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Pay-as-you-view: Startimes, Multichoice in a tussle for the Nigerian market

Both companies had, at the end of H1 2020, announced a new price plan for its bouquets,

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Pay-as-you-view: Startimes, Multichoice in a tussle for the Nigerian market

Before the mid-1990s in Nigeria, television entertainment was just about tuning in and watching any terrestrial channel you could reach, with whatever quality. But the launch of Multichoice’s DSTV in 1996 started a gradual change of the narrative.

While this service majorly served the need of the rich, the introduction of other PayTV options in the 2000s broke monopoly and allowed more Nigerians to benefit from this service.

Amid all the challenges which have plagued the entertainment industry in 2020, Nigerians recently started demanding a pay-as-you-use model which will allow them only pay for what they use, rather than paying a fixed rate for a package monthly irrespective of usage. The House of Representatives was at the forefront of this request.

READ ALSO: Chelsea FC posts N46.42 billion loss in 2019

MultiChoice refused to bend as it says that it does not have the capacity to operate PPV model, as it operates a prepaid pricing model across the 50 Sub-Saharan African countries where it operates.

GTBank 728 x 90

While the South-African company was busy trying to explain how its model does not allow it to detect when a customer is enjoying the service or not, its competitor, StarTimes announced that it had already integrated a flexible subscription plan where customers do not have to pay for what they do not get.

The model, according to the PR Manager of StarTimes Nigeria, Lazarus Ibeabuchi, allows subscribers to choose daily, weekly, monthly or quarterly plans and enjoy all exciting content on their preferred package/bouquet valid for the period paid for.

Maybe this was not what Nigerians had in mind when they demanded the pay-as-you-go billing system, but it was a lot more than MultiChoice was offering in its DStv and GOtv bouquets. It still provided a viable alternative giving customers a feel of being in charge of what they pay, and what value they get in return.

Coronation ads

READ MORE: On Twitter, Nigerians are demanding pay per view subscription from DStv

With as little as N90 or 160 naira daily, subscribers can watch several exciting channels, both foreign and local entertainment channels.

Note that both companies had, at the end of H1 2020, announced a new price plan for its bouquets in response to the new Value Added Tax (VAT) rate of 7.5%.

In its public announcement, MultiChoice noted the company had absorbed the additional 2.5% tax for the first half of the year, in the hope that the federal government would revert to the old tax rate before the end of Q1 2020.

Even though this action attracted lots of criticisms, the company has insisted that it would not be able to continue absorbing the extra costs given the large market in Nigeria, as it was already telling on its finances.

Jaiz bank ads

Some of the critics of this action claimed that the company is exploiting Nigerians, making them pay more than they should, even when the epileptic power supply in the country does not allow customers to get maximum value for subscribed plans.

Stanbic IBTC

The sports bait

In July, MultiChoice Group announced a new partnership with Walt Disney Company Africa, a partnership that brought in two 24-hour ESPN channels to DStv customers in Africa allowing them to enjoy the very best of US sports.

Note that some years back, ESPN withdrew from broadcasting in Africa and Europe. Meanwhile, Startimes had earlier in the year already incorporated the ESPN channels into its bouquet offerings. The move from Multichoice could be seen as a step to retain its customers and prevent them from sliding the other way.

MultiChoice was still basking in this euphoria when Startimes announced that it had acquired four-season transmission rights to the Spanish Laliga and the UEFA Nations League, to be broadcast from 2020/21 to 2024 season across sub-Saharan Africa.

Even before this latest acquisition, StarTimes was already making a statement in sports broadcasting. It had exclusive rights to the Europa League, Bundesliga, Coppa Italia and Copa Del Rey. The PayTV operator also airs the English Football League Championship (EFL), Major League Soccer (MLS), Belgian Pro League, Netherlands Eredivisie; and Basketball tourneys – NBA and The EuroLeague; Formula E, MMA and Major League Wrestling.

A little something extra – Startimes was being very generous in offering non-subscribers an opportunity to watch live sports, other sought-after TV channels and over 2000 video-on-demand content, for as low as N400 weekly, with an option to subscribe with their MTN airtime.

Talk about a product that seeks to serve all market sections.

Children and family entertainment

Away from sports, the competitors have taken their game to the children and family entertainment space.

