Economy

Naira Pegged at N680/$1 as Currency’s Depreciation Continues
Economy, Finance, News, Nigeria

Naira Pegged at N680/$1 as Currency’s Depreciation Continues

The Naira further devalues as it hits N680 per $1 at the parallel section of the foreign exchange market. According to the Bureaux De Change operators also known as ‘abokis’, the naira has depreciated by N15 or 2.3 percent trading at N680 per dollar in the parallel market. As of last week, the naira was devalued to N665 per dollar as the buying price and N680 per dollar as the selling price at the street market. See Also: Bakers on The Verge of a Nationwide Strike “Demand is high, and there is no dollar. If you tell a customer to sell a dollar to you for N650, he will tell you that he saw it online for N670 or N675. We also have to make our gain. We are buying and selling to make a profit,” a trader at the Ikeja market told The Cable. However, On the official marke...
Naira Devalues to N700/$1 as Dollar Demand Rises
Economy, Finance, News, Nigeria

Naira Devalues to N700/$1 as Dollar Demand Rises

The value of the Naira has continued to fall and has now hit N700 to $1 in the parallel market as the demand for the foreign currency persists. As of last week, Naira was valued at N630 to $1 and has maintained a value of N620 to $1 before the further devaluation. Abudul Hassan, who is a Lagos-based Bureaux De Change (BDC) operator said the devaluation of the naira to the dollar is a result of the demand for the dollar in the parallel market, so therefore the Central Bank of Nigeria (CBN) finds it difficult to meet the demand at the official market. “Everybody is moving to the parallel market and we have seen rising pressure there. With little control from the regulator, people are quoting sale price at N710/$1 but actual transactions are settled around N700/$1. We expect the...
Bakers on The Verge of a Nationwide Strike
Cost of Living, Economy, Nigeria

Bakers on The Verge of a Nationwide Strike

The Association of Master Bakers and Caterers of Nigeria threaten to stop their services across the country from henceforth. The association's reasons are the hike in the price of bakery materials, the cost of diesel, and other related issues which affect their services. The union had threatened to embark on a strike as of the 25th of June for the same reasons. Abuja’s Union Chairman of AMBCN, Ishaq Adbulrahehem, disclosed that the new development is a result of the increase in the price of bakery materials such as flour, sugar and other baking ingredients. He said: “We are withdrawing our services nationwide. We expect government’s response so that we can review whatever we are doing. The high cost of ingredients, rate at which we are buying diesel – which is N880 per litre ...
Fuel Price Hike: Lagos, Abuja Residents Suffer as Price Increases
Africa, Cost of Living, Economy, Lagos News, Nigeria, Petroleum

Fuel Price Hike: Lagos, Abuja Residents Suffer as Price Increases

Nigerians are experiencing an unofficial fuel price hike as numerous filling stations have increased their pump prices from the regulated N165. The hike in price is confirmed to be rampant in the city of Abuja and Lagos. African News Today gathered information that certain petrol stations sell their product for N220 per litre. Even amongst the hike, some stations refused to sell leading to a scarcity of petrol in some areas. In Lagos, filling stations such as Ardova and MRS filling stations located along Lekki Expressway sold at the price of N180 and N200 per litre. see also: Fuel Subsidy Is A Scam – Peter Obi Rosebol filling station located at Ipaja metered their petrol at N180 per litre and N190 per litre was sold at Mao filling station situated at Kola. A motorist...
Ibom Air – 58 flights Cancelled as Airline Laments Over Fuel Hike
Aviation, Economy, Nigeria, Petroleum, Transportation

Ibom Air – 58 flights Cancelled as Airline Laments Over Fuel Hike

Ibom Air cancelled 58 scheduled flights over scarcity of aviation kerosene. The hike and scarcity of aviation kerosene, which is commonly known as jet A1 had resulted in 58 flights been canceled out of  over 1000 flights recorded as at the month of June 2022. The airport is currently managed and owned by the government of Akwa Ibom state. The airport  operates seven aircraft with 10 more said to be added by may 2023. See Also: JET-A1, Others May Push Flight Above N100,000 – Domestic Airlines But according to reliable sources, it has been said that out of the 7 acclaimed operational aircrafts only two are actually functional. According to the company’s records, only a total of 965 flights were successfully operated, with 199 flights delayed and 234 flights rescheduled due to o...
World Bank To Fund $900 Million Development Projects In East Congo
African Development, Congo, Economy, News, Women Empowerment

