The National Bureau of Statistics (NBS) reports that the average retail price of petrol rose to N830.46 in August 2024, from N626.70 in August 2023. This announcement was made in its Petrol Price Watch for August 2024, released in Abuja on Sunday.
The NBS noted that the August 2024 price of N830.46 reflects a 32.51 percent increase compared to the N626.70 recorded in August 2023.
“Comparing the average price value with the previous month of July, the average retail price increased by 7.78 per cent from N770.54.”
On state profiles analysis, the report said Benue paid the highest average retail price of N941.24 per litre, followed by Bauchi and Gombe States at N935.71 and N925.00, respectively.
“Conversely, Delta, Cross River, and Edo paid the lowest average retail price at N667.50, N672.00, and N676.25 respectively,’’ it stated.
Analysis by zones revealed that the North-East Zone had the highest average retail price for petrol in August 2024, at N908.21, while the South-West recorded the lowest price at N677.11 per litre.
Additionally, the NBS reported in its Diesel Price Watch for August 2024 that the average retail price of diesel was N1,406.05 per litre. This August 2024 price of N1,406.05 represents a 64.58 percent increase from the N854.32 per litre recorded in August 2023.
“On a month-on-month basis, the price increased by 1.93 per cent from the N1,379.48 per litre recorded in July 2024,’’ it added.
The report indicated that the highest average price per litre of diesel in August was recorded in Kaduna State at N1,979.23, followed by Bauchi at N1,927.34 and Taraba at N1,638.14, on the statew profile analysis.
Conversely, the lowest price was observed in Lagos at N1,237.14 per litre, followed by Ogun at N1,255.00 and Osun at N1,268.18.
Additionally, zone analysis showed that the North-East Zone had the highest diesel price at N1,621.23 per litre, while the South-West recorded the lowest at N1,283.47 per litre.
Week 13 pool result 2024: Football pools results, live football pool result today, pool result today Saturday matches, pool results for this week, British and Aussie pool results, football pools results and fixtures, pools panel results today, pool panel results, and live score pool result today. We publish half-time results, first of its kind.
Week 13 Pool Result 2024: Football pool results for this week are published on this website immediately after full-time confirmation of live score results. We also publish the outcome of postponed matches by the football pool panel at halftime as decided by the football pool.
WEEK: 13; SEASON: UK 2024/2025; DATE: 28-September-2024
Now you can find the Week 13 pool fixtures 2024: pool fixtures for this week, this week pool fixtures, football pools results and fixtures, pool fixtures this week, classic pool fixtures, Aussie pool fixtures, UK pool fixtures, advance pool fixtures, Australia pool fixtures, pool panel results, pool result today Saturday, pool results and fixtures this week, fortunesoccer pool fixtures. Find all the Week 13 pool fixtures on Bizwatchnigeria.ng as soon as they are released by the FPA (Football Pools Authority).
Week 12 pool results: football pool results, live football pool result today, pool result today Saturday matches, pool results for this week, British and Aussie pool results, football pool results and fixtures, pool panel results today, pool panel results, and live score pool result today. We publish half-time results first of its kind.
Week 12 Pool Results: Football pool results for this week are published on this website immediately after full-time confirmation of live score results. We also publish the outcome of postponed matches by the football pool panel at halftime as decided by the football pool.
WEEK: 12; SEASON: UK 2024/2025; DATE: 21-September-2024
The exchange rate between the Naira and the US dollar, according to the data released on the FMDQ Security Exchange, the official forex trading portal, showed that the Naira closed at 1650.00 per $1 on Thursday, September 19, 2024. Naira traded as high as 1594.00 to the dollar at the investors and exporters (I&E) window on Tuesday.
How much is a dollar to naira today in the black market?
Dollar to naira exchange rate today black market (Aboki dollar rate):
The exchange rate for a dollar to naira at Lagos Parallel Market (Black Market) players buy a dollar for N1642 and sell at N1650 on Sunday 22nd September 2024, according to sources at Bureau De Change (BDC).
Please note that the Central Bank of Nigeria (CBN) does not recognize the parallel market (black market), as it has directed individuals who want to engage in Forex to approach their respective banks.
Dollar to Naira Black Market Rate Today
Dollar to Naira (USD to NGN)
Black Market Exchange Rate Today
Buying Rate
N1642
Selling Rate
N1650
Dollar to Naira CBN Rate Today
Dollar to Naira (USD to NGN)
CBN Rate Today
Buying Rate
N1593
Selling Rate
N1594
Please note that the rates you buy or sell forex may be different from what is captured in this article because prices vary.
The Central Bank of Nigeria (CBN) has announced the temporary withdrawal of the Monetary, Credit, Foreign Trade, and Exchange Policy Guidelines for Fiscal Years 2024–2025, which were published on September 17, 2024.
The CBN stated that this decision aims to minimize the risk of further misrepresentation or misinterpretation that could lead to confusion among stakeholders. This announcement was made in a new statement on its website on Friday, although it was not signed by any CBN official.
On Tuesday, excerpts from the policy document indicated that the bank would maintain Ways and Means Advances to the Federal Government at a five percent limit for the fiscal years 2024–2025. This stance contradicts a bill passed by the National Assembly that increased the maximum borrowing percentage from five percent to ten percent.
Another contentious point was the reinstatement of the cybersecurity levy, which had been suspended earlier this year due to significant public backlash.
However, the CBN clarified that the guidelines were misunderstood by some outlets as new policies; they are actually a compilation of previously issued policies and directives effective until December 31, 2023. It also noted that some policies mentioned in the guidelines have been revised or replaced by newer updates.
The statement read, “The attention of the Central Bank of Nigeria has been drawn to certain instances of misinterpretation or misrepresentation of its biennial publication on Monetary, Credit, Foreign Trade, and Exchange Policy Guidelines published on September 17, 2024.
“In response, the CBN has temporarily withdrawn the document to minimize the risk of any further misrepresentation. As is stated explicitly in the document to guide stakeholders, the CBN reiterates that the publication is a compilation of previously issued policies and guidelines issued by the bank up to a cut-off date, typically December 31 of the relevant year.
“As in all previous editions, the current document is intended to achieve the following objectives: A single reference source for the ease and convenience of stakeholders. A valid compilation of policies, directives, and guidelines for adjudication in conflict situations involving stakeholders.”