Just recently, StarTimes partnered with the NBCUniversal International Networks’ (NBCUIN) to bring the DreamWorks family entertainment channel on the StarTimes pay TV platform across sub-Saharan African.

According to Lily Meng, head of StarTimes’ media division, the addition of the channel with its range of animated TV series is a timely deal coming at a time when “most kids and parents are staying home.”

app

On a similar note, MultiChoice had announced moves to integrate Netflix and Amazon Prime Video services into its Explora decoder as part of an agreement. According to the statement, the agreement is a proof of its aggregator model which provides choice and convenience for customers.

“As our industry evolves, we believe that we are well-positioned to benefit from both worlds – a large, growing pay-TV market in Africa, as well as an emerging over-the-top opportunity, where our own OTT services and aggregation capabilities can drive success,” CEO Calvo Mawela stated.

The company also said that it has commenced field trials for its own DStv streaming products, to be launched later in the year. This will be added to the streaming offering currently offered on Explora, the Showmax.

Observers opine that MultiChoice recent decisions are part of a larger strategy to remain the leading pay-TV channel and content aggregators.

The heated competition continues across all channels, especially on social media where both operators try to actively engage their customers with trailers and snippets from their content. During the Sallah celebration, StarTimes sent gift packages to some randomly selected customers as contributions to a bountiful celebration.

There is also the ongoing promo where StarTimes customers stand a chance to win smartphones, bulbs and other gifts, when they do two-months subscription.

This is clearly a competition that is not ending anytime soon, but interestingly, it would appear that the customers are the final beneficiaries of the tussle as each PayTV operator tries to outdo the other.

Ruth Okwumbu has a MSc. and BSc. in Mass Communication from the University of Nigeria, Nsukka, and Delta state university respectively. Prior to her role as analyst at Nairametrics, she had a progressive six year writing career. As a Business Analyst with Narametrics, she focuses on profiles of top business executives, founders, startups and the drama surrounding their successes and challenges. You may contact her via [email protected]

3 Comments

3 Comments

  1. Clem

    August 13, 2020 at 12:55 pm

    I think it’s time to try startimes,my dstv explora had problems with the buttons instead of repairs they to swap or buy a new recorder for a minor fault.

  2. P0p00la

    August 13, 2020 at 11:03 pm

    All is not DSTV fort it is our leaders fort

  3. BundesligaFan

    August 15, 2020 at 3:44 pm

    Hey, StarTimes’ Bundesliga rights expired and it’s yet unknown who’ll broadcast games starting from next season. Any info on the deal?

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Spotlight Stories

MTN, UBA, UNILEVER tick up, investors gain N43 billion

With 18 gainers and 16 losers, most sectoral indices rode on the back of gains by mid and large-cap stocks to close positive.

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investors, Bulls gain momentum, as stimulus package lifts global financial markets, Bulls boost global financial market, gold hits 7 years high, Dangote, Tier-1 banks lead the bulls to close Nigerian stock market green

Nigerian Stocks continued its bullish run at the last trading session of the week. The Nigerian All-Share index rose by 0.24%. Consequently, the year-to-date return advanced to 29.94%.

The All Share Index (ASI), advanced from its opening index of 34,803.00 points to close at 34,885.51 points. The aggregate market value of all quoted equities also increased from its opening value of N18.184 trillion to close the week at N18.227 trillion.

  • A total volume of 190.2 billion units of shares, valued at N3.33billion exchanged hands in 3,976 deals. TRANSCORP was the most traded shares by volume with 37.4 million units, while MTNN topped by value at N1.79billion.
  • The NSE Consumer Goods and Oil & Gas indexes leaped by 0.14 and 0.06% respectively. On the contrary, the NSE Insurance and Banking Indexes depreciated by 1.93 and 0.23% respectively while the Industrial Goods Index closed flat.
  •  With 18 gainers and 16 losers, most sectoral indices rode on the back of gains by mid and large-cap stocks to close positive.  NAHCO (+9.09%) was the top gainer today, while PORTPAINT (+9.09%) led the laggards today.

