Economy

NUPENG Suspends Planned Strike As Fuel Queues Surface

Published

3 years ago

October 11, 2021

Eric

The leadership of the Nigeria Union of Petroleum and Natural Gas workers on Sunday announced the suspension of the intended withdrawal of the services of Petroleum Tanker Drivers earlier scheduled to commence midnight of Sunday, October 10.

It was, however, observed that queues by motorists surfaced in various parts of Abuja on Sunday as hundreds of petrol seekers besieged fillings stations in a bid to purchase the commodity ahead of the planned strike action.

NUPENG said the suspension of the planned strike was due to the understanding reached with the union by the management of NNPC at a meeting held in Ibadan, Oyo State on Sunday.

It said the suspension was also due to the expected outcome of the follow-up meeting between the union and NNPC scheduled to hold on Tuesday, 12, October 2021 in Abuja as contained in a communique.

NUPENG’s General Secretary, Afolabi Olawale, stated that the suspension of the planned industrial action was predicated on the union’s belief that the understanding reached with the government would be fulfilled to the letters.

“We wish to clearly make it known to all well-meaning Nigerians that have variously appealed to us on these issues that our planned industrial action was not intended to inflict further pains on Nigerians but to ensure observance of minimum safety on our highways for the good of lives and properties,” he told our correspondent.

The union said it was well aware of the impacts its actions usually had on the people, businesses and the nation at large but it could not continue to watch as things continue to degenerate in the industry.

The union further stated that it would not hesitate to recommence the action without any notice if the understanding reached in these two meetings were not fully implemented within the timeframe agreed.

The Punch

Economy

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

Published

4 weeks ago

March 22, 2024

Eric

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.

Economy

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

Published

1 month ago

March 13, 2024

Eric

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.

Economy

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

Published

2 months ago

March 5, 2024

Eric

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