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Domestic Currency Gains 0.06% to Trade N414.80/$1

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Domestic Currency

By Adedapo Adesanya

The domestic currency appreciated against the United States Dollar at the Investors and Exporters (I&E) segment of the foreign exchange (forex) market on Monday, December 20.

According to data from the FMDQ Securities Exchange, the local currency gained 27 kobo or 0.06 per cent during the session to close at N414.80/$1 compared with N415.07/$1 it traded last Friday.

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The Naira regained this strength yesterday in the midst of a 138.4 per cent rise in FX demand, according to the analysis of the data obtained by Business Post.

At the I&E window on Monday, transactions valued at $360.18 million were carried out compared with the turnover of $151.03 million executed at the preceding trading session, indicating an increase of $209.15 million or 138.48 per cent.

However, the Nigerian currency recorded a flat outcome against the greenback at the interbank window of the forex market yesterday as its value remained unchanged at N411.91/$1.

But against the British Pound Sterling, the Naira appreciated by N3.30 to trade at N544.05/£1 versus N547.35/£1 of the preceding session while against the Euro, it appreciated by N1.98 to sell at N464.26/€1 compared with N466.24/€1 of the preceding session.

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At the cryptocurrency market, seven of the 10 tokens tracked by Business Post across several trading platforms recorded depreciation.

The three price gainers were led by Ripple (XRP) which went upwards by 6.4 per cent to trade at N499.79. The United States Dollar Tether moved up by 0.9 per cent to trade at N574.24, while Bitcoin (BTC) gained 0.3 per cent to trade at N26,671,572.19.

On the losers’ angle, Dogecoin (DOGE) led with a 4.4 per cent loss to trade at N98.41, Litecoin (LTC) saw a 3.9 per cent loss to trade at N85,753.03, Binance Coin (BNB) retreated by 3.7 per cent to trade at N222,731.15, Cardano (ADA) fell by 3.2 per cent to trade at N729.67, Dash (DASH) recorded a 2.6 per cent depreciation to quote at N72,144.66, Ethereum (ETH) declined by 1.1 per cent to sell at N2,172,001.03, while Tron (TRX) made a 1.0 per cent slide to sell at N45.80.

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Zenith Bank to Give Akwa Ibom N4.7bn Loan for Auto Plant

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Udom Emmanuel

By Aduragbemi Omiyale

The government of Akwa Ibom State is planning to obtain a loan of N4.7 billion from Zenith Bank Plc for the establishment of Mimshac Automobile Assembly Plant.

The auto plant is to be located in Ikot Ukap, Itu Local Government Area of the state.

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Governor Udom Emmanuel, a former director at Zenith Bank, approached the Akwa Ibom State House of Assembly for approval of the credit facility.

Mr Emmanuel, in a message forwarded to the Speaker of the House, Mr Aniekan Bassey, and read by the Clerk, Mrs Mandu Umoren, at plenary on Tuesday, explained that the loan will aid the implementation of the Memorandum of Understanding (MoU) between the Akwa Ibom State Government and Mimshac Digital Ltd Automobile Plant for the sum of $10 million (about N4.7 billion at the exchange rate of N470/$1.

According to the Governor, the said amount from Zenith Bank will help “finance the procurement of Semi Knocked Down and Complete Knocked Down (CKD) parts for the assembling of 85 stainless steel, 20-seater luxury buses.”

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He further explained that the money will also facilitate the training of 20 persons recommended by the state government on the assemblage and manufacturing of vehicles in Israel.

In a statement posted on its Facebook page on Thursday, the Akwa Ibom House of Assembly said the loan request was supported by lawmakers, who said it would boost the economy of the state and create more jobs for the teeming unemployed youths.

The lawmakers assured that the House will continue to support Governor Emmanuel in his quest to leave the state better than he met it.

The Speaker, while speaking after the loan request approval, directed the Clerk to communicate the resolution of the parliament to Mr Emmanuel.

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Akwa Ibom Speaker

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Business News

Entries Open for Second ALAT Food Challenge

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ALAT Food Challenge

By Aduragbemi Omiyale

Food lovers in Nigeria now have the opportunity to apply for the second edition of the ALAT Food Challenge sponsored by Wema Bank Plc.

According to the Head of Marketing Communications and Investor Relations at Wema Bank, Ms Funmilayo Falola, the company’s drive-in organising another edition of the ALAT Food Challenge was to “lift the spirits of Nigerians, especially following a difficult year.”

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“It was exciting to see how Nigerians reacted to the first contest and we hope that we can replicate that joy on a much bigger scale with this edition,” she added.

On Monday, January 17, 2022, ALAT by Wema confirmed that the challenge will even improve on the successes of the previous edition and will leverage the excitement of the new year season.

The challenge will give young Nigerians another opportunity to express their excitement following an eventful year. The partnership with popular social media food influencer, Ayo the creator of the food eating show – Nigerians vs Food, will continue this season.

This challenge, which will feature two episodes, is open to all interested persons between the ages of 18 to 35 and requires all challengers to sign up on the ALAT app (via Play Store or App Store) using the referral code ‘FOOD’. Following a successful registration, challengers are expected to visit the bank’s verified social media channels to complete the process.

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ALAT has built a customer base of over 600,000 customers in the past four years, investing over N2 billion in various youth-oriented initiatives such as Talk Series, SociaLiga, GameOn Turf Football Competition, Social Media Week, and many more since its launch.

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