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BusinessDay 15 Feb 2018

BusinessDay 15 Feb

BUSINESSDAY MARKET AND COMMODITIES MONITOR NSE 42,200 42,100 42,000 41,900 41,800 Biggest Gainer SKYEBANK N1.10 +10.00pc Commodities Brent Oil US $62.72 Gold $ 1,329.50 Cocoa $ 2,036.00 Bitcoin N3,156,814.34 Powered by +2.39pc FMDQ Close Foreign Exchange Market Spot $/N I&E FX Window 360.37 CBN Ofcial Rate 305.90 Treasury bills 3M -1.44 12.98 6M -0.68 15.28 41,700 6a 7a 8a 9a Day range (41,657.35 - 42,207.86) 42,171.80 Previous close (41,708.15) +463.65 (+1.11pc) YtD return (10.27pc) N0.40 -9.09pc FIRSTALUM Biggest Loser Exchange Rate BDC $-N 363.00 £-N 506.00 €-N 442.00 TRAVELEX 363.00 502.00 440.00 Everdon Bureau De Change $-N £-N €-N BUY 360.00 495.00 434.50 SELL 363.00 504.00 444.50 FGN Bonds 5Y 0.01 13.78 10Y 20Y -0.02 -0.01 13.84 13.50 NEWS YOU CAN TRUST I **THURSDAY 15 FEBRUARY 2018 I VOL. 14, NO 546 I N300 @ g Senate adopts new election sequence in rowdy session … 10 APC senators stage walk out OWEDE AGBAJILEKE, Abuja Senate on Wednesday adopted the conference committee report on the Electoral Act (Amendment) Bill, which recommended FG’s decision to cut import duty hurts powdered milk manufacturers … as Senate asks FG to suspend decision JOSEPHINE OKOJIE & OWEDE AGBAJILEKE, Abuja Federal Government’s decision to reduce tariffs on imported powdered milk from 10 to five percent is a disincentive for investments in the country’s dairy industry. The decision has made imported milk products cheaper, making it more difficult for local manufacturers to compete, experts say. Data from the Nigerian Cus- Continues on page 34 Valentine Day pushes up prices of perfume, beauty products in Lagos … as Nigeria is ranked 13 on Google search for Valentine messages DAVID IBEMERE Prices for beauty and fragrance products, especially perfumes, Wednesday soared in various markets in Lagos as Nigerians took to online to seek alternatives to mark this year’s Valentine Day. Valentine Day, a holiday celebrating love and affection, falls on February 14, each year. BusinessDay survey at various beauty shops, malls, on Wednes- Continues on page 34 that the presidential election would be the last to be conducted in 2019. But the adoption came in the midst of controversy and protests as 10 All Progressives Congress (APC) senators staged CYNTHIA EGBOBOH, Abuja & DIPO OLADEHINDE, Lagos A sharp rise in the average open market price of petrol to N190 per litre in filling stations across Nigeria failed to have an impact on inflation rate in January, figures released by the National Bureau of Statistics (NBS) Wednesday show. Though the maximum price of Premium Motor Spirit or a walk out after the adoption of the report. The lawmakers claim to have 59 senators on their side in support of their position. Led by Abdullahi Adamu (APC, Nasarawa State), they accused the Senate president, Bukola Saraki, of partiality, highhandedness, describing the report as pre-determined, selfserving and targeted at President Muhammadu Buhari. They claimed that the new sequence of elections was illegal and an attempt by lawmakers to usurp the powers of the Independent National Electoral Commission (INEC). An attempt by three senators: Adamu, Kabiru Gaya and Ovie Omo-Agege to stop the adoption of the conference report due to what they called constitutional breaches, proved abortive, as Saraki ruled Continues on page 34 L-R: Paul Gbededo, GMD, Flour Mills Group; Aliko Dangote, president/CE, Dangote Group, and Ashif Juma, MD/CEO, AG Dangote Construction Company Ltd, during the road inspection of Apapa-Wharf Road under construction, yesterday. Pic by Olawale Amoo Inflation rate declines despite sharp rise in petrol prices to N191 per litre petrol, as it is popularly called, is capped at N145 per litre by the government, but according to the NBS figures Nigerians bought the product at an average price of for N190.9 in January, N19 higher than what the price petrol was sold on the streets in December 2017. The average price paid by consumers for petrol increased by 28.4 percent year-on-year and 11.1 percent on monthon-month basis. This is despite the fact that the government is incurring an average of about N40 per litre for the product. This subsidy is obviously getting to the average Nigerian on the street. The report shows that petrol was most expensive in Osun, Abia and Benue states, with the following prices, respectively, N228.89, N227.50 and N223.33, while states with the lowest average price of petrol were Zamfara (N159.12), Gombe (N157.73) and Kogi (N152.83). But the high petrol prices did not lead to acceleration in inflation rate in January, as headline inflation rate declined for the 12th consecutive month, while food inflation declined to its lowest levels in 10 months, the data show. Headline inflation dropped slightly by 0.24 percent in January 2018 to 15.13 percent from 15.37 percent recorded in December 2017. This makes it the 12th consecutive slowdown in the headline year-on-year infla- Continues on page 4

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