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Key Business Stories to Watch This Week: Electricity Tariff Review, Food Prices, and More

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Bureau to Release Reports on Household Kerosene and Petrol Prices

The Bureau of Statistics plans to publish a report on household kerosene and premium motor spirit (petrol) prices for June 2023. Additionally, they will release reports on selected food prices and the transport fare price watch for the previous month.

CBN Includes Naira as a Payout Option for Diaspora Remittances

The Central Bank of Nigeria (CBN) has announced that the country’s legal tender, the naira, is now an option for diaspora remittances. Recipients will now have the choice to receive their proceeds in naira, in addition to the existing options of the dollar and eNaira. The CBN stated that the investors and exporters (I&E) window foreign exchange rate should be used to determine the rate for naira payouts.

UK Increases Application Costs for Visas

The UK government has decided to raise the application costs for various visas, including visit and work visas, post-study work visas, study visas, certificate of sponsorship, indefinite leave to remain, settlement status, and others. The state-funded National Health Service (NHS) fee will also increase. These changes are part of the government’s efforts to raise funds for public sector workers’ salaries and services.

NERC Receives Tariff Review Applications from DisCos

Eleven distribution companies (DisCos) in Nigeria have applied to the Nigerian Electricity Regulatory Commission (NERC) for a review of tariff rates. The applications are based on the need to incorporate changes in macroeconomic indices and other factors affecting the quality of service, operations, and sustainability of DisCos and electricity tariff. This follows reports of a planned 40% increase in electricity tariffs from July 1.

Nigeria’s Government Aims to Provide Monthly Support to Low-Income Households

The Nigerian government plans to provide a monthly sum of N8,000 to 12 million poor and low-income households for six months. President Bola Tinubu has requested approval from the Senate to borrow $800 million from the World Bank to scale up the national social safety net program. The funds will be transferred directly to the identified beneficiaries’ accounts.

CBN Introduces New Guidelines for Financial Companies

The Central Bank of Nigeria (CBN) has implemented new guidelines for financial holding companies (FHCs). Investors looking to acquire up to 5% of any FHC will now require prior approval from the CBN. The circular also specifies that a bank’s managing director or chief executive officer (CEO) can only serve for a maximum of 12 years. These guidelines will take effect from August 1, 2023.


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