Coronation Research Daily Insights

Coronation Research Daily Insights
(Source: Coronation Research, Date: 23-Apr-2024)

TUESDAY, 23 APRIL 2024

Foreign Exchange | Importation | Intervention Fund | Petroleum Commodities | Power Sector

Good Morning,

Here are your top 5 news items for the day.

Foreign Exchange

Naira tumbles to N1,234/$ at official market, speculators resume hoarding "" Punch

The naira depreciated in its value against the United States dollar to N1,234 at the official foreign exchange market on Monday, according to data obtained from the FMDQ securities exchange. The exchange rate means the naira fell by N65 or 5.26 per cent from N1,169.99/$1 recorded on Friday. The local currency had strengthened to around N1,072.74 on Wednesday as traders projected the naira could trade below N1,000/$1 for the first time. However, the latest drop appears to coincide with the remarks of the apex bank Governor, Yemi Cardoso, who.. Read more here

Importation

Despite Forex Gains, Imports Still Low At Seaports, Airports "" Leadership

Despite significant drop in foreign exchange at the official, parallel markets as well as exchange rate for calculating import duties by the Nigeria Customs Service (NCS), cargo and vehicles importation are yet to pick up at the nation's seaports and airports across the country, leadership can report. This is as the Central Bank of Nigeria (CBN), again adjusted the Customs exchange rate for clearance of cargoes at the nation's seaports and airports from N1238/$1 to N1,150/$1. According to data on Nigeria trade hub, the exchange rate has been adjusted by 7.1 per cent or N88.. Read more here.

Intervention Fund

FG begins disbursement to MSMEs, manufacturers "" Vanguard

The Federal Government said it will soon commence the loan disbursement process for micro, small and medium enterprises (MSME) and manufacturing sectors under the Presidential N200 billion Intervention Fund scheme. Recall that President Bola Tinubu launched the scheme on October 17, 2023, to cushion the effects of the removal of petrol subsidy and other economic shocks. Announcing the disbursement of the funds, Minister of Industry, Trade and Investment, Doris Uzoka-Anite, in a statement yesterday, noted that the decision was taken following the success of the.. Read more here

Petroleum Commodities

Economic Hardship Persists as Petrol Sells for N761, Diesel N1,566, Kerosene N1,875 in Parts of Nigeria "" This Day

The economic hardship faced by Nigerians has continued, with fuel prices continuing to soar in March 2024, driven mainly by the current economic reforms embarked upon by the Bola Tinubu administration, the dynamics of international energy rates as well as Nigeria's inability to refine its fuels locally. Latest data from the National Bureau of Statistics (NBS) showing the prices of major fuels across Nigeria, indicated that last month, petrol sold for as high as N761 in parts.. Read more here

Power Sector

FG to unbundle 11 Discos, orders sale of four "" Punch

Power distribution companies in Nigeria are currently being unbundled along state lines due to their large sizes that often result in efficiency and ineffectiveness, the Federal Government declared on Monday. It stated that the privatisation of the firms would not be reversed, but stressed that the Discos would be broken into more efficient structures along state lines so as to be able to deliver on their mandates. This came as the Federal Government also ordered the sale of Discos that have been taken over by banks and the Assets Management Corporation from its original.. Read more here.

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Coronation Research Daily Insights (Source: Coronation Research, Date: 23-Apr-2024)

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Coronation Research Daily Insights
(Source: Coronation Research, Date: 23-Apr-2024)