Broadcasting
Nigeria Week Ahead: CBN Rate Decision, Inflation & Oil in Focus
By Lukman Otunuga, Senior Research Analyst at FXTM,
The combination of mounting geopolitical risk and Fed rate expectations rocked global financial markets last week. Volatility is likely to intensify over the next few days as investors not only focus on these key themes but top-tier economic reports from across the globe among other high-risk events.
In Nigeria, the CBN’s recent removal of FX restrictions on 43 items sparked some optimism as dollar supply surged. This development offered an opportunity for the Naira to fight and was also welcomed by the IMF which acknowledged the series of reforms aimed at fixing Nigeria’s economy.
Nevertheless, inflation remains piping hot in Africa’s largest economy while interest rates are currently at their highest levels since the monetary policy rate was adopted in 2006. It is worth keeping in mind that, the inflation menace continues to draw strength from the removal of fuel subsidies, devaluation of the official Naira and security issues in food production regions. Given how inflation is projected to jump in September to 27.1%, the CBN is likely to raise interest rates at its policy meeting this week for the fifth consecutive time. This vicious cycle of rising inflation and interest rates certainly presents a risk to Nigeria’s fragile economy. The question is whether the central bank will move ahead with a 25bp hike or opt for a larger move to tame inflation.
Volatile week ahead for USD?
Dollar volatility could be the name of the game this week due to key US economic data and speeches by a host of Fed officials.
After receiving a boost from stronger-than-expected US inflation data, dollar bulls could switch into higher gear if the incoming economic releases support the case for another Fed hike in 2023. The US Empire manufacturing will be in focus on Monday, with key US retail sales and industrial production figures published on Tuesday and US initial jobless claims on Thursday. These reports will be complemented by speeches from various Fed officials including Fed chair Jerome Powell.
If US economic data miss expectations and Fed officials reiterate their dovish remarks, this could hit the dollar as bets rise over the Fed pausing hikes for the rest of 2023. A strong set of economic releases may fuel speculation around the Fed raising rates one more time this year – boosting the dollar as a result.
Commodity Spotlight – Oil
Oil prices ended last week gaining over 7% thanks to mounting geopolitical risks.
The global commodity has the potential to extend gains due to escalating tensions in the Middle East, home to almost a third of global oil supply. Bulls are likely to draw additional strength from the U.S. tightening its sanctions against Russian crude exports. Supply concerns remain rife with growing concerns over the conflict between Israel and Hamas spreading through the region, resulting in major disruptions in an already tight market.
While oil is likely to remain supported by supply-side factors, the demand side of the equation may create headwinds down the road – especially when factoring global recession fears. Looking at the technical picture, Brent bulls have a steep hill to climb before heading anywhere near $100. But the daily close above $90 last Friday could be the first signs of bulls reclaiming lost territory.
Broadcasting
How to Beat DStv Price Increase with ‘Price Lock’ Feature
In today’s fast-paced world, where every penny counts, finding ways to save on essential services is more important than ever. And as part of its commitment to customer satisfaction, DStv has reiterated its “Price Lock” feature.
This is in response to the upcoming tariff increase, which the company understands may impose some financial strain on its valued customers.
What exactly does the “Price Lock” feature entail? The “Price Lock” feature offers customers the opportunity to retain their subscriptions at the current rate for 12 months.
To use the “Price Lock” feature, customers simply need to renew their subscriptions before the due date each month, ensuring uninterrupted access to their favourite DStv content at the current rate for the next 12 months.
But here’s the catch: only customers with an active subscription by the 30th of April qualify for this offer, when the tariff adjustment comes into effect.
Make sure you don’t miss the price lock offer! Simply download the MyDStv or MyGOtv app or dial *288# to subscribe, upgrade, or set up Auto-Renewal.
