Business
Naira gains at parallel market (See exchange rate)
The naira, on Monday, appreciated to N775 per dollar at the parallel section of the foreign exchange market.
The figure represents an appreciation of N15 or 1.9 percent compared to the N790 it traded last week.
Bureaux De Change (BDC) operators, popularly known as ‘abokis’, who spoke to newsmen in Alade Market, Ikeja, Lagos, quoted the buying rate of the greenback at N770 and the selling price at N775 per dollar, leaving N5 profit margin.
Musa, a BDC operator in the Victoria Island area of Lagos, said that buying and selling prices stood at N770/$ and N780/$, respectively.
He said there was low demand for the greenback in the street market.
“Most people importing goods from abroad to sell in Nigeria by December have already sent their money. They don’t need to buy dollars for now,” Musa told newsmen.
On the official market side, the local currency appreciated by 0.02 percent to close at N445.67 on Friday, according to details on FMDQ OTC Securities Exchange — a platform that oversees official foreign-exchange trading in Nigeria.
Last month, Godwin Emefiele, governor of the CBN, announced the plan to redesign N200, N500 and N1,000 naira notes to control the money supply and aid security agencies in tackling illicit financial flow.
The decision has continued to generate public outbursts as experts insist it would negatively affect the economy.
However, Aminu Gwadabe, president of the Association of Bureau De Change Operators of Nigeria (ABCON), has predicted that the local currency would appreciate after the redesign of the three naira notes.
He added that the Central Bank of Nigeria (CBN) would likely “close the gap between the flexible versus fixed exchange rate to flood the market with capital inflows”.
Business
FG grants Air Peace approval to commence Abuja-London flights
The federal government (FG) says it has approved the commencement of flight services from Abuja to London by Air Peace.
Festus Keyamo, minister of aviation and aerospace development, spoke on Channels television on Thursday.
Keyamo said he gave the approval for Air Peace to add Abuja to its London route on April 24.
“Just yesterday (Wednesday), I approved Air Peace for the Abuja-London route, not only Lagos-London route,” the minister said.
“British Airways also come to Abuja.
“So, let Air Peace block that path and start a war. It’s all for the good of Nigerians.”
Speaking on the British government’s refusal to grant operation access to Heathrow Airport, Keyamo said the federal government agreed to operate the Gatwick Airport.
He said Air Peace or any interested local airline should be operating to Heathrow Airport and not Gatwick.
The minister said the Gatwick Airport is only a low-hanging fruit and a starting point.
Keyamo said he has been reviewing the bilateral air service agreement (BASA) between the United Kingdom (UK) and Nigeria and some decisions would be made after the exercise.
On March 30, 2024, Air Peace began direct flight operations from Lagos to Gatwick Airport in London.
Business
Lagos-bound Air Peace flight makes emergency landing after false fire alarm
Air Peace says its Port Harcourt-Lagos flight landed at the destination airport earlier than scheduled, following a presumed fire incident on the aircraft.
In a statement on Thursday, the management of Air Peace said a few minutes before landing, the aircraft’s captain noticed a fire warning indicator in the cockpit.
The airline said upon landing, it was discovered that the alarm was falsely triggered as ‘there was no fire event”.
“We wish to inform the flying public of an incident that occurred during our Port Harcourt-Lagos flight P47193 of today, April 25, 2024,” the statement reads.
“Some minutes before landing, our Captain noticed a fire warning indicator in the cockpit. The pilots performed all safety precautionary measures and the fire indicator went off.
“The Captain immediately notified our Operations Control Center in Lagos at 17:37hrs.
“It was determined upon landing that the alarm was falsely triggered as there was no fire event.”
According to the airline, the plane landed safely and all passengers disembarked “normally”.
Air Peace reassured the travellers that safety remains its top priority, expressing unwavering commitment.
On April 17, an Owerri-bound Air Peace flight turned back to Abuja over ‘sunset operations’ at its destination airport.
Business
Dana Air initiates refunds following suspension by NCAA for safety audit
Dana Air has announced that it is processing refunds for flights affected by its recent temporary suspension.
The Nigeria Civil Aviation Authority (NCAA) imposed the suspension to conduct a safety and financial audit following a runway incursion incident involving one of the airline’s aircraft on Tuesday.
The airline disclosed this information in a statement on its official X (formerly Twitter) account on Wednesday, apologizing for the inconvenience and disappointment the suspension may have caused its passengers regarding their travel plans.
According to Dana Air’s statement, passengers who have already booked flights are instructed to send their flight booking details (PNR) and bank account numbers to contact@flydanaair.com for refunds.
- “In light of the suspension, we understand that you may have concerns regarding your bookings and travel plans. We assure you that we are processing refunds for affected flights over the next month.
- “To expedite this process, we kindly request that passengers send their booking details (PNR) and bank account numbers to contact@flydanaair.com,” the statement read in part.
The statement also assured Dana Air customers that the airline is fully cooperating with aviation authorities to address any concerns and ensure that the matter concerning the suspension of its operating license is swiftly resolved.
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