Naira Falls To N1,250/$ In Parallel Market

The Naira, yesterday, depreciated in its value agasint the US dollar to N1,250 in the parallel market, from N1,140 per dollar on Thursday. Similarly, the Naira depreciated in the Nigerian Foreign Exchange Market, NAFEM, to N1,234.49 per dollar. Data from FMDQ showed that the indicative exchange rate for NAFEM rose to N1,234.49 per dollar from N1,169.99 per dollar last week Friday, indicating N64.5 depreciation for the naira. Consequently, the margin between the parallel market and NAFEM rates narrowed to N15.51 per dollar from N29.99 per dollar last weekend.

Dangote Refinery Reduces Diesel Price To N1,000 per litre

Dangote refinery in a statement issued on Tuesday has disclosed that the price of Automotive Gas Oil (AGO), popularly known as diesel, has been reduced from N1,200 per litre to N1,000 per litre. The statement reads in part, “In an unprecedented move, Dangote Petroleum Refinery has announced further reduction of the price of diesel from 1,200 to 1,000 Naira per litre.

NERC Cedes Regulatory Oversight To State Gov.

In an official memo released Monday, April 22, 2024, the Nigerian Electricity Regulatory Commission (NERC) has handed over the regulatory oversight of the Enugu electricity market to the Enugu Electricity Regulatory Commission (EERC), a state-owned regulatory body. This transfer of authority will be effective from May 1, 2024, and marks the first time NERC has delegated such power to a state-owned regulatory body. As per the memo, the Enugu Electricity Regulatory Commission (EERC) will now have exclusive control to set and adopt end-user electricity tariffs within Enugu State, customizing these charges to suit local conditions and needs.

FG Commences Disbursement of Palliative Loans

The Federal Government (FG) via the Ministry of Industry, Trade and Investment has commenced the disbursement of the N200 billion Presidential Conditional Grant Scheme which was disclosed by the Minister of Industry, Trade and Investment, Doris Aniete through her official X (formerly Twitter) page. She said, “We are pleased to inform you that the disbursement process for the Presidential Conditional Grant Programme has officially commenced. Some beneficiaries have already received their grants, marking the beginning of our phased disbursement strategy.

FG Announces Launch Of CNG Buses, Tricycles

The Federal Government (FG) has announced it was set to launch about 2,700 Compressed Natural Gas (CNG) and tricycles before May 29, 2024, when President Bola Tinubu turns one year in office, which was made known on Sunday in a statement by Mr Bayo Onanuga, the Special Adviser to the President on Information and Strategy. He said, “From the end of May, Nigeria will take some baby steps to join such nations that already have large fleets of CNG vehicles.

NCAA Suspends Operating Licenses of Three Private Jet Owners

The Nigerian Civil Aviation Authority (NCCA) has revealed through its Acting Director-General, Chris Najomo the suspension of the operating license of three private jet owners for carrying out commercial flight operations, as against the annexure provision of their PNCF and Part 9114 of the Nigeria Civil Aviation Regulations. This announcement was made by Najomo in Lagos today during the presentation of the agency's project for 2024. To ensure strict compliance with directives, the authority deployed its officials to monitor the activities of private jets at terminals across the airports in the country and as a consequence of this heightened surveillance.

Nigeria, Egypt Slips In IMF Latest Forecast

Nigeria had the largest economy in Africa in 2022, but in 2023, Egypt took over as the largest economy. However, both countries experienced a decline in their economic fortunes due to high inflation rates caused by currency devaluations. These currency devaluations worsened their internal economic crises. Nigeria's GDP for this year is projected to be $253 billion based on current prices according to the International Monetary Fund's (IMF) World Economic Outlook. This figure is lower than the GDPs of Algeria, Egypt, and South Africa which are projected to be higher, at $267 billion, $348 billion, and $373 billion, respectively.

Import Duty Exemption Certificates Monitoring, Evaluation Automated- FG

The Federal Government of Nigeria has guaranteed electronic monitoring and evaluation framework to the process of granting Import Duty Exemption Certificates (IDEC) to private companies and government establishments towards reducing tax expenditures.

World Bank Targets Affordable Health Services For 1.5 Billion People

The World Bank, with a rich history of supporting health services for women and children across more than 100 countries, has announced that the group is planning on providing quality and affordable health services that will reach not less than 1.5 billion people by 2030. According to Ajay Banga, President of the World Bank Group, this initiative is part of a larger global endeavor to guarantee a basic standard of care across all stages of life, from infancy through adulthood. The Group is also accelerating efforts to achieve greater scale and impact through enhanced collaboration with partners and increased engagement with the private sector.

Nigeria Inflation Surges to 33.2% In March

According to the National Bureau of Statistics (NBS) Consumer Price Index (CPI) report released on Monday, Nigeria's Inflation rate spiked in March 2024 reading 33.2 percent as against February which was 31.70 percent. “Looking at the movement, the March 2024 headline inflation rate showed an increase of 1.50% points when compared to the February 2024 headline inflation rate,” said the NBS. “On a year-on-year basis, the headline inflation rate was 11.16% points higher compared to the rate recorded in March 2023, which was 22.04%. “On a month-on-month basis, the headline inflation rate in March 2024 was 3.02%, which was 0.10% lower than the rate recorded in February 2024 (3.12%). This means that in the month of March 2024, the rate of increase in the average price level is less than the rate of increase in the average price level in February 2024.”