Economy

Fuel Scarcity: NUPENG, Tanker Drivers Call Off Strike in Rivers

Published

2 years ago

September 16, 2022

Eric

The Nigeria Union of Petroleum and Natural Gas Workers and Petrol Tanker Drivers have suspended their strike in Rivers State.

This came after a meeting convened by state Commissioner of Police, Friday Eboka, and attended by the unions and other stakeholders.

Also at the meeting was the Permanent Secretary, Ministry of Energy and Natural Resources.

This was contained in a communique signed by Chinda Ejims, who represented the PTD and the representative of the Nigerian Midstream and Downstream Petroleum Regulatory Authority.

Other signatories were chairmen of Emuhua, Ikwerre and Etche Local Government Areas of the state respectively.

The PTD-NUPENG had complained of harassment, extortion and impounding of members’ trucks by operatives, including Police, EFCC, Army and taskforce operating in the three LGAs.

The communique reads,”The Commissioner of Police, Rivers State Command, directed the Deputy Commissioner of Police, Department of Operations to set up a task force headed by an officer not below the rank of Superintendent of Police, to embark on the arrest of all illegal taskforces operating under the guise of the respective Local Government Areas.

“The Commissioner of Police, Rivers State Command, appealed to the Executive Chairmen of the various Local Government Areas to apply human face in enforcing the provisions of the Rivers State Traffic Law.”

Going forward, PTD-NUPENG were advised to educate their members on the need to report any mechanical breakdown of their trucks to the nearest Police Station in the event that the repairs may exceed the six hours provided for by the law.

“That the PTD-NUPENG to appoint a member of the Union into the State taskforce on illegal bunkering activities so as to ensure timely and transparent of sample products suspected to be from illegal bunkering activities.

“The Commissioner of Police, Rivers State has directed that all trucks with clean bill of health from the report of Nigeria Midstream and Downstream Petroleum Regulatory Authority should be released on Friday, unconditionally while owners of Product that failed the test will be prosecuted at the end of investigation.

“The Commissioner of Police, Rivers State Command stated that the resolution of the stakeholders meeting will be communicated to her sister security agencies (EFCC and Nigeria Army) not represented at the meeting.

“That the Commissioner of Police has promised to intervene on the issue of the truck impounded by IGP taskforce on illegal bunkering to ensure justice prevails.

“The PTD-NUPENG has promised to suspend their strike action Thursday, September 15, 2022, after the necessary consultation on the outcome of the meeting.”

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

1 month 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