Economy

100% of SIM cards used in Nigeria locally-made, says NCC

Published

3 months ago

June 24, 2024

The Nigerian Communications Commission (NCC) has said 100 per cent of the SIM cards used in the country are manufactured locally.

Head of New Media and Information Security, Babagana Digima stated this at a training for media executives in Lagos, tagged ‘Upskilling Media Stakeholders on Trends in Telecommunications’.

Digima attributed the feat to the commission’s commitment to encouraging local content and indigenous participation in the industry through the Nigeria Office for Development in Indigenous Telecommunications Sector (NORDIT).

He said: “The NCC, by Section 1D to F of our Act, has spelt out our function to encourage indigenous participation of telecom companies, as well as the national policy for promotion of indigenous content in the Telecommunications Sector which established NORDIT.

“Indigenous participation is one of the key areas NORDIT has played a major role.

“As recent as two years ago, almost 99 per cent of SIM cards used in Nigeria were imported. But when NORDIT came, we made it one of our key low-hanging fruits that in five to six months, SIM cards will be manufactured locally. We directed all the Mobile Network Operators (MNOs) to source their SIM cards locally. And this has been working since. As at now 100, per cent of the SIM cards used in Nigeria are manufactured locally, no more importation.”

Digima added the commission is also advocating to encourage indigenous participation in all aspects of telecoms. According to him, NORDIT has provided grants and incentives to some companies to ensure the industry develops.

“We are currently sponsoring the manufacture of Corrugated Ordinal Duct, and the company that will be established will be the first in Africa to manufacture such kind of product.

“We also encourage tower manufacture, fibre manufacture, and have been in touch with Coleman Cables, which are currently manufacturing fibre cables. They have even overtaken the only company in Egypt in manufacturing capacity and they are expanding.

“I am sure a lot of companies are very happy with what we have done,” he added.

Executive Vice Chairman of NCC, Dr Aminu Maida, said the initiative to upskill senior media executives was borne out of the need to bridge the gap between the commission and how it is understood by the public.

Maida, represented by the Executive Commissioner (Technical Services) Abraham Oshadami, said the commission needs to develop a mechanism that would enable consumers and stakeholders understand how things work in the industry.

He said: “These have led to the birth of this beautiful initiative. If our industry must succeed, there must be proper enlightenment and education.

“So, your physical role cannot be over-emphasised, and that is why these are carefully selected executives from across all platforms. It is to enable you understand the commission and see the operational interventions that the commission has engaged in over the time, as well as our challenges.

“This will enable us work together to shape the landscape and also help consumers understand what is happening.”

Economy

SEE NAIRA Rates Against The USD, GBP, EURO Today September 20, 2024

Published

10 hours ago

September 20, 2024

Naijablitznews

By Mario Deepromoter

The USD was traded at ₦ at the beginning of this September on Monday, September 2, 2024. As at today with USD being traded at ₦1,665 we see a % for United States Dollar to Naira exchange rate for this month.

On this page, we are primarily focusing on the Black Market Dollar To Naira Exchange Rate Today, the USD to Naira currency pair are the most traded currency in the FX market.

Black Market Exchange Rates
Buying Rate
Selling Rate
Dollar to Naira 1665 1657
Pounds to Naira 2227 2200
Euro to Naira 1839 1815
Canadian Dollar to Naira 1221 1213
Rand to Naira 52 43
Dirham to Naira ‎0 0
Yuan to Naira 62 62
G.Cedi to Nair 70 50
CFA F. (XOF) To Naira 0.83 0.81
CFA F. (XAF)

Having full knowledge how much USD to NGN black market exchange rate today will give you a better opportunity to plan and make informed decisions.

Economy

SEC wants govt agencies to list on NGX

Published

17 hours ago

September 20, 2024

Kayode Sanni-Arewa

The Securities and Exchange Commission (SEC) says it will encourage government agencies and state owned enterprises to list on the Nigerian Exchange Ltd. (NGX).

Dr Emomotimi Agama, the Director-General (D-G) of SEC in an interview with newsmen in Abuja on Thursday, said the listing of the companies on the NGX would guarantee democratisation of their operations.

Agama said the listing would also guarantee inclusiveness and wealth creation for citizens.

He said the Commission would provide incentives that would encourage as much state owned enterprises to list.

According to him, inclusivity is very critical, because in it, you have ownership and so we all build our industries and the country together.

The D-G said the SEC was also working towards inclusion via technology, adding that the use of technology would make the capital market more attractive, especially to the younger generation.

“That is why we encourage apps, we encourage fintech tools, and that is why we supported the inauguration of the electronic offering platform at the Nigerian exchange.

”We encourage everyone who wants to participate and is qualified to participate in this process, to turn around the way people see investing.

“We want investors to have a beautiful experience, to make it so easy for them that each time they feel like investing, it brings happiness to them.

”We will continue to do that through encouragement of technology, through education,” Agama said.

He said the Commission would ensure that bottlenecks usually experienced in process of investing in the market were removed to rejuvenate the country’s capital market.

(NAN)

Economy

SEE Naira To Dollar Exchange Rate In Black Market Today – 19th September 2024

Published

1 day ago

September 19, 2024

Naijablitznews

By Mario Deepromoter

The Dollar to Naira exchange rate in the black market, also known as the parallel market (Aboki fx)? Here’s the exchange rate for today, 18th September 2024, based on information from Bureau De Change (BDC) operators

How much is a dollar to naira today in the black market?

As of today, in Lagos Parallel Market (Black Market), the exchange rate for buying a dollar is N1655, while selling is at N1660 on Wednesday, 18th September 2024.

It’s important to note that the Central Bank of Nigeria (CBN) does not recognize the parallel market (black market) and advises individuals to approach their banks for official Forex transactions.

### Dollar to Naira Black Market Rate Today:
– **Buying Rate**: N1655
– **Selling Rate**: N1660

### Dollar to Naira CBN Rate Today:
– **Buying Rate**: N1651
– **Selling Rate**: N1652

*Note*: These rates may vary slightly based on location and the specific Bureau De Change operator.

### CBN’s Outlook on External Reserves and Economy:

The Central Bank of Nigeria (CBN) has raised concerns over factors that may hinder the growth of Nigeria’s external reserves in 2024/2025. The removal of fuel subsidies, rising import costs, and increased debt servicing are cited as potential threats to the reserves.

This was detailed in the CBN’s Monetary, Credit, Foreign Trade, and Exchange Policy Guidelines for the fiscal years 2024/2025. Despite these challenges, the CBN projects overall economic growth for Nigeria, driven by policies supporting agriculture, oil sector reforms, and foreign exchange market adjustments.

“The outlook for Nigeria’s external sector in 2024/2025 is optimistic,” the CBN noted, with expectations of favorable trade terms due to higher oil prices and improved domestic production. However, the bank also highlighted risks such as lower oil revenues, increased import bills, and rising external debt obligations.