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Coronation Research Daily Insights
(Source: Coronation Research, Date: 09-Feb-2024)

FRIDAY, 9 FEBRUARY 2024

Nigerian Ports | NNPCL Revenue | Food Crisis | Housing Project  | Naira Weakens

Good Morning,

Here are your top 5 news items for the day.

Nigerian Ports


Importers Dump Nigerian Ports For Cotonou, Togo "" Leadership

Following the incessant increase in Customs exchange rate for clearance of imported items at the Nigerian seaports and Airports, and instability of foreign exchange in the country, importers in the country have started dumping Nigerian seaports for Port of Tema, Ghana; Port of Lome, Togo and Port of Cotonou, Benin Republic, LEADERSHIP gathered. The decision to dump Nigeria ln seaports was as a result of the incessant increase in exchange rate for cargo clearance by the Central Bank of Nigeria (CBN). Also, clearing agents said importation into the country has declined by 65 per cent due to drop in business activities. Read  more https://leadership.ng/forex-crisis-importers-dump-nigerian-ports-for-cotonou-togo/

NNPCL Revenue


NNPCL board approves dollar revenue transfer to CBN "" Punch

The Central Bank of Nigeria has created a department to deal with crude oil sales transactions by the Nigerian National Petroleum Company Limited, the Group Chief Executive Officer, NNPCL, Mele Kyari, announced on Thursday. Kyari also revealed that the Board of Directors of NNPCL had approved the decision to move significant portions of the company's revenues to the apex bank. This came as the national oil major declared that there was no imminent hike in the pump price of Premium Motor Spirit, popularly called petrol. NNPCL is the sole importer of petrol into Nigeria, a role it has shouldered for several years. Read more https://punchng.com/nnpcl-board-approves-dollar-revenue-transfer-to-cbn/

Food Crisis


Borno, Adamawa, others risk severe food crisis "" World Bank "" Punch

The World Bank has said seven states across the North-west and North-east regions of the country may  suffer food crises due to high levels of insecurity and armed conflicts that has reduced the standards of living across the region. The bank in its latest Food Security report also stated that most areas in West and Central Africa would remain Minimally food insecure until May 2024. This is coming amidst plans by the government to cultivate 323,000 hectares of farmland producing wheat, rice, maize and cassava for the 2024 dry season farming. The states highlighted by the bank are Borno, Adamawa, Kaduna, Katsina, Yobe, Sokoto, and Zamfara states Read more https://punchng.com/borno-adamawa-others-risk-severe-food-crisis-world-bank/ 

Housing Project


Tinubu approves N126bn for housing projects nationwide ""  The Sun

Minister of Housing and Urban Development, Ahmed Dangiwa, yesterday, disclosed that President Bola Ahmed Tinubu has approved N126.5 billion to deliver 100,000 houses nationwide in 18 months. Speaking at the launch of Renewed Hope Cities and Estates and groundbreaking for 3,112 housing units in Karsana, in the Federal Capital Territory (FCT), Dangiwa said that the project was the pilot under a Public Private Partnership (PPP)  between the Federal Ministry of Housing and Urban Development and a consortium of developers comprising Continental Civil and General Construction and Ceezali Limited signed in December 2023. Read more https://sunnewsonline.com/tinubu-approves-n126bn-for-housing-projects-nationwide/?expand_article=1 

Naira Weakens


Banks dollar sale falls as naira weakens to 1,479/dollar "" Punch

The total value of transactions recorded at the official Nigerian Autonomous Foreign Exchange Market fell from $465.29m on Tuesday and $203.93m on Wednesday, data obtained from FMDQ Exchange showed on Thursday. This indicates a 56 per cent drop in the value of transactions recorded on the FMDQ platform which records volume and value of transactions on NAFEM, the official FX market. This drop in FX transaction came on the heels of a steady increase in the value of FX transactions on the platform, following a series of circulars issued by the Central Bank of Nigeria. The CBN had last week issues circulars compelling banks to sell their excess dollar holdings, among others. Read  more https://leadership.ng/forex-crisis-importers-dump-nigerian-ports-for-cotonou-togo/

 

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