The Lagos State Consumer Protection Agency (LASCOPA) paid a visit to the Nigerian Institute of Journalism (NIJ), on 18th May, 2022 to create awareness of consumers’ rights and responsibilities.
The spokesperson, Mrs. Folashade Ashaye engaged the students and staff on the exposure of plastic bottled drinks to sunlight and the harm it poses to consumers’ health.
She explained that every consumer has a right to safety and should be protected against products, production processes, and services that are hazardous to health or life.
Folashade said that there is the right to be informed to be given facts needed to make an informed choice and to be protected against dishonest or misleading advertisements and labeling. The aim of LASCOPA is to ensure consumers’ education on the right to acquire knowledge and skills needed to make informed, confident choices about products and services.
There is the right to satisfaction of basic needs in which, you have access to basic essential goods and services, adequate food, clothing, shelter, healthcare, education and sanitation, she added.
Folashade also added the right to be heard – to have consumer interests represented in the making and execution of government policy, and in the development of products and services.
Also, she added that “consumers must be able to present their needs to the Government and manufacturing agencies.”
Speaking to a member of visiting team, Mr. Gold Musa told Investors King’s reporter that “we are telling the public that if you purchase anything that you know that is not good and you know you have a proof or evidence, you can come to LASCOPA. We treat the case for you free of charge. We invite you with your evidence of what you purchase, you will get value for your money.”
A lecturer of the Institute, Mr. Tolulope Ojemuyiwa commended Lagos State for its efforts in ensuring the safety and protection of the health of its citizen.
“In a developed nation, you see humans are well protected, their rights are protected, that’s what Lagos State is trying to do, that’s why they came up with this initiative just to sensitize the citizen that they have a right to buy good and consume good protect, and when you have issues there’s a place for you to lay complain, and your complain would be good taken care of,” he said.
“They want peace, they want the consumer to be at peace, they want the buyer to be at peace, they want the manufacturer to be at peace, they are trying to maintain a peaceful environment”, he added.
The LASCOPA project was enacted under the leadership of former Governor of Lagos State, Akinwumi Ambode, in 2014 to promote consumer rights, protection against hazardous and sub-standard products through regular public enlightenment.
Black Market Dollar To Naira Exchange Rate For Today 3rd February 2023
This online business news platform has obtained the official dollar to naira exchange rate in Nigeria today including the Black Market rates, Bureau De Change (BDC) rate, and CBN rates.
Note that the exchange rate changes hourly.… it depends on the volume of dollars available and the Demands. It means that…you can buy or sell 1 dollar at ₦752 and ₦755, and the price can change (high or low) within hours.
How Much Is Black Market Dollar To Naira Exchange Rate Today?
Dollar to naira exchange rate today black market (Aboki dollar rate):
Investors King understands that the exchange rate for a dollar to naira at Lagos Parallel Market (Black Market) players buy a dollar for N752 and sell at N755 as of the time of filing this report.
|Dollar to Naira (USD to NGN)||Black Market Exchange Rate Today|
The local currency opened at N755.00 per $1 at the parallel market otherwise known as the black market today Friday, 3rd February 2023, in Lagos Nigeria, after it closed at N755 per $1 on Thursday, 2nd February 2023.
Even though the dollar to naira opened in the parallel market at N755 per $1 today, Investors King reports that the Central Bank of Nigeria (CBN) does not recognize the parallel market, otherwise known as the black market. The apex bank has therefore directed anyone who requires forex to approach their bank, insisting that the I&E window is the only known exchange.
Investors King reports that in the black market, the players buy a dollar for N752 and sell for N755 on Friday morning, February 3, 2023, after they purchased N750 and sold for N755 on Wednesday, 1st February 2023.
Meanwhile, Investors King reports that the USD started this week at ₦755 in Parallel Market also known as Black Market after it opened at ₦757 last week Monday, January 23, 2023.
Factors Influencing Foreign Exchange Rates
Here are some of the causes of the dwindling dollar to naira exchange rate.
Inflation Rates: It is well known that inflation directly impacts black market exchange rates. If the Nigerian economy can be stabilized and inflation is controlled, the naira will benefit; however, if the naira continues to fall, it may indicate that food and other necessities are becoming more expensive daily.
Interest Rates: Another tool to keep an eye on is interest rates. If the interest rate at which banks lend money rises, it would harm the economy, causing it to contract and, as a result, the value of the naira to fall.
Government Debt: National debt can impact investor confidence and, as a result, the influx of funds into the economy. If inflows are high, the naira exchange rate will rise in favour of the naira.
Speculators: Speculators frequently impact the naira-to-dollar exchange rate. They stockpile money in anticipation of a gain, causing the naira to plummet even lower.
Conditions of Trade: Favorable trade terms will increase the value of the naira to the dollar, although Nigeria is currently experiencing a trade deficit. Everything comes from China, India, and the majority of Asian countries, News About Nigeria reported.
MTN Posts 20.2% Increases in PAT to N358.9 Billion in 2022
Total revenue raked in for the year stood at N2 trillion in 2022
MTN Nigeria has reported profit after tax for the fiscal year 2022 at N358.9 billion.
According to financial statement seen by Investors King, the amount is 20.2% greater than the N298.7 billion in the year 2021.
