Business
Naira falls to N2,000/1£ at parallel market

Naira falls to N2,000/1£ at parallel market
On the parallel market, Nigeria’s local currency, naira, is currently exchanging for more than 2,000 naira versus the British pound.
On Monday, a bureau de change operator in Wuse Zone 4, Malam Ibrahim, confirmed the prices.
He stated, “Yes, it is true; we are currently selling pounds for more than N2,000, and the heavy and consistent demand for these currencies remains unchanged.”
Our source learned that the new rate increased from N1,930 on Saturday and is now the lowest point in the naira’s history.
Similarly, the naira declined against the dollar in the parallel forex market, where forex is unofficially selling at N1,673, down from N1,670/$ on Friday.
READ ALSO:
- Court discharges Sowore, Bakare, orders DSS to release seized items
- High cost of living: Youth protests spread to Ibadan
- Snooker Challenge SABI PAS 10 Balls Season Two in exciting start
These developments persist despite the Central Bank of Nigeria’s implementation of several policies aimed at bolstering the supply of foreign exchange.
One of the recent policies was the CBN’s announcement of halting international oil companies operating in Nigeria from immediately remitting 100 per cent of their forex proceeds to their parent companies abroad.
Market analysts attribute the recent decline to a consistent surge in demand for dollars that has been evident since the commencement of January. The primary contributors to this heightened demand include a substantial portion of the demand attributed to businesses actively seeking to restock goods or acquire raw materials, necessitating a higher demand for foreign exchange.
Naira falls to N2,000/1£ at parallel market
Railway
NRC, APM Terminals seal Lagos-Ibadan cargo movement pact

NRC, APM Terminals seal Lagos-Ibadan cargo movement pact
The Nigerian Railway Corporation has concluded arrangement with the management of APM Terminals to commence the expansion of cargo movement from Apapa port, Lagos, to the NRC freight yard in Moniya, Ibadan, Oyo State.
This was disclosed after a meeting between the Managing Director of the NRC, Dr. Kayode Opeifa, and the APM Terminals team led by its CEO, Mr Frederik Klinke,
NRC Director of Operation, Mr Akin Osinowo, and CCO APM Terminals Nigeria, Mrs Caroline Aubert-Adewuyi, also attended the meeting.
Klinke highlighted the strategic advantage of Nigeria being surrounded by a number of landlocked neighbouring countries, creating an opportunity to serve as a hub for importation of containerized goods.
APMT assured NRC of greater efficiency in turnaround of cargo at the port and expansion of the use of rail for cargo evacuation and export through APM Terminals.
He reiterated APMT’s position as the foremost transporter of container freight in the country and a major partner to the NRC.
The MD of NRC expressed appreciation for APM Terminal’s close partnership with NRC for decades.
He stated that the collaboration would be of tremendous benefit to both parties.
“We are going to work for the satisfaction of not only the APMT but all customers who intend to do business with Railways.”
The MD said like he reiterated in his maiden speech at the assumption of office, “prioritizing customers’ satisfaction by improving customer experience and ensuring that our services are reliable, efficient, safe and sustainable” remain cardinal to him.
He added that all key stakeholders including the media, would be deployed extensively to encourage people towards greater use of the rail system.
This, he stressed, would invariably translate into drastically reducing the cost of goods and services.
It would also increase the Gross Domestic Product (GDP) by providing food security, which is in line with the Renewed Hope Agenda of President Bola Ahmed Tinubu, he stated.
Railway
Railway workers unions pledge to work with new MD Opeifa

