Nigerian Airlines Increase Airfare as Fuel Prices Skyrocket | 5 Things That Should Matter Today

Air peace
  • Nigeria loses AFCON finals to Ivory Coast
  • CBN instructs commercial banks to fix forex exchange rates as they deem fit
  • Nigerian airlines increase airfare as fuel prices skyrocket
  • CAC begins registration of two million small Nigerian businesses
  • IMF reveals Nigeria is facing “a worsening economic crisis”

Across Nigeria’s 36 states and the Federal Capital Territory, these are the five top Nigerian news stories you shouldn’t miss.

Nigeria loses AFCON finals to Ivory Coast

Ivory Coast Afcon

After beating South Africa’s team, Bafana Bafana, Nigeria’s Super Eagles, made it to the AFCON finals, competing with the tournament’s hosting country— Ivory Coast.

Both teams played an exciting and deserving game to the pleasure of their audience; however, the Super Eagles could not conquer Ivory Coast’s indomitable spirit. 

The AFCON ended with Ivory Coast leading Nigeria 2-1, taking home the AFCON cup, while Nigeria came in second.

CBN instructs commercial banks to fix forex exchange rates as they deem fit

CBN

The Central Bank of Nigeria (CBN) has directed all commercial banks (Access Bank, Guarantee Trust Bank, and more) to fix their foreign exchange rates according to how they desire to stabilise the naira against the dollar.

CBN suggested that this new structure would aid in boosting the economy and strengthening the naira against the US dollar.

According to reports, authorised forex dealers are expected to continue their FX operations on a “Willing Buyer, Willing Seller” basis.

Nigerian airlines increase airfare as fuel prices skyrocket

Air peace

The Nigerian airlines (Air Peace, Dana, and more) have lamented the surging prices of aviation fuel and its effect on the economy, as they have no choice but to increase airfares.

According to these Nigerian airlines, aviation fuel now costs ₦1,300 per litre, preventing airlines from charging the same fee as they once did when the fuel prices were affordable.

The hike in aviation fuel is due to the volatility of the naira against the US dollar, which depreciated to ₦1,500 in the parallel market and ₦1,474 in the official market.

CAC begins registration of two million small Nigerian businesses

CAC

The Corporate Affairs Commission (CAC) is reportedly registering two million small businesses in Nigeria as part of its vision to formalise the sector and create an avenue for revenue generation in Nigeria.

The agency’s Registrar-General, Hussaini Ishaq Magaji, revealed that registration is in collaboration with Moniepoint and will boost the economy’s growth.

The registration of small businesses follows the shocking discovery of 189 false companies used in obtaining property allocations within the FCT.

IMF reveals Nigeria is facing “a worsening economic crisis”

IMF

The International Monetary Fund (IMF) shared its thoughts on the growth or lack thereof of Nigeria’s economy, stating that the delayed development is due to the per-capita growth, poverty and high food insecurity.

The IMF announced that the low revenue collection has weighed heavily on the provision of services in the country.

“Nigeria faces a difficult external environment and wide-ranging domestic challenges. External financing (market and official) is scarce, and global food prices have surged, reflecting the repercussions of conflict and geo-economic fragmentation.”

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