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BUSINESS

Naira crash pushes raw material imports to N3tn – NBS report

Imports of raw materials into the country rose by 25 per cent to N3tn in 2023. This is according to the Foreign Trade Statistics data published by the National Bureau of Statistics. The major raw materials imported during the period included cane sugar, other lubricating oils meant to be mixed further, preparations of milk containing vegetable fats and oils, mixtures of odoriferous substances, sheets for veneering, among others. Conversely, Nigeria […]

todayApril 5, 2024 3

BUSINESS

Naira sells below 1,280/$ at official, parallel markets

The naira began the new month on a bullish note, appreciating to N1,278.58 against the United States dollar from N1,309.39 per dollar recorded last week Thursday. This indicates an increase of N30.81 at the close of trading activity. According to data from FMDQ Securities, the indicative exchange rate for the Nigerian Autonomous Foreign Exchange Market closing below the N1,300 ceiling marks the first instance since January 26 of this year. […]

todayApril 3, 2024 5 2

POLITICS

Naira undervalued by 30% – Renaissance Capital

Renaissance Capital Africa report suggests that 2024 has a positive outlook for Nigeria with a strengthening currency and a rise in oil prices. Its latest report on economy review says that at the March 28 level of N1,303/$, the Nigerian naira is still largely undervalued to its long-term average, to the tune of 30 per cent. The research firm also stated that the capital market is setting for a good […]

todayApril 3, 2024 12

BUSINESS

Naira: Manufacturers plan general price hike

Manufacturers have predicted fresh hikes in the prices of commodities in the market to rise in response to the continued fall of the naira against the United States dollar. On Friday, the naira plunged to N1,420/$ at the parallel window of the foreign exchange market. The President of the Manufacturers Association of Nigeria, Francis Meshioye, said  that the naira, which has now remained at over N1,400 in the parallel market […]

todayJanuary 29, 2024 42 1 4

BUSINESS

Manufacturers may sack workers as naira loses 39%

The naira has depreciated by 38.9 percent against the United States dollar at the official I&E window of the Central Bank of Nigeria in the past three months. Data obtained from the FMDQ Securities Exchange revealed that the local currency fell from N745.19/$ on October 3, 2023, to N1035.12/$ as of January 3, 2024. While the naira depreciated from 471/dollar to about 700/dollar at the official market shortly after the […]

todayJanuary 8, 2024 40

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