Business
As dollar hits N707, banks stop PTA/BTA cash payments
Commercial banks have commenced card-based dollar disbursements and directed travellers in need of dollars for Personal Travel Allowance (PTA) and Business Travel Allowance (BTA) to get travel debit cards.
This is coming as the exchange rate between the naira and dollar at the parallel market on Wednesday hit N707/$1, representing a 0.28% depreciation compared to N705/$1 recorded at the Tuesday trading session.
The PTA/BTA policy shift, according to the Nation’s report, as announced by many banks including FirstBank and Access Bank, followed rising cases of abuse by travellers getting forex but failing to use it for trip-related purposes, only trade the funds at black markets.
It is also a part of the Bankers’ Committee policy to use digital processes to track forex transactions, stop fraudsters from abusing the system, and save scarce forex for the economy.
The Central Bank of Nigeria (CBN) guidelines require that a company can buy up to $5,000 BTA per quarter while an individual is entitled to $4,000 PTA per quarter.
At one of the bankers’ committee meetings in Lagos last year, Group Managing Director, Guaranty Trust Holding Company Plc, Segun Agbaje, said there had been incidents of customers presenting expired passports, invalid flight tickets, or open tickets that were canceled after acquiring the foreign exchange.
While the dollar was going for N707 per dollar at the black market, the exchange rate at the official I&E window remained stable in the past week, albeit at a high rate as it closed at N436.04/$1 on Tuesday, 13th September 2022. This varies slightly when compared to N436.5/$1 recorded in the previous trading session.
A total of $83.71 million was recorded as forex turnover on Tuesday, which is 16.1% lower than the $99.78 million that exchanged hands on Monday.
Business
Naira depreciates again, trades at N1,402/$
Naira depreciates again, trades at N1,402/$
The Nigerian currency, naira, on Thursday slightly depreciated at the official market, trading at N1,402.67 to the dollar.
Data from the official trading platform of the FMDQ Exchange, a platform that oversees the Nigerian Autonomous Foreign Exchange Market (NAFEM), showed that the naira lost N11.71
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This represents a 0.84 per cent loss when compared to the previous trading date on Tuesday April 30, when it exchanged at 1,390.96 to a dollar.
However, the total daily turnover increased to 232.84 million dollars on Thursday, up from 225.36 million dollars recorded on Tuesday.
Meanwhile, at the Investor’s and Exporter’s (I&E) window, the naira traded between 1,445.00 and N1,299.42 against the dollar.
Naira depreciates again, trades at N1,402/$
Auto
Appeal court takes over NURTW case as NIC withdraws
Appeal court takes over NURTW case as NIC withdraws
The National Industrial Court has withdrawn from a case involving Alhaji Najeem Usman Yasin, Board of Trustees chairman of the National Union of Road Transport Workers (NURTW), and Alhaji Tajudeen Ibikunle Baruwa’s ambition to return as president of the union over lack of jurisdiction.
The industrial court’s decision was made to avoid conflict with the Court of Appeal, where the matter is already being heard.
Before the NIC announced its decision to hands-off the case, the defendants’ counsel, Mr. O.I. Olorundare SAN, had informed the court that the matter is currently before the Court of Appeal, Abuja division, and that the industrial court could not continue to adjudicate on the same matter.
The counsel cited authorities to support his claim, adding that the National Industrial Court does not have concurrent jurisdiction with the Court of Appeal.
The presiding judge, O.O. Oyewunmi, struck out the case, stating that the Appeal Court had taken over the matter and that the Industrial Court must respect the hierarchy of courts.
Alhaji Yasin and six others took the case to the Appeal Court, challenging the decision of the industrial court recognising a delegates’ conference held on May 24, 2023, where Baruwa was proclaimed as President of the union for a second term in office.
With the latest NIC judgement, both parties will now proceed to defend their positions at the Court of Appeal and await the final judgement.
Business
Multichoice shuns court order, proceeds with increase of DSTV, Gotv packages
Multichoice shuns court order, proceeds with increase of DSTV, Gotv packages
Despite the intervention of the CCPT, Multichoice Limited has proceeded to increase packages price for DSTV and GOTV as announce on Wednesday last week.
Newstrends had earlier reported that the corporation announced that the new rates will go into effect on Wednesday, May 1, 2024, in a statement.
Meanwhile, on Monday, MultiChoice Nigeria Limited was ordered by the Competition and Consumer Protection Tribunal (CCPT) in Abuja to suspend the planned prices and tariffs hike on packages and services.
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The three-member tribunal, presided over by Saratu Shafii, gave the interim order following an ex-parte motion moved by Ejiro Awaritoma, counsel for the applicant, Festus Onifade.
News prices includes: DStv, Premium bouquet, the price moved from N29,500 to N37,000; Compact+ from N19,800 to N25,000; Compact from N12,500 to N15,700; Confam from N7,400 to N9,300, among others.
For GOtv users, Supa+ increased from N12,500 to N15,700; Supa moved from N7,600 to N9,600; Max from N5,700 to N7,200; Jolli, from N3,950 to N4,850, among others.
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