Business
Five Steps To Survive The Nigerian Recession
A GWG Special Perspective
By Godwin Ameh
The news that Nigeria slipped into the second recession of the Muhammadu Buhari presidency has been received with equanimity. Unlike the first recession in 2016 that was largely blamed on the dithering procrastination of the president forming a government, the present recession has been largely attributed to external factors.
The COVID-19 pandemic is at fault. But the question as to whether the Nigerian government prepared itself for the recession is, however, the subject of debate among commentators.
Whatever the actions or inactions of the government, how Nigerians react to the recession would determine whether they come out strong or are swallowed by it.
GWG presents five things you can do to survive the recession:
Learn to live within your means
It was Thomas Jefferson, the United States’ third president, who once famously quipped, “Never spend your money before you have earned it.” This piece of advice couldn’t be more useful amid the current harsh economic realities and the economic uncertainties of the near future. The debt you incur could land you in hot water during an economic recession especially if your expenses is above your income. One of the few exceptions to this rule is if you plan to buy a house. The idea is to create a monthly budget and track your spending.
- Find a supplementary source of income
One of the best ways to survive a recession is to earn more money. This entails finding ways to expand your business, starting a business that deals in essential goods, taking a new job, or working overtime at your current job.
You may also want to leverage on social media to market your goods or services at a time when social media usage has risen markedly thanks to the coronavirus-enforced lockdown.
- Increase your savings
Margo Vader, a financial author, once said, “Small amounts saved daily add up to huge investments in the end”. Without savings, there is no investments hence its significance in financial prosperity. If it’s important to save during economic boom, then it goes without saying that it is crucial in times of economic gloom. The best way to boost savings is to avoid splashing the cash on new clothes, cars, tech devices, or electronics.
- Cut back on nonessential purchases
Cut your coat according to your cloth goes the popular saying. Now that you have a tight budget, find ways to cut down on your outgoings. The aim is to reduce nonessential expenses to the barest minimum in order to free up more money. Remember, no money spent during a period of economic crisis is insignificant; every dime counts.
- Learn new essential skills and improve your education
No knowledge gained is ever a waste of effort or time. If you can’t find ways to boost your savings or repay your debt, endeavour to improve your skills and education at least. If you ever lose your job or your business suffers, you will need a new income source, and the essential skills you have will surely come in handy. There are tons of free essential online courses available, offered by nonprofits like Khan Academy, Coursera and subsidised online learning platforms like Udemy. There are also plenty of free online resources for entrepreneurs, such as Shopify Academy.
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Business
BREAKING: Naira Crashes To N1,309/$1 At Official Market
This represents a 0.69 percent decline from the previous day’s rate of N1,300.43 against the dollar.
Despite this, trading volume showed a significant increase, with the total turnover rising to $857.78 million, more than doubling from Wednesday’s $416.10 million.
In the Investor’s and Exporters’ (I&E) window, the Naira experienced fluctuations, trading between N1,392 and N1,250 against the dollar.
This volatility in the forex market comes amidst various economic adjustments and policy shifts by the Central Bank of Nigeria (CBN).
https://gwg.ng/2024/03/29/see-the-complete-fixtures-kick-off-time-date-for-euro-2024/
Adding to the financial landscape changes, the CBN has recently announced new capital requirements for banks, significantly raising the minimum capital base for commercial banks with international authorization to N500 billion.
This move is part of the apex bank’s broader strategy to fortify the Nigerian banking sector, following its call for banks to hasten the recapitalization process to bolster the financial system.
These developments, including the adjustment of the benchmark interest rate to 24.75%, signal the CBN’s intent to tighten monetary policy in a bid to stabilize the economy.
As the financial sector braces for these changes, the impact on borrowing costs, investment, and overall economic health remains a focal point for analysts and stakeholders.
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Business
Why Google Blocked 5.5bn Adverts
US-based multinational technology corporation Google has blocked over 5.5 billion adverts and suspended 12.7 million others for violating its policies.
