Business
Naira Continues to Weaken Amidst Central Bank Interest Rate Hike
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.
Nigerian fintech company OPay has introduced new security features to improve the safety of its application.
The company unveiled the Emergency Lock and Safety PIN features to give customers better control over their funds and provide added protection against fraud and unauthorized transactions.
The Emergency Lock feature allows customers to instantly freeze their OPay account with a single tap whenever they sense a threat or believe their account may be at risk.
The newly launched Safety PIN introduces an additional layer of security, helping customers protect themselves in situations where they may be forced to make a transfer or payment against their will.
The Federal Government of Nigeria has spoken on the agriculture sector of the country and shared that, in its current state, it needs more capital as it cannot stand alone without it.
They stated that even more capital will be needed in order to transform the agricultural sector and improve food production in Nigeria.
“Relying solely on public capital will not suffice to finance the transformation of Nigeria’s agricultural sector. Similarly, private capital will not be mobilised at the necessary scale unless the associated risks are comprehensively understood, appropriately allocated, and effectively managed.”
It has been noted that there is now an increase in fuel all around Nigeria, from … to 1000 plus in fuel stations.
It was also noted that Dangote Petroleum Refinery increased the price to 1,175 per litre and diesel has been increased to 1,620 per litre.
This new spike in fuel increase has caused Nigerians to lament widely, wondering why this change happened all of a sudden.
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