The bank clarified that as a compilation of previously issued policies and guidelines, the provisions apply only if there have been no updates or revisions to the content. It emphasized that this stipulation is explicitly stated in the document to guide stakeholders.
“In line with prior editions, the most recent publication (January 2024) contains policies and guidelines issued by the bank up to December 31, 2023, some of which will remain relevant during the period 2024 – 2025,” the bank stated.
Continuing, the statement noted that, “In the light of these clarifications, we ask stakeholders to note the following: Some recent media publications referencing aspects of the guidelines refer to policy positions of the bank issued prior to December 31, 2023, which have changed in the light of revisions and updates in 2024. One example is the Cyber Security Levy, which was suspended in May 2024, superseding the circular reported in the guidelines.
“Certain technical aspects of the guidelines have been widely misreported and misrepresented. For example, reports have mistakenly sought to link the fuel subsidy removal to external reserves. Such reports essentially missed the analytical basis for the original statement, which was intended to observe a potential risk that was to be mitigated by policy. More recently, policies of the bank around the naira exchange rate and those of the fiscal authorities have positively altered the outlook of the subject in question.
“In summary, the guidelines must primarily be viewed as a record of policies, circulars and directives issued by the bank up to the end of 2023. They are not new directives and should not be reported as such.
“The bank will continue to provide clear monetary policy direction and advice for the overall good of the economy. We urge all stakeholders to seek clarification of information about the Bank before publishing,” the statement ended.
The Peoples Democratic Party (PDP) has contested the results of Saturday’s governorship election in Edo State, which declared the All Progressives Congress (APC) candidate, Senator Monday Okpebholo, as the new governor. On Sunday, Adamawa State Governor Ahmadu Fintiri, who serves as the Chairman of the Edo State Governorship Election National Campaign Council, asserted that the Independent National Electoral Commission (INEC) should be held accountable for violating the Electoral Act.
Okpebholo secured 291,667 votes, defeating PDP’s Asue Ighodalo, who received 247,274 votes, and Labour Party’s Olumide Akpata, who finished third with 22,763 votes.
The APC won 10 out of the 18 Local Government Areas in the state, while the PDP won 8. However, the PDP, supported by its Governors Forum, insisted that Ighodalo “clearly won the election.”
In a statement on Sunday, PDP’s National Publicity Secretary Debo Ologunagba explained that Fintiri had presented results from the polling units that showed Ighodalo in a clear lead.
The PDP stated, “The Peoples Democratic Party stands by the results of the Edo State Governorship election as garnered by its polling agents across the state and echoed by the Chairman of the Edo PDP National Campaign Council, Governor Ahmadu Fintiri of Adamawa State, which indicate that the PDP candidate, Dr. Asue Ighodalo, clearly won the election.
“The PDP asserts that the rush, venom, and hauling of insults with which the All Progressives Congress attacked Governor Fintiri only confirms APC’s violent desperation to cover its manipulations and steal the mandate freely given to Dr. Asue Ighodalo by the people of Edo State as reflected in the genuine votes cast at the Polling Units.
“As Governor Fintiri presented, the results collated from the Polling Units have Asue Ighodalo in a clear lead before the state collation exercise was hijacked by the APC, which, in connivance of some unscrupulous INEC and security officials, engaged in blatant alteration and substitution of the genuine results with fabricated figures in favour of the defeated APC candidate.”
The PDP Governors Forum, led by Bauchi State Governor, Bala Mohammed, said the Independent National Electoral Commission must live up to the expectations of the people as an “impartial umpire.”
The PDP governors urged INEC to announce results that accurately reflected the wishes of the Edo people as expressed through their votes on Saturday.
“This becomes more imperative, especially in the face of the threat to democracy by the total state capture inclination of the Tinubu-led All Progressives Congress government,” the forum stated.
“As the country perches on the horns of grave economic and security challenges, it is our expectation that INEC and everyone involved in the Edo Governorship Elections will respect the sovereign wishes of the people of Edo State and spare the nation the unpredictable consequences of a disputed result at this time.
“The PDPGF unequivocally reiterates its commitment to democratic best practices, and the peace and stability of a united Nigeria in which the citizens are not only spared the contrived ordeal of the moment but, more importantly, provided alternative opportunities to realise their legitimate dreams.
“Finally, we stand with our Governors, H/E Fintiri, H/E Diri, H/E Agbu Kefas, and H/E Oborevwori of Adamawa, Bayelsa, Taraba, and Delta States respectively, on all the actions and positions that they have taken on our behalf, with respect to maintaining the sanctity of the elections.”
At the collation centre on Sunday, the state agent of the PDP, Iyoha Osaigbovo, stated that the figures credited to APC were not a true reflection of the wish of the electorate.
Osaigbovo said, “We do not accept this result as it’s clear that the figures were allocated to the APC by INEC to aid their victory. The result, which is not a reflection of the people’s wish, may come to hunt you the people presiding over the announcement.”
Jarrett Tenebe, the acting APC chairman in Edo State, took exception to Osaigbovo’s frequent references to his party in his comments, stating that he was satisfied with the election outcome.
He noted that Edo North, which his party won, has long been a stronghold for the APC, becoming even stronger after the reinstated Deputy Governor, Philip Shaibu, rejoined.
Tenebe, in response to Osaigbovo’s claims that the BVAS did not function properly or was tampered with, said, “I would like to urge the CoS to leave the APC out of his observations and complaints. He should direct his complaints to the collation and announcement of results.”
However, the state chairman of the PDP, Tony Aziegbemi, alleged alteration of results, demanding re-collation and re-computation in a letter titled, ‘Re: Protest against manufactured vote entries and unjust inflation of APC votes and deduction of PDP votes in the collation of results of Edo State Governorship Election held on 21 September 2024.’
In the letter addressed to the office of the INEC chairman in Abuja and made available to journalists in Benin City on Sunday, the ruling party alleged that the INEC Result Viewing had inflated the votes to favour the APC.
The chairman alleged that results from some units in three Local Government Areas – Akoko Edo, Egor, and Etsako West were manipulated.
