Business news roundup from April 07 - April 13, 2024

Welcome to the AllNews roundup of the 5 Latest Business News that made the round last week.

IBEDC unveils date to begin implementation of new electricity tariff

The Ibadan electricity distribution company has announced the date to begin implementation of the new electricity tariff for Band A consumers.

This was disclosed in a statement signed by its Management stating that Band A consumers using prepaid metres will be the first to experience the increase when they make purchases via their metre from the said date. Read more here.

CBN commences sale of dollar to BDCs at N1,101/$1

The Central Bank of Nigeria (CBN) has issued a circular to Bureau De Change operators (BDCs), informing them of the sale of $10,000 to each BDC at a rate of N1,101/$1.

According to nairametrics, each BDC is instructed to sell the dollars to eligible customers at a rate not exceeding 1.5% above the purchase price. Read more here.

Electricity workers tell Tinubu to reverse outrageous tariff hike

Senior Staff Association of Electricity and Allied Companies has urged President Bola Ahmed Tinubu’s government to reverse the 245 per cent electricity hike by electricity distribution companies.

Nnamdi Ajibo, the National Secretary of the Association, said this in a statement on Monday while reacting to the tariff hike for Band A electricity customers. Read more here.

World Bank says trade cost in Nigeria five times higher than US

Insecurity, higher transportation costs, topography and poor road infrastructure have made the cost of trade in Nigeria and Ethiopia four to five times higher than what is obtained in the United States, according to the World Bank.

The global lender revealed that market distortions across Africa result in price differences between imported food and non-food products, indicating a lack of integration across African markets. Read more here.

Power Minister gives new update on electricity tariff hike

Adebayo Adelabu

Adebayo Adelabu, the Minister of Power, has disclosed that the N225 Kilowatt-Hour being paid by electricity consumers on Band A will reduce if the exchange rate falls below N1,000 to a dollar.

Adelabu said this Thursday while he appeared on Channel Television’s Politics Today. Read more here.These are the latest Business news that made trends during the week. Visit our website https://allnews.ng for more Business news around the world.