Business
Forex: Naira Rises As CBN Injects dollar
The Naira grew against the dollar at the interbank market last week, after the Central Bank of Nigeria (CBN) raise the supply of the dollar by 50 per cent. The apex bank sold $300 million to end-users at N150 per dollar at the wholesale Dutch Auction System (WDAS) representing about $ 100 million increase over dollar sales in the past two months but short of $322.46 million demanded at the action.
The foreign exchange (forex) traders believed that the fact that CBN was able to meet the bulk of dollar demanded at its auction on Wednesday helped the naira to regain some ground at the interbank. They demand that dollars remained stronger, but expected some increase in supply of dollar by the CBN early this week.
The managing director and chief executive officer Digare BDC Limited, Mr Jelili Ajibola said that naira may further weaken if federal government implements the deregulation of the downstream petroleum sector of the economy.
His words: Nigerians should forget about deregulation of the oil sector as it will worsen our economy and devalue the naira more.
He said there are lots of interests in this campaign adding that the same politicians that are calling for deregulation would hoard petroleum products to increase prices in order to make abnormal profit when deregulation is finally implemented.
He also pointed out that with the relative stability in the Niger Delta, there is every tendency that oil production would increase thereby boosting the nation’s reserves.
He insisted that deregulation would further worsen the standard of living of the economically changed Nigerians.
Managing director and chief executive officer, Yomade BDC Limited, Usmand Suleiman said that deregulation would encourage inflation and that the poor would suffer the most. He stated that, even when workers salaries are increased, their pay would still not be able to cater for their needs. He added that, the prices of food stuff would skyrocket because fuel prices would definitely increase thereby affecting transportation fare.
He advised government to resuscitate the refineries and build new ones, provided social amenities such as stable power to encourage small and medium enterprise (SMEs) in the country.
Also speaking Adeboye Adenuga, managing director and chief executive officer, Dambis BDC Limited said that the reason for the appreciation of the naira over the dollar was due to falling demand for foreign exchange by the operator as they now find it difficult to access loan from banks.
Equally he added, that currency traders who used to sorrow from banks have started recalling facilities.
According to him, “The situation is affecting those with genuine business, as many of them no longer have access to naira to purchase foreign exchange for importation. This recent appreciation of the naira is due to the result of the CBN reform programmes in the banking sector.
He further wished that government should find a way of employing law enforcement agencies that would take charge in controlling the activities of the black marketers till sanity is restored in the forex business.
Mr Adeboye Adenuga added that the economy is not moving but people can no longer buy forex as much as before to import finished goods, noting that even those who travel to Dubai for trading purposes no longer do so, as many banks now find it difficult to support such trades. He advised that government should be able to develop local industries by improving infrastructure. Adenuga argued the aggregate supply for forex to the market is not enough also that there are lots of loopholes in the market which must be blocked to move the economy forward.
Aluka Anita O
Business
TTP Trains Customs Agents, Freight Forwarders On Eto App
In a concerted effort to tackle racketeering and reduce inflated transportation costs in the Nigeria’s seaports, Trucks Transit Parks Ltd. (TTP) has trained Licensed Customs Agents and Freight Forwarders on the use of its Ètò electronic call-up system.
The training was held recently at Customs Processing Centre (CPC) Auditorium, Apapa, Lagos, in collaboration with the Nigeria Customs Service (NCS) and supported by the leadership of the Joint Association of Licensed Customs Agents and Freight Forwarders (JALCAFF), Apapa Command.
Speaking at the event, Comptroller Babatunde Olomu expressed appreciation to TTP for facilitating the training and emphasized the need for customs agents to take personal ownership of the Ètò booking process.
“I want to thank TTP for this impactful training. I encourage all customs agents to begin doing their own bookings directly. By doing so, they can take back power from the unscrupulous elements exploiting their lack of knowledge, selling tickets at highly inflated prices,” Olomu declared.
He noted that empowering agents with hands-on training was key to dismantling racketeering networks that have plagued access to the ports and frustrated efficient logistics processes.
Also speaking, the Chairman, Apapa Chapter of the Association of Nigerian Licensed Customs Agents (ANLCA), Chief Emeka Chukwumalu, said the engagement was critical to the ongoing push to reduce cargo transportation costs and ease business operations at the Apapa Port.
According to a freight forwarder, “The training is basically for us to have awareness of the operations of the Ètò call-up system through TTP. We also want to brainstorm on ways to reduce the high cost of cargo transportation in Apapa Port.
“This training opened our eyes to how simple it is to book tickets ourselves. We now know the right steps to follow and how to avoid falling victim to fraudsters.”