Top gainers

  1. NAHCO up 9.09% to close at N2.4
  2. FIDSON up 7.25% to close at N5.47
  3. UNILEVER up 5.77% to close at N13.75
  4. UBA up 1.82% to close at N8.4
  5. MTNN up 1.31% to close at N155

Top losers

  1. PORTPAINT down 8.42% to close at N2.61
  2. MANSARD down 6.40% to close at N2.34
  3. NEM down 3.14% to close at N2.47
  4. GUINNESS down 1.55% to close at N19
  5. GUARANTY down 1.13% to close at N35

Outlook

Nigerian stocks recorded gains amid falling oil prices prevailing at the US trading session on Friday.

  • Major gains by large capitalized stocks that include MTN Nigeria, Unilever, UBA added N43 billion to the Nigerian Stock market capitalization.
  • Nairametrics envisage cautious buying amid significant price volatility currently in play at the Nigerian Stock market.

Continue Reading

Currencies

Daily Parallel Market Exchange Rate – ₦490/$1

The US dollar closed at ₦490/US$1 in the parallel market.

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Forex, NIGERIA: Daily Parallel Market, Exchange Rate

The exchange rate between the naira and the US dollar for today (Friday, November 27th 2020), closed at 490/US$1 in the parallel market. The rate had closed at 480/US$1 on Thursday, November 26th 2020.

  • Naira:490
  • Dollar: $1
  • Date: November 27th, 2020

The exchange rate between the naira and the British pound sterling closed at ₦620/₤1 on Friday,  November 27th 2020. The rate had closed at ₦605/₤1 on Thursday, November 26th 2020.

  • Naira: ₦620
  • Pounds Sterling: ₤1
  • Date: November 27th, 2020

Explore Economic Research Data From Nairametrics on Nairalytics

The exchange rate between the naira and the European euro closed at ₦570/€1 on Friday November 27th 2020. The rate had closed at ₦560/€1 on Thursday, November 26th 2020.

