Business
Naira: Resign now, APC tells Emefiele, Malami after S’Court verdict
The All Progressives Congress (APC) in the North-West has demanded the immediate resignation of the Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, and Minister of Justice, Abubakar Malami, for reportedly misleading President Muhammadu Buhari on the naira redesign that brought hardship on the citizens.
The party made the call after the verdict of the Supreme Court on Friday which held that the old naira notes should remain legal tender till December 31, 2023.
The CBN unveiled the new N200, N500, and N1,000 notes on December 23, 2022, and fixed February 10 as the deadline for the use of the old ones.
This is in spite of a temporary injunction by the Supreme Court that the old notes were still legal tender.
In a statement on Friday, Salihu Lukman, Vice-Chairman of the APC in the North-West, said it was unfortunate that President Muhammadu Buhari was misled into “illegality and abuse of executive power”.
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“Therefore, if indeed, the cashless policy of the Federal Government was supposedly designed to conform with extant legal provisions of the Nigerian Federation, now that it turned out in the direct opposite, both the CBN Governor, Mr. Emefiele and the attorney-general of the federation, Mr Malami should accept the limitations of both their knowledge of the law and commitment to democracy by resigning from their respective offices forthwith,” Lukman said.
He also said, “Rule of law is fundamental to democracy and individuals who flagrantly violate the laws or promote acts that breach the constitution of the federal republic of Nigeria must not be tolerated.
“We call on Nigerians to take note of the fact that the crusade against the Federal Government’s cashless policy was led by APC, not minding the attempt to sensationally politicize it to the benefit of opposition political parties and their candidates in this election season.
“It is gratifying that Nigerians resisted the antics of subversive politicians who wanted to use such crude methods, including inflicting untold hardship and pains on Nigerians to provoke citizens into voting against the APC during the February 25 presidential and national assembly elections.
“We commend and salute Nigerians for their faith in our party, APC, and determination to support our party and our candidates during the 2023 elections.”
Business
90 million litres stuck as NNPCL shuts petrol purchasing portal – Marketers
90 million litres stuck as NNPCL shuts petrol purchasing portal – Marketers
Oil marketers have raised concerns about a potential fuel scarcity following the shutdown of the Nigerian National Petroleum Company Limited (NNPCL) petrol purchasing portal.
The shutdown has prevented dealers from placing new orders for fuel, leading to supply disruptions.
According to marketers, over 90 million litres of petrol, worth approximately N79 billion, are pending delivery from NNPCL.
The National Publicity Secretary of the Independent Petroleum Marketers Association of Nigeria (IPMAN), Chinedu Ukadike, confirmed that while marketers can still load fuel, they cannot access the portal to check prices or make new purchases.
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Ukadike stated that there are currently over 2,000 pending tickets for 45,000-litre petrol trucks, which amounts to a significant volume of fuel awaiting supply. He warned that the continued closure of the portal could result in another wave of fuel shortages across the country.
Other marketers, speaking anonymously, echoed concerns that the portal’s shutdown is already causing fuel shortages.
One marketer mentioned, “Everyone is affected because we all go to the NNPC portal to place our orders, and when the portal is inaccessible, supply is disrupted.”
As of now, there has been no official response from NNPCL spokesperson Olufemi Soneye regarding the situation. However, some marketers believe the portal was shut down temporarily to resolve backlogs of pending orders.
90 million litres stuck as NNPCL shuts petrol purchasing portal – Marketers
Business
Naira appreciates to N1,685 in parallel market
Naira appreciates to N1,685 in parallel market
The Naira yesterday appreciated to N1,685 per dollar in the parallel market from N1,700 per dollar on Monday.
Similarly, the Naira appreciated to N1,659.26 per dollar in the Nigerian Autonomous Foreign Exchange Market, NAFEM.
Data from FMDQ showed that the indicative exchange rate for NAFEM fell to N1,659.26 per dollar from N1,669.15 per dollar on Wednesday, indicating N9.89 appreciation for the naira.
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The volume of dollars traded (turnover) in the official market increased sharply by 155.2 percent to $450.39 million from $176.45 million traded on Wednesday.
Consequently, the margin between the parallel market and NAFEM rate narrowed to N25.74 per dollar from N30.85 per dollar on Wednesday.
Naira appreciates to N1,685 in parallel market
Business
Naira records marginal appreciation, exchanges for N1,700/$
Naira records marginal appreciation, exchanges for N1,700/$
The Naira yesterday appreciated to N1,700 per dollar in the parallel market from N1,705 per dollar on Monday.
Similarly, the Naira depreciated to N1,669.15 per dollar in the Nigerian Autonomous Foreign Exchange Market, NAFEM.
Data from FMDQ showed that the indicative exchange rate for NAFEM fell to N1,669.15 per dollar from N1,541.94 per dollar on Monday, indicating N127.2 appreciation for the Naira.
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The volume of dollars traded (turnover) in the official market declined by 2.97 percent to $176.45 million from $181.86 million traded on Monday. Consequently, the margin between the parallel market and NAFEM rate narrowed to N30.85 per dollar from N163.06 per dollar on Monday.
Naira records marginal appreciation, exchanges for N1,700/$
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