customs Service (NCS) generated N80.3 billion in the first half of this year. This figure, disclosed by the Customs Area Controller Michael Awe, represents more than double the N38.7 billion collected during the same period in 2023. Awe made this known at a press briefing in Lagos on Tuesday, highlighting a substantial increase of N41.6 billion, showing a 107.5% rise, compared to the previous year’s first half. He attributed this significant growth to the support from the Comptroller-General of Customs, Bashir Adeniyi, and his management team, as well as the dedication…