Connect with us

Business

Naira Continues to Weaken Amidst Central Bank Interest Rate Hike

Published

on

Photo source: Google

The Nigerian naira has continued to weaken on the foreign exchange market, with the dollar-to-naira exchange rate showing a noticeable depreciation on Monday.

According to data from FMDQ, the naira fell to 1,586.71 against the dollar on Wednesday, down from 1,548.76 the previous day, marking a decline of 37.95 naira.

At the black market, the naira also experienced a drop, weakening to 1,585 naira per dollar from 1,580 naira the day before. This ongoing depreciation has persisted since last week, despite the Central Bank of Nigeria (CBN) releasing foreign exchange reserves to authorized dealers in an attempt to stabilize the currency.

Bismarck Rewane, the Chief Executive of Financial Derivatives, noted in a recent interview with Channels TV that the naira’s sharp decline is partly in response to the CBN’s recent decision to raise interest rates by 50 basis points to 26.75 percent.

The CBN had previously indicated that the country’s foreign exchange market is under strain due to increased demand, a situation exacerbated by the summer holidays.

Advertisement

 

Business

How the 200% Data Price Hike by Nigerian Network Providers Is Affecting Customers

Published

on

Photo source: Google

In early 2025, Nigeria’s telecommunications landscape underwent significant changes as major service providers—MTN, Airtel, Glo, and 9mobile—implemented substantial increases in their data tariffs.

These adjustments, some exceeding 200%, were introduced following the Nigerian Communications Commission’s (NCC) approval of a 50% tariff hike, aiming to address escalating operational costs faced by telecom operators.

NCC’s 50% Tariff Increase Approval

In January 2025, the NCC granted permission for a 50% increase in tariffs, responding to the telecom operators’ appeals to mitigate rising expenses and sustain service quality. This decision marked the first tariff adjustment since 2013, reflecting the need to balance operational costs with revenue generation.

MTN Nigeria

MTN Nigeria implemented extensive price adjustments across its data plans, with some popular offerings experiencing increases of up to 200%. Below is a detailed breakdown of the changes:

1. 15GB Digital Bundle Weekly Plan:

Advertisement
  • Previous Price: ₦2,000
  • New Price: ₦6,000
  • Adjustment made: ₦3000 for 7gb
  • Percentage Increase: 200%

2. 1.5TB 90-Day Plan:

  • Previous Price: ₦150,000
  • New Price: ₦240,000
  • Percentage Increase: 60%

3. 100GB Monthly Plan:

  • Previous Price: ₦20,000
  • New Price: ₦25,000 (for 90GB)
  • Percentage Increase: 25%

4. 600GB 90-Day Plan:

  • Previous Price: ₦75,000
  • New Price: ₦120,000 (for 480GB)
  • Percentage Increase: 60%

5. 1.8GB Monthly Plan:

  • Previous Price: ₦1,000
  • New Price: ₦1,500
  • Percentage Increase: 50%

6. 20GB Monthly Plan:

  • Previous Price: ₦5,500
  • New Price: ₦7,500
  • Percentage Increase: 36%

7. 25GB Monthly Plan:

  • Previous Price: ₦6,500
  • New Price: ₦9,750
  • Percentage Increase: 50%

8. 10GB Monthly Plan:

  • Previous Price: ₦3,500
  • New Price: ₦5,250
  • Percentage Increase: 50%

9. 5GB Monthly Plan:

  • Previous Price: ₦1,500
  • New Price: ₦2,250
  • Percentage Increase: 50%

10. 1GB Daily Plan:

  • Previous Price: ₦350
  • New Price: ₦525
  • Percentage Increase: 50%

11. 5GB Tuesday Awoof Plan:

  • Previous Price: ₦600
  • New price: ₦900
  • Percentage Increase: 50%

These adjustments and increase has led to consumer dissatisfaction, particularly due to the steep increases in high-capacity data plans.

Airtel Nigeria

Airtel Nigeria also revised its tariffs, affecting data, call, and SMS rates:

1. 23GB Monthly Plan:

  • Previous Price: ₦6,000
  • New Price: ₦9,000
  • Percentage Increase: 50%

2. 10GB Monthly Plan:

  • Previous Price: ₦3,000
  • New Price: ₦4,500
  • Percentage Increase: 50%

These changes prompted concerns among subscribers, especially regarding the affordability of essential data services.

