25 Jan

Daily Watch – Dollar scarcity worsens, 30 killed in Adamawa violence

  • Bank customers have been unable to withdraw American dollars from their domiciliary accounts amid worsened scarcity of the currency in the financial services sector. The CBN had only recently lifted its ban on the deposit and withdrawal of foreign currency by bank customers. Meanwhile, the naira has continued to depreciate at the parallel market amid mixed reactions to the recent foreign exchange policy of the Central Bank of Nigeria to stop selling forex to Bureau de Change operators.
  • The Petroleum Product Pricing Regulatory Agency has removed subsidy on kerosene. In its new template which was released on its website, the PPPRA put the retail price of Kerosene at N83 per litre. The template was also only meant for the NNPC suggesting that they expect independent marketers to sell at their own established open market price.
  • The contribution of the manufacturing sector to the nation’s Gross Domestic Product rose to N6.616 billion in the third quarter of last year. An analysis of the nine month revenue obtained from the NBS showed that the sector added N2.141 billion to the economy in the first quarter; N2.125 billion in the second quarter; and N2.35 billion in the third quarter. Manufacturing surpassed oil and gas by N1.93 billion during the nine month period.
  • The DPO in charge of Vunokilang Police Station in Girei Local Government Area of Adamawa State was among the 30 people killed in an attack on Sunday morning. Reports from the area revealed that the assailants who are suspected to be herdsmen, raided four villages: Demsare, Wunamokoh, Dikajam and Taboungo. Several houses and other property in the villages were also burnt in the attack.