World Bank To Fund $900 Million Development Projects In East Congo

The World Bank and Congo have signed two funding conventions of$900 million to boost female entrepreneurship and access to water and electricity in the east and west of the country, the Bank said in a statement. The projects will focus on Congo's central west Kasai province and eastern regions. Read Also: 20 Million Farmers In Africa To Benefit From $1.5 billion Emergency Food Facility "These operations supplement a portfolio of operations focused on reinforcing human capital and protecting the poorest households - including women - against socio-economic hazards," World Bank Congo Director said in a statement dated Tuesday but seen by Reuters on Wednesday. The deal was clinched at the end of a two-day visit to Congo by the World Bank's strategy and operations director for...
Coca Cola Inaugurates Its ‘Mega’ Factory In Ethiopia
African Development, Economy, Ethiopia, News

Coca Cola Inaugurates Its ‘Mega’ Factory In Ethiopia

Coca Cola has inaugurated its new 'mega factory' in Sebta City in Ethiopia. The $100 million factory, located 25 km from the capital, Addis Ababa, is equipped with state of the art machinery and will create 30,000 job opportunities. Senior government officials were in attendance at the inauguration "Coca-Cola is 60-years-old and plays an irreplaceable role as a factory in Ethiopia. Today, the establishment of this factory in this city is a testament to the development activities in Ethiopia," said Melaku Alebel, Ethiopian minister of Industry. The factory has a daily production potential of 70,000 racks of 24 bottles.  This level will bring the group's total manufacturing capacity in the country to 100 million cases per year and will make the country a strongh...
Eat Cassava If Wheat Is Expensive, President Museveni Tells Ugandans
Agriculture, Cost of Living, Economy, News, Uganda

Eat Cassava If Wheat Is Expensive, President Museveni Tells Ugandans

Ugandan President Yoweri Museveni says his government will not intervene in the current economic situation amid a rising cost of living. Prices of petroleum products, imported raw materials and food have been rising in recent months, a crisis being experienced globally following the war in Ukraine. In a televised national address on Sunday night, Mr Museveni said that government subsidies or removal of import taxes would collapse the economy. There would be a haemorrhage of dollars from the national reserves for the purchase of those expensive products, he added. Read Also: Peter Obi Warns That Nigerians Now Spend 100% Of Salary On Food Mr Museveni said Uganda will need to frugally use the imported items it can afford. He advised citizens to substitute expensive whea...
Ronaldinho Visits Tunisia To Promote Tourism
African Development, Economy, News, Tunisia

Ronaldinho Visits Tunisia To Promote Tourism

Former Brazilian football icon, Ronaldinho is currently in the North African country of Tunisia where he is promoting the country’s tourism. The former Barcelona midfield maestro who arrived the country on Thursday, is on a mission with the Tunisian Tourism office to promote the country’s rich attractions which was a main stay of its income accounting for 10% of the GDP before the Coronavirus pandemic. With the visit and promotions, the Brazilian football legend has become the new face of the Tunisian tourism campaign. The former player toured the streets of the town of Sidi Bou Said in the eastern part of the North African country. He was accompanied by local rapper Karim Gharbi who had invited him. Read Also: Buhari says Nigerian Health Workers Culpable for Medical Tou...
86FB Accuses Flutterwave Of Freezing Its Funds Maliciously
Economy, News, Nigeria

86FB Accuses Flutterwave Of Freezing Its Funds Maliciously

Investment platform, 86FB, has pointed accusing fingers at Fintech company, Flutterwave, for its inability to run efficiently and pay up its investors. The platform which claims to focus on football and collaborates with William Hill, a global online gambling company based in London, England, to integrate probability and statistics, disclosed in a statement that its funds have been maliciously frozen by Flutterwave. It added that this had made it impossible for it to pay up its investors. Noting that it would not succumb to unreasonable acts, the platform called on investors to join it in enforcing Flutterwave to release its funds. What 86FB is sayingThe platform, in a statement to investors, noted, “A series of things have happened recently that make us unable to operate nor...