 On Wednesday, the Central Bank of Nigeria informed all authorized dealers and the general public of immediate changes to operations in the Nigerian foreign exchange market. Now, this involves the unification of all segments of the forex market, collapsing all previous windows into one. The changes include abolishing the segmentation of the FX market into different windows. All transactions are now to be done through the investors that export their INA window. Now, applications for medicals, school fees, BTA and PTA and SMEs would continue to be processed through deposit money bags. With this collapse, applications for business travel allowance and personal travel allowance will be carried out at the official exchange rate at the INA window as determined by market forces. According to the statement, the ABEX Bank will be reintroducing the willing buyer, willing seller model at the INA window where all eligible transactions can access foreign exchange at their preferred rates. On the show today, we will be looking at the impact of all of those changes on individuals, businesses and the economy at large. Welcome to Business Insights and Plus TV Africa. I am Justin Acadone. Welcome back. We begin with a roundup of business stories and making headlines. Now, investment analysts have predicted that headline inflation rate will rise above 23% on account of recent government policies, including removal of fuel subsidy and niridepreciation in the FX market. Meanwhile, the National Bureau of Statistics, NBS, Consumer Price Index, CPI report for May this year shows headline inflation rose year on year by 0.19 percentage point to 22.41% in May from 22.2% in April. Now, this is the highest inflation rate recorded in Nigeria since September 2005 and the third straight month of staying within the 22% band. Now from inflation to forex, now the exchange rate between the Naira and the Dohla fell to 702 Naira to the Dohla at the end of the day on Thursday, June 15th. The official investor and exporter window. Now this is according to data from the FMDQ, where the exchange rate is sold officially by traders. This is also the first full day of trading since the central bank issued new operational changes to the foreign exchange market, which essentially gave traders the freedom to trade at market determined prices. The closing rate for the day was 702.19 Naira to the Dohla after opening trades at 658 Naira 5 or 50 cup per dollar. The intra day high was 791 Naira to the Dohla, which means the exchange rate sold at the price during trading. Now the intra day low was however 461 Naira to the Dohla. The total turnover during the day was just 70 million dollars lower than the 193.3 million dollars that was transacted the day earlier. Now the empowerment of state government, private investors, adoption of renewable energy and reformation of the government structure of the past sector are capable of driving investment, improving electricity access and fostering economic growth. This was contained in a statement issued by the manufacturers association of Nigeria MAN on its position of the electricity act 2023. The DGE of Manchegu Ajaykade said there is the need to tighten the security infrastructure as no investor wants to do business in the terrorized economy. While urgent state governments to partner with existing agencies and operators in the past sector, the manufacturers also called for the streamlining of the Nigerian Electricity Regulatory Commission and state regulations to avoid bottlenecks for multi-state investors. Ajaykade emphasized the need to address the uneven distribution of gas to avoid delay in state's execution of mega power project. The man DGE noted that if fully implemented to the letter, the new electricity act will see to the drastic fall in the cost of alternative energy incurred by members and they expect this to boost their profits margin. Well finally, Nigerian equities market closed negative as the key market indicator, declined by 789.89 basis point. A mid-negative market press, the NGX or share index declined by 1.32% to close at 59,195.21 basis point against the 3.13% gain recorded previously. The close at 59,985.10 basis point at the end of the last trading session. In narrow terms, the NGX market cap records 430.1 billion Naira loss, yet to date the NGX ASI stands at 15.50%. Now the total volume traded declined by 9.76%, the close at 1.17 billion Naira valued at 15.36 billion and traded in 12,611 deals. UBA was the most traded stock by volume with 192.83 million units traded, while GT Co was the most traded stock by value with 3.33 billion units. And that's business roundup for today. I'll take a quick break and I'll be introducing my guests to look at the issue of forex and what's happening in the economy. Do join us again.