Business
Foreign Exchange š± CBN Sells $876.26m At ā¦1,495 In Retail Auction In a Bid To Stabilize The Naira
The Central Bank of Nigeria (CBN) has sold $876.26m to end users whose bids were submitted by 26 banks.
A circular released by the apex bank on Wednesday said the move is to boost the falling naira.
The development comes as the naira comes under pressure through seasonal demand from summer tourism and businesses seeking the greenback to bring in goods to the import-dependent nation.
According to the circular, total bids came to US$1.18bn which was received from 32 authorised dealer banks.
Of this, bids valued at US$876.26 million from 26 banks qualified, while bids valued at US$313.69 million from six banks were disqualified.
The disqualifications were due to four banks submitting bids after the 3:00 PM cutoff time and two banks failing to provide bids in the required template. Additionally, all bids with Form Q and unverifiable Forms A and M on the Trade Portal were disqualified.
The CBN approved a cut-off rate of N1495/US$ for the Retail Dutch Auction.
The detailed results and qualified bids will be published on the CBNās website to ensure transparency.
Settlement for the successful bids is scheduled for Thursday, August 8, 2024.
The sale follows āgrowing unmet foreign exchange demandā which has ācontinued to increase the demand pressure in the foreign exchange market, with adverse impact on the exchange rate of the naira,ā the Abuja-based Central Bank of Nigeria said in a circular to lenders last week
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Business
Egbu Community That Powers South East Battles Months Of Darkness
Egbu community in Owerri North Local Government Area of Imo State has endured months of crippling electricity outages, even as it hosts a Transmission Company of Nigeria (TCN) facility supplying and distributing power to the entire South-East.
Residents describe the situation as cruelly ironic: while electricity flows from their town to cities across five states, Egbu itself receives barely two hours of power daily.
The blackout has intensified amid a standoff between the Imo State government and the Enugu Electricity Distribution Company (EEDC) over the proposed Orashi Electricity Distribution Company.
Governor Hope Uzodimma announced at the recent Imo Economic Summit that Orashi Electricity Distribution Company would commence operations in December, promising improved supply and stability across the state.

Before this announcement, the Imo State government accused EEDC of deliberately shutting down power in retaliation for the creation of the new distribution company. Commissioner for Information and Strategy, Declan Emelumba, insisted the stateās intervention aims solely to improve electricity delivery and protect residents.
EEDC, through its Head of Communications, Emeka Eze, denied the claim, asserting the company has no intention to disrupt supply. It also noted that agents of the state government had previously interfered with its Egbu transmission facility, disrupting operations.
Caught in the crossfire, Egbu remains the worst affected, with prolonged blackouts crippling businesses and daily life. Residents say the 11KV Egbu feeder, which supplies electricity locally, has been in poor condition for years, severely limiting power availability.
Augustine Njoku, a youth leader in Mpana area, said, āThat 11KV feeder has been bad for years. EEDC refuses to fix it, and that is why we are in darkness.ā
Small businesses are struggling. Uche Onwuka, who runs a football viewing centre at Ishiuzor village, said unreliable power has driven away customers. āI spend everything on petrol; thereās no profit left,ā he lamented.
Restaurant owner, Ms Augusta Igwe added, āRunning my generator eats up all my profit. How could two hours of electricity supply improve my business. This is unacceptable. I can no longer cope.ā
Am Electronics trader, Gibson Amuneke said he was forced to close his shop: āThere is no business without electricity.. This is very insensitive. When you go to other parts of the State, there is reasonable power supply but here in Egbu, which hosts the Transmission. station, we hardly get supplyā
Residents also complain of high estimated electricity bills despite scant supply, describing it as unfair for a community that hosts a major national power installation.
Efforts to reach EEDC officials about the 11KV feeder and residentsā claims went unanswered. With Orashi Electricity Distribution Company set to begin operations in December and the EEDC-Imo standoff unresolved, Egbu residents remain trapped in darkness, questioning how a community that powers the South-East can be left in such neglect.
Business
Boris Johnson Says He Feels āPerfectly Safeā in Nigeria, Praises Imo Stateās Progress
Former British Prime Minister Boris Johnson has expressed confidence in Nigeriaās security, saying he feels perfectly safe during his visit to the country. His remarks come amid ongoing reports of insecurity in various parts of Nigeria, making his statement a notable endorsement of the nationās stability in certain regions.
Johnson made the declaration on Thursday, December 4, 2025, while addressing participants at the Imo State Economic Summit 2025 in Owerri, the state capital. He acknowledged having read travel advisories and news reports highlighting security concerns prior to his trip but said his experience has been reassuring.
He said he feels perfectly safe in the country and emphasized that the summit environment and local hospitality contributed to his sense of security. He also asked the audience if they felt safe, receiving an enthusiastic affirmation.
During his visit, Johnson commended Governor Hope Uzodimma and the Imo State Government for their development initiatives, particularly efforts to provide 24-hour electricity. He highlighted the potential of Nigeria as a hub for innovation and economic growth, noting the opportunities presented by emerging technologies such as artificial intelligence.
While his statements have been welcomed by some as a boost to international confidence in Nigeria, analysts caution that the former prime ministerās experience reflects only a controlled and secure environment within Imo State. Several parts of the country continue to face challenges, including banditry, communal conflicts, and kidnappings.
Nonetheless, Johnsonās visit and remarks are significant, sending a positive message to investors and global observers about Nigeriaās potential for stability and progress. They also underscore the contrast between localized experiences of safety and broader security challenges across the country.
Business
Dangote to Uzodimma: Just show me where to invest
By Emmanuel Iheaka, OWERRI
The President of Dangote Group, Aliko Dangote has assured Governor Hope Uzodimma of Imo State that his group will be one of the biggest investors in the state.
Dangote gave the assurance at the opening session of the Imo Economic Summit 2025 in Owerri on Thursday.
The renowned Africaās industrialist urged Uzodimma to indicate his preferred area of investment and forget the rest.
Dangote described the Imo governor as a personal friend of decades and commended him for providing enabling environment for investment.
āWe will be one of your biggest investors in Imo. So, please tell me the area to invest and we will investā, Dangote declared.
He called on entrepreneurs to always invest at home, adding that foreigners cannot drive the economy of any nation more than the nationals.
āWhat attracts foreign investors is a domestic investor. Africa has about 30 percent of the worldās minerals. We are blessed,ā he submitted.
Dangote reiterated that his refinery was set to launch 1.4 million barrels per day capacity, the highest for any single refinery in the world.
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