Forex volatility also impacts the heavily funded renewable sector, seen as the future of power generation for sub-Saharan Africa. Power transformers, distribution transformers, electrical conductors, meters, and most of the technological solutions required to deliver stable power are mostly imported, according to Power sector analyst, Bayode Akomolafe. The domestic currency experienced an intraday high of N404.00 and a low of N415.00 before closing at N413.68 per $1 on Thursday. Petrobras will cut the price of natural gas for its customers by 11.1% from February 1 compared to the November-January period due to lower international oil… The Nigerian security agency, the Department of State Services , has reportedly instructed its operatives to arrest the Central Bank of Nigeria governor… Nigeria’s currency is poised for its eighth straight day of losses and on track for its longest losing streak since 2020, less than two months before a…

By this, the spread between the black market and the official window rates stood at N92.50, which translates to a disparity of 18.40 per cent as of the close of business on Friday. This implies a N1.00 or 0.20 per cent devaluation from the N503.00 rate it traded in the last two market sessions respectively. Meanwhile, investigation revealed that the margin enjoyed by banks on foreign exchange transactions have suddenly shot up by more than 1000 per cent. During the trading session, the Nigerian currency closed at N411.50/$1 compared with N411.60/$1 it was transacted on Tuesday. The cost of borrowing money from foreign sources rises due to currency depreciation, like that of the Naira, which can significantly raise the cost of financing capital projects in the electricity industry. Despite these obvious challenges, charging a cost-reflective tariff is viewed as politically sensitive as we approach the 2023 elections.

Spanish lawmaker sees opportunity amid Kazakhstan’s Bitcoin mining…

Agrisiti is focused on promoting urban agriculture and facilitating Agri-Marketing using digital technology, while Duketrah Fisheries aims to provide safe, healthy and nutritious fish products to a large population of people. The finalists will pitch their business plans to potential investors in the AgriPitch deal room and be eligible for one-on-one mentorship as well as access to post-competition digital expertise. The 25 finalists will receive training to build business skill capacity with the requisite tools and knowledge to bolster their investor readiness, and financial management and help them pitch bankable business proposals. The youth-led agriculture sector companies from 14 African countries have advanced to the finalist round of the contest.

According to dealers in Abuja and Port Harcourt, naira exchanged hands with the greenback currency at a low of N570.00 per $1 in the morning before oscillating to a high of N565.00 at the close of business on Thursday. A cryptocurrency is a digital asset designed to work as a medium of exchange that uses cryptography to secure its transactions, to control the creation of additional units, and to verify the transfer of assets. Cryptocurrencies are classified as a subset of digital currencies and are also classified as a subset of alternative currencies and virtual currencies. New legislation is being drafted in Nigeria that would recognize cryptocurrencies as investment capital, according to a report by the local news portal…

• He said, “The management of the supply situation under this subsidy regime is not easy.
• Dollar to naira, on Monday, January 9, 2023, opened at at theInvestors & Exporters FX window ( I&E FX Window), where the currencies officially trade.
• Also, 17 of the small and medium enterprises are owned by women or have women leading them.
• By Peter Nurse Investing.com – The U.S. dollar edged higher in early European trade Tuesday, but traded just above a seven-month low as traders looked to a…

Screen for heightened risk individual and entities globally to help uncover hidden risks in business relationships and human networks. Patience Oniha, head of the Debt Management Office, told Reuters that Nigeria’s credit story coupled with strong engagement helped it sell the dollar-denominated bond and that it was considering more sales. In a statement issued by the organisers, it was stated that from the 25 finalists, 13 were taken from Francophone countries and the other 12 from Anglophone https://latamcoinnews.com/quitriam-finance-the-future-of-crypto/ countries. Also, 17 of the small and medium enterprises are owned by women or have women leading them. “Food affordability for vulnerable populations deteriorated further amid disruptions to farming and sizable population displacement because of recent devastating floods,” it stated. Disappoint the electorate, declaring that the party has done its utmost in the last eight years at the Federal level and would continue to ensure the progress, prosperity and stability of Nigeria.

Nigeria: Naira Loses Further At Black Market

However, it improved by N2 against the Pound to close at N470/£1 versus N472/£1 on Monday, and depreciated by N4 on the Euro to close at N399/€1 compared with N395/€1 it was sold at the last trading day. Against the Euro, the local currency also depreciated, this time by N5, to sell at N403/€1 in contrast to N398/€1 it was transacted at the previous session. In recent times, there have been rumours that the local currency would eventually be devalued due to the global economic crisis caused by the outbreak of coronavirus also known as COVID-19.

The spread between the black market and the Nafex rates remained unchanged at N93.25, this translates to 18.50 per cent as of the close of business on Friday. “Global financial conditions could tighten more if global inflation pressures persist longer than expected, leading to higher borrowing costs and a higher risk of debt distress in many SSA economies. Commenting on the risks for the SSA growth for this year, the global financial institution said, “The outlook is subject to many downside https://latamcoinnews.com/ risks. A deeper-than-anticipated slowdown of the global economy could cause sharp declines in global commodity prices, dampening growth in SSA exporters of oil and industrial metals. As for the region’s largest economy, Nigeria, World Bank said growth weakened in the year under review as production challenges in the oil sector intensified. After weeks of stability at the Kano market, the Naira declined by N1.50 against the Dollar to close at N359.50/$1 in contrast to the previous N358/$1.

Dollar to naira, on Monday, January 9, 2023, opened at at theInvestors & Exporters FX window ( I&E FX Window), where the currencies officially trade. However, against the Pound Sterling and the Euro, the Naira closed flat at the parallel market yesterday at N703/£1 and N596/€1 respectively. But to achieve this, the country must resolve the forex challenges either by boosting oil exports in the short term or securing a lifeline from external sovereign funding. For investors, investments in the electricity value chain are risky under these conditions due to the sub-optimal utilization of the assets and uncertainty in cash flow for the service provided. According to him, importing raw materials is also necessary for the limited local supply chain that supports the sector. At Lagos, dealers said the currency exchanged with the dollar at N568.00 on Thursday.