The letter read, “It has come to our attention that the Electoral Officers appointed by the INEC for the conduct of the Edo State Governorship election, made entries that are different from the actual results as uploaded on the INEC IREV, thereby unjustly inflating votes in favour of the APC and deducting the votes of the PDP.
“In Akoko Edo Local Government Area, a simple collation of all the votes recorded in the polling units results uploaded on the IREV shows that the APC obtained 25,010 votes while 34,847 votes was recorded in the EC8C declared by the LGA Returning Officer. For the PDP, a collation of the votes from the results uploaded on the IREV is 18,620 but 15,865 was returned on the EC8C declared by the LGA Returning Officer.
“It would interest you that in Ward 9 of Akoko Edo LGA, from the 36 Polling Unit results uploaded on the IREV, the total votes obtained by APC is 2,350 while 9104 was entered into the EC8B result for APC. However, the total votes for PDP is 1,359 while 633 were entered in the EC8B. Also, in Ward 6 Akoko Edo LGA, where elections were not held in Ward 6 Units 12, 17, 15, 18, 14, and 16, results were returned for the said polling units in the ward result sheet (EC8B).”
It added, “In Egor LGA, a simple collation of all the votes recorded in the polling unit results uploaded on the IREV shows that the APC obtained 10,972 votes while 16,760 votes were recorded in the ECBC declared by the LGA Returning Officer. For the PDP, a collation of the votes from the results uploaded on the IREV is 14,485 but 14,658 were returned on the EC8C declared by the LGA Returning Officer. It would interest you to note that the collation of the Egor Local Government Area was not done at the designated LGA centre but was moved to the INEC state headquarters and the PDP agent was not allowed access to be part of the exercise.
“In Etsako West, a simple collation of all the votes recorded in the polling unit results uploaded on the IREV shows that the APC obtained 29,858 votes while 32,107 votes were recorded in the EC8C declared by the LGA Returning Officer. For the PDP, a collation of the votes from the results uploaded on the IREV is 16,712 but 17,483 was returned on the EC8C declared by the LGA Returning Officer.
“The above highlighted irregularities which are very apparent are extremely scandalous and a brazen attempt to steal the mandate of the PDP and also a terrible embarrassment to the commission.”
The state’s Labour Party PRO, Sam Uruopa, said that his party was still reviewing the results and would come up with a position after that.
When asked if he thought that INEC skewed the result in favour of the APC, he replied, “After we review the result we will come up with a position. It is, however, disheartening that the electorate was induced with money on Election Day, which puts a dent on the credibility of the process.”
PDP Youths Protest
Members of the PDP youth wing staged a protest at the INEC office, alleging that the announced election results had been tampered with and differed from what was recorded at the polling units.
Although security operatives restricted the protesters to Ramat Park in the Ikpoba Hill area of the city, the youths expressed their displeasure by singing solidarity songs and waving leaves.
At the same time, a senior PDP official disclosed that the party is considering various options, including legal action, to reverse the decision. He mentioned that the party chairman has already written to the INEC chairman in Abuja, demanding a recount and recomputation of the results.
Officials at the Dangote Petroleum Refinery and domestic crude oil refiners have expressed opposition to the importation of Premium Motor Spirit (PMS), commonly known as petrol, by major oil marketers in Nigeria.
The refiners claimed that some of the imported fuels were of inferior quality compared to those produced by the Dangote refinery. This stance was supported by officials of the $20 billion refinery based in Lekki.
Reports gathered on Wednesday indicate that three major oil marketers are expecting shipments of imported petrol this week, barring any unforeseen circumstances.
Dealers noted that approximately 141 million liters of PMS are being transported to Nigeria by oil tankers following the Federal Government’s full deregulation of the downstream oil sector.
They also noted that the recent hike in the pump prices of petrol produced by the Dangote refinery and released by the Nigerian National Petroleum Company Limited on Monday had allowed room for PMS imports.
Reacting to this on Thursday, officials at the Dangote refinery and the Crude Oil Refiners Association of Nigeria tackled the marketers, stressing that aside from the fact that the situation would increase the demand for United States dollars, the imported fuels were of low quality.
“These people (marketers) are importing dirty fuels that are toxic,” an impeccable source at the Dangote refinery declared.
The source added. “They are importing substandard fuels and if allowed they will not stop importing such. We have more than enough, but these guys don’t want it. They want the game to continue, but the game will not continue.”
Another official at the plant stated that Nigerians should be concerned about the importation of substandard petroleum products into the country.
“You have to be concerned about the quality of the products they import. These are toxic fuels when you consider their blending process. All this is just to maximise profit,” the official stated.
Their positions were corroborated by the Publicity Secretary of CORAN, Eche Idoko, who alleged that some of the substandard fuels were blended in Malta or Togo.
He called for backward integration, saying some were afraid that Dangote would become a monopoly.
“The fear marketers are having is that Dangote will become a monopoly, but that has been taken care of by Dangote subscribing to our association. With the Petroleum Industry Act in place and all the agencies in play, there is no way that Dangote can become a monopoly.
“But for people who are used to a particular way, the fear of what the unknown holds keeps them back. I think that’s where a lot of marketers are now. They don’t know what to expect in this new regime and they are trying to struggle.
“So I would assure you this regime will pay them way better than the regime of importing petroleum products, where they sell to us, substandard products blended in Malta or Togo and imported into our country,” Idoko stated.
The spokesperson for the domestic refiners’ association condemned the ongoing importation of fuel by marketers despite the operational status of the Dangote refinery.
He emphasized that the current focus should be on exporting refined products rather than importing substandard fuel into the country.
However, Idoko noted that some marketers who attempted to import petroleum products faced difficulties following the removal of subsidies, primarily due to the foreign exchange crisis.
“For some people who are doing this import, at the end of the day, you import, and then you go back to CBN to give you ‘Form M’ to be able to access dollars. So, by importing, you are still not solving the problem because you still have to rely on dollars within Nigeria or use your naira to buy dollars from anywhere. And it will reduce the value of the naira. So you have not solved the problem.
“What enables the power of the currency is the level of its demand by other corresponding currencies. So, if you have dollars, francs, cefa, and other currencies chasing the naira because you want to buy a refined product of Nigeria, invariably, the value of the naira will appreciate,“ he explained.
