Motor dealers say buyers now refurbish old cars instead of purchasing new ones, forcing sellers to rethink their strategy. The Association of Motor Dealers of Nigeria plans to push made-in-Nigeria, gas-powered and electric vehicles.

Dealers admit electric cars still face challenges, especially maintenance and battery issues, but see them as the future of transport in Nigeria.

Traders also played down the impact of Nigeria Customs’ temporary vehicle import policy, insisting it will not significantly boost local car sales.

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External reserves rose slightly to $44.19bn, supporting some stability. Analysts expect cautious trading ahead, with intermittent pressure likely unless inflows improve.

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This includes the controversial capital gains tax (CGT) on securities transactions. Speaking in Lagos during the historic listing of the N1 trillion Series 2 of the Ministry of Finance Incorporated Real Estate Investment Fund on the Nigerian Exchange (NGX), Edun emphasized the government’s intent to carefully weigh stakeholder concerns.

He pledged that the government would listen and analyze feedback to ensure the best outcomes for Nigeria’s economy and capital markets. The minister assured investors and market operators that fiscal measures would aim to foster both growth and efficiency.

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The CARICOM member states collectively have a GDP exceeding $130 billion, a significant factor in South-South trade discussions.

Bayo Onanuga, Presidential Spokesman, said the statement was necessary to address critics he described as “some misguided, mischievous and uninformed Nigerians.”

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In a statement on Sunday, the Lagos-based refinery said the initiative would commence on August 15, 2025.

The refinery also said it has procured 4,000 brand-new Compressed Natural Gas (CNG)-powered tankers for take-off of the initiative.

In addition, the refinery will offer a credit facility to those purchasing a minimum of 500,000 litres—allowing them to obtain an additional 500,000 litres on credit for two weeks, under bank guarantee.

The refinery said it has also invested in Compressed Natural Gas (CNG) stations, commonly referred to as daughter booster stations, supported by a fleet of over 100 CNG tankers across the country to ensure seamless product distribution.

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The companies—Emadeb, First Royal, MENJ, Aiteo, Pinnacle, and Hyde—cut prices by varying margins. Emadeb dropped from N903 to N827 per litre, while First Royal moved from N828 to N826. Other adjustments include:

• MENJ: N827 → N826
• Aiteo: N826 → N825
• Pinnacle: N856 → N850
• Hyde: N869 → N868

According to Petroleumprice.ng, further price drops are expected as crude oil remains low at $65 per barrel, impacting production costs.

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In a circular issued yesterday, the Commission stated that Silverkuun is not registered to operate in Nigeria’s capital market.

The SEC urged the public to verify the registration status of investment firms on its official portal before engaging with them, and cautioned that dealing with unregistered entities exposes investors to financial risks, including fraud and loss. 

The Director-General of SEC, Dr Emomotimi Agama had recently warned that the Commission would not hesitate to shut down the operations of any unregistered entity.

Agama had also said that the promoters would be made to face the full weight of the law.

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Disclosing this at a capacity-building workshop for financial institutions yesterday in Abuja, Minister of Agriculture and Food Security, Sen. Abubakar Kyari, said the outbreak had consequently led to the surge of a 50-kilogramme basket of tomatoes from N5,000 to N10,000 and about N30,000, thereby worsening food inflation and straining household budgets.

Kyari, who said the losses were recorded in Kano, Katsina and Kaduna states, explained that tomato ebola could decimate tomato crops within 48 hours, leading to catastrophic yield losses.

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Data from Coronation Merchant Bank’s research department showed that the Nigerian Foreign Exchange Market (NFEM) saw a total inflow of $668 million last week—a 9% drop from the $735 million recorded the week before.

At the end of Monday’s trading, the naira depreciated by 0.2% with the dollar quoted at ₦1,605.62, compared to ₦1,602.18 on Friday, according to figures from the Central Bank of Nigeria (CBN).

However, in the parallel (black) market, the naira appreciated slightly, trading at ₦1,600 on Monday, a ₦5 gain from ₦1,605 the previous Friday.

Breakdown of total forex inflow showed that the CBN contributed 27.73%, foreign portfolio investors 9.22%, non-bank corporates 33.43%, exporters 24.34%, and other sources 5.28%. Nigeria’s gross foreign reserves rose 0.36% week-on-week to $37.93 billion as of April 30, 2025.

Against the Chinese yuan, the naira fell by 0.40%, closing at ₦220.31/CNY.

In weekly performance, the naira slipped 0.17% against the dollar in the official spot market, closing at ₦1,602.18 per dollar. Forward rates reflected continued pressure, with the 1-month forward closing at ₦1,646.57, 3-month at ₦1,724.19, 6-month at ₦1,837.00, and 1-year at ₦2,056.24 per dollar. Meanwhile, the black market rate was unchanged from the previous week at ₦1,610.00 per dollar.

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This reflects improved external liquidity, reduced short-term obligations, and renewed investor confidence.

Gross external reserves also increased to $40.19 billion, up from $33.22 billion in 2023. 

The Central Bank of Nigeria (CBN) attributes this growth to strategic measures and policy actions.

The CBN anticipates continued growth in reserves, driven by improved oil production levels, export growth, and diversified external inflows. 

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