Glo Nigeria

Glo Nigeria adjusted its tariffs in compliance with the NCC’s directive:

1. 24GB Monthly Plan:

  • Previous Price: ₦5,000
  • New Price: ₦7,500
  • Percentage Increase: 50%

2. 10.8GB Monthly Plan:

  • Previous Price: ₦2,500
  • New Price: ₦3,000
  • Percentage Increase: 20%

Glo’s competitive pricing strategy, even after the increase, continued to attract budget-conscious consumers. This has caused many to migrate to this service provider despite the slow network connection.

9mobile

9mobile implemented notable adjustments to its data plans:

Advertisement

1. 22GB Monthly Plan:

  • Previous Price: ₦5,000
  • New Price: ₦7,500
  • Percentage Increase: 50%

MTN Nigeria’s Apology and Acknowledgment of Customer Dissatisfaction

Following the substantial price hikes, MTN Nigeria faced significant backlash from its subscribers. In response, the company issued an apology, acknowledging the abruptness of the increases and admitting to errors in their implementation.

In a statement addressing their “₦2000 for 15GB digital bundle lovers,” MTN expressed: “You dey vex. We know. We know how upsetting it must have been to suddenly wake up to a 200% increase on your favourite digital bundle.”

The company further admitted, “We don cast. We get it and admit it. Let’s just say na mistake.”

This candid acknowledgment aimed to mend the strained relationship with customers, emphasizing their importance to the company. MTN concluded with a plea for forgiveness.

“In this love season, don’t stay angry with us. Please forgive and forget. You matter, die and we will never stop showing you how much.” Despite the apology, MTN did not indicate any plans to reverse or adjust the new pricing structure, as it still remains the same.

Advertisement

 

Continue Reading

Business

NNPC Petrol Price Remains Unchanged at N940 Per Litre – IPMAN Clarfies

Published

on

Photo source: Google

The Independent Petroleum Marketers Association of Nigeria (IPMAN) has stated that the Nigerian National Petroleum Company (NNPC) has not reduced the price of premium motor spirit (PMS).

IPMAN’s spokesperson, Chinedu Ukadike, clarified that the ex-depot price of NNPC petrol remains N940 per litre, despite reports claiming a price drop to N860 in Lagos and Abuja.

When asked about the alleged price reduction, NNPC’s spokesperson neither confirmed nor denied the claims. A check on NNPC’s official X account also showed no announcement regarding a price change.

Ukadike emphasized that any adjustment in NNPC’s petrol price would typically be reflected on its portal for marketers, but as of now, there has been no such update.

“The ex-depot price of PMS is still N940 on NNPC’s portal. We have no information about any price reduction,” he said.

Advertisement

 

Continue Reading

Business

MTN Nigeria CEO Karl Toriola Becomes the Highest-paid CEO in Nigeria

Published

on

Photo source: Google

Karl Toriola, the Chief Executive Officer (CEO) of MTN Nigeria Communications Plc, stands as the highest-paid CEO in Nigeria, with an annual compensation of ₦850 million in 2022. This figure translates to approximately ₦2.33 million per day, not ₦8.5 million as previously reported.

Toriola’s tenure at MTN Nigeria began in 2006 when he joined as Chief Technical Officer. Over the years, he has held various senior positions within the MTN Group, including CEO roles at MTN Cameroon and MTN Congo Brazzaville. Before his appointment as CEO of MTN Nigeria in October 2020, he served as Vice President for the West and Central Africa (WECA) region.

Under Toriola’s leadership, MTN Nigeria has experienced significant growth. In the first half of 2024, the company reported a 32.8% increase in revenue, reaching $927.07 million. This growth was driven by increased data consumption, voice traffic expansion, and fintech services.

Toriola’s compensation surpasses that of other top Nigerian CEOs. For instance, Michel Puchercos of Dangote Cement earned ₦736 million, and Baker Magunda of Guinness Nigeria received ₦505 million in 2022.


 

Advertisement
Continue Reading

Trending