The Nigerian Midstream and Downstream Petroleum Regulatory Authority, responding to concerns about the quality of imported fuels, announced that all imported PMS would be subjected to at least three major tests by the agency before being allowed for sale across the country.
George Ene-Ita, its spokeperson had initially stated that marketers with approved import licenses were free to import PMS, but emphasized that the products must be subjected to three major tests by the agency.
“The products must be subjected to our testing protocols at the ports. The products must conform to stipulated standards before we authorise them to move the fuels to their terminals.
“Also, before the smaller vessels bring it further inland to Nigeria our people will fly to the place to see the product and carry out some tests to ensure the right specification is upheld.
“Tests are also done at the products’ origins. And when the products come in, before they are released to the market, further tests would be conducted to ensure that they meet the specifications,” he said.
Nigerians have once again expressed displeasure over the challenges in accessing the Federal Government’s subsidized rice, priced at N40,000, which was launched on September 6, 2024, in Abuja.
Abubakar Kyari, Minister of Agriculture and Food Security, had stated that interested buyers would need to provide their National Identification Numbers and use an Automated Teller Machine card as the sole means of payment.
However, numerous Nigerians have reported that the sales points are difficult to reach. In response to public concerns, an official from the agriculture ministry announced on September 15 that sales to non-civil servants would commence on Monday, September 16.
“We started with civil and public servants because they possess the necessary credentials. Before purchasing, one must present a valid identity card and National Identification Number.
“Sales points were set up at the Office of the Head of Service of the Federation, Ministry of Agriculture, and the Independent Corrupt Practices Commission,” the official, who spoke in confidence due to lack of authorisation to speak on the matter, explained.
He assured Nigerians that sales to the general public would begin on September 16, reiterating the government’s commitment to ensuring everyone benefits from the initiative.
“Now that many civil servants have benefited, we are moving to the general public,” the official added.
Although sales began as promised, citizens are frustrated by the challenges of traveling from the outskirts to urban centers, particularly in the Federal Capital Territory, to access the sales and collection points. Furthermore, many individuals outside the FCT have reported being unable to find any sales points.
In the Kubwa area of the FCT, a resident, Blessing Ameh, said, “Not at all. I have not seen any sales point in my area in Kubwa.”
The situation was similar in Oyo State, where another resident, Deborah Johnson, remarked, “We have not seen even a single bag here.”
Experts have suggested that for the initiative to be effective, the government must decentralise the payment and collection points, allowing people to purchase the rice without incurring additional transportation costs.
Tobi Awolope, an agricultural economist at the Centre for Agricultural Development and Sustainable Environment, Federal University of Agriculture, Abeokuta, said, “Accessibility is a crucial component of food security. Issues around the supply chain, particularly the high cost of transporting food, have posed a major threat to societal welfare, especially for rural dwellers.
“Access to food—both in terms of proximity and affordability—is a fundamental human right. Therefore, collection centers should be located where all social groups can easily reach them.”
While Nigerians acknowledge the government’s efforts to mitigate the effects of rising food inflation, they are calling on authorities to ensure that the rice distribution is accessible to the areas where most people live.
Ibrahim Abdullahi, a resident of Karu disclosing his experience, said. “I was at the sales point located at the Nigerian Agricultural Insurance Corporation until the close of business yesterday (Thursday), but I couldn’t make a payment due to the overwhelming crowd.
“Today (Friday), I’ve been trying again, but to no avail. The government should decentralise the collection points so we can access the rice in our local areas.”
Money market rates fell as the financial system’s liquidity balance increased, ending in positive territory on Friday. According to investment banking documents, the spike was driven by inflows from matured government borrowing securities.
These include inflows from matured un-refinance OMO bills and coupon payments made by the FGN on bonds, as well as additional inflows from FAAC credits expected in the coming week.
Data from the FMDQ platform verified that the Open Repo Rate (OPR) and the overnight lending rate fell by 151 and 176 basis points, respectively, to 29.69% and 29.97%.
Analysts reported that financial system liquidity improved at the closed higher on Friday compared to the previous week, supported by OMO maturities and FGN bond coupon inflows.
The amount in the financial system increase strongly as inflows from FGN bond coupon payments worth N402.96 billion saturated the system, said Cordros Capital Limited.
In the new week, the market expects inflows from FAAC disbursements worth N828.08 billion and FGN bond coupon payments totaling N202.45 billion to outstrip debits at the FGN bond of N150.00 billion.
For most part of the week, liquidity was negative, with most Deposit Money Banks (DMBs) relying on CBN’s standing Lending Facility (SLF) to fund their operations, AIICO Capital Limited revealed.
Due to borrowing by the commercial banks, liquidity level in the money market inched higher by 62.4% week on week to close at N1.2 trillion, Afrinvest Limited said in a note.
Investment banking firms anticipate sufficient system liquidity in the new week due to FGN bond coupons and FAAC inflows. However, debits from NTB and FGN bond auctions may further exacerbate the liquidity situation.
The market expects to see inflows from FAAC disbursements totaling N828.08 billion and FGN bond coupon payments worth N202.45 billion in the week.
Consequently, the Open Repo Rate (OPR) and the Overnight Rate decreased by 151 basis points and 176 basis points, settling at 29.69% and 29.97%, respectively. In a related development, cash-rich commercial lenders however parked N566 billion into the standing deposit facility (SDF) of the CBN.
It represents interest rates that investors earn on money market accounts, which are interest-bearing deposit accounts that work similarly to savings accounts, analysts said.
The Nigerian naira exchange rate rallied against the US dollar, gaining almost N115 for each greenback traded on the official currency market. The local currency rose because demand pressure was adequately offset by a strong FX liquidity position at the autonomous foreign exchange market.
Last week, the naira witnessed heightened volatility, reaching a high of ₦1,656.49 per US dollar but ending at ₦1,541.52, resulting in a 0.32% gain week on week.
The naira has been volatile since April due to low FX availability and rising FX demand. Weighing the effects of a liquidity shortfall, international investors became cautious, and poor investor confidence prompted price movements across the markets.
The naira has faltered against the US dollar due to an FX liquidity shortage in the official currency market. Efforts to boost liquidity have not significantly impacted the exchange rate, as the imbalance between US dollar demand and supply remains large.
Afrinvest Limited said activity level at the Nigerian autonomous foreign exchange segment declined as turnover for the week dipped by 45.4% week on week to settle at $727.5 billion last week.
