naira - The African Mirror

Feb

2024

Nigeria fuel tanker union begins strike to protest rising costs

NIGERIA'S fuel tanker drivers began a strike over rising operational costs due to the recent second devaluation of the naira currency within a year and over the state of the country's roads, a union official said. The Nigerian Association of Road Transport Owners (NARTO), which groups thousands of truck owners and drivers responsible for fuel distribution in Africa's most populous nation, are pushing for higher freight charges from fuel marketers due to rising costs. Africa's biggest economy is grappling with a cost of living crisis, with the inflation rate hitting almost 30% in January - the highest in nearly three…

Dec

2023

By The African Mirror

AFRICA-FX-Kenyan and Zambian currencies seen falling, Ghana’s steady

BUSINESS

KENYA'S shilling and Zambia's kwacha are expected to fall in the next week, while the Ugandan shilling could strengthen, Ghana's cedi will probably be steady and Nigeria's naira may be mixed, traders said. KENYA Kenya's shilling is seen slipping on increased foreign-currency demand from the manufacturing sector and as Kenyans living abroad ask for higher exchange rates to part with their dollars. Commercial banks quoted the shilling at 153.30/50 to the U.S. currency, compared with last Thursday's close of 153.20/40. On Thursday the shilling hit a new all-time low of 153.50/70 before recouping some losses, LSEG data showed. "Those looking…

Aug

2020

By The African Mirror

EXCLUSIVE-Nigeria’s $1.5 bln World Bank loan delayed over reforms -sources

BUSINESS

CHIJIOKE OHUOCHA and LIBBY GEORGE THE World Bank is unlikely to approve a much-needed $1.5 billion for Nigeria in August as planned due to concerns over desired reforms, three sources familiar with the talks told Reuters. A delay in financing from multilateral lenders could leave Africa's biggest economy and top oil producer, battered by low crude prices, unable to fully finance a record 10.8 trillion naira ($28.35 billion) budget. The central bank has said Nigeria's balance of payments gap this year will be $14 billion. The World Bank, which has said Nigeria could be heading toward its greatest fiscal crisis…

Jul

2020

By The African Mirror

Starved of dollars, Nigerian businesses struggle for survival

BUSINESS

ALEXIS AKWAGYIRAM and CHIJIOKE OHUOCHA AS women in hairnets and anti-coronavirus masks sort through folded nappies coming off a conveyor belt, the head of the Nigerian firm they work for wonders how much longer he can afford to keep them in employment. Around 80% of the materials that go into Lagos-based diaper and sanitary towel manufacturer Wemy's products are imported. To buy them, Paul Odunaiya needs dollars, which he can no longer find. "We're pleading with our suppliers to wait a bit longer so that we can source dollars and pay them," Odunaiya told Reuters. With the price of oil,…