Broadcasting
OJI Demands Ban on Netflix, TikTok, Others over Same-Sex Content
Civil Society Organisation (CSO) under the auspices of Open Justice Initiative (OJI), has threatened to drag the National Broadcasting Commission (NBC) to court if it fails to ban Netflix, TikTok, and others over the alleged broadcast of offensive same-sex content on Nigeria’s airwaves.
The CSO, also urged NBC to ban other social media platforms, including X, formerly known as Twitter, Facebook, etc with regard to the subject matter.
Donald Ayibiowu, lawyer and programme officer of OJI, gave the warning in a letter addressed to Mr. Charles Ebuebu, director-general of the NBC.
The certified true copy of the letter titled: “Need to ban and bar the continuous broadcast of offensive same-sex contents on Nigeria’s airwaves by Netflix and other specialised broadcast outlets”, made available to newsmen in Abuja, was received by the Commission on April 23, 2024.
The letter said, “We write to draw the esteem attention of your commission to some obnoxious and repugnant same-sex contents being aired or transmitted by some broadcast outfits operating within the Nigeria broadcast space, which platforms includes Netflix and some social media entities.
“These abhorrent contents being campaigned about borders on the promotion of amorous relationships between persons of same sex on the said platforms.
“We received complaints on this topic from well-meaning Nigerians and religious organisations and further discovered that the broadcast contents/materials on these platforms are laced with embedded scenes/episodes where same-sex relationships are practically being propagated.
“We also conducted research on some social media platforms like TikTok, Twitter (X), Facebook (Meta), etc with regards to this subject, and found same hazardous and illegal same-sex content being promoted and transmitted.
“It is clear that there is an agenda to surreptitiously lure the unsuspecting young population of this country to this satanic habit/lifestyle of same-sex practice in Nigeria by subtly introducing same through entertainment and showbiz industry, albeit through the airwaves.
“It is now commonplace to see some of these illegal contents being conveyed on social media and specialised platforms in Nigeria.
“We wish to point out that these contents are clearly being aired or transmitted in contravention of our extant laws such as Sections 4(2) and 5(2} of the Same-Sex Mariage (Prohibition) Act, 2013,” he said.
The lawyer said the act being subtly propagated and promoted via the mediums was targeted at destroying the moral fibre and rectitude, erode, dislodging and polluting the society with unacceptable inhuman values.
He said it was also to erode the age-long cultural practices and sacred religious belief system of male and female gender only as created by God Almighty.
Ayibiowu said, that if the commission failed to block, restrict or scrap the same-sex promotional material/contents from Nigeria airwaves, “we shall proceed to seek further redress in pursuit of our goal of saner Nigeria airwaves”.
Broadcasting
FCCPC to Review Multichoice’s Tariff Hike
Federal Competition and Consumer Protection Commission (FCCPC) has promised to review recent price increases in MultiChoice cable subscriptions to ensure subscribers in Nigeria get value for their money.
Recall that the leading pay TV operator, recently announced increase in the subscriptions for its DStv and GOtv packages by at least 25 per cent.
Multichoice announced the increase in tarrifs in a message sent to subscribers on Wednesday and said that the new regime will be effective May 1.
The company stated this in the statement signed by John Ugbe, chief executive officer was titled, ‘Price Adjustment on DStv and GOtv Packages.’
The pay-TV firm cited the rise in the cost of business operations as the rationale behind the price increase.
The company said, “We understand the impact this change may have on you – our valued customer, but the rise in the cost of business operations, has led us to make this difficult decision.
“It remains our mission to provide the best entertainment and viewing experience to you and are committed to continue to deliver high-quality content and unparalleled service. So, from Wednesday, 1 May 2024, the price adjustment will take effect.”
But Adamu Abdullahi, acting chief executive officer, FCCPC, in a chat with Channels Television on its Dateline Abuja programme on Thursday, provided an update on the summons issued to the owner of a Chinese store in Abuja accused of discriminatory and sharp practices.
He also commented on the adherence to the order given to the Abuja Electricity Distribution Company, stating that sanctions are imminent for all verified infractions identified by the agency.
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