Business

The exchange rate between the naira and the US dollar closed at N417.3/$1 at the Investors and Exporters (I&E) window. Naira started the week with a 0.25% appreciation to close at N417.3/$1 compared to N418.33/$1 recorded in the previous day. Forex turnover surged by 72.18% on Monday to $291.1 million compared to $169.1 million recorded on Friday last week.

Operators in the nation’s manufacturing sector’s combined debt to Nigerian banks rose to N4.19tn in January 2022. This implies that banks’ credit to the sector increased by 32.79 per cent in the one-year period from N3.16tn as of January 2021 to N4.19tn as of January this year.

Minister of Mines and Steel Development, Olamilekan Adegbite, has disclosed that Nigeria has about 70 per cent road infrastructure deficit while stressing the need for the country to boost local bitumen production. Adegbite disclosed this in Abuja during a press briefing on the concession of the delineated Nigerian bitumen blocks. According to the minister, only 50,000km out of 200,000km of road networks are paved in the country.

The National Bureau of Statistics, NBS, has said the average fare paid for water transport in March 2022 was N890.03. According to the NBS, water transport fares rose by 10.10 per cent from N808.38 in March 2021 to N890.03 in March 2022 year-on-year. The body added that the average fare paid by commuters for bus journey intercity per drop rose to N3,270.94 in March 2022.

The Nigerian Exchange Group’s All Share Index is trading at 48,223.86 basis points. The Nigerian stock exchange has seen significant growth, especially in 2020, when it recorded over 50% growth in ASI. In 2021, the exchange ended the year marginally bullish by 5.89%, despite strong appeal for U.S. dominated stocks. However, its performance in 2021 is relatively small, compared to the parabolic performance in 2020.

The retail price for cooking gas increased by 83.62 per cent in March 2021. According to the National Bureau of Statistics the average price for refilling a 5kg cylinder of cooking gas stood at N3778.30 in March 2022, from N3708.58 recorded in February 2022.

Central Bank of Nigeria, CBN says Nigeria’s external reserves rose by $243.83m in 19 days. According to CBN, the value rose from $39.54bn as of April 1, 2022 to $39.78bn as of April 19, 2022. It added that the external reserves fell by $313m in March, after starting the month at $39.86bn, before falling to $39.55bn on March 30.

The exchange rate between the naira and the US dollar closed at N418.33/$1 at the official Investors and Exporters window. Naira fell to its lowest level since 4th January 2022, depreciating by 0.32% on Wednesday to close at N418.33/$1 compared to N417/$1 recorded in the previous trading session. The exchange rate at the peer-to-peer market appreciated by 0.269% on Thursday morning to trade at a minimum of N589.5/$1, in contrast […]

The shortfall in electricity tariff paid by consumers across the country to power distribution companies has dropped from N1.891tn to N247bn. Federal Government disclosed this in its latest fact sheet on the Power Sector Recovery Programme, PSRP. According to the report, the tariff shortfall was reduced through the implementation of the PSRP Financing Plan that was approved in November 2021.