...news, reports, issues... about Lagos
Prices of essential food items have gone up by at least 30 per cent between December and April in at least eight states, according to surveys by our correspondents. The development has made consumers groan, saying the hikes in the prices of goods have affected their budgets. Prices of food items have continued to soar […]
The naira weakened for a fourth straight day at the official market (NAFEM) on Wednesday, sliding to a low of N1,308 per US dollar, according to data by the FMDQ Securities Exchange, as dollar supply thinned. The naira also fell on the black market despite the CBN’s dollar sales to BDCs on Monday. A dollar sold for N1,350/$ in […]
According to Professor Chris Ogbechie, the Dean of the Lagos Business School, family businesses play a significant role in Nigeria’s economy, contributing up to $200 billion. He made this revelation during the Lagos Business School Family Business Conference held in Lagos. Despite their substantial contribution, Ogbechie noted that only about 30 per cent of Nigerian family businesses survive […]
The naira weakened for a third straight day at the official market (NAFEM) on Tuesday, sliding to a one-month low of N1,300 per US dollar, according to data by FMDQ Securities Exchange. Banking sources told BusinessDay that dollar liquidity has dipped on the back of investors exiting to safety in reaction to rising geo-political tensions that have […]
The Naira on Monday slightly depreciated at the official market, trading at N1,234.49 to the dollar. Data from the official trading platform of the FMDQ Exchange, a platform that oversees the Nigerian Autonomous Foreign Exchange Market (NAFEM), revealed that the Naira lost N64.50. This represents a 5.51 per cent loss when compared to the previous […]
Several years ago, Nigeria and Ethiopia were two African countries identified as long-term markets for imported wheat owing to their rapidly growing population and low local production. Today, the difference between both countries is that Ethiopia is ramping up wheat production to transform itself from a net importer of the grain into a regional breadbasket that produces […]
The supply of diesel from Dangote oil refinery is expected to bring to an end the importation of the product from European refiners estimated at 2.5 billion litres annually, BusinessDay’s findings have revealed. For decades, European refiners have enjoyed a lucrative market in Nigeria as the unreliable power supply from the national grid forced companies across Africa’s fourth biggest […]
The Federal Competition and Consumer Protection Commission (FCCPC) says it is taking steps to protect consumers regarding the continued rise in prices of goods and services, despite the recent appreciation of Naira against the dollar. The FCCPC, which described the situation as unacceptable, said it would not fold its hands while Nigerian consumers are being […]
For Adekunle William, chief executive officer of Dr Stitches Clothiers, the continuously rising energy costs are squeezing his business. High energy costs have tripled, forcing him to rely heavily on his generator, which is gulping down diesel at exorbitant prices, eating away his already thin profits. Adekunle is not alone in this challenging period. Across […]
The naira sustained gains against the US currency at the official foreign exchange (FX) market, despite a drop in dollar supply by market players on Monday. The summary of the FX transactions published by the FMDQ Securities Exchange revealed that the naira appreciated by 0.56 percent as the dollar was quoted at N1,136.04 on Monday, stronger than N1,142.38 quoted […]
