Consequently, the margin between the parallel market and NAFEM rates narrowed to N1.57 per dollar from N55.79 per dollar on Monday.
Business
FG threatens to sanction DisCos selling prepaid meters
The Federal Government will sanction any official of electricity distribution companies (DisCos) found selling prepaid meters to customers, Special Adviser to the President on Infrastructure, Ahmed Zakari, has said.
He stated this at a stakeholders’ meeting on Wednesday, adding that the prepaid meters were meant to be provided to customers at no cost.
He added that there was an order mandating DisCos to reimburse customers who purchased meters through the Meter Asset Providers (MAP) scheme.
“We have made it clear through the regulator’s direct order as well as the intervention from the Ministry of Power that these meters are to be provided to Nigerians at no cost,” Zakari said.
“Even for meters that will be paid for through the MAP, there is a directive from the regulator to the DisCos that they need to find a way to reimburse citizens over time.
“If we find any disco or its representatives selling these meters or exploiting Nigerians to be able to get them, we will sanction such DisCo.
“Though it is our belief that everyone will be obliged to do the right thing, we will still be vigilant and monitor developments.”
Business
Naira trades at N1,415/$ on parallel market
Naira trades at N1,415/$ on parallel market
The Naira yesterday depreciated to N1,415 per dollar in the parallel market, from N1,410 per dollar on Monday.
Similarly, the Naira depreciated in the Nigerian Foreign Exchange Market, NAFEM, to N1,416.57 per dollar.
READ ALSO:
- Foreigners now visit Nigeria for plastic surgery, others – Minister
- Father of 12 found dead in Bayelsa brothel after sexual escapade
- Man bags life imprisonment for raping 8-year-old girl in C’River
Data from FMDQ showed that the indicative exchange rate for NAFEM fell to N1,416.57 per dollar from N1,354.21 per dollar on Monday, indicating N62.36 depreciation for the naira.
Business
CBN extends suspension of cash deposit charges by bank customers
CBN extends suspension of cash deposit charges by bank customers
The Central Bank of Nigeria (CBN) has directed commercial banks to extend suspension of charges on cash deposit until September 30 this year.
This directive was conveyed through a circular dated May 6, signed by Adetona Adedeji, the Director of Banking Supervision at the apex bank.
The banks had reintroduced fees for deposits exceeding N500,000 for individuals and corporate account holders on May 1.
Following the banks’ decision, individuals were set to incur a two per cent charge on deposits exceeding N500,000, while corporate account holders faced the same levy on deposits surpassing N3 million.
The new circular read, “Please refer to our letter dated December 11, 2023, referenced BSD/DIR/PUB/LAB/016/023 on the above subject, suspending processing charges imposed on cash deposits above N500,000 for individuals and N3,000,000 for corporates as contained in the ‘Guide to Charges by Banks, Other Financial Institutions and Non-Bank Financial Institutions’ issued on December 20, 2019.
“The Central Bank of Nigeria hereby extends the suspension of the processing fees of two per cent and three per cent previously charged on all cash deposits above these thresholds until September 30, 2024.”
Business
Fuel: Independent marketers introduce new pump price
Fuel: Independent marketers introduce new pump price
New reports indicate a surge in fuel pump prices across the nation, with both major and independent marketers adjusting their rates.
Investigations conducted in Abuja and Lagos reveal a significant disparity in petrol prices between stations owned by major and independent marketers.
Major marketers are keeping their prices relatively steady, whereas independent operators have increased their rates by 20 to 30%.
READ ALSO:
- 33 states face flooding risk, NEMA warns
- Diego Maradona’s golden ball trophy for auction in Paris
- JUST-IN: Tinubu returns to Nigeria after Netherlands, Saudi trips
Presently, major marketers are vending at an average of ₦605 per litre, while independent marketers are setting prices at around ₦730 per litre.
Independent marketers attribute the price hike to a breakdown in the system of the Nigerian National Petroleum Company Limited (NNPCL), pointing to advantageous Business-to-Business transactions benefiting major marketers.
They clarify that independent marketers no longer have direct access to imported petroleum products at depot prices.
Further investigations indicate that while petrol is available at stations throughout Lagos, prices have not decreased.
A motorist, Olatunde, disclosed purchasing petrol for ₦850 per litre at a station along the Iju-Ishaga area of Lagos, despite the absence of queues. He noted this as a significant increase compared to the previous ₦630 per litre.
Fuel: Independent marketers introduce new pump price
Business42 mins ago
Naira trades at N1,415/$ on parallel market
Health51 mins ago
Foreigners now visit Nigeria for plastic surgery, others – Minister
metro1 hour ago
Father of 12 found dead in Bayelsa brothel after sexual escapade
-
metro3 days agoDSS seals Plateau clinic over patient’s death
-
International1 day agoNetanyahu rubbishes Hamas ceasefire proposal
-
Politics3 days agoPDP: Sule Lamido blames court for mass resignation from party
-
metro3 days agoWe’ve arrested seven suspected cultists, armed robbers in Anambra – Police
-
News2 days agoFubara: I have moved on with governance despite political pressure
-
Politics22 hours agoAbia deputy gov candidate, lawmaker dump PDP
-
News1 day agoNigerian varsity VC suspended over alleged gross misconduct
-
Africa3 days agoFather mourns 14-year-old daughter poisoned at school, says ‘I’ve failed you my baby’
You must be logged in to post a comment Login