Earlier, Head of Operations at TTP, Mr. Irabor Akonoman, talked on common misconceptions about ticket pricing, reaffirming that the cost of Ètò bookings had remained consistent since its inception.
“The official price remains the same since inception. What people are paying higher amounts for is the manipulation by racketeers”.
Business
NECA Holds MSME Fair To Drive Growth
Towards strengthening small businesses and promoting a more supportive regulatory environment, the Nigeria Employers’ Consultative Association (NECA) says it will hold the 2025 edition of its flagship MSMEs Fair on Tuesday (May 6, 2025).
The event, themed, “Galvanising MSMEs for Economic Growth and Stability”, will take place at NECA House in Lagos.
According to NECA’s Director-General, Mr Adewale Smatt Oyerinde, the fair seeks to provide micro, small, and medium enterprises with essential tools, resources, and strategic networks to thrive in Nigeria’s challenging business climate.
He emphasised the vital role MSMEs play in national development, describing them as the “lifeblood of Nigeria’s economy.”
Oyerinde noted that the fair is designed to offer entrepreneurs practical solutions to navigate economic uncertainties, regulatory hurdles, and business scalability issues.
A major attraction of this year’s event is the keynote address by the CEO of FATE Foundation, Mrs. Adenike Adeyemi, a prominent advocate for MSME development.
She is expected to share transformative insights on innovative strategies for sustaining and growing small businesses in Nigeria.
A unique feature of the fair will be interactive sessions with key regulatory bodies. Entrepreneurs will engage directly with agencies responsible for licensing, compliance, taxation, and business registration.
NECA said these sessions aim to demystify bureaucratic processes and foster a more enabling business environment.
It also said the fair will provide a platform for entrepreneurs to exhibit their products and services, connect with potential investors, and explore new markets.
It added that participants would gain critical knowledge on digital transformation, access to finance, and strategies for sustainable business growth.
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· NECA stressed that the fair aligns with its broader mission of promoting enterprise development and economic resilience.
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· “By empowering MSMEs with the right support and information, the organisation aims to stimulate job creation, innovation, and long-term economic stability”, NECA said.
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· The 2025 MSMEs Fair is expected to attract a wide range of stakeholders, including financiers, tech experts, regulators, and industry leaders, all united in advancing the growth of Nigeria’s MSME sector.
Business
Over 2m Passengers Board Blue Rail Train – Commissioner
The Lagos State Commissioner for Transport, Mr Oluwaseun Osiyemi, says over two million passengers have been transported on the Blue Line Rail since its launch, while state-run buses move an average of 42,000 commuters daily.
Osiyemi, who disclosed this during the Year 2025 Ministerial press briefing held at the Bagauda Kaltho Press Centre, Alausa, on Tuesday, noted that the Lagos State Transport Policy, launched in May 2024, was now in its implementation phase, focusing on inclusivity, safety, affordability, and sustainability.
“On rail development, Phase One of the Blue Line (Marina to Mile 2) has served over two million passengers, with Phase Two (Mile 2 to Okokomaiko) in progress.
“Phase One of the Red Line (Agbado to Oyingbo) is now operational with eight stations and additional rolling stocks procured, while Phase two (Oyingbo to link Blue Line at National Theatre) is underway”, he said.
The Commissioner said in the state-owned bus operations, over 60 million commuters have been served since 2019, with daily ridership exceeding 40,000.
He also said plans were on to deploy new buses with Quality Bus Corridors under construction, adding that the Abule=Egba Bus Terminal had also been commissioned.
“For water transport, 15 locally-built Omibus Ferries have been launched and are in operation, with the Ijegun Egba Terminal now open.
“The OMI EKO project, in partnership with the French Development Agency (AFD), will deliver 25 terminals and 78 electric ferries.
“Over 280,000 passengers have used ferry services in the past year, and 12 boats have been upgraded to meet safety standards”, he said.
On road infrastructure and traffic management, the Commissioner said 49 junction improvement projects had been completed, including ongoing ones at Ikorodu, Iju, as well as Allen-Opebi-Toyin axis.
He added that solar-powered Traffic Signal Lights, road markings covering 67.9km, new medians, laybys, and 3,941 parking lots had also been provided.
Additionally, Osiyemi announced that the deployed Automatic Number Plate Recognition cameras had detected over 470,000 traffic violations and that the Vehicle Inspection Service issued over one million roadworthiness certificates.
He also said that the Lagos State Drivers’ Institute trained more than 32,000 drivers in the past 13 months.
The event marked the second anniversary of Governor Babajide Sanwo-Olu’s second term, showcasing major strides in the transport sector under the THEMES+ agenda.
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