The search engine giant also said on Wednesday that it had removed adverts from over 2.1 billion pages.
https://gwg.ng/2024/03/28/see-the-pastor-that-charges-n1-7m-to-teach-people-how-to-perform-miracles/
“Billions of people worldwide rely on Google products to provide relevant and trustworthy information, including ads. That’s why thousands of people are working around the clock to safeguard the digital advertising ecosystem. Today, we are releasing our annual Ads Safety Report to share the progress we’ve made in enforcing our advertiser and publisher policies and to hold ourselves accountable in maintaining a healthy ad-supported internet,” it said.
https://gwg.ng/2024/03/28/man-jailed-6-months-for-stealing-car-battery/
In 2023, it said scams and fraud across all online platforms were on a steady rise.
“Bad actors constantly evolve tactics to manipulate digital advertising to scam people and legitimate businesses. To counter these ever-shifting threats, we quickly updated policies, deployed rapid-response enforcement teams and sharpened our detection techniques”, it added.
https://gwg.ng/2024/03/28/what-i-experienced-in-detention-firstnews-editor-narrates/
Millions of content creators across the globe, including Nigeria, rely on Google Ads to drive revenue.
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Business
Amidst Rumours, Naira Exchanges ₦1,371.170/$1 At Parallel Market For March 28
The Naira is today, Thursday, March 28 2024 exchanging 1,371.170 Naira to 1 US Dollar at the parallel market (black market) in Nigeria according to Naira rate’s Official X handle on Thursday. This means that you can get 1,371.170 Naira for every 1 Dollar that you exchange.
The black market rate signifies the value at which individuals can trade their dollars for Naira outside the official or regulated exchange channels..
Note that the Black Market Exchange rate is typically higher than the official exchange rate because it is not regulated by the government.
Today, March 28 exchange, indicates that the naira appreciated against dollar with ₦26 difference compared to yesterday, when naira exchanged $1 to ₦1,345.300.
GWG.ng reports that the value of any nation’s currency is determined by aggregate supply and demand.
The forces of Supply and demand are themselves influenced by a number of factors, including interest rates, inflation, capital flow, and money supply.
The most common method to value currency is through exchange rates. The two main exchange rate systems are fixed rate and floating rate systems.
Investors and participants closely monitor these parallel market rates for a more immediate reflection of currency dynamics.
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Business
Naira Appreciates To N1,350/$ In Parallel Market
This trend was mirrored in the Nigerian Foreign Exchange Market (NAFEM), where the naira strengthened to N1,382.95 per dollar, up from N1,408.04, as reported by FMDQ data.
https://gwg.ng/2024/03/27/why-i-dont-win-awards-yemi-alade/
This development has resulted in an increased gap between the parallel market rate and the NAFEM rate, which has expanded to N32.95 from the previous N21.96.
The naira’s value has been on an upward trajectory, with an 18.28 percent increase recorded since February 23, 2024, when it hit a low of N1,665.50.
Analysts attribute the naira’s recent gains to a series of foreign exchange reforms implemented by the Central Bank of Nigeria (CBN).
These reforms, aimed at streamlining the foreign exchange system, include consolidating exchange rate windows, liberalizing the FX market, and clearing foreign exchange backlogs for banks and airlines.
https://gwg.ng/2024/03/27/son-of-ex-president-jailed-in-us/
The CBN’s introduction of a Price Verification System (PVS), revised limits on banks’ Net Open Position, removal of the daily cap on remunerable Standing Deposit Facility (SDF), and the restructuring of the Bureau De Change (BDC) sector, are steps towards fostering a more transparent and efficient market.
Further measures to enhance market dynamics include adjusting margin limits for International Money Transfer Operator (IMTO) remittances, implementing a two-way quote system, and thorough reforms in the BDC segment.
These initiatives are designed to improve market stability, transparency, supply, and price discovery in the Nigeria Autonomous Foreign Exchange Market.
In a recent move, the CBN has set the sale rate of dollars to BDC Operators at N1,251, directing them to offer foreign currency to eligible customers at a margin not exceeding 1.5 percent above this rate.
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Business
See The Lastest Price Of Petrol (Per Litre) In Nigeria For Today
However, the price of petrol has been fluctuating over the years, due to various factors such as global oil prices, exchange rates, subsidy policies, and supply and demand.