Railway workers unions pledge to work with new MD Opeifa
The two labour unions at the Nigerian Railway Corporation (NRC) say they are prepared to work with the new Managing Director of the corporation, Dr Kayode Opeifa, to achieve the mandate of President Bola Tinubu for the rail sector.
Leaders of the Nigeria Union of Railway workers (NUR) and Senior Staff Association (SSA) met with the NRC management in Lagos.
Opeifa, who disclosed this to newsmen on Wednesday, said the labour leaders passed the resolution after the meeting with the management on Monday, where all their grievances were tabled for discussion.
The MD described the maiden meeting with the workers’ leaders as “productive with mutual understanding of all issues raised”.
He stated that while some matters raised by the unions were assigned for further discussion at directorate level, others such as the medical personnel allowance, were instantly resolved.
He said, “The unions have reaffirmed their commitment to collaborate with the management and provide all necessary support to ensure that train services operate at maximum efficiency, contributing to the growth of rail services in Nigeria as well as reducing the prices of goods and services to achieve Mr. President’s mandate.”
Opeifa expressed happiness at the outcome, adding that with the workforce behind him, he could now begin to work at optimizing railway operations in the country.
He said the management was committed to the welfare of the workers and ensuring that their work as well as living conditions would be adequately catered for under his leadership.
The labour unions had during Opeifa’s resumption indicated their willingness to drop their agitation in deference to the new managing director who they described as a member of the human rights family.
National President of the NUR, Innocent Aji, lauded Opeifa for his frankness.
He appreciated the MD’s willingness to listen attentively to their grievances, adding that the union would hold tenaciously to the promises extracted from him during the meeting.
Corroborating the NUR president, his counterpart at the Senior Staff Association, Marcel Okeke, said their decision to rein in the workers was informed by the human rights pedigree of the new managing director, and his openness during the meeting.
According to Okeke, the union leaders were enamoured by the fact that the managing director was once a comrade, adding that they had no doubt that under him, railway workers would enjoy a new deal and a new lease of life.
They reached the truce just as Opeifa assured them that under him, the NRC management would continue to foster greater collaboration with the unions for the purpose of promoting industrial harmony.
Business
Naira sustains gains, appreciates to N1,595/$

Naira sustains gains, appreciates to N1,595/$
The Naira yesterday appreciated to N1,595 per dollar in the parallel market from N1,610 per dollar on Monday.
Thus the Naira has recorded N45 week-on-week, WoW appreciation from N1,640 per dollar Tuesday last week.
Though the Naira was stable at N1,499 per dollar in the official Nigerian Foreign Exchange Market (NFEM), yesterday, it however recorded N27.3 WoW appreciation from N1,526.3 per dollar last Tuesday.
Consequently, the margin between the parallel market and NFEM rate narrowed to N96 per dollar from N113.7 per dollar Tuesday last week.
The Naira has been on the upward trend since Thursday January 23rd, when it appreciated to N1,665 per dollar in the parallel market from N1,670 per dollar on Wednesday January 22nd.
READ ALSO:
- BREAKING: Tinubu signs North-Central Development Commission bill into law
- Court clears Fani-Kayode of EFCC’s medical report forgery case
- The historical reasons why I strongly support Tinubu – Omokri
Similarly, the Naira in the official market appreciated on Thursday January 23rd, to N1,548 per dollar from N1,553 per dollar on Wednesday January 22nd.
Since then, the Naira had gained N75 and N54 in the parallel and official market respectively.
Currency traders attributed the upward trend of the Naira to weak dollar demand occasioned by the Chinese New Year holiday.
-
metro3 days ago
Police arraign suspended Ogun monarch for assaulting 73-yr-old man
-
metro1 day ago
Obasa: Tinubu abandons meeting with Lagos advisory council, lawmakers
-
metro2 days ago
Assault: Suspended Ogun monarch remanded over inability to meet bail condition
-
metro1 day ago
IGP counters PSC, orders retired police chiefs to remain in office
-
Education20 hours ago
Tinubu sacks University of Abuja VC Maikudi, dissolves governing council
-
metro2 days ago
You must be suffering from amnesia, El-Rufai tells Ribadu
-
International2 days ago
Police confirm 10 killed, many injured in Sweden school shooting
-
metro3 days ago
The historical reasons why I strongly support Tinubu – Omokri