Business
Naira reverses three-day loss at parallel market, appreciates to N1,525/$
The naira ended a three-day depreciation trend at the parallel section of the foreign exchange (FX) market on Friday.
The local currency appreciated by 0.98 percent to N1,525 on July 5 — from the N1,535 per dollar traded on July 4.
Currency traders, known as bureau de change (BDC) operators, quoted the buying rate of the naira as N1,500 and the selling rate at N1,525 — leaving a N25 profit margin.
At the official window, the naira also reversed a three-day depreciation streak.
According to FMDQ Exchange, a platform that oversees official FX trading in Nigeria, the local currency exchanged for N1,509 per dollar on July 5 — a 0.7 percent rise from N1,520 traded the previous day.
The local currency traded at a high of N1,535 and a low of N1,450.
Consequently, the exchange rate at both sections of the market consecutively depreciated from July 1 to July 4 — before an appreciation occurred on July 5.
THREE-DAY DECLINE
On July 2, the local currency declined at the street market to N1,515/$ — from the N1,510 traded the previous day.
Between July 3 and 4, the naira further dropped to N1,520 and N1,535, respectively.
Data from the FMDQ Exchange showed that the naira depreciated to N1,509, N1,512, and N1,520 from July 2 to 4, respectively.
On June 14, 2023, the Central Bank of Nigeria (CBN) announced the unification of all segments of the FX market.
The move significantly devalued the naira, provoking fluctuations in the FX market that continue to affect key sectors of the economy.
The FX situation, according to Timi Bomodi, comptroller of Seme command, Nigeria Customs Service (NCS), on June 9, has made Nigerian goods affordable for other African countries.
However, on May 29, Mojisola Adeyeye, director-general of the National Agency for Food and Drug Administration and Control (NAFDAC), said the devaluation of the naira accounted largely for the high cost of local medicine production.
Business
NCAA issues aerodrome certification for Lagos, Abuja international airports
The Nigeria Civil Aviation Authority (NCAA) has issued Aerodrome Certification for Murtala Muhammed International Airport in Lagos and Nnamdi Azikiwe International Airport in Abuja.
This recertification is a significant achievement, highlighting the ongoing improvements in the safety standards of Nigeria’s international airports.
The announcement was conveyed via a post on the official X (formerly Twitter) account of the Federal Airports Authority of Nigeria (FAAN) on Friday.
The Aerodrome Certificates were formally presented to the Managing Director/Chief Executive of FAAN, Mrs. Olubunmi Kuku, by the Acting Director General of the NCAA, Capt. Chris Najomo.
“@NigeriaCAA just issued Aerodrome Certification for the Murtala Muhammed International Airport Lagos and the Nnamdi Azikiwe Airport Abuja. The recertification is a major boost and attestation to the continued improvements of the safety standard of our Airports,” the tweet read in part.
The certification confirms that Lagos and Abuja airports adhere to the strict safety, operational, and technical standards of the International Civil Aviation Organization (ICAO). This milestone is anticipated to enhance trust among domestic and international airlines, strengthening Nigeria’s standing in global aviation.
Business
Lagos state government plans traffic diversion in Ikeja for 10km Capital City Race today
The Lagos State Government has announced plans for a traffic diversion to accommodate the 10km Capital City Race scheduled for Saturday, November 23, 2024.
The race, which runs between 5:00 AM and 11:00 AM, will affect several major roads in the Ikeja axis, requiring motorists to explore alternative routes during the event.
A statement published on the official X (formerly Twitter) account of the Lagos State Commissioner for Transportation, Oluwaseun Osiyemi, on Friday, highlighted the affected routes.
These include Shoprite Alausa, Billings Way, Kudirat Abiola Way, Opebi Link Bridge, Allen Avenue, Adeniyi Jones, and Oba Akran Avenue.
The race will conclude at the Police College Sports Secretariat/Gym. Junctions and intersections along these roads will be temporarily blocked and manned by officials from the Lagos State Traffic Management Authority (LASTMA), the Nigeria Police Force (NPF), the Federal Road Safety Corps (FRSC), and the Lagos State Neighborhood Corps (LSNC) to ensure a smooth event.
“The Lagos State Government has announced that traffic will be diverted to accommodate the maiden edition of the 10-kilometer Capital City Race between 5:00 am and 11.00 am tomorrow Saturday, 23rd November, 2024.