The gross balance in Nigeria’s foreign currency reserve climbed to a 2-year high at $37.349 billion seen in Oct. 2022, details from the Central Bank of Nigeria’s (CBN) movement in reserve revealed.
Nigeria’s net FX reserve is underwhelmingly low when considering borrowing from resident domestic banks and other resident counterparties via the forwards markets. But the Nigerian apex bank has initiated a move to make the forward market inactive, according to a note from Afrinvest Capital Limited.
The investment firm stated that there remain no changes, save the maturity of contracts, given that the CBN has now cleared all non-deliverable forwards (NDFs) open contracts. The move came shortly after the CBN rendered contracts for tenants between one and twelve months inactive in response to reforms in the NAFEM window.
The FX rate is expected to range between N1,450 and N1,600 per US dollar at both the official window and the parallel market over the next three months, Coronation Research said in its mid-year economic report.
“We see Naira stability in the near term partly due to CBN’s resumption of the retail Dutch auction system to mitigate FX demand pressure, increased FX injections from FPIs, and improved oil production,” the firm said.
Nigeria still generates about 90% of the country’s export revenues from crude oil and gas exports. Based on the market dynamics, analysts projected gross reserves to cross $40 billion in 2024 after the Federal Government puts revenue from the privatized state oil company’s revenue under the CBN watch.
The market spotted improved FX inflows into the Nigerian Autonomous Foreign Exchange Market (NAFEM), underpinned by increases in both local and foreign sources. Last month, total inflows at the official forex market rebounded by 21.4% month on month to US$2.34 billion in August from US$1.92 billion posted in July.
Inflows from local sources increased by 15.5% month on month to US$1.94 billion in August from US$1.68 billion in July, driven by increased collections from individuals (+162.5), exporters (+28.3%), and non-bank corporates (+18.7%) segments despite the weaker inflow from the CBN (-53.7%).
At the same time, inflows from foreign sources increased by 62.1% in August to US$394.50 million from US$243.30 million, although they remained below the H1-2024 average of US$790.57 million, reflecting still weak foreign investor confidence.
Nigerian deposit money banks (DMBs) raised N2.8 trillion from the Central Bank of Nigeria’s (CBN) standing lending facility to cover a financing deficit, according to an emailed note from an investment business.
Local lenders flocked to the CBN lending window to borrow funds to meet their daily liquidity needs despite double-digit rate pricing. The short-term cash shortfall has rendered local lenders net borrowers, but some banks with ample liquidity have also made deposits via the deposit window.
Analysts observed that financial system liquidity strengthened at the close on Friday compared to the previous week, aided by OMO maturities and FGN bond coupon inflows.
The amount in the financial system increase strongly as inflows from FGN bond coupon payments worth N402.96 billion saturated the system, said Cordros Capital Limited.
For most part of the week, liquidity was negative, with most Deposit Money Banks (DMBs) relying on CBN’s standing Lending Facility (SLF) to fund their operations, AIICO Capital Limited revealed.
Due to borrowing by the commercial banks, liquidity level in the money market inched higher by 62.4% week on week to close at N1.2 trillion, Afrinvest Limited said in a note.
Investment banking firms anticipate sufficient system liquidity in the new week due to FGN bond coupons and FAAC inflows. However, debits from NTB and FGN bond auctions may further exacerbate the liquidity situation.
The market expects to see inflows from FAAC disbursements totaling N828.08 billion and FGN bond coupon payments worth N202.45 billion in the week.
Consequently, the Open Repo Rate (OPR) and the Overnight Rate decreased by 151 basis points and 176 basis points, settling at 29.69% and 29.97%, respectively.
In a related development, cash-rich commercial lenders deposited N566 billion in the Central Bank of Nigeria’s standing deposit facility.
At the previous monetary policy committee meeting, the CBN restricted the Standing Deposit Facility (SDF) rate at 25.75% on deposits up to N3 billion, with a fixed rate of 19.0% on excess deposits, deterring banks from using this window.
The CBN eased its suspension on banks borrowing from its Standing Lending Facility (SLF). Following the decisions announced at the Bank’s 296th meeting, the top bank pegged the lending rate at 31.75 percent.
Nigeria’s gross foreign reserve balance has risen to $37.394 billion, the highest level since October 2022, according to government data. Nigeria’s foreign exchange reserves climbed by $451.73 million, marking the third week in a row that US dollars have flowed into the country.
The growth in FX positions was aided by higher crude oil output notwithstanding a negative price fluctuation in the global commodities market. According to Broadstreet analysts, the country’s foreign reserve position has increased due to inflows from recent $900 million domestic US dollar bond receipts.
Some economists believe that as long as the US dollar is scarce, the banking industry will be subject to investor mood. Despite an increase in external reserves, the Nigerian native currency, the naira, has remained under pressure, with the exchange rate settling at N1,541 per US dollar in the official window on Friday.
Spot rate had crossed N1600 on a sustained basis amidst price discovery push by the authority. Nigeria’s finance minister, Wale Edun, recently said that the nation has been receiving more than $2.3 billion in net FX inflows into the country.
Edun told a forum last week that there has been a net inflow in the first seven months of this year of about $2.35 billion every month, adding that this increase has played a key role in stabilizing the naira.
Nigeria has struggled to maintain hydrocarbon production levels over the past several years. High incidents of theft and vandalism are the primary causes of dips in oil production, according to analysts.
Nigeria’s crude oil production increased by 3.44% month on month to 1.352 million barrels per day (mbpd) in Augusts from 1.307 million barrels per day in July 2024.
The Organisation of the Petroleum Exporting Countries (OPEC) said in its monthly oil market report that the average daily crude production rose marginally by 45,000 barrels per day in the period. Quoting information obtained through direct communication with the Nigerian government, OPEC’s report indicated that output for July was 1.30 mbpd.
In a note, S&P Rating said technical and regulatory issues, as well as divestments by some large international oil companies, are tied to environmental considerations, and are also deterring new investments. However, a series of projects is in the pipeline, and the Nigerian National Petroleum Company is confident that volumes will increase in the near future.
