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news you can trust I ** tuesDAY 21 april 2020 I vol. 19, no 546
₦2,860,879.14 +0.08
N300
Sell
$-N 408.00 417.00 £-N 483.00 500.00 €-N 423.00 440.00
Crude Oil $ 26.34
I
Buy
g
Market
Spot ($/N) 386.13 361.00
Currency Futures
NGUS mar 31 2021 392.66
F
or weeks now Nigeria has been engaged in an usual battle to find enough buyers for its oil, and now global storage for crude oil is
See explainer - page 2
filling up with the harsh reality coming back home soon to hit
Day of reckoning arrives, exposing Nigeria’s poor economic choices Bonny light trades at $12
homes, businesses and jobs as government finances collapse in Africa’s most populous nation.
Tens and probably hundreds of millions of barrels of Nigeria’s flagship crude grade Bonny
Light are held up inside oceanContinues on page 29
April 2020 Differentials ofBlends Nigerian Blends April 2020 OSPOSP Differentials & Prices&ofPrices Nigerian Date 01/04/2020 02/04/2020 03/04/2020 06/04/2020 07/04/2020 08/04/2020 09/04/2020 14/04/2020 15/04/2020 16/04/2020 17/04/2020 Average
Dated Brent US$/bbl 15.14 19.13 23.67 22.48 22.97 22.32 23.73 20.66 18.08 18.86 20.14 20.65
Bonny -3.29 11.85 15.84 20.38 19.19 19.68 19.03 20.44 17.37 14.79 15.57 16.85 17.36
Brass -3.16 11.98 15.97 20.51 19.32 19.81 19.16 20.57 17.50 14.92 15.70 16.98 17.49
Escravos -2.74 12.40 16.39 20.93 19.74 20.23 19.58 20.99 17.92 15.34 16.12 17.40 17.91
6M
Forcados -3.00 12.14 16.13 20.67 19.48 19.97 19.32 20.73 17.66 15.08 15.86 17.14 17.65
Qua Ibo -3.10 12.04 16.03 20.57 19.38 19.87 19.22 20.63 17.56 14.98 15.76 17.04 17.55
5Y -1.29
0.00 2.94
9.67
NGUS mar 29 2023 401.74
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www.
Pain coming for everyone as unwanted Nigerian oil piles up ISAAC ANYAOGU & DIPO OLADEHINDE
3M 0.00 2.17
I&E FX Window CBN Official Rate ($/N)
fgn bonds
Treasury bills
10 Y 0.00
30 Y 0.00
11.86
12.58
NGUS mar 26 2025 412.03
g
Anxiety in Lagos over rapid increase in new cases of COVID-19 … Infection will get worse before it gets better, says Sanwo-Olu … state to prosecute 4 patients who supplied wrong information JOSHUA BASSEY
A
larm bells are ringing across Lagos, Nigeria’s commercial capital, as new cases of coronavirus mount despite the over three weeks of lockdown imposed by the government. Seventy new confirmed cases of the deadly coronavirus were reported late Sunday in Lagos alone as community transmission that was feared has become real. With the state now ramping up testing, the number of new cases will inevitably rise faster in the days ahead, doctors say. The state has ramped up its testing capacity from 400 in the last two weeks to 1,400 presently and working to increase further in the coming weeks, Akin Abayomi, commissioner for health, said on Monday. There are now 309 confirmed cases in Lagos as at 6:00pm on Monday, 196 of which are still active and there has been 14 fatalities. Lagos Mainland Local Government Area has the highest number of cases with 114, followed closely by Eti-Osa with 86 confirmed cases and Ikeja with 41. They are followed by AliContinues on page 29
MTN, Airtel, others see surge in data use amid lockdown Jumoke Akiyode-Lawanson
I
nternet data connection is proving to be a human necessity as some Nigerians are now spending more time online and using more mobile data since the enforcement of a lockdown in several states of the country to curb the spread of the coronavirus pandemic, BusinessDay finds. With a lot of people working
… traffic rises on internet exchange points
from home, telecommunications companies in Nigeria have recorded some increase in online video content consumption, social media usage, email and chat applications. A BusinessDay source at MTN Nigeria said that although there seems to be an increase in the volume of data usage in some
parts of the country, data revenue increase cannot be determined until the end of the financial quarter. “We’ve seen a lot of traffic in both voice and data within the last three weeks, especially in specific parts of Lagos, Abuja and Port Harcourt where the elite population are expected to
work from home. So, as a result of video conferencing, Skype, file downloads and the rest, data volume will go up, but we cannot say that this will generally affect data revenues. If it does, it will reflect in our financial results after April,” the source said. MTN is Nigeria’s largest telecommunications network op-
erator with over 70.6 million of the country’s total 186 million subscribers on its network. The Average Revenue Per User (ARPU) rate for the month of January and February 2020, before the COVID-19 pandemic, was hovering around $3.85. This Continues on page 29