Current Price of Petrol in Nigeria
According to the regulator of petrol price in the country, the Nigerian National Petroleum Company Limited (NNPCL), the official pump price of petrol (PMS) in Nigeria is N617 per litre.
https://gwg.ng/2024/03/27/why-delta-state-assembly-reverses-sack-of-accountant-after-24-years/
This was after the federal government removed a subsidy on the commodity, which led to a significant increase in the price from N195 per litre.
However, due to logistics and other factors that vary by location, the actual price of petrol may differ across the country.
Naija News understands that petrol presently goes for prices ranging from N600 to N700 per litre across the country, while the over-the-country average price of petrol is presently N630 per litre.
https://gwg.ng/2024/03/27/why-i-granted-full-autonomy-to-local-government-councils-governor-alia/
The table below shows the petrol prices in all 36 states and FCT in Nigeria as of March 27, 2024, as released by NNPCL.
State | Price (N) |
---|---|
Abia | 687.50 Per Litre |
Abuja | 632.12 Per Litre |
Adamawa | 671.40 Per Litre |
Akwa Ibom | 677.00 Per Litre |
Anambra | 680.00 Per Litre |
Bauchi | 650.00 Per Litre |
Bayelsa | 673.00 Per Litre |
Benue | 632.84 Per Litre |
Borno | 657.27 Per Litre |
Cross River | 663.33 Per Litre |
Delta | 665.63 Per Litre |
Ebonyi | 638.71 Per Litre |
Edo | 662.00 Per Litre |
Ekiti | 651.33 Per Litre |
Enugu | 673.87 Per Litre |
Gombe | 703.00 Per Litre |
Imo | 687.00 Per Litre |
Jigawa | 679.67 Per Litre |
Kaduna | 670.00 Per Litre |
Kano | 678.27 Per Litre |
Katsina | 680.40 Per Litre |
Kebbi | 796.67 Per Litre |
Kogi | 626.79 Per Litre |
Kwara | 614.90 Per Litre |
Lagos | 663.05 Per Litre |
Nassarawa | 629.32 Per Litre |
Niger | 624.04 Per Litre |
Ogun | 653.11 Per Litre |
Ondo | 653.02 Per Litre |
Osun | 658.77 Per Litre |
Oyo | 662.53 Per Litre |
Plateau | 670.00 Per Litre |
Rivers | 674.55 Per Litre |
Sokoto | 664.80 Per Litre |
Taraba | 704.11 Per Litre |
Yobe | 675.55 Per Litre |
Zamfara | 771.43 Per Litre |
Please note that these prices are subject to changes in different stations across the country.
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Business
Eno Neutralises Sharks In Akwa Ibom With N1.5bn Interest-Free Loans
Governor Umo Eno of Akwa Ibom on Tuesday announced a N1.5 billion interest-free loans to Akwa Ibom traders.
The News Agency of Nigeria (NAN) reports that the loans are to be managed by the Ibom Fadama Micro Finance Bank.
Eno also launched the free-food voucher programme for the vulnerables at the popular Itam market in Itu Local Government Area (LGA) of the state.
“I have heard of how some of you go to some places to get loans with very high interest rates and that has made the cost of food to go up, and before you finish paying the loans, you cannot meet up with your market or trading obligations anymore.
“I have come to tell you not to take such loans again, Consequently, we are releasing N500 million interest-free loans to each of the three senatorial districts making a total of N1.5 billion to help your businesses,” Eno said.
Besides the interest-free loans, the Akwa Ibom governor also promised to construct a car park, provide solar panel light, modern toilet facilities at Itam market for better convenience of the traders.
The Governor, therefore, directed the Transition Chairmen of the remaining 29 councils, excluding Itu and Uyo LGAs, to ensure they launch the free-voucher food programme by April 2.
The free food voucher for the vulnerable, is a key element of the Bulk Agency Bill that was signed into law a week ago, and the Board, equally inaugurated by the Governor, last week.