Crude and condensate production levels improved slightly to 1.46 mbpd on average over 2023, partly due to improved security surveillance tied to the establishment of a new security task force. Via the task force, oil producers have enhanced collaboration with government and defense forces, who are taking a more zero-tolerance stance to theft and vandalism.
As a result of these efforts, alongside some investment in new production, S&P analysts anticipate oil production to slowly recover to 1.52 mbpd in 2024, but remain below Nigeria’s new and reduced OPEC quota of 1.58 mbpd (the quota excludes condensate production).
An overhaul of the governance structure and fiscal terms in the oil sector under the Petroleum Investment Act, should, over time, unlock further investment in the hydrocarbon sector, despite environmental considerations, the global rating agency said.
Value hunters in the Nigerian Exchange’s equities division, or stock market, gained over N455 billion as a result of robust buy side activity. The Nigerian Exchange’s (NGX) stocks segment maintained its upward trend last week, boosted by consistent purchase impulses.
Stockbrokers claimed that the latest inflation statistics, which reduced for the second consecutive month to 32.15%, sparked a positive reaction among equity investors.
Furthermore, quarter-end window dressing activities aided the positive view, propelling the NGX All-Share Index (ASI) up 0.81% week on week, from 97,456.62 points to 98,247.99 points, according to Cowry Asset Limited.
Stockbrokers revealed equities market’s year-to-date return inched higher to 31.39% as buying momentum heated up on the Nigerian Exchange platform. However, despite the positive market performance, breadth was slightly negative, with 41 gainers against 40 losers.
Trading activity declined, with average traded volume falling by 28.02% to 1.86 billion units. Total value of stocks traded in the equities market dropped by 24.92% to N38.44 billion, and total deals fell by 20.56% to 40,211 trades for the week.
Sectorial Performance
The Banking Index led sectoral gains, rising by 1.26% week-on-week, driven by strong investor demand. The Insurance sector followed with a 0.86% increase, while the Oil & Gas sector posted a marginal gain of 0.02%.
Conversely, the Consumer Goods and Industrial Goods sectors experienced setbacks, with declines of 0.77% and 0.13%, respectively. On the stock level, CAVERTON (+45.3%), FIDELITYBK (+24.2%), FIDSON (+21.8%), VITAFOAM (+21.5%), and MEYER (+20.9%) emerged as the top gainers for the week.
On the left, NNFM (-19.0%), MECURE (-18.2%), TANTALIZER (-14.1%), RTBRISCOE (-12.9%), and NIDF (-9.9%) were among the key laggards, as investors rebalanced their portfolios in response to market dynamics.
“With the market displaying resilience amid positive macro signals, we anticipate continued bullish sentiment in the coming week, driven by portfolio rebalancing and strategic positioning in value-driven stocks”, Cowry Asset Limited said.
Stockbrokers said the recent dip in inflation and favorable quarter-end activities suggest that investor optimism may persist, creating entry opportunities for those seeking fundamentally sound investments.
Overall, the equities capitalisation of the Nigerian Exchange gained N454.86 billion to close at N56.47 trillion on Friday.
PalmPay has unveiled its USSD code, this service offers Nigerians an additional way to manage their finances without needing internet connectivity. With the PalmPay USSD code, customers can now perform a wide range of banking transactions by dialing *861# from their mobile phones.
PalmPay has been operating in Nigeria since 2019 under a Mobile Money Operator license issued by the CBN. The fintech pioneered a model that provides financial services such as money transfers, bill payments, credit services and savings via a one-stop-shop financial ‘superapp’.
Customers without access to smartphones are able to make transactions via a nationwide network of over 500,000 Mobile Money Agents. The addition of a USSD access point is designed to further enhance the accessibility and convenience of its platform for consumers in a market where data network outages are common.
Chika Nwosu, Nigeria Managing Director, emphasized the company’s commitment to financial inclusion”At PalmPay, we aim to bridge the gap in digital access, and the introduction of our USSD service aligns with that mission. Our platform ensures seamless connectivity for our users.” he said.
“In addition, our USSD platform comes with a security feature which allows our customers to remotely freeze their accounts in case their phone is lost or stolen, providing an extra layer of protection to safeguard their finances.”
PalmPay has achieved significant milestones in Nigeria, reaching over 30 million registered users on its app and connecting 1.1 million businesses through its network of mobile money agents and merchants. The company has been a key driver of financial inclusion in Nigeria, with a third of PalmPay users reporting that they opened their first-ever financial account through the platform.
Recently, PalmPay was recognized as one of the World’s Top 250 Fintech Companies in 2024 by CNBC and Statista.
With its user-friendly interface, reliable transactions, and focus on driving market share through fee-free transfers and promotions, PalmPay continues to solidify its position as a major player in Nigeria’s fintech ecosystem.
Interswitch Group, one of Africa’s leading integrated payments and digital commerce companies, has been announced as the Gold Sponsor of the second edition of the Moonshot by TechCabal conference. The event is scheduled to take place from Wednesday, October 9, 2024, to Thursday, October 10, 2024, at the prestigious Eko Convention Centre, Victoria Island, Lagos.
Moonshot by TechCabal is a premier platform where Africa’s brightest tech minds converge to exchange ideas, network, and collaborate. It offers a unique opportunity for stakeholders to drive growth in Africa’s payment ecosystem while celebrating the innovations shaping the continent’s digital future.
This year’s event, themed ‘Building for the World’, highlights the opportunities and challenges African founders face in pursuing global expansion while focusing on innovative strategies for success.
Interswitch’s sponsorship of the event reaffirms its dedication to fostering innovation and collaboration across Africa’s digital payment landscape. As a Gold Sponsor, Interswitch reinforces its dedication to enabling the digital payment ecosystem to thrive, which is part of a broader plan to unlock endless possibilities and drive sustainable growth in Africa.
Industry experts, including Akeem Lawal, Managing Director, Payment Processing & Switching (Interswitch Purepay), and Vincent Ogbunude, Managing Director, Interswitch Payment Tokens (Verve), are billed to attend the event.
Speaking on the forthcoming event, Akeem Lawal, Managing Director, Payment Processing & Switching (Interswitch Purepay), said,
“At Interswitch, we believe innovation drives economic growth and financial inclusion. Moonshot by TechCabal is one of the ideal platforms to support the next generation of innovators in technology and payments. Our role as a sponsor reflects our commitment to nurturing visionary ideas that will shape the future of Africa’s fintech landscape.
