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Traders Adjust Prices As Naira Exchanges At 570 Per Dollar

Dollar

Traders adjust prices as naira exchanges at 570 per dollar

Nigerian currency sustained its free fall at the unofficial segment of the foreign exchange (FX) market on Thursday.

This came as Nigerians feared the prices of imported goods may soon rise.

Data obtained from abokifx, show that Naira depreciated against the US Dollar by N8 to sell at N570/$1 compared with N562/$1 it was traded on Wednesday.

The Naira has now lost value 29 days in a row as a result against the U.S dollars at the black market.

At the same black market, the Nigerian currency also dropped as street merchants continued to meddle with exchange rates.

The Nigerian currency depreciated by N10 against the pound sterling, trading at N770/£1 compared to N760/£1 the previous day.

Naira also fell by N7 versus the euro, trading at N655/€1 compared to N648/€1 the previous session.

The situation was not different at the Investors and Exporters (I&E) segment of the market.

According to data from FMDQ securities the local currency depreciated by 0.24 per cent or N1.01 against the greenback to close at N413.07/$1 as against the N412.06/$1 it was traded on Wednesday.

This happened as the value of transactions in the investors’ window decreased by $181.96 million, or 58.90 percent, to $126.96 million yesterday, compared to $308.92 million the day before.

As at the end of trading, the difference between the official and official exchange rate for the dollar increased to N156.93.

Meanwhile, traders have begun to adjust their pricing to reflect the current devaluation of the Naira, Ripples Nigeria visit to multiple markets in Lagos on Thursday revealed.

Chinedu Eze, a dealer at Ikeja Computer Village, confirmed to Ripples Nigeria that traders in the market are asking higher prices to reflect the exchange market.

“My brother, Not just me but everyone is making changes, we cannot run at a loss; take for example the last time I imported, I paid N430 for a dollar; now, dollars is trading above N500″, he lamented.

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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