NLC gives FG seven days to address cash problem – Newstrends
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NLC gives FG seven days to address cash problem

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The Nigeria Labour Congress has given the Federal Government seven days to address the current cash crunch or face a nationwide workers strike.

President of the NLC, Mr Joe Ajaero, made the declaration on Monday in Abuja at the end of an emergency meeting of the Central Working Committee of the NLC.

He noted that Nigerians had suffered enough from the cashless policy of the CBN.

“The NLC is giving the Federal Government and agencies under it, including the CBN and other banking institutions, seven working days to address the cash crunch.

“If they fail to do so at the expiration of the seven working days, the Congress is directing all workers in the country to stay at home.

“This is because it has become very difficult to access even one naira, especially by traders who do not have bank accounts.

“We have also discovered that even when banks give out old currencies, they cannot be spent. Even when you take them back to the same banks, they do not accept them.

“We have been frustrated to a level that we can no longer keep quiet,’’ Ajaero said.

The NLC president also lamented difficulties being experienced at petrol stations.

“At fuel stations where there is petrol, it sells for as much as N350 a litre in some parts of the country.

“We will no longer be quiet about this issue of perennial fuel scarcity and arbitrary increase in prices,’’ he said.

On the ongoing state council elections of the NLC, Ajaero said some state governors were interfering with the process.

“Some state governors now dictate to the NLC through the chairmen in those states,’’ he said.

He alleged that a governor in one of the states in the Southeast openly campaigned that NLC members should vote for a particular candidate.

He explained that NLC’s attempt to resist the approach was met with the manhandling of its officers by hoodlums engaged by the state government.

“They disrupted our election in that state. Our state secretariat has been destroyed by thugs sent by the governor.

“The thugs took over that place for three months. The state chairman of the NLC was driven out of the state,’’ he said.

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Naira trades at N1,415/$ on parallel market

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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.

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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.

Consequently, the margin between the parallel market and NAFEM rates narrowed to N1.57 per dollar from N55.79 per dollar on Monday.

Naira trades at N1,415/$ on parallel market

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CBN extends suspension of cash deposit charges by bank customers

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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.”

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Fuel: Independent marketers introduce new pump price

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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%.

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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

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