This sponsorship highlights our dedication to advancing the digital payments ecosystem. By fostering innovation and collaboration, we aim to drive financial inclusion, empower businesses, and contribute to a sustainable economic future for the continent. As leaders in fintech, we are proud to be part of this event and look forward to engaging in keynotes, panels, and networking opportunities that will shape the future of tech in Africa.”
Speaking on the partnership with Interswitch, Muyiwa Olowogboyega, Editor-in-Chief, TechCabal, said,
“Moonshot by TechCabal was created to inspire action on bold ideas and spark innovation within Africa’s tech ecosystem. We are thrilled to have Interswitch as a key sponsor for the 2024 edition. Their role as a pioneer in Africa’s fintech landscape aligns perfectly with our vision of showcasing the transformative power of technology on the continent. Together, we look forward to sparking discussions that will shape the next wave of growth in Africa’s tech and digital payment space.”
The two-day event will feature a range of activities, including keynote presentations, insightful panel sessions, and networking opportunities. This year’s edition promises to connect entrepreneurs, investors, and thought leaders, facilitating discussions that will shape the future of technology in Africa.
Interswitch recognises the power of partnerships and is committed to supporting platforms that foster meaningful conversations, deepen financial inclusion, and drive the prosperity of Africa’s digital economy.
In the recently held grand finale event that honoured 84 of its customers with N28 million, Stanbic IBTC Bank concluded its Reward4Saving Promo 3.0. This prestigious event took place at the iconic Stanbic IBTC Towers on Walter Carrington Crescent, Victoria Island, Lagos; marking the end of a nationwide initiative to promote a strong savings culture among Nigerians. The promo rewarded 875 customers in its third season across 12 months.
At the grand finale draw, seven customers from seven business zones of Stanbic IBTC Bank won the grand prize of N2 million each, alongside seven savers who each secured N1,000,000 and additional 70 winners who were rewarded with N100,000 each.
The selection process for all winners was conducted electronically and supervised by representatives from the Advertising Regulatory Council of Nigeria (ARCON) and National Lottery Regulatory Commission (NLRC), ensuring fairness and transparency.
First introduced in 2021, the Reward4Saving initiative was devised as a strategic promo to encourage Nigerians to develop saving habits by allowing them to participate in monthly, quarterly and grand finale draws to win cash prizes. So far, the promo has rewarded 1,942 customers with N318 million. The promo has also won the ‘Most Transparent Consumer Promotion’ award for two consecutive years at the Industry Awards.
The Reward4Saving Promo 3.0 transcends the mere distribution of prizes; it epitomises Stanbic IBTC Bank’s commitment to enhancing financial security and encouraging Nigerians to adopt sustainable saving practices. By emphasising the significance of saving, the Bank aspires to empower its clientele and substantially contribute to the nation’s financial prosperity.
He further acknowledged and appreciated customers’ dedication to saving. “Through this initiative, our goal is to commend their prudent financial behaviour and encourage a broader segment of the Nigerian population to recognise and adopt the merits of financial discipline,” Olu concluded.
By fostering consistent saving habits, individuals can secure their financial future and enjoy a range of additional rewards. This approach enhances their economic stability and is fundamental to achieving financial freedom. Cultivating discipline in saving encourages a mindful approach to spending and investment, which can lead to a more prosperous and stress-free life.
For more information about the Stanbic IBTC Bank Reward4Saving Promo 3.0, as well as updates on the grand finale, please visit www.stanbicibtcbank.com or follow Stanbic IBTC on social media.
The inaugural edition of the Nigerian Fintech Festival, the biggest fintech festival in Nigeria, sponsored by FirstBank, West Africa premier financial institution and financial inclusion services provider is set to take place in Lagos on September 26, 2024.
The Nigerian Fintech Festival 2024 will host over 1000 industry stakeholders within the fintech and financial service sector, with the aim to foster collaboration and partnership required to deepen digital payments and unlock value to drive sustainable growth for the business ecosystem in Nigeria.
The event, scheduled to take place at the Oriental Hotel in Victoria Island, Lagos, on Thursday, September 26, 2024, will feature an afterparty and top speakers, including Damilare Odueso, Co-Founder Crendly; Mayowa Owolabi, Co-Founder PaddyCover; Lanre Adelanwa, Co-Founder/CEO of Optimus AI Labs; and Adaobi Igwe-Okerekeocha, Chief Innovations Officer at Interswitch Limited, among others.
The event will provide a platform for industry players and key stakeholders to discuss topical issues and industry trends with the goal of facilitating the growth of digital payments in the country.
This year’s edition, themed “The Convergence to Co-Create & Celebrate Nigeria’s Truly Digital Economy,” highlights the festival’s dedication to fostering innovation and collaboration in Nigeria’s digital landscape.
The Nigeria Fintech Festival, which is free for all attendees, has been designed to equip participants with the skills and insights needed to innovate and advance Nigeria’s digital economy.
Attendees can look forward to insightful panel sessions, keynote presentations, and fireside chats. Furthermore, attendees will have the opportunity to connect and network with fintech experts and key stakeholders.
Speaking on why the event was launched, Ikechukwu Ugwu, Founder/MD, Total Scope Marketing Solutions & Convener of the Nigerian Fintech Festival, said, “The Nigeria Fintech Festival is a platform that drives innovation and fosters collaboration within the financial service ecosystem. By bringing together thought leaders, innovators, and key stakeholders, the festival addresses the challenges and opportunities within Africa’s rapidly evolving fintech landscape. Its goal is to stimulate meaningful discussions and drive sustainable growth within Nigeria and across the continent’s digital payments ecosystem”.
He further said, “We are excited to create a platform that not only highlights Nigeria’s role as a leader in the fintech space but also paves the way for future advancements in the fintech industry.”
The Nigeria Fintech Festival has forged strategic partnerships with top organizations like FirstBank, MTN, Gunness, Optimus AI Labs, and Cybervergent, Crendly and other players, providing attendees with unparalleled access to a seamlessly immersive event experience.
The event will wrap up with an exhilarating afterparty featuring live performances by The Octaves Band, Mario Sings, and DJ Sammie. This afterparty will offer attendees a chance to relax, network, and enjoy an evening of top-notch music and entertainment, bringing a thrilling close to a day of insightful discussions and industry networking.
