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Presidency to spend N1.6bn on cars in 2022

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A whooping N1.6 billion has been set aside by the Nigerian Presidency to acquire brand new cars and spears in the forthcoming year 2022

According to the 2022 budget proposal President Muhammadu Buhari presented before the joint session of the National Assembly, the estimate for vehicles replacement and spares will cost the Nigerian taxpayer N1.6bn when juxtaposed with the N436m it cost the federation for new wheels in the 2021 budget proposal.

The N16.39 trillion budget of ‘Economic Growth and Sustainability has a deficit of N6.26 trillion.

Meanwhile, fromt the proposal, education section takes a share education N1.29 trillion representing 7.9%; defence and security got N2.41 trillion (15%); infrastructure N1.45 trillion (8.9%); health N820 billion (5%) and Social Development and Poverty Eradication N863 billion (5.3%) of the entire allocation.

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Exchange Rate

Dollar to naira exchange rate today 14 January 2022

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dollar to naira exchange rate

FELLOW PRESS reports news on the dollar to naira exchange rate today 14 January 2022.

How much is Dollar to Naira Exchange at CBN Rate?

According to available data from the CBN, US dollar to naira exchange rate bought at ₦413.79 and sold at ₦414.79, making an average of  ₦414.29 for $1 on Thursday January 13.

How Much Is Dollar To Naira Exchange Today At Official Rate?

The official rate today, dollar exchange to naira opened at ₦416.15 on Wednesday January 12, and closed at ₦416.50 on Tuesday January 11. This amount to () per cent increase for naira against dollar.

The CBN adopts the NAFEX rates from FMDQ, signifying that all exchange rate transactions involving the public and the private sector will reference the prevailing NAFEX rate as its official exchange rate.

It is the official security exchange where foreign currencies (FOREX) is traded between naira and dollar and other currencies.

Daily turnover at the forex market stands at ₦172.99m.

How Much Is Dollar To Naira Exchange Today at Bank Rate?

Each commercial banks is at their discretion to fix forex exchange rate. Factors can range from currency availability, demand against the prevailing rate.

See below bank rate of dollar to naira:

GTbank: ₦ 480

Ecobank: ₦ 480

Access Bank: ₦470

UBA: ₦510

Sterling Bank: ₦480

FCMB: ₦480

Fidelity: ₦533

How much is exchange rate of Dollar to Naira in Black Market today?

According to Abuja Parallel Market as available with the Bureau De Change (BDC), US dollar to naira as at Friday January 14, 2022 opened at ₦570 to $1.

Although, the Central Bank of Nigeria (CBN) has warned individuals who need forex to approach commercial banks.

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Business & Economy

Nigeria suspends cooking gas export

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Nigeria will no longer export cooking gas and will channel the procuct 100 percent to domestic market, the Nigeria LNG Limited announced on Thursday.

The board of directors had approved the supply of 100 per cent of the Liquefied Petroleum 3pGas (butane and propane) produced by the company to the Nigerian market.

The NLNG said in a statement that it would prioritise the domestic market for 100 per cent of its butane (cooking gas) production.

The Managing Director and Chief Executive Officer, NLNG, Dr Philip Mshelbila, said the announcement marked the company’s strong commitment to the continued growth of the domestic LPG market and its passion to increase utilisation of one of the most versatile energy sources in the world.

He said, “Committing 100 per cent of our LPG supply is a major milestone in our journey of domestic gas supply. We supplied our first butane cargo into the domestic market in 2007, which helped to develop over the years the LPG industry in Nigeria from less than 50,000 tonnes to over 1 million tonnes market size annually by the end of 2020.

“In 2021, we increased our LPG supply commitment from 350,000 metric tonnes (or 28 million 12.5kg cylinders) to actual delivery of 400,000 metric tonnes (or 32 million 12.5kg cylinders) thereby directing most of our production into the domestic market.

“But this was not enough for NLNG, hence this commitment to do all that we possibly can and supply 100 per cent of our LPG production to the domestic market.”

According to Mshelbila, gas, as the cleanest of the fossil fuels, has become an essential energy source to be reckoned with during this energy transition period.

He said, “Other countries are revolutionising their energy industry to cut down on carbon emissions drastically. Nigeria should not be left out in this drive, considering its abundant gas resources.

“Gas is essential for life and living at the moment, because it can support everything we will need to develop our economy and create better living standards for Nigerians. We need to change the narrative, and NLNG is being pragmatic about it.”

“Nigeria LNG Limited supplied LPG both to the Nigerian and international markets before now. With the decision of the Board of Directors, all of the company’s LPG production will be delivered to the domestic market.”

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Exchange Rate

Dollar to naira exchange rate today 12 January 2022

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FELLOW PRESS reports news on the dollar to naira exchange rate today 12 January 2022.

How much is Dollar to Naira Exchange at CBN Rate?

According to available data from the CBN, US dollar to naira exchange rate bought at ₦413.44 and sold at ₦414.44, making an average of  ₦413.94 for $1 on Tuesday January 11.

How Much Is Dollar To Naira Exchange Today At Official Rate?

The official rate today, dollar exchange to naira opened at ₦416.25 on Monday January 10, and closed at ₦416.00 on Friday January 7. This amount to 0.06 per cent increase for naira against dollar.

The CBN adopts the NAFEX rates from FMDQ, signifying that all exchange rate transactions involving the public and the private sector will reference the prevailing NAFEX rate as its official exchange rate.

It is the official security exchange where foreign currencies (FOREX) is traded between naira and dollar and other currencies.

Current turnover at the forex market stands at ₦104.92m.

How Much Is Dollar To Naira Exchange Today at Bank Rate?

Each commercial banks is at their discretion to fix forex exchange rate. Factors can range from currency availability, demand against the prevailing rate.

See below bank rate of dollar to naira:

GTbank: ₦ 480

Ecobank: ₦ 480

Access Bank: ₦470

UBA: ₦510

Sterling Bank: ₦480

FCMB: ₦480

Fidelity: ₦533

How much is exchange rate of Dollar to Naira in Black Market today?

According to Abuja Parallel Market as available with the Bureau De Change (BDC), US dollar to naira as at Wednesday January 12, 2022 opened at ₦570 to $1.

Although, the Central Bank of Nigeria (CBN) has warned individuals who need forex to approach commercial banks.

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