Business
Naira Weakens On Increased Dollar Demand
The naira depreciated on higher demand for the U.S. currency after the Central Bank of Nigeria sold the lowest amount of dollars in more than two months at last week’s auctions.
The currency of Africa’s largest oil producer weakened 0.5 percent to 162.08 per dollar as of 11:56 a.m. on the interbank market in Lagos, according to data compiled by Bloomberg.
The central bank sold $180 million at a foreign-currency auction on July 11, bringing its sales last week to $343.5 million, the least since the five days to May 11. The Abuja- based bank said on July 6 it set a limit of two business days for the use of foreign currency bought at its twice-weekly auctions “to enhance transparency and efficiency.”
Despite the central bank’s measures, “corporate demand is still prevalent, which suggests that the naira will continue to fluctuate in a broad range,” Celeste Fauconnier and Nema Ramkhelawan-Bhana, strategists at Rand Merchant Bank, wrote in a report today.
Nigeria approved a tender on June 27 to import 3.135 million metric tons of gasoline in the third quarter, the Petroleum Products Pricing and Regulatory Agency said. The country relies on imports to meet 70 percent of its fuel needs because of inadequate refining capacity, Petroleum Minister Diezani Alison-Madueke said in November.
The country’s foreign-currency reserves have fallen by $1.2 billion since the end of May to $36.45 billion, according to July 12 data compiled by the Abuja-based central bank.
The yield on Nigeria’s domestic 15.1 percent bonds due 2017 rose four basis points to 16.11 percent, according to July 13 data on the Financial Markets Dealers Association website. Yields on the nation’s $500 million of Eurobonds due 2021 dropped seven basis points to 5.45 percent.
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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