  • Naira: ₦570
  • Euro: €1
  • Date: November 27th, 2020

Activity: US Dollar closed at 490/US$1 in the parallel market

GTBank 728 x 90

READ ALSO: The risk of buying Forex at black market rate of N460/$1 

DateCurrencyBuy(AM)Sell(AM)Buy(PM)Sell(PM)Volatility
11/27/2020Dollar485490485490Low
11/27/2020Pounds615620615620Low
11/27/2020Euro565570565570Low
11/26/2020Dollar475480475480Low
11/26/2020Pounds600605600605Low
11/26/2020Euro555560555560Low
11/25/2020Dollar475480475480Low
11/25/2020Pounds600605600605Low
11/25/2020Euro555560555560Low
11/24/2020Dollar475480475480Low
11/24/2020Pounds600605600605Low
11/24/2020Euro555560555560Low
11/23/2020Dollar475480475480Low
11/23/2020Pounds600605600605Low
11/23/2020Euro555560555560Low
11/20/2020Dollar465470465470Low
11/20/2020Pounds600605600605Low
11/20/2020Euro555560555560Low
11/19/2020Dollar465470465470Low
11/19/2020Pounds600605600605Low
11/19/2020Euro555560555560Low
11/18/2020Dollar465470465470Low
11/18/2020Pounds600605600605Low
11/18/2020Euro555560555560Low
11/17/2020Dollar465470465470Low
11/17/2020Pounds600605600605Low
11/17/2020Euro555560555560Low
11/16/2020Dollar455460455460Low
11/16/2020Pounds585590585590Low
11/16/2020Euro535540535540Low
11/13/2020Dollar455460455460Low
11/13/2020Pounds585590585590Low
11/13/2020Euro535540535540Low
11/12/2020Dollar455460455460Low
11/12/2020Pounds585590585590Low
11/12/2020Euro535540535540Low
11/11/2020Dollar455460455460Low
11/11/2020Pounds585590585590Low
11/11/2020Euro535540535540Low
11/10/2020Dollar457462457462Low
11/10/2020Pounds583587583587Low
11/10/2020Euro535540535540Low
11/09/2020Dollar457462457462Low
11/09/2020Pounds585590585590Low
11/09/2020Euro535540535540Low
11/06/2020Dollar457462457462Low
11/06/2020Pounds585590585590Low
11/06/2020Euro535540535540Low
11/05/2020Dollar457462457462Low
11/05/2020Pounds585590585590Low
11/05/2020Euro535540535540Low
11/04/2020Dollar457462457462Low
11/04/2020Pounds585590585590Low
11/04/2020Euro535540535540Low
11/03/2020Dollar457462457462Low
11/03/2020Pounds585590585590Low
11/03/2020Euro535540535540Low
11/02/2020Dollar457460457460Low
11/02/2020Pounds585590585590Low
11/02/2020Euro530535530535Low
10/30/2020Dollar457460457460Low
10/30/2020Pounds585590585590Low
10/30/2020Euro530535530535Low
10/29/2020Dollar457460457460Low
10/29/2020Pounds585590585590Low
10/29/2020Euro530535530535Low
10/28/2020Dollar457460457460Low
10/28/2020Pounds585590585590Low
10/28/2020Euro530535530535Low
10/27/2020Dollar457461457461Low
10/27/2020Pounds585590585590Low
10/27/2020Euro535540535540Low
10/26/2020Dollar457461457461Low
10/26/2020Pounds585590585590Low
10/26/2020Euro535540535540Low
10/23/2020Dollar457461457461Low
10/23/2020Pounds585590585590Low
10/23/2020Euro535540535540Low
10/22/2020Dollar457461457461Low
10/22/2020Pounds585590585590Low
10/22/2020Euro535540535540Low
10/21/2020Dollar456460456460Low
10/21/2020Pounds582593582593Low
10/21/2020Euro535540535540Low
10/20/2020Dollar456460456460Low
10/20/2020Pounds582593582593Low
10/20/2020Euro535540535540Low
10/19/2020Dollar455460455460Low
10/19/2020Pounds583592583592Low
10/19/2020Euro530535530535Low
10/16/2020Dollar455460455460Low
10/16/2020Pounds583592583592Low
10/16/2020Euro530535530535Low
10/15/2020Dollar455460455460Low
10/15/2020Pounds583592583592Low
10/15/2020Euro530535530535Low
10/14/2020Dollar455460455460Low
10/14/2020Pounds585590585590Low
10/14/2020Euro530535530535Low
10/13/2020Dollar453458455460Low
10/13/2020Pounds585590585590Low
10/13/2020Euro530535530535Low
10/12/2020Dollar452458452458Low
10/12/2020Pounds580585580585Low
10/12/2020Euro530535530535Low
10/09/2020Dollar452457452457Low
10/09/2020Pounds585590585590Low
10/09/2020Euro535540535540Low
10/08/2020Dollar452457452457Low
10/08/2020Pounds585590585590Low
10/08/2020Euro535540535540Low
10/07/2020Dollar452457452457Low
10/07/2020Pounds585590585590Low
10/07/2020Euro535540535540Low
10/06/2020Dollar452457452457Low
10/06/2020Pounds580585580585Low
