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Dollar Sells For N402 As CBN Suspends Forex Sale

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The dollar exchanged for N402 last Friday at the Bureau De Change (BDC) segment of the foreign exchange market.
This followed the suspension of sale of forex to the BDC operators in the industry by the Central Bank of Nigeria (CBN).
The Association of Bureaux De Change Operators of Nigeria had made a request to the CBN to grant it market holidays given the ongoing challenges faced in the local and global economies due to the impact of the coronavirus pandemic.
The CBN granted the BDCs two weeks market holiday as requested.
According to the BDC, there had been drastic decline in demand for forex due to the impact of the COVID-19 on the economy, as businesses were down and many people were not travelling.
The naira had also suffered a setback as a result of crude oil price that fell drastically in the international market, which raised speculations among the BDC operators and Nigerians in general.
It would be recalled that the CBN had technically devalued the naira to exchange to the dollar at a N380 uniform rate last week, after market interventions could no longer sustain the exchange rate at N360.
In a notice to the BDC operators and directors, the President, ABCON, Alhaji Aminu Gwadabe, said the CBN’s approval meant that sales of foreign exchange to BDC were suspended till further notice.
Gwadabe also advised the public not to go into panic buying, hoarding and patronising street traders as the CBN had enough reserves to sustain supplies when the BDC operators would return to business.
A statement said the CBN had also acknowledged the contributions of the BDC operators in promoting stable exchange rate in recent months, despite challenging circumstances facing the forex market due to the drop in crude oil prices.
It stated: “This is to urgently bring to the notices of our members nationwide that following our letter of recommendations to the CBN to grant us market holidays on our bidding days as a proactive and preventive measure on the scourge of the novel COVID-19 epidemic and the ban on all air/land travels, the CBN has granted our request, effective Friday, March 27, 2020.”
“There shall be no market days henceforth for a tentative period of two weeks.”

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Petrol Supply Fell By 23.88% In July, NNPC Confirms

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The volume of petrol supplied in the country declined by 23.88 per cent in July to 1.02 billion litres, the Nigerian National Petroleum Corporation (NNPC) has conffirmed.
The NNPC said the 1.02 billion litres translated to 32.95 million litres per day, down from 44.62 million litres per day in June, when 1.34 billion litres were supplied.
Data obtained from the corporation, yesterday, showed that 0.95 billion litres (30.67 million litres/day) were supplied in May and 0.94 billion litres (31.37 million litres/day) in April.
The Federal Government imposed a lockdown on the Federal Capital Territory, Lagos and Ogun states on March 30 but a gradual easing of the lockdown began on May 4.
In March and February, the volume of petrol supplied stood at 1.73 billion (59.72 million litres/day), up from 1.20 billion litres in January (38.68 million litres/day).
“The corporation has continued to diligently monitor the daily stock of Premium Motor Spirit (PMS) to achieve smooth distribution of petroleum products and zero fuel queue across the nation,” the NNPC said in its latest monthly report.
In a recent report, Agusto & Co, had noted that the impact of the Covid-19 pandemic on economic activities in the country resulted in a decline in the consumption of petroleum products.
The report said, “Agusto & Co. expects the consumption of petroleum products, particularly PMS and Aviation Turbine Kerosene, to decline to 27.2 billion litres in 2020 given the severely restricted travel and transportation activities during the second and third quarters of the year.
“This is expected to translate to a decline in revenue to N4.3trillion in 2020.”
Nigeria, Africa’s largest oil producer, relies largely on importation for petrol and other refined products as its refineries have remained in a state of disrepair for many years.
The NNPC has, until recently, been the sole importer of petrol into the country for more than two years, after private oil marketers stopped importing the commodity due to crude price fluctuations, among other issues.
The refineries, located in Port Harcourt, Rivers State; Kaduna, Kaduna State; and Warri, Delta State; have a combined installed capacity of 445,000 barrels per day but have continued to operate far below the installed capacity.

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UNIPORT Business Operators Lament  Low Patronage

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The business operators within the University of Port Harcourt environment have lamented over the downturn in their businesses since the Covid-19 lockdown due to the closure of the university.
Some of the business operators who spoke to The Tide in a chat said the turn- over in their businesses have gone so low that they can hardly meet up with their  various responsibilities.
A taxi driver in the area, Mr. Vincent Nwadike said passengers are very few, unlike before when the school was in session.
“As we speak now, I can hardly go home with N1500 as my daily return, unlike before when I make between N7,000 to N8,000 as return in a day.
“ Now tell me how I can meet up to take care of my family with this meagre amount. Let them reopen the university as they have opened markets and other places,” he said.
Also speaking on the issue, a bus shuttle operator that operates from Abuja campus to Choba junction, who gave his name as Awizar decried the pace of business in the area since the closure of the university.
“We are just suffering here now, before the university was closed, I use to go home with at least N10,000 to N15,000 as daily returns, but now I can hardly see N3,000.
“Federal Government should try and re-open the university, so that life can come back to normalcy here. They have been having political rallies with crowd, and markets and other places have been opened.
“Infact l am considering relocating to another route, I cannot continue this way. ASUU is threatening strike, and university is still closed, infact when will the system be stable to do business”, Awizer queried.
Meanwhile, one of the Shawama shop owners in the area, Victor Iheme has urged the government to re-open the university and honour the agreement it reached with ASUU so as to ensure peace in the system.
He said that patronage to his business has gone so low, pointing out that most of his customers are students and that since they are away, the remnants of patronage was so low.

 

By: Corlins Walter

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Rotary Club Harps On Skills Acquisition

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The Rotary International District 9141 has urged women to live up to their calling as mothers and acquire some entrepreneurial skills so as to start up their own businesses.
The District Secretary,  Rotarian Izuora Okafor gave the advice at the graduation ceremony of 100 women from Police Officers Wives Association (LAPOWA), who have completed a one week skill acquisition and capacity building for women in Port Harcourt.
He urged women to use this opportunity and get what they need, so as to be financiallyindependent.
According to him, women should live up to their calling as mothers and acquire some entrepreneurial skills, saying empowered mothers take better care of their families.
Okafor further charged the women to go out there and use these skills to better themselves and families.
He noted that Rotary Club believes that society cannot be better if small economics are not empowered.
“Economic and community development is part of the area of focus of Rotary Club. This is exactly what makes rotary happy to make impact and we believe that it has been done today”, he said.
He also encouraged individuals and organisations to create impact in the society, adding that a decision is what it takes to train somebody.
In her address, the Chairperson of LAPOWA, Mrs Lengkat Joseph Mukan  said there was the need for women to seize every opportunity to assert their financial independence through skills acquisition.
She advised women not to be discouraged in anything they do as they had gone through tough times in the time past.
Mukan however, encouraged women to keep pushing forward until they meet up with their expectations and also deliver to the society.
She commended Rotary Club for their good gestures towards empowering the wives of Late Police Officers, praying that God will bless them.
She restated the need for women to embrace entrepreneurship and utilize the opportunity provided to them through the skills acquisition and capacity building for Women.
According to her,  POWA will continue to support them, while calling on other organisations to boost their capacity.
Also speaking  one of the beneficiaries Chinyere Onu thanked Rotarians for empowering them in different capacities.
Adding that they will put what has been taught to practice and will also in turn impact the public.
The women were trained in cosmology,  Catering and hair dressing.

 

By: Iragunima Benice

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