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Wed, Nov

Naira Loses Against Dollar Despite CBN Intervention

The Naira on Monday depreciated at the Investors and Exporters windows, exchanging at 421.50 to the dollar, representing 0.60 per cent, as compared to 419 traded on Friday 13th May 2022. Most currency dealers who participated at the foreign exchange auction on Monday sustained bids between N412.00 and N444.00 per dollar. A total of 70.68 million dollars was traded in foreign exchange at the official Investors and Exporters window on Monday.

Inflation in Nigeria Jumps To 16.82% In April

The National Bureau of Statistics (NBS) has released Nigeria's latest Consumer Price Index (CPI) report, which shows inflation rate climbing to 16.82% in April up from 15.92% in March. The jump in fuel and food items costs is driven by fuel price increases and accelerating costs for food, including bread and cereals, occasioned by global supply disruptions following Russia’s invasion of Ukraine, analysts say. Prices for wheat, a key ingredient in cereals and flour for pasta and bread, have jumped more than 5 percent over the weekend, and over 68 percent year-on-year, according to commodities data compiled by the Financial Times. The hike in inflation means the purchasing power of Nigerians, some of whom live on a monthly minimum wage of less than $50, is declining.

Airline Operators Association Halts Nationwide Shutdown

The Airline Operators of Nigeria (AON) through its President Alhaji Abdulmunaf Yunusa Sarina revealed that its association has canceled its planned nationwide shutdown on 8th May 2022 after deliberation with the Federal Government, noting that the government had promised to intervene in the challenge bedeviling the aviation sector.

Airline Operators Announce Flight Disruption, Cancellations

Nigerian airlines, through the Airline Operators of Nigeria (AON), have announced that there would be disruption of planned flights as a result of the growing scarcity of aviation fuel also known as Jet A1. This was made known on Monday by the spokesperson of AON, Prof Obiora Okonkwo in a statement titled ‘Public Notice: Disruptions In-Flight Operations’.

Monday May 9: Domestic Airlines To Cease All Operations

The Airline Operators of Nigeria (AON) have announced that all of its operations would be shut down with effect from Monday, May 9, 2022, due to the high cost of aviation fuel. The price of aviation fuel, also called Jet A1, had increased from N190/litre to N360/litre in January of this year and later to N607/litre in March. The product reportedly now sells for N700/litre. The operator’s position was made known on Friday in a letter which was sent to the Minister of Aviation, Hadi Sirika and the Nigerian Civil Aviation Authority (NCAA) and signed by President, AON, Alhaji Abdulmunaf Yunusa Sarina and co-signed by top executives of Nigerian airlines.

SEC Releases New Regulations On Digital Assets

The Securities and Exchange Commission (SEC) has issued new regulations guiding the issuance, exchange, and custody of digital assets in the country. These regulations were contained in a document titled ‘New Rules on Issuance, Offering Platforms and Custody of Digital Assets’ where a digital asset is defined as a “digital token that represents assets such as a debt or equity claim on the issuer”.

Lekki Deep Seaport To Create 170,000 Jobs, Generate $201Bn

The Federal Government has stated that upon the completion of the Lekki Deep Sea Port, it is expected to create about 170,000 jobs and generate $201 billion in earnings from royalties, taxes, and duties. This was made known on Wednesday by the Minister of Information and Culture, Lai Mohammed after the conclusion of a tour of the facility located at the Lagos Free Trade Zone.

Airline Operators Lament Aviation Fuel Scarcity

Barely few days after the Airline Operators of Nigeria (AON) suspended their planned grounding of operations over skyrocketing price of aviation fuel, known as Jet A1, the product has become scarce once again in the local market, thereby leading to disruption in flights schedules across the country. In letters addressed to their passengers, some of the airlines apologised for the protracted delays and even cancellations of some of its flights, blaming it on the scarcity of aviation fuel. They explained that following the cancellation of the plan to shut down flight operations on May 9, 2022, there had been marked delays in the supply of aviation fuel to the airports by oil marketers. Azman Air, in its message to passengers said though there has been promising prospects address the problem, it became important to advice the general public that until there is resolution, disruption of flights may be unavoidable.

Germany Netherlands, Others Look For Alternative Gas Supply

In order to reduce the reliance on Russian energy imports, Germany and Netherlands are making plans to commence new gas production in the North Sea. The German state of Lower Saxony and Dutch energy company ONE-Dyas BV proposed to pump natural gas from undersea deposits 20 kilometers north of the German island of Borkum and Schiermonnikoog. A final investment decision is expected by summer, and drilling could kick off by the end of 2024 as stated by ONE Dyas.

Naira Bounces Back After Monday's Decline

The Naira has bounced back from Monday's fall at the Investors and Exporters window after gaining 0.18% to the dollar. Officially, the naira is now exchanging at N418.25 to the dollar, compared with the N419 traded on Monday. The naira began the day at N417.70/$1 before oscillating to an intraday high of N412.00, reaching a low of N444.00 before closing the day at N418.25/$1 on Tuesday.

FEC Approves Concession Of Ajaokuta Steel Company, Other

The Federal Executive Council (FEC) has approved the engagement of transaction advisors for consultancy services for the concession of Ajaokuta Steel Company Limited as well as the National Iron Ore Mining Complex, Itakpe both situated in Kogi state. This was disclosed on Wednesday shortly after the FEC meeting by the Minister of Information and Culture, Lai Mohammed on behalf of the Minister of Mines and Steel, Olamilekan Adegbite.

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