Sunday, August 1

Tag: Gains

Nigerian doctors’ welfare will be my priority — Professor Ujah
News

Nigerian doctors’ welfare will be my priority — Professor Ujah

The newly-elected President of the Nigeriac has said that his administration will prioritise the welfare of Nigerian doctors. Ujah, in his acceptance speech shortly after he was elected President of the Association, said he would lobby and advocate for improved remuneration, realistic hazard allowance, universal applicability among others. His words: “We face a crucial time with the COVID-19 pandemic. This pandemic is not just a health crisis but also a socio-economic crisis. Hence, NMA must be innovative in its approach. “We will look at how to reduce the cost of running the Association by adopting technology for some of our meetings. We will manage our resources with integrity and ensure that international standards of financial management are adopted in NMA in order to enhance ...
Higher Revenue, Reduced Fuel Usage, Rice Production Are Gains Of Border Closure – FG
Politics

Higher Revenue, Reduced Fuel Usage, Rice Production Are Gains Of Border Closure – FG

The Federal Government has listed higher import revenue, lower domestic fuel consumption and increased rice production by local farmers among the gains of the closure of the country's land borders in four geo-political zones of the country. The Minister of Information and Culture, Lai Mohammed, announced the gains when he visited the Seme Border on Monday, along with Minister of Foreign Affairs Geoffrey Onyeama; Minister of Interior Rauf Aregbesola, Minister of State for Finance, Budget and National Planning Clement Agba, National Security Adviser Babagana Monguno and the Comptroller General of the Nigerian Immigration Service Muhammed Babandede He said since the closure, the monthly import revenue has increased by 15%, instead of dropping as expected in many quarters, whi...
Naira Gains As Politicians Pump ‘Election Dollars’ Into Economy
News

Naira Gains As Politicians Pump ‘Election Dollars’ Into Economy

The naira has been firming up in the last few days as politicians pumped stockpiled dollars into the economy for campaigns, The Nation has learnt. The naira, which exchanging at N361 to dollar early last week, firmed at N357 in the parallel market at the weekend, as politicians flooded the market with the greenback. Major political parties have been conducting their governorship primaries. Speaking on the development, President, Association of Bureaux De Change Operators of Nigeria (ABCON) President Aminu Gwadabe said “several customers were seen at the weekend, flooding the market with dollars possibly for primary elections and screening across party lines”. He said the Bureau de Change (BDC) operators were taking advantage of the development to earn commissions from naira exch...
Strike: NNPC To Intervene In Oil Workers, Chevron Dispute
News

Strike: NNPC To Intervene In Oil Workers, Chevron Dispute

The Nigerian National Petroleum Corporation, NNPC, yesterday, said it would intervene in the labour dispute between Chevron Nigeria and its workers to prevent the situation from degenerating into a crisis. Group Managing Director of the NNPC, Dr Maikanti Baru In a statement in Abuja, Group Managing Director of the NNPC, Mr. Maikanti Baru, also urged oil workers under the auspices of the National Union of Petroleum and Natural Gas Workers, NUPENG, and the Petroleum and Natural Gas Senior Staff Association of Nigeria, PENGASSAN, to halt their planned industrial action over the dispute. Baru directed the management of the NNPC to work with other stakeholders to resolve the issue raised by the leadership of NUPENG and PENGASSAN. While thanking the oil workers for their exemplar...
Naira Gains, Dollar Crashes At Parallel Market
News

Naira Gains, Dollar Crashes At Parallel Market

- The Naira has gained strength against the American Dollar at parallel market - The local currency however crashed against the Pound but stayed firm against Euro - Nigeria has five rates: the official rate, the black market, a rate for Muslim pilgrims going to Saudi Arabia, a retail rate set by licensed exchange BDC and a rate for foreign school fees The Naira on Wednesday, May 17, continued its growth against the American Dollar at the parallel market. This follows report that the local currency closed the day at N385 to the Dollar, one point stronger than the N386 it closed on Tuesday, May 16. However, the local currency weakened against the Pound Sterling but stayed firm against the Euro at the same segment. It dropped seven points against the Pound to close at N497 a...
Naira Strengthens, Gains N2 Against Dollar
News

Naira Strengthens, Gains N2 Against Dollar

The Naira on Thursday gained N2 against the dollar at the parallel market as it was traded at N386 to the dollar, stronger than the N388 it closed on Wednesday. At the same segment, the pound sterling and the Euro closed at N495 and N425, respectively. At the Bureau De Change (BDC), the naira was N362 to the dollar, while the pound sterling and the Euro exchanged for N492 and N423, respectively. The naira was exchanged at N305.6 to the dollar at the interbank. Currency traders said that the weekly offering of foreign exchange to BDCs by the CBN was paying off and restoring stability to the exchange rate. Alhaji Aminu Gwadabe, the President of Association of Bureau de Change Operators of Nigeria (ABCON), said that he expected the naira to continue to appreciate in the coming weeks. Gw...
Naira Extends Gains As Dollar Glut Hits Market
News

Naira Extends Gains As Dollar Glut Hits Market

The naira sustained its momentum on the parallel market yesterday, appreciating significantly by N20 in one day to close at N380 to the dollar, stronger than N400 to the greenback at the close of trading the day before. Similarly, the local currency firmed up on the Bureau de Change (BDC) segment of the market yesterday, trading at between N376 and N378 to the dollar in Lagos, Abuja and Kano. The gains were largely influenced by increased dollar liquidity in the economy, as the Central Bank of Nigeria (CBN) sustains its intervention in the foreign exchange (FX) market. The CBN pumped a total of $380 million into the market between Tuesday and Wednesday this week. It also simplified the documentation process for small and medium sized businesses to enable them import eligible it...
Naira Gains On Fresh Dollar Supply, Now 390/dollar
News

Naira Gains On Fresh Dollar Supply, Now 390/dollar

The naira recorded a gain against the United States dollar on the parallel market on Tuesday, a day after the Central Bank of Nigeria injected $240m into the foreign exchange market. The local unit rose from 395/dollar on Monday to 390/dollar on Tuesday as the new forex supply weighed on the market. The CBN had on Monday released the sum of $90m to meet requests for invisible such as business travel and personal travel allowances, medical and school fees. The apex bank also offered a total of $150m to authorised foreign exchange dealers in the interbank wholesale auction window same day. The development brought to $240m the total amount of forex released by the regulator on Monday. The regulator also adjusted the sale day of forex to Bureau De Change operators to Tuesdays on...

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