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MayAs Nigeria strives to double domestic Liquefied Petroleum Gas (LPG) consumption to five million metric tonnes (mmt) by 2021, stakeholders stressed Wednesday that financial incentives may help the country leapfrog clean energy and solve looming health and environmental risks. The experts, who emphasized that the country must move quickly to meet the Sustainable Development Goals and the Paris Climate Accord, noted that unless urgent measures are made, the country may continue to rely heavily on fossil fuels. The experts consequently advised industry participants to leverage the Central Bank of Nigeria’s (CBN) N250 billion intervention facility to alleviate bottlenecks in the […]
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MayTuesday, 25th May 2021: The naira-dollar exchange rate finished at N411.56/$1 in the Importers and Exporters window, where forex is formally transacted. On Tuesday, the naira declined against the US dollar at the official NAFEX window, closing at N411.56 to the dollar. This is a 0.08 percent decrease from the N411.25/$1 rate on Monday, 24th May 2021. Additionally, the Naira fell on the parallel market, ending Tuesday, May 25, 2021, at N487/$1. This represents a N1 decline from the previous day’s N486/$1 level. The Central Bank of Nigeria made further adjustments to the exchange rate and formally recognized the NAFEX[…]
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MayCurrency speculators who have been aggressively ‘stocking’ the dollar at a premium in anticipation of a near-term rise in the exchange rate in the past week could be exposed to increased risks as the value of the greenback against the naira falls in the coming days. Though the dollar retained a slight advantage over the local currency, market analysts believe the pressure would ease as players reconsider the exchange convergence speculation, which Dr. Aminu Gwadabe, President of the Association of Bureaux De Change Operators of Nigeria (ABCON), dismissed as a mere “rumour.” Following reports that the removal of the official[…]