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Naira Hits Record Low of N325 Against Dollar

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1000 naira bills (Nigerian currency)

The Nigerian currency, naira, hit a record low on Thursday at the parallel market as demand for the US dollar surges.

The local currency was exchanged at N325 to the dollar as desperate importers across the country are said to be perturbed by the situation and their inability to meet obligations overseas.

On Wednesday, the local currency was N318 to a dollar, after hitting N313.5 on Tuesday but as demand for dollar increases so is the exchange rate.

“The dollar is falling because importers need forex to bring in their goods. They cannot keep on folding their arms because there is scarcity; they must keep buying; the only thing is that the quantity may reduce,” a forex dealer said under condition of anonymity.

The exchange rate at interbank market still remains N197 to the US dollar.

“We see the naira falling further in coming days if the central bank fails to lift the dollar restriction,” said Aminu Gwadabe, the President of Association of Bureau De Change Operators.

The naira had plunged last month after CBN discontinued the sales of Forex to Bureau De Change operators and stopped daily sales to the interbank market.

The apex bank in it’s statement said the measures were necessary to reduce further depletion of the foreign reserves, which have hit 11 year low of $28 billion this year.

Traders said “commercial lenders’ credit balance with the central bank opened at N978bn ($4.94bn) on Tuesday before the bank called for the funding for forex purchases”.

CEO/Founder Investors King Ltd, a foreign exchange research analyst, contributing author on New York-based Talk Markets and Investing.com, with over a decade experience in the global financial markets.

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Akinwumi Adesina Lauds Dangote Commitment to Africa’s Growth After Visiting Dangote Refinery

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Dangote and Akinwumi

The President of the African Development Bank Group, AKinwumi Adesina has lauded Aliko Dangote’s dedication to Africa’s growth.

Akinwumi, who was on a visit to Dangote Refinery with his wife, said the $16 billion investment is the largest single-train refinery in the world. He described the petrochemical industrial site as a game-changer for Nigeria and the entire Africa.

“I was delighted to visit Dangote’s incredible world-class refinery and petrochemical plant with my wife Grace, with @AlikoDangote and @realFemiOtedola. The power of vision. Whenever the two billionaires get together they do great things! Nigeria is proud of them,” Mr. Akinwumi stated via his official Twitter handle @akin_adesina.

Dangote, Otedola and Akinwumi and his wife, Grace

Dangote, Otedola and Akinwumi and his wife, Grace

“I was very impressed with Dangote’s refinery and petrochemical industrial zone. A $16 billion investment. The largest single-train refinery in the world. It shows Africa’s power to industrialise. A game-changer for Nigeria & Africa. Well done @AlikoDangote! I am proud of you.”

On Monday, Investors King reported that Dangote Refinery has perfected plans to start processing as much as  540,000 barrels of oil per day in the third quarter of 2022.

The refinery has a processing capacity of 650,000 barrels per day. However, it is kick-starting operations with 540,000 barrels per day while the Refinery is expected to generate 400MW, an equivalent of Ibadan Electric Distribution Company (IBEDC).

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FG Has Empowered 4million Businesses With N150bn in Five Years– Osinbajo

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Business Solution - Investors King

The Federal Government of Nigeria, in the last five years, has disbursed N150 billion to boost four million businesses across the country.

The business empowerment was done through the federal government schemes set up for micro, small and medium enterprises (MSMEs), Vice-president Yemi Osinbajo says.

Osinbajo stated this on Monday, in a statement issued by his Spokesperson, Laolu Akande while delivering his keynote speech at the Bank of Industry (BOI) ‘Aid for Productivity Report’ launch. 

He noted that the support for the MSMEs sector amounts to 50% of Nigeria’s GDP and 76% of the country’s labour force.

The vice-president pointed out that the sector attained success due to the diligence and commitment of Nigerians which he described as ‘the Nigerian can-do spirit and the entrepreneurial DNA we carry.’

Impressed with the results derived, Osinbajo commended the youths who took advantage of the MSMEs schemes to grow their business.

“This is a shining case study of what President Muhammadu Buhari strongly believes– that Nigerians will solve Nigeria’s problems.

“This is an example of what we can achieve when we unleash the best of our people, especially our young, on the toughest of our challenges and give them the free-hand to deliver results. 

“What might also not be obvious is the sheer scale of impact that has been achieved with these programmes, as over four million Micro, Small and Medium Enterprises have been direct beneficiaries of the over N150 billion deployed in the past five years,” he said.

Disclosing the statistics of the beneficiaries, Osinbajo said 57% of the businesses are owned by Nigerians below 35 years, and 60% of the beneficiaries are women. 

He added that the team of Nigerian professionals solidly backing the work are youths with an average age of 28 years. 

Osinbajo, who had earlier visited Kaduna and conversed with a Tradermoni scheme beneficiary during its launch in the state, expressed satisfaction on the impact of the scheme.

He said the beneficiary, Jafar Abubakar who sells ginger and garlic was one of the 5,000 traders who got ₦10,000 to improve his business.

“This is perhaps for me one of the most satisfying things about the way our social intervention schemes are deployed. That there is a platform that can process applications from potential beneficiaries, payout credits or other benefits, and maintain auditable records seamlessly. It is those people and infrastructure that make this happen that we are celebrating today.”

The vice president hinted that the idea was birthed 6 years ago with the aim of building systems that will serve the population fairly and justly, bringing credibility to government programmes. 

He, however, mentioned that one of the hindrances encountered was directly reaching the people, to capture and digitize their bio-data as well as get their benefits across to them directly in a transparent way.

Osinbajo lauded the infrastructure and transparency behind the BOI Growth schemes.

He also commended Toyin Adeniji, executive director of BOI and Uzoma Nwagba, the chief operating officer; the co-authors of the ‘Aid for Productivity’ report presented at the launch.

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SEC Gives Dangote Cement Waiver to File AFS Within 60 Days of Year-End

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Dangote Cement - Investors King

Dangote Cement Plc has received approval from the Securities and Exchange Commission (SEC) not to file its fourth-quarter unaudited returns within thirty days of its period end.

The company disclosed in a statement signed by Edward Imoedemhe, Deputy Company Secretary.

However, the company must file its annual audited financial statements within sixty days of its year-end.

Dangote Cement, therefore, announced that it will file its Audited Financial Statements for the period ended December 31, 2021, on or before February 28, 2022.

The statement reads “Dangote Cement Plc (“DCP”) hereby announces that further to its request for a waiver, the Securities and Exchange Commission has granted approval for DCP not to file its Fourth Quarter Unaudited Returns within thirty days of its period end, but to file its Annual Audited Financial Statements within sixty days of its year end.

“In view of this, DCP will file its Audited Financial Statements for the year ended December 31 2021, on or before February 28 2022.”

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