Dear Subscriber,

Naira gains 0.59% to N1,695/$ in the parallel market

After depreciating to N1,705/$ in the immediate aftermath of the MPC decision to hike the MPR by 50bps, the naira has started a gradual appreciation of 0.59% to N1.695/$. The BDC’s which had been starved of forex were supplied $20,000 each today. The naira strengthening may not last for long until the CBN opens the forex spigot by way of an auction.

Price of tomatoes declined sharply by 63% to N22,000 in September

In September, the price of a basket of tomatoes fell sharply by 63% to N22,000 from N60,000 in June, due to the harvest season. Cheaper tomatoes will likely reduce demand for substitutes like carrot and tomato paste in the coming months. However, recent floods in major tomato-producing states, like Borno and Kano, poses significant risks to prices. This could likely impact food inflation, which has declined for two consecutive months.

FDC’s M.D., Mr. Bismarck Rewane, and analyst, Michael Ilozobhie discussed these and other burning economic issues on Channels TV Business Morning and Business Incorporated programmes respectively.

Click the link to watch the video.

Enjoy your read!