The Director General of Manufacturers Association of Nigeria (MAN), Segun Ajayi-Kadir, has acknowledged the potency of the Accelerated Stabilization and Advancement Plan (ASAP) of the Tinubu administration, saying that it epitomizes the end product of a collective thinking of the government and relevant stakeholders in the private sector.
He commended the President for tasking the Economic Management Team Task Force to come out with the plan and the inauguration of the Presidential Economic Coordinating Council to superintend its implementation. He however admonished that a plan in itself, does not deliver.
It requires diligent, unrelenting and focused implementation to achieve the desired objectives. The relevant structure of government needs to be activated and charged to put speed to action, with consequences for non-delivery within set timelines.
With the downturn in the economy, he said that the stabilization plan is timeous, and effective implementation will be a good starting point to restore confidence in governance and the economy. It will also engender trust in government’s capacity to attract new investor and retain the existing ones, both local and international.
While recognizing the importance of attracting foreign direct investment, he opined that government should be intentional in attracting investments that add real value to the economy, particularly the ones that directly impact and boost productivity.
He declared that “Mr. President should give specific directive to the relevant government MDAs to attract investment into the manufacturing sector, period!” “The “flight by night” foreign investors will not achieve the level of progress we seek, need and deserve.”
Ajayi-Kadir posited that while the recent commitment of Coca-Cola to investing $1billion in the Nigerian economy is a promising sign and an expression of confidence in the Tinubu administration’s ASAP, full and timely implementation is key to unlocking its full potential. He added that sustained growth and investor confidence depend on the complete rollout of the plan.
“The early results of this plan are encouraging, but its full execution is crucial to ensure lasting economic growth,” Ajayi-Kadir stated. “As advocates for Nigeria’s manufacturing sector, we urge the government to maintain momentum and fully implement the plan.
The Coca-Cola System’s $1 billion commitment must have been predicated on the belief that specific aspects of the ASAP would be fully implemented and sustained.
While acknowledging that the coordinating minister of the economy has demonstrated and assured of government’s commitment to the plan, further decisive and well-coordinated action are needed to ensure this kind of investment (and many more to be attracted) translates into broader economic gains under President Tinubu’s government.
Ajayi-Kadir also urged the government to remain steadfast in its efforts, stressing that only with full implementation of ASSP and complementary policies can Nigeria truly realize the full potentials of existing investors and experience the desired surge in Foreign Direct Investment (FDI), with a resultant revitalization of its manufacturing sector for long-term growth.
The Federal Government has reported that Nigeria’s nominal Gross Domestic Product (GDP) reached N60.93 trillion in the second quarter of 2024, indicating substantial economic growth. The government reiterated its dedication to implementing policies aimed at identifying inefficiencies and ensuring resources are effectively utilized.
Lydia Jafiya, Permanent Secretary of the Federal Ministry of Finance, shared this information during a sensitization programme about the upcoming implementation of quarterly citizens and stakeholders engagement, held at the ministry headquarters in Abuja on Thursday.
Jafiya highlighted that the programme represents a crucial step towards enhancing the transparency and accountability of financial policies and strategies.
She said the ministry has spearheaded several reforms aimed at improving revenue generation, reducing leakages, and ensuring fiscal discipline which has in turn improved the nation’s GDP.
She noted that Nigeria’s nominal GDP reached N60.93 trillion, marking a 16.94 percent increase from the N52.103 trillion recorded in the same quarter last year.
A statement from Mohammed Manga, Director of Information and Public Relations, clarified that the GDP growth in Q2 was primarily fueled by the services sector, which experienced a 3.79 percent growth and accounted for 58.76 percent of the total GDP.
The agriculture sector grew by 1.41 per cent from 1.50 per cent recorded in the second quarter of 2023, while the industry sector grew by 3.53 per cent, an improvement from -1.94 per cent recorded in the second quarter of 2023.
The statement read, “It is pertinent to note that despite the challenging economic outlook, economic growth strengthened in the second quarter of 2024, with GDP growth by 3.19 per cent (year-on-year) in real terms.
“This growth rate is higher than the 2.51 per cent recorded in the second quarter of 2023 and higher than the first quarter of 2024 growth of 2.98 per cent. The performance of the GDP in the second quarter of 2024 was driven mainly by the services sector, which recorded a growth of 3.79 per cent and contributed 58.76 per cent to the aggregate GDP. The agriculture sector grew by 1.41 per cent, from the growth of 1.50 per cent recorded in the second quarter of 2023.
“The growth of the industry sector was 3.53 per cent is an improvement from -1.94 per cent recorded in the second quarter of 2023. In terms of share of the GDP, the industry and services sectors contributed more to the aggregate GDP in the second quarter of 2024 compared to the corresponding quarter of 2023. In the second quarter of 2024, aggregate GDP at the basic price stood at N60,930,000.58 million in nominal terms.”
She further informed that, “This performance is higher when compared to the second quarter of 2023, which recorded aggregate GDP of N52.1tn indicating a year-on-year nominal growth of 16.94 per cent.”
Mrs. Jafiya reiterated the federal government’s commitment to boosting economic growth through collaboration with stakeholders, emphasizing the need for transparency, accountability, and inclusive dialogue in financial management and policy-making.
The launch of the Quarterly Citizens and Stakeholders Engagement by the Central Delivery Coordination Unit aims to foster better communication between the government and its citizens. This initiative is a significant step towards enhancing transparency and accountability in financial policies and economic strategies.
In his earlier remarks, Uyi-Aivinhenyo Osagie, Delivery Manager of the Central Delivery Coordination Unit, noted that the sensitization session was designed to inform citizen groups about the ministry’s progress in achieving the eight priorities set by President Bola Tinubu.
This website uses cookies so that we can provide you with the best user experience possible. Cookie information is stored in your browser and performs functions such as recognising you when you return to our website and helping our team to understand which sections of the website you find most interesting and useful.
Strictly Necessary Cookies
Strictly Necessary Cookie should be enabled at all times so that we can save your preferences for cookie settings.
If you disable this cookie, we will not be able to save your preferences. This means that every time you visit this website you will need to enable or disable cookies again.