The report indicates a significant improvement across the financial result as the company increased its revenue in the face of challenges in 2022 due to global macroeconomic and geopolitical volatility, resulting in higher inflation, supply chain uncertainties, foreign exchange volatility and availability.
Total revenue raked in for the year stood at N2 trillion, a 21.5% jump from the N1.6 trillion in the previous year. This is owing to significant revenue from services, voice, data, fintech, digital and other services revenue.
During the period, mobile subscribers increased by 10.5% to 75.6 million as 7.2 million subscribers were added in 2022, while active data user increased by 15.3% to 39.5 million with 5.2 million active users added in 2022.
Similarly, active fintech subscribers rose by 57.5% to 14.9 million as the company saw additional 2 million active mobile money (MoMo) wallets since the launch of PSB while services revenue increased by 21.5% to N2.0 trillion.
EBITDA margin increased by 0.2 percentage points to 53.2% while the profit before tax grew by 22.3% to N534.0 billion
Speaking on the report, Karl Toriola, MTN Nigeria CEO noted that the company continued to manage and invest in the resilience of its business and networks, expanding coverage and capacity with a focus on expense efficiencies and disciplined capital allocation despite the hurdle.
He said, “We became the first mobile network operator to launch a 5G network in Nigeria, providing coverage in key cities in the six geopolitical regions. Since its commercial launch in September 2022, we have rolled out 588 sites and brought the 5G network to 5G-enabled smartphones, starting with iPhone users. In this regard, we made good progress towards the execution of Ambition 2025 while delivering commercial and financial performance in line with our medium-term guidance.”
Airtel Increases 9 Months Profit by 1.7% to $523 Million
Total customer base increased to 138.5 million
Telecommunications and mobile money services, Airtel Africa Plc has reported $523 million as profit after tax for nine months ended December 2022. The amount is 1.7% higher than the $514 million in the same period of the previous year.
According to the company’s financial report obtained by Investors King, revenue increased for the period by 17.3% to close at $3.9 billion compared to the $3.5 billion in the previous year. The increase was driven by increase in voice revenue, data revenue, mobile money revenue and other revenue.
While revenue growth in constant currency was 17.3% (18.0% in Q3’23) driven by double digit growth across all reporting segments, Mobile Services revenue in Nigeria grew by 20.9%, in East Africa by 11.9% and in Francophone Africa by 11.8% (and across the Group by 15.9%, with voice revenue growth of 12.7%and data revenue up 22.3%). Similarly, Mobile Money revenue grew by 29.8%, driven by 32.5% growth in East Africa and 21.7% in Francophone Africa.
During the period, total customer base increased to 138.5 million (up 10.1%), as the penetration of mobile data and mobile money services continued to rise, driving the data customer base up 13.6% and mobile money customer base up 22.2%. the company also saw ARPU growth of 7.2% in constant currency, largely driven by increased usage across voice, data, and mobile money and Mobile money transaction value increased by 37.0%, to an annualised value of almost $100 billion in Q3 2023.
EBITDA was $1,916 million, up 12.6% in reported currency and 17.3% in constant currency, with an EBITDA margin of 49.0%, increasing 20 basis points in reported currency and broadly flat in constant currency. According to the company, EBITDA growth was partially offset by higher foreign exchange and derivative losses of $184 million.
Earnings Per Share before exceptional items was 10.8 cents, a reduction of 5.8% largely driven by higher foreign exchange and derivative losses of $184 million. Basic EPS increased to 12.5% (up by 6.3%) as a result of deferred tax asset recognition in Kenya. Meanwhile, EPS before exceptional items and excluding foreign exchange and derivative losses increased by 21.6%.
Providing update on trading, Segun Ogunsanya, Chief Executive Officer, Airtel Africa explained that the strong results are testament to this strategy despite the current macro-economic and geopolitical uncertainties.
He noted that the execution of its six-pillar strategy continues to provide the foundation for growth, driving 10% customer growth, supported by 14% growth in data customers and over 22% growth in mobile money customers. He added that higher usage across voice, data and money, have contributed to further ARPU growth of over 7%, resulting in 18% revenue growth in the quarter as penetration across each segment continues to increase.
He said, “I am particularly excited by the performance of our mobile money business, with annualized transaction value reaching nearly $100 billion, as we continue to drive financial inclusion in the continent. Despite the inflationary pressures across our markets, the strong revenue performance in the first nine months of the year, combined with continued focus on cost optimisation, contributed to EBITDA growth of over 17% in constant currency, with stable EBITDA margins. Our strong operating performance, combined with continued focus on our capital allocation priorities has facilitated the de-risking of our balance sheet with the early repayment of $450m HoldCo debt in July this year.”
Looking forward, he said the company will continue to invest in expanding its network and evolving its service offerings to further deepen both financial and digital inclusion across markets as the company has especially focused on enhancing its spectrum footprint across all our markets.
He added, “Over the last nine months we have spent almost $490 million on 4G and 5G spectrum across key markets to improve network capacity and quality, future-proof the company for continued growth opportunities and facilitate economic progress in all our markets. I am particularly pleased with these results which demonstrate the opportunities these markets offer, our ability to deliver against these opportunities and the contribution we make to local communities and economies across our footprint. For the remainder of the financial year, we continue to anticipate sustained growth in the business with continued EBITDA margin resilience.”
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