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.
Since Uber exited Nigeria, rumours have been circulating over why the company left the country. One of the claims suggested that FAAN was part of the reason for the exit.
The Federal Airports Authority of Nigeria (FAAN) has now addressed the rumours and claims of its involvement in Uber’s decision to leave Nigeria.
FAAN said it could not speak for Uber’s decision, noting that the company likely had its own economic and regulatory considerations for leaving Nigeria.
FAAN’s Managing Director, Olubunmi Kuku, said “I can’t speak to Uber’s exit from Nigeria. I am sure they have their own economic and regulatory decisions as to why they chose to exit.”
The Federal Government trains 500 women and youths in food production and agriculture. The programme was started to support food security.
The Federal Ministry of Agriculture and Food Security partnered with the National Horticultural Research Institute (NIHORT).
The women and youths were taught tomato, okra and Telfairia production techniques. The government believes this will help boost agriculture, improve food production and strengthen the economy in Ogun State.
According to reports, fuel stations are reducing their prices a bit. This has become a general thing around Nigeria after the spike due to the removal of subsidy.
The prices are dropping to ₦1,275 and ₦1,299, going lower than ₦1,300 compared to what it was before.
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