27

May

The World Bank Approves A $700 Million Credit To Assist Nigerians In Gaining Access To Potable Water.

The World Bank has authorized a $700 million loan to Nigeria’s Sustainable Urban and Rural Water Supply, Sanitation, and Hygiene Program (SURWASH) to help enhance access to safe drinking water and sanitation services. This was announced by the World Bank in a statement made on Thursday. According to the global financial organization, the loan comes from the International Development Association (IDA) and is anticipated to provide basic drinking water services to 6 million people and enhanced sanitation to 1.4 million people. “Today, the World Bank approved Nigeria’s Sustainable Urban and Rural Water Supply, Sanitation, and Hygiene Program,” the statement added […]

26

May

The CBN’s N250 Billion Gas Intervention Aims To Increase LPG Penetration

As 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[…]

26

May

The Naira Depreciates In The Black Market As The Central Bank Of Nigeria Modifies The Official Rate

Tuesday, 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[…]