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Until FG, Labour End Negotiations, Fuel Price Remains – PPPRA

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The Petroleum Products Pricing Regulatory Agency on Sunday said the Petroleum Industry Act had signaled the full deregulation of the downstream oil sector.

It was, however, quick to state that the negotiations between the Federal Government and labour would minimise the effect of subsidy removal upon full deregulation of the sector.

The Executive Secretary, PPPRA, Abdulkadir Saidu, who said this in a statement issued in Abuja, stated that petrol price would be adjusted in a way that it would not cause hardship on consumers.

He said, “There is no gainsaying that the PIA signals the implementation of full deregulation of the downstream sector.

“However, it remains worthy of note that the PIA does not automatically translate to any immediate increase in the price of PMS.

“The current price will remain until negotiations with organised labour, which will develop a feasible framework that minimises the impact of a market-based pricing policy on the masses, is concluded.”

Saidu said the PIA had provided legal, governance, regulatory and fiscal framework for the Nigerian petroleum industry, the development of host communities and related matters.

He said the Act marked the beginning of a new era in the growth and development of the entire oil and gas industry.

“Delivering on the promise to create an environment with a transparent, clear and robust legal and regulatory regime is sure to open up new vistas in the oil and gas industry, and the Nigerian economy,” Saidu stated.

He pointed out that the implementation of the PIA would provide a more consistent standard of operations and ensure less cumbersome regulatory control of the industry, among other gains.

He said, “The PPPRA especially commends the Federal Government for taking the bold step at resolving longstanding hitches such as the issue of overlapping functions in the regulation of the sector.”

Saidu added that the establishment of the Nigerian Upstream Regulatory Commission, as well as the Nigerian Midstream and Downstream Petroleum Regulatory Authority, clearly delineated the roles of industry operators and regulators.

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Economy

Naira Makes More Recovery, Sells at N1,453/$1

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The Naira continued its appreciation at the official market on Thursday, March 21, 2024 to close at N1,453.28/$1, according to data from the Nigerian Autonomous Foreign Exchange Market (NAFEM).

This represents an appreciation of N39.33 when compared to the N1,492.61/$1 it closed on Wednesday, March 20, 2024.

The intraday high was N1,598/$1, while the intraday low was N1,300/$1, representing a wide spread of N298/$1.

Similarly, the Naira appreciated against the dollar at the parallel window to trade at N1,500/$1, this represents an appreciation of N20.00 as against the N1,520 /$1 it traded the previous day.

The Naira also appreciated slightly against the British Pound to trade at N2,000/£1 as against the previous trading day’s price of N2,020/£1 representing a gain of N20 for the local currency.

The Canadian dollar, however, closed flat against the naira to trade at N1,270/CA$1 same as the N1,270/CA$1 it traded the previous day representing a decline of N20 in the local currency.

The Naira gained N30 against the Euro to trade at N1,670/€1 as against the previous closing price of N1,700/€1.

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Economy

Naira Gains Against Dollar, Trades at N1,603/$1

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The Naira, Tuesday continued its recovery against the American dollar as it traded at N1,603.38/$1, data from the Nigerian Autonomous Foreign Exchange Market (NAFEM) window has shown.

This represents a gain of N15.48 when compared to the N1,617.96/$1 it closed on, on Monday, March 11, 2024.

The intraday high was N1,637/$1, while the intraday low was N1,425.35/$1, representing a lean spread of N211.65/$1.

Meanwhile, the Naira gained N12 against the dollar at the parallel market as the local currency appreciated to N1,603/$1 as against the N1,615 /$1 it traded the previous day. As it stands, the naira is trading at the same rate at both official and parallel windows.

The Naira, however, slumped against the British Pound to trade at N2,050/£1 as against the previous trading day’s price of N2,030/£1 representing a loss of N20 for the local currency.

After about two weeks of closing flat against the Canadian dollar, the naira slumped massively to trade at N1,300/CA$1 on Tuesday, representing a decline of N150 when compared to the N1,150/CA$1 it traded the previous day.

The Naira lost N35 against the Euro to trade at N1,740/€1 as against the previous closing price of N1,705/€1 representing a loss of N35 for the local currency.

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Economy

Binance to Close Shop in Nigeria, Stops Transaction, Trading in Naira

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By Reuters – Binance will stop all transactions and trading in Nigeria’s local currency after March 8 amid a country-wide crackdown on crypto exchanges that have been blamed by authorities for feeding a black market for foreign exchange.

It will stop supporting withdrawals after Friday and any remaining balances in Nigerian Naira will be automatically converted into Tether – a stablecoin whose value is pegged to the U.S. dollar.

Last week, Nigerian authorities detained two Binance senior executives on undisclosed charges as part of the crackdown.

They were still in custody, their local lawyer said before a parliamentary committee on Monday.

Source: Reuters

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