The key responsibility of the Agency is to provide free staple food items such as Garri, rice and beans to the most vulnerable through the Social Register. (NAN)
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Business
Former DSS Chief, Dennis Amachree: Nigeria Shouldn’t Expel Binance Traders
Dennis Amachree, a former Assistant Director of Nigeria’s Department of State Services (DSS), has stepped into the fray regarding the pursuit of individuals trading on the Binance cryptocurrency platform. His stance is coming against the backdrop of controversies surrounding the escape of Binance executive Nadeem Anjarwalla from custody, an event that has stirred widespread discussion and concern within the country.
Amachree’s argument revolves around the idea that targeting individual traders on the Binance platform lacks a justifiable basis. Instead, he contends that regulatory and investigative efforts should be directed towards scrutinizing the platform itself and its executives. To illustrate his point, Amachree draws an analogy with the banking sector, explaining that if a bank like UBA were implicated in a crime, authorities would focus on the management responsible for the bank’s operations rather than targeting its customers. He asserts that similar logic should apply to Binance and its users.
The escape of Anjarwalla from a guest house in Abuja, where he was being held alongside colleague Tigran Gambaryan, has raised serious questions about the efficacy of security measures and decision-making processes within the involved authorities. Amachree criticizes the apparent lax security that facilitated the escape, suggesting that Anjarwalla should have been detained by more secure and appropriate agencies such as the Economic and Financial Crimes Commission (EFCC) or the DSS.
This incident has ignited demands for accountability from the security personnel responsible for overseeing the custody of the Binance executives. Amachree’s remarks underscore the need for a thorough investigation into the circumstances surrounding the escape, as well as the enforcement of more stringent security protocols to prevent similar occurrences in the future. The escape has cast a spotlight on the competence and integrity of Nigeria’s security apparatus, prompting calls for swift and transparent action to address any shortcomings and restore public confidence.
In the wake of these developments, the Nigerian public awaits further updates on the investigation and hopes for decisive measures to ensure the accountability of those involved.
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Business
CBN Ups Fight Against Inflation, Raises MPR
In a move apparently aimed at curtailing inflation, the Monetary Policy Committee, MPC of the Central Bank of Nigeria, CBN on Tuesday, to hike its benchmark Monetary Policy Rate, MPR by 200 basis points.
The decision came after the two day deliberations of the MPC for the month of March. It was the second time that the MPC now headed by CBN governor Yemi Cardoso and the second time that it would hike the MPR.
GWG.ng reports that the MPC at the end of today’s meeting elected to hike the MPR by 200 basis points.
The Committee voted as follows: Raise the MPR by 200bps to 24.75 from 22.75 per cent
Increase the asymmetric corridor to +100bps/-300 basic points.
Retain the Cash Reserve Ratio of Deposit Money Banks at 45 per cent and Adjust the CRR of Merchant banks from 10 per cent to 14 per cent.
The CBN retained a liquidity ratio of 13 per cent.
GWG.ng reports that the decision of the CBN to raise the MPR could be seen as being overtly cautious as many stakeholders had expected the apex bank to further monitor the steep rate hike it introduced last month.
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Business
Pressure Mounts On Hoarders To Sell Off Dollars As Naira Rebounds
Individuals and businesses holding on to dollars are facing renewed pressure to offload the excess foreign currency in thier possession as the Central Bank of Nigeria (CBN) continues to implement policies that are shoring up the value of the currency.
GWG.ng reports that the Nigerian naira, which recently experienced a significant slide selling up to N1,9000 against the dollar due to heightened demand and outstanding forwards, rebounded and sold below N1,3000 last Monday.
According to Mallam Yakubu Salisu, a BDC operator, there’s a heightened willingness among people to exchange their dollars amidst fears of further depreciation.
The decision of CBN to sell 20,000 dollars worth of foreign exchange to eligible BDC operators across the nation marks a significant shift, especially after the suspension of such sales three years prior.
Out of the 5,690 registered BDC operators nationwide, approximately 1,373 have been screened for allocation, with specific allocations delineated for various regions including Abuja, Awka, Kano, and Lagos.
The recent circular issued by the CBN reinstating the sale of forex to BDC operators aims to rectify distortions in the retail forex market and bridge the exchange rate gap. The allocated rate of N1,301/$ reflects the lower band rate of executed spot transactions at the Nigerian Autonomous Foreign Exchange Market.
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