“To this end, the following route starting from; Shoprite Alausa Ikeja inwards Billings Way to Kudirat Abiola Way, Opebi Link Bridge, Opebi Glo Tower inward Allen Avenue, Allen Junction, GTBank on Adeniyi Jones, AP Filling Station on Oba Akran Avenue, Samsung Authorized Service Centre to Police College Sports Secretariat/Gym will be partially closed off to vehicular movement.
“Consequently, all junctions and intersections from Shoprite Alausa Ikeja to the destination (Police College Sports Secretariat/Gym) will be blocked with barriers, manned by LASTMA, NPF, FRSC, and LSNC to prevent other road users access to the main race corridor,” the statement read in part.
The Lagos State Commissioner for Transportation urged motorists to remain patient as the road closures are part of the traffic management plan for the event. He added that intersections will be intermittently reopened as the race progresses to minimize inconvenience for road users.
Motorists are advised to plan their movements accordingly and cooperate with traffic officials to ensure the success of the inaugural Capital City Race.
In addition to the planned traffic diversion in Ikeja for the 10km Capital City Race, other traffic diversions are currently in effect across Lagos to accommodate critical infrastructure projects.
The Lagos State Government recently announced a 15-month traffic diversion at Mile 2, which began on November 11, 2024, to facilitate the construction of the new Transport Interchange Terminal. This project aims to integrate rail, bus, water, and non-motorized transport, addressing the city’s growing transportation needs.
The diversion affects Loop 1 on the Apapa-bound lane and Loop 4 on the Badagry-bound lane and will last until February 16, 2026. Motorists are advised to use alternative routes, such as Akinwande Road for Badagry-bound traffic and Durban Road for Apapa-bound traffic, to ease congestion.
Additionally, a three-month traffic diversion on the Marine Bridge, outbound Apapa, commenced on Monday, November 18, 2024. This diversion, set to run until February 25, 2025, is to allow for urgent asphalt repairs overseen by the Federal Ministry of Works.
Motorists heading toward Lagos Island are advised to use the Eko Bridge via Costain Roundabout, while those heading to Ijora Causeway or Iddo can navigate through Ijora 7up or other designated routes.
These diversions are part of ongoing efforts by the Lagos State Government to improve transportation infrastructure while minimizing disruption for road users.
Business
Nigerians to pay for new multipurpose national ID card, says NIMC
The National Identity Management Commission (NIMC) has announced that Nigerians will need to pay for the new multipurpose national identity card, citing limited government revenue as the primary reason for the decision.
Speaking during a two-day roundtable for journalists in Lagos, Dr. Peter Iwegbu, Head of Card Management Services at NIMC, said, “The payment is to ensure that the card is produced for only those who need it.”
He explained that this approach aims to avoid repeating past mistakes where physical cards were issued for free, but many were left uncollected.
“In the previous attempt to issue free National ID cards, over two million cards were produced, and many of them have not been collected till date,” he noted.
Dr. Iwegbu further stated, “The government’s limited revenue is also a major factor in the decision to make Nigerians pay for the new ID card.”
Adding to this, the Director of Information Technology at NIMC, Mr. Lanre Yusuf, said, “The idea of a free national ID card did not turn out well in the past.” He described the new ID card as a post-paid identity card, emphasizing that individuals must need the card before initiating a request for it.
“To get the new national ID card, Nigerians will need to make a payment, select a pickup location, and then collect their card from the chosen location,” Yusuf explained.
He also mentioned programs aimed at ensuring inclusivity: “The government has implemented programs to make the card accessible to less privileged Nigerians who cannot afford it but require it to access government support. This initiative demonstrates the government’s commitment to inclusivity and equality.”
Yusuf revealed that the multipurpose ID cards are set to launch soon, with sample test cards already received.
He added, “NIMC is working with banks across the country, which will make it possible for people to walk into any bank closest to them and request the card.”
He further highlighted the card’s functionality, stating, “The new national ID card is a multipurpose card that can serve the purpose of identity verification, payments, and even government services.”
The card, powered by AfriGO, was developed in partnership with the Central Bank of Nigeria and the Nigeria Interbank Settlement System.
It is designed to support government intervention programs and services across various ministries, departments, and agencies.
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