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Naira Inches Close To N550/$1

Naira Inches Close

Naira inches close to N550/$1, exchanges at N730/£1

On Wednesday, the Naira fell further on the parallel side of the foreign exchange (FX) market, as mounting pressure devalued the local currency by N3.

Naira fell against the U.S. dollar at the parallel market on Wednesday after maintaining stability in the previous session of the market segment.

According to abokiFX, the Nigerian currency exchanged hands with the dollar at N535 per $1.This compared to the N532.00 it was sold at the previous session.

Similarly, at the black market, Naira lost N3 against the British Pound Sterling yesterday to sell at N733/£1 in contrast to N730/£1 it was exchanged on Tuesday.

While against the Euro, it depreciated by N3 to settle at N629/€1 in contrast to N626/€1 of the preceding day

The Naira also closed at the official market weaker to the U.S dollars despite a significant rise in foreign exchange supply.

According to data posted on FMDQ securities exchange window where forex is officially traded, naira exchanged hands with the hard currency at N411.50 per $1 at the segment.

This implies a N0.83 or 0.20 per cent depreciation from the N410.67 rate it traded in the previous session on Tuesday.

Foreign exchange supply increased by 130.60 per cent with $295.39 million recorded at the market segment as against the $128.11 million posted in the previous session on Tuesday.

During trading on Wednesday, participants bid for Naira at N400 and N412.16 before closing at N411.50.

Following close of business on Wednesday, the difference between the official and unofficial market stood at N123.50.

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Business

35 illegal tax collectors facing prosecution in Benue

The Acting Chairman of the Benue State Internal Revenue Service (BIRS), Emmanuel Agena, has revealed that 35 persons involved in illegal tax collection in the state are currently facing prosecution.

Agena announced that the agency has set an ambitious target to generate over N16 billion in revenue for the year 2024 following the successful surpassing of its N14 billion target in 2023.

Speaking to journalists on Monday, Agena expressed concern over the activities of illegal tax collectors in the state, noting that many of them were supported by influential personalities.

He stated that his administration at the BIRS had put an end to the era of patronage by politicians, aiming to significantly reduce illegal tax collection activities.

The BIRS boss also condemned a recent incident in which a truck carrying palliatives from Adamawa to Anambra State was hijacked by youths in Aliade, Gwer East.

He disclosed that three suspects have been arrested in connection with the incident.

“A truck was intercepted and the driver beaten while the windscreen of the vehicle broken and over N200,000 was stolen.

“Three persons have been arrested and are in police custody. They will be moved to DSS for thorough investigation.

“We aim to flush out or reduce illegal tax collectors to the barest minimum. Already, 35 people who engaged in illegal tax collection were arrested and facing prosecution.

“This has been a big challenge. We have constituted a team headed by the director of Tax collection. Prominent people in the state are involved in encouraging these boys,” he stated.

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Business

Nigeria’s Inflation rate hits 33.20% in March- NBS

The National Bureau of Statistics NBS says Nigeria’s inflation rate jumped to 33.20% in March 2024 compared to February 2024 headline inflation rate which was 31.70%.

A report released by the NBS on Monday, April 15, reads

“Looking at the movement, the March 2024 headline inflation rate showed an increase of 1.50% points when compared to the February 2024 headline inflation rate.

“On a year-on-year basis, the headline inflation rate was 11.16% points higher compared to the rate recorded in March 2023, which was 22.04%. On a month-on-month basis, the headline inflation rate in March 2024 was 3.02%, which was 0.10% lower than the rate recorded in February 2024 (3.12%).

“This means that in the month of March 2024, the rate of increase in the average price level is less than the rate of increase in the average price level in February 2024.”

 

The inflation report by the NBS followed the hike of Nigeria’s interest rate from 22.75% to 24.75% by the Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN).

The March inflation rate was released at a time when measures by the apex bank to strenghten the naira against foreign exchange have seen some positive results.

The naira has appreciated against the dollar in recent weeks, gaining over 40%, from about N1,900/$ to about N1,100/$1 now.

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Business

NAFDAC seals popular Supermarket in Ibadan

The National Agency for Food and Drug Administration Control (NAFDAC) has sealed a popular groceries and cosmetics supermarket, Pinnacle in Dugbe area of Ibadan over sale of fake products.

The supermarket, usually a beehive of activities was now a shadow of itself as the gate leading to the premises was shut with an inscription directing customers to its branch at Challenge.

Management of the supermarket cited technical issues as reason for its closure.

An inside source who pleaded for anonymity however revealed that problem started on Tuesday, 2nd April , 2024 when NAFDAC surveillance team stormed the mall to enforce total shutdown of the premises, thereby forcing shoppers out of the supermarket.

“The NAFDAC team came inside the mall and told us to close, even though people were many inside who wanted to do shopping but they couldn’t because the technical issue started and they all went away in disappointment”, the source said.

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