Business
Nigeria’s Foreign Reserves Hit $3.6bna
Nigeria’s foreign exchange reserves jumped by 3.63 percent on the month to $36.05 billion on April 12, their highest in more than one year, the latest central bank data showed on Monday.
The forex reserves of Africa’s biggest crude exporter stood at $34.47 billion a year ago and were at $34.74 billion a month earlier.
Though the reserves have seen declining in the past three years despite rising oil prices, gradual reduction in demand for dollars at the bi-weekly forex auction this year has meant the central bank spends less of its reserves to support the naira.
Nigeria relies on crude exports for more than 95 percent of its foreign exchange earnings and investors watch reserve data closely to gauge the defences Africa’s second largest economy has against a potential dip in oil prices.
“FX reserves have picked up marginally in recent weeks as dollar demand at the WDAS (foreign exchange auction) window dissipated amid improved naira confidence,” said Samir Gadio, senior strategist at Standard Bank.
He said the increase in reserves is still modest.
Gadio said the Excess Crude Account (ECA), meant to deposit savings to cushion against future oil price falls, is constantly raided and shared among the three tiers of government, which prevents a faster rebound in overall forex reserves.
“Our take is that these improvements are due in part to the sharp fall in imports of petroleum products in Q1 (first quarter),” FBN capital’s Gregory Kronsten wrote in a note to investors and forwarded to Reuters on Monday.
The government slashed fuel subsidies in January, as a compromise, after a public outcry against plans to scrap them altogether.
“The fuel subsidy cut in January, although a retreat from the proposed deregulation, should bring lasting gains in terms of fx savings,” FBN capital said.
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Business
Senate Orders NAFDAC To Ban Sachet Alcohol Production by December 2025 ………Lawmakers Warn of Health Crisis, Youth Addiction And Social Disorder From Cheap Liquor
The upper chamber’s resolution followed an exhaustive debate on a motion sponsored by Senator Asuquo Ekpenyong (Cross River South), during its sitting, last Thursday.
He warned that another extension would amount to a betrayal of public trust and a violation of Nigeria’s commitment to global health standards.
Ekpenyong said, “The harmful practice of putting alcohol in sachets makes it as easy to consume as sweets, even for children.
“It promotes addiction, impairs cognitive and psychomotor development and contributes to domestic violence, road accidents and other social vices.”
Senator Anthony Ani (Ebonyi South) said sachet-packaged alcohol had become a menace in communities and schools.
“These drinks are cheap, potent and easily accessible to minors. Every day we delay this ban, we endanger our children and destroy more futures,” he said.
Senate President, Godswill Akpabio, who presided over the session, ruled in favour of the motion after what he described as a “sober and urgent debate”.
Akpabio said “Any motion that concerns saving lives is urgent. If we don’t stop this extension, more Nigerians, especially the youth, will continue to be harmed. The Senate of the Federal Republic of Nigeria has spoken: by December 2025, sachet alcohol must become history.”
According to him, “This is not just about alcohol regulation. It is about safeguarding the mental and physical health of our people, protecting our children, and preserving the future of this nation.
“We cannot allow sachet alcohol to keep destroying lives under the guise of business.”
According to him, “This is not just about alcohol regulation. It is about safeguarding the mental and physical health of our people, protecting our children, and preserving the future of this nation.
“We cannot allow sachet alcohol to keep destroying lives under the guise of business.”
Business
PHCCIMA Leadership Hails Rivers Commerce Commissioner for Boosting Business Ties …..Urges Deeper Collaboration to Ignite Economic Growth