10/06/2020Euro535540535540Low
10/05/2020Dollar452455452455Low
10/05/2020Pounds570580570580Low
10/05/2020Euro540545540545Low
10/02/2020Dollar460465460465Low
10/02/2020Pounds575585575585Low
10/02/2020Euro530540530540Low
10/01/2020Dollar460465460465Low
10/01/2020Pounds575585575585Low
10/01/2020Euro530540530540Low
9/30/2020Dollar460465460465Low
9/30/2020Pounds570580570580Low
9/30/2020Euro530535530535Low
9/29/2020Dollar460465460465Low
9/29/2020Pounds565575570580Low
9/29/2020Euro530535530535Low
9/28/2020Dollar460465460465Low
9/28/2020Pounds565570565570Low
9/28/2020Euro530535530535Low
9/25/2020Dollar460465460465Low
9/25/2020Pounds565575565575Low
9/25/2020Euro535540535540Low
9/24/2020Dollar460465460465Low
9/24/2020Pounds565570565570Low
9/24/2020Euro535540535540Low
9/23/2020Dollar455460455460Low
9/23/2020Pounds580585580585Low
9/23/2020Euro535540535540Low
9/22/2020Dollar455460455460Low
9/22/2020Pounds575585575580Low
9/22/2020Euro530535530535Low
9/21/2020Dollar453455450455Low
9/21/2020Pounds565570565570Low
9/21/2020Euro525530525530Low
9/18/2020Dollar450460450460Low
9/18/2020Pounds575595575595Low
9/18/2020Euro535540535540Low
9/17/2020Dollar455460455460Low
9/17/2020Pounds570580570580Low
9/17/2020Euro530535530535Low
9/16/2020Dollar450460450460Low
9/16/2020Pounds565570565570Low
9/16/2020Euro525530525530Low
9/15/2020Dollar450460450460Low
9/15/2020Pounds565570565570Low
9/15/2020Euro525530525530Low
9/14/2020Dollar445455445455Low
9/14/2020Pounds560575560575Low
9/14/2020Euro515525515525Low
09/11/2020Dollar450455450455Low
09/11/2020Pounds555565555565Low
09/11/2020Euro525530525530Low
09/10/2020Dollar455460455460Low
09/10/2020Pounds545560545560Low
09/10/2020Euro525530525530Low
09/09/2020Dollar430440430440Low
09/09/2020Pounds540555540555Low
09/09/2020Euro500510500510Low
09/08/2020Dollar435440435440Low
09/08/2020Pounds540550540550Low
09/08/2020Euro505515505515Low
09/07/2020Dollar435440435440Low
09/07/2020Pounds525530525530Low
09/07/2020Euro505515505515Low
09/04/2020Dollar425440425440Low
09/04/2020Pounds560580560580Low
09/04/2020Euro505515505515Low
09/03/2020Dollar425440425440Low
09/03/2020Pounds560580560580Low
09/03/2020Euro520535505515High
09/02/2020Dollar425440425440Low
09/02/2020Pounds570580560580Low
09/02/2020Euro535540520535Low
09/01/2020Dollar462465435440High
09/01/2020Pounds565575570580Low
09/01/2020Euro535540535540Low
8/31/2020Dollar463470460465High
8/31/2020Pounds585595580590Low
8/31/2020Euro540545540545Low
8/28/2020Dollar472477472477Low
8/28/2020Pounds580595580595Low
8/28/2020Euro545552545552Low
8/27/2020Dollar472477472477Low
8/27/2020Pounds580590580590Low
8/27/2020Euro542552542552Low
8/26/2020Dollar472477472477Low
8/26/2020Pounds580590580590Low
8/26/2020Euro542552542552Low
8/25/2020Dollar472477472477Low
8/25/2020Pounds575585575585Low
8/25/2020Euro542552542552Low
8/24/2020Dollar473477473477Low
8/24/2020Pounds580590580590Low
8/24/2020Euro542550542550Low
8/21/2020Dollar474477474477Low
8/21/2020Pounds575585575585Low
8/21/2020Euro545550545550Low
8/20/2020Dollar475478473477Low
8/20/2020Pounds575585575585Low
8/20/2020Euro540550540550Low
8/19/2020Dollar475480475480Low
8/19/2020Pounds575585575585Low
8/19/2020Euro540550540550Low
8/18/2020Dollar477480477480Low
8/18/2020Pounds575580575580Low
8/18/2020Euro545550545550Low
8/17/2020Dollar470475470475Low
8/17/2020Pounds580590580590Low
8/17/2020Euro525535525535Low
8/14/2020Dollar470475470475Low
8/14/2020Pounds570580570580Low
8/14/2020Euro525535520535Low
8/13/2020Dollar470475470475Low
8/13/2020Pounds570575565575Low
8/13/2020Euro525530520530Low
08/12/2020Dollar470475470475Low
08/12/2020Pounds570575570575Low
08/12/2020Euro520530520530Low
08/11/2020Dollar477485477485Low
08/11/2020Pounds572584572584Low
08/11/2020Euro510523520535Low
08/10/2020Dollar477485477485Low
08/10/2020Pounds572584572584Low
08/10/2020Euro510523520535High
08/07/2020Dollar475486475486Low
08/07/2020Pounds578585578585Low
08/07/2020Euro536550536550Low
