Business Archives - Page 27 of 46

Feb

24

2024

CBN provides Customs with updated guidelines regarding exchange rates for import clearance.

Business, Economy, Metro, NewsCBN, Economy, Money

The Nigerian Customs Service (NCS) has been directed by the Central Bank of Nigeria to establish a foreign exchange closing rate on the day that importers submit their "Form M" for the purpose of clearing their products and assessing import duties, amidst multiple hikes in customs exchange rates. This was revealed by the CBN in a statement on Friday that was signed by Hassan Mahmud, the department's director of trade and exchange. The pricing system has been upset by the frequent changes in the customs taxes rate, according to CBN, which has resulted in erratic increases in the market's final…

Feb

24

2024

By Amos Oge Kalu

Naira vs. USD: CBN will outlaw street trading and consider new BDC regulations

Business, Economy, Metro, NewsBusiness, Economy, Metro, Money, Nigeria

The Central Bank of Nigeria has announced new rules to Bureau De Change Operators in Nigeria, including the possibility of ending street trading, in response to the ongoing volatility of the Naira against the US dollar in the foreign exchange market. This was revealed on Friday by the top bank in its proposed Revised Regulatory and Supervisory Guidelines for Nigeria's Bureau De Change Operations. For Tier 1 and Tier 2 BDC licences, CBN intends to set the minimum capital share amounts at N2 billion and N500,000 million, respectively. This is a departure from the general license's former capital share of…

Feb

23

2024

By Amos Oge Kalu

Geometric Power will be commissioned on Feb. 26 to provide 24 hours of power supply to Aba.

Abia State, Business, Economy, Metro, NewsAba, Abia State, Business, Economy, Electricity

According to a statement by the company's management, the 181 megawatt Geometric Power plant in the Osisioma Industrial Layout of Aba in Abia State will now be commissioned on Monday, February 26, 2024. President Bola Tinubu was supposed to inaugurate the factory on Saturday, February 24. The President in Abuja selected the new date in response to what insiders called unforeseen events. Together with Aba Power Ltd., the president will officially open the 188 MW thermal plant. Nine of Abia State's seventeen local government districts will receive power from the new facility. Engineer Cliff Eneh, an energy consultant in Lagos…

Feb

20

2024

By Amos Oge Kalu

The depreciation of Naira against the US dollar continues

Business, Economy, NewsBusiness, Economy, Metro, Naira

At the official and unofficial foreign exchange markets, the value of the naira plummeted to an all-time low versus the US dollar, exacerbating the country's foreign exchange crisis. The naira fell in value last week, from N1,574.62 per US dollar on Monday to N1,537.96 on Friday, according to data from FMDQ. In comparison to the N1,537.96 recorded at the close of trading on Friday, this indicates a N36.66 or 2.3% loss. In a similar vein, on the parallel market, the naira fell from N1,590 on Friday to N1,660 on Monday per US dollar. A Bureau De Change operator named Dayyabu…

Feb

17

2024

By Amos Oge Kalu

Nigerian Breweries suffers an unprecedented N145 billion loss.

Business, Economy, NewsBusiness, Economy

Nigerian Breweries, the country's largest beer manufacturer, reported a pre-tax loss of N145.3 billion for the previous year, the most since the company's founding in 1946. The beer manufacturer announced the loss following a year in which the value of the naira dropped by more than half due to foreign exchange losses. The brewer's net loss on foreign exchange transactions increased to N153.3 billion from N26.3 billion in the previous year, putting the company's bottom line in the red. Fifty percent of the brewer's input expenses are imported and priced in foreign currencies. Revenue increased by 8.9% to almost N600…