BusinessDay 14 May 2019

Page 1

businessday market monitor FMDQ Close

Everdon Bureau De Change

Bitcoin

NSE

Foreign Exchange

Biggest Gainer Okomuoil N77

Biggest Loser

Mobil 10.00pc N165 28,484.44

-4.62pc

Foreign Reserve - $44.87bn Cross Rates - GBP-$:1.30 YUANY-N52.34 Commodities Cocoa

Gold

Crude Oil

US$2,287.00

$1,300.50

$70.15

₦2,595,117.84

+0.16 pc

Powered by

news you can trust I **tuesDAY 14 may 2019 I vol. 15, no 309 I N300

g

Buy

Sell

$-N 358.00 361.00 £-N 466.00 474.00 €-N 399.00 405.00

www.

Nigeria misses 6 electricity tariff reviews as current prices become obsolete Fair market price at N57.40 per kilowatt hour

ISAAC ANYAOGU & STEPHEN ONYEKWELU

S

ince the power sector privatisation in 2013, the Nigerian Electricity Regulatory Commission (NERC) has failed to review electricity pricing six times under the Multi

President Muhammadu Buhari (r) congratulating Godwin Emefiele, governor of the Central Bank of Nigeria (CBN), on his reappointment as head of the apex bank for a second tenure, during his visit to the President in Abuja.

Year Tariff Order (MYTO) it instituted to price electricity, a failure that has fuelled illiquidity in the sector and caused shortfalls of nearly N1.4 trillion. According to the MYTO Rules, there would be a 15-year tariff path for the Nigerian Electricity Supply

Industry (NERSI) with limited minor reviews each year in light of changes in a limited number of parameters (such as inflation, interest rates, exchange rates and generation capacity) and major reviews every five Continues on page 34

Market

Spot ($/N)

I&E FX Window CBN Official Rate Currency Futures

($/N)

fgn bonds

Treasury bills

360.83 306.95

3M

6M

-0.34 11.27

NGUS jul 24 2019 361.06

5Y 0.00

-0.15 13.13

14.44

NGUS oct 30 2019 361.51

@

g

10 Y 0.07

20 Y 0.00

14.29

14.19

NGUS apr 29 2020 362.41

g

MARKETS

What rising geo-political tensions mean for Nigeria LOLADE AKINMURELE

N

igeria is caught in the middle of an escalating global trade war and mounting tensions in the Middle-East, both holding big implications for Africa’s largest Continues on page 34

Inside Jumia records momentum in Q1 as marketplace revenue up 102% P. 2


Turn static files into dynamic content formats.

Create a flipbook
Issuu converts static files into: digital portfolios, online yearbooks, online catalogs, digital photo albums and more. Sign up and create your flipbook.