CBN resumes sale of forex
The CBN has resumed the sale of foreign exchange for school fees, essential imports by SMEs and Bureau de Change operators (BDC) as the lockdown is eased. The initial suspension was implemented to reduce physical contact between BDCs and customers. Following the recent pressures on the parallel (black) market, the CBN is encouraging individuals and firms to buy dollars directly from banks instead.
MTN records ₦51 billion profit for Q1 2020
MTN announced a profit after tax of ₦51 billion in Q1 2020 - a 6% increase compared with Q1 2019. This increase was largely driven by revenue from data subscriptions, which rose to ₦74 billion – a 60% increase compared with Q1 2019. Revenue from data subscriptions is expected to further increase this quarter (Q2 2020) as workers in many parts of Nigeria are working remotely due to the coronavirus outbreak.
Workstation changes its rental fees to dollars
Workstation, a commercial real estate company that provides shared workspaces, will commence billing & invoicing in dollars. The new policy starts from the 1st of May, as some Lagos workers prepare for the 4th of May resumption. Although naira payments are still allowed, customers will pay using the parallel (black) market rate. Given the current economic climate, this move is an attempt to mitigate the adverse effects exchange rate devaluations — an expected route other hospitality businesses may take.
To get this Daily Briefing on the go, subscribe to our WhatsApp channel here