08/06/2020Dollar470480475486Low
08/06/2020Pounds575587578585Low
08/06/2020Euro534545536550Low
08/05/2020Dollar465475473483Low
08/05/2020Pounds570580575587Low
08/05/2020Euro525540532545Low
08/04/2020Dollar470480470480Low
08/04/2020Pounds560570560570Low
08/04/2020Euro520530520530Low
08/03/2020Dollar470480470480Low
08/03/2020Pounds560570560570Low
08/03/2020Euro520530520530Low
7/31/2020Dollar470480470485High
7/31/2020Pounds570582575585Low
7/31/2020Euro500520505520Low
7/30/2020Dollar470490470485High
7/30/2020Pounds550570550580High
7/30/2020Euro495520500525High
7/29/2020Dollar468475467475Low
7/29/2020Pounds575585580590Low
7/29/2020Euro530540530545Low
7/28/2020Dollar469475467475Low
7/28/2020Pounds575593580595Low
7/28/2020Euro550560540550Low
7/27/2020Dollar465473466473Low
7/27/2020Pounds570580575583Low
7/27/2020Euro510520515530Low
7/24/2020Dollar465472464472Low
7/24/2020Pounds570580572582Low
7/24/2020Euro510520505520Low
7/23/2020Dollar460472465472Low
7/23/2020Pounds565575565580Low
7/23/2020Euro510520505520Low
7/22/2020Dollar465472465472Low
7/22/2020Pounds565575560578Low
7/22/2020Euro510525510528Low
7/21/2020Dollar461472462472Low
7/21/2020Pounds560573560575Low
7/21/2020Euro498515500520Low
7/20/2020Dollar460473462473Low
7/20/2020Pounds550570555575Low
7/20/2020Euro495505500510Low
7/17/2020Dollar462470460470Low
7/17/2020Pounds560570558570Low
7/17/2020Euro490500490500Low
7/16/2020Dollar460470460470Low
7/16/2020Pounds558565560570Low
7/16/2020Euro485495485499Low
7/15/2020Dollar455465455470Low
7/15/2020Pounds560565558570Low
7/15/2020Euro485495488498Low
7/14/2020Dollar448462455470Low
7/14/2020Pounds540550557570Low
7/14/2020Euro485495489498Low
7/13/2020Dollar450460448462Low
7/13/2020Pounds540550540550Low
7/13/2020Euro485495485495Low
07/10/2020Dollar453460458465Low
07/10/2020Pounds520525550555High
07/10/2020Euro465467510520High
07/09/2020Dollar455461455463Low
07/09/2020Pounds550558550562Low
07/09/2020Euro495504498505Low
07/08/2020Dollar455461455461Low
07/08/2020Pounds550558550558Low
07/08/2020Euro495504495504Low
07/07/2020Dollar455461455461Low
07/07/2020Pounds550558550558Low
07/07/2020Euro495502495502Low
07/06/2020Dollar455462455461Low
07/06/2020Pounds550562547555Low
07/06/2020Euro495502496502Low
07/03/2020Dollar455462454461Low
07/03/2020Pounds548560550560Low
07/03/2020Euro495505495502Low
07/02/2020Dollar455462454461Low
07/02/2020Pounds548560550560Low
07/02/2020Euro495505495502Low
07/01/2020Dollar455462455462Low
07/01/2020Pounds548560548560Low
07/01/2020Euro495505495505Low
6/30/2020Dollar452460452460Low
6/30/2020Pounds547560547560Low
6/30/2020Euro495505495505Low
6/29/2020Dollar450460450460Low
6/29/2020Pounds547560547560Low
6/29/2020Euro495505495505Low
6/26/2020Dollar452457452460Low
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6/26/2020Euro490498490502Low
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6/25/2020Pounds547557547560Low
6/25/2020Euro490498490499Low
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6/24/2020Pounds545555545555Low
6/24/2020Euro490495488498Low
6/23/2020Dollar450460445455Low
6/23/2020Pounds545555545555Low
6/23/2020Euro490495490495Low
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6/22/2020Pounds545555545555Low
6/22/2020Euro488498488498Low
6/19/2020Dollar445455445455Low
6/19/2020Pounds540553540553Low
6/19/2020Euro480490480490Low
6/18/2020Dollar445452445452Low
6/18/2020Pounds537550537550Low
6/18/2020Euro475490475490Low
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Data is collated from various black market dealers on the mainland and island parts of Lagos State where forex is sold. The price quoted daily on this page represents the average price obtained by our Research Team. Our prices are a guide and could be slightly different from the price you get when you eventually decide to buy or sell. This is a daily tracker and updated close of business. See table below for parallel market exchange rate dating to 2019.

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Commodities

Vaccine, Backwardation and OPEC+: Hope for oil?

There is a renewed hope for oil prices as backwardation in the oil markets and OPEC+ production cuts prop up the markets despite COVID-19 cases.

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Saudi, Russia agree to cut oil by 20 million barrel, Further oil production cut required to keep oil price above $40 in 2020 , OPEC + deal to boost Nigeria’s earnings by $2.8 Billion

Oil prices finished higher on Wednesday, with help attached to progress made on vaccines for COVID-19.

There is also renewed hope for oil prices as backwardation in the oil markets and OPEC+ production cuts prop up the markets despite the coronavirus cases that keep rising worldwide.

Brent oil rose to as high as $48.90. Also, West Texas Intermediate rose as high as $46.20 a barrel on the New York Mercantile Exchange.

Optimism around vaccine developments continues to buoy sentiment, despite the current lockdowns that we are seeing across Europe, and with the numbers of U.S. COVID-19 cases now passing the 12 million mark,” said Warren Patterson, Head of Commodities Strategy at ING.

READ: Mike Adenuga: The journey from petty trade to Conoil and Glo

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This rise in Oil, moved prices to their highest price since March, after AstraZeneca also declared a great update to the advancement of its COVID-19 vaccine.

The drugmaker in a joint effort with the University of Oxford – said its vaccine was 70% powerful at preventing COVID-19 in a preliminary trial of about 20,000 volunteers.

AstraZeneca’s vaccine progress denotes the third sure vaccine from organizations after Moderna inc., Pfizer and BioNTech, are hurrying to put up a reasonable drug for sale to the public.

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In any case, possibilities for an immunization are needed ahead of a potential third wave of the COVID-19 virus. The US recorded more COVID-19 cases this week as indicated by the COVID Tracking Project.

READ: Investment bank with over $35 billion assets plans investing in bitcoin

Backwardation

Another reason why prices are rising is because of what traders call Backwardation. Oil prices are historically bullish when backwardation occurs in the markets. It is a situation where traders no longer have an incentive to store oil and sell it later.

Right now, they are selling it because prices could be lower in the future. The demand from Asia also makes the market feel balanced now.

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When the current price of oil is higher than prices trading in the futures market, traders sell live barrels and buy oil futures contracts, which leads to a convergence of both prices.

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This can occur because of a higher demand for oil than the contract in the futures market. Traders use backwardation to make a profit, by selling short at the current price and buy at the lower futures price.

OPEC+

To bring support to prices, OPEC+ and partners including Russia will expand the span of their production cuts when they meet soon, to balance frail demand over the winter months.

Recall, OPEC+ cut production in April, as oil demand imploded during lockdowns. Though there were talks about returning about 2m barrels a day of production to the market in January 2021, there is a strong possibility that they will postpone the return of these barrels.

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Goldman said it expects OPEC+ to delay its planned 2 million bpd January production ramp-up for three months, citing coordinated measures to curtail output as “the optimal near-term action,” according to their experts.

There was a lot of purchasing demand, which has pushed prices to this level. This was overshadowed, as there is a worry over worldwide demand, as COVID-19 flare-up proceed far and wide. Prices were likewise increased by information demonstrating a bounce back in China, Japan and other Asian buyers.

The gathering, known as OPEC+, has been cutting production by about 7.7 million barrels every day (bpd), with compliance seen at 96% in October, and had wanted to maintain cuts by 2 million bpd from January.

OPEC+ is set to hold a meeting on Tuesday that could prescribe changes to production cuts when all the members meet on Nov. 30 and Dec. 1.

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READ: Gold prices under pressure, U.S dollar ticks up

There is no denying that the oil market is fully in the hands of OPEC+,” said Bjarne Schieldrop.

The organisation is the only reason why oil prices today are not $20 a barrel. As such, their upcoming meeting on Nov 30-Dec 1 is hugely important.

Nigeria, however, wants to increase production and their quota as the revenue of the country dwindles with foreign currencies getting scarcer.

The more production means Nigeria would be able to make more oil sales. Hopefully, the meeting would give more room for